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Green Brick Partners (GRBK) investor relations material
Green Brick Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Achieved record home closings of 1,042 units and net new orders of 908, both up over 5% year-over-year, despite affordability challenges and high interest rates.
Net income for Q2 2025 was $81.9M ($1.85 per diluted share), down over 20% year-over-year due to lower average sales prices and gross margins.
Home closings revenue was $547M, essentially flat year-over-year, as higher incentives offset volume gains.
Maintained industry-leading gross margins above 30% for the ninth consecutive quarter, though margins declined year-over-year.
Strategic focus remains on operational excellence, cost controls, and targeted expansion, especially in Texas and Atlanta markets, with Houston entry planned for late 2025.
Financial highlights
Q2 2025 total revenues were $549.1M, down 2% year-over-year; homebuilding gross margin declined 410 bps to 30.4%.
SG&A as a percentage of revenue increased 40 bps to 10.9%.
Backlog value at quarter end was $516M on 730 units, down over 20% year-over-year; backlog ASP down 3.3%.
Year-to-date net income fell 16.8% to $157M; EPS declined 15% to $3.52.
Incentives as a percentage of revenue rose to 7.7% from 4.5% year-over-year; cancellation rate increased to 9.9%, among the lowest in the industry.
Outlook and guidance
Projecting ~$300M in land development spending for full year 2025, a 46% increase from 2024.
Expansion into Houston on track, with first community opening in late 2025; Trophy brand to expand in Austin and Houston.
Remain selective with land acquisitions, leveraging a strong pipeline of over 40,000 lots for near- and mid-term growth.
Management expects to navigate near-term headwinds and capitalize on long-term demographic trends.
Evaluating impact of new tax legislation (OBBBA) on financials.
What is driving the reduction in construction cycle times?
Explain the strategy for land acquisition.
How will GRBK navigate near-term market headwinds?
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Next Green Brick Partners earnings date
Q3 202530 Oct, 2025
Next Green Brick Partners earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Green Brick Partners, Inc. is a U.S.-based real estate development and homebuilding company. The company operates through a network of subsidiary builders, focusing on the construction of single-family homes, townhomes, and other residential properties. Green Brick Partners is involved in land acquisition, development, and the design and construction of homes, primarily serving markets in Texas, Georgia, and Colorado.
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