Green Brick Partners
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Green Brick Partners (GRBK) investor relations material

Green Brick Partners Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record Q4 deliveries of 1,038 homes (up 1.9% YoY) and record net orders of 883, despite affordability challenges and increased housing inventory.

  • Q4 net income was $78 million ($1.78 per diluted share), down 24.5% YoY; full-year net income was $313 million, down 18% YoY.

  • Maintained industry-leading gross margins, though margins declined due to higher incentives and product mix changes.

  • Liquidity and balance sheet strength remain high, with $155 million in cash and $520 million in total liquidity at year-end.

  • Continued expansion in Texas markets, especially through the Trophy brand, and strategic focus on operational excellence and disciplined land acquisition.

Financial highlights

  • Q4 home closings revenue was $550 million, down 1.3% YoY; average sales price was $530,000, down 3.1% YoY.

  • Homebuilding gross margin for Q4 was 29.4%, down 490 bps YoY; full-year margin was 30.5%, down 330 bps.

  • SG&A as a percentage of revenue was 10.6% in Q4, down 30 bps YoY.

  • Full-year deliveries reached 3,943 homes (up 4.2% YoY), with home closings revenue of $2.1 billion (up 1% YoY).

  • Diluted EPS for Q4 was $1.78 (down 22.9% YoY); full-year EPS was $7.07 (down 16.3% YoY).

Outlook and guidance

  • Plans to open the first Houston community in spring 2026 and expand the Trophy brand in Austin and Houston.

  • Community count expected to accelerate meaningfully over the next two to three years.

  • Land spend in 2026 anticipated to be higher than 2025, with specific guidance to follow the spring selling season.

  • Management remains confident in the land position, self-development strategy, and ability to maintain strong margins.

  • Strategic priorities include balancing price and pace, improving operational efficiency, and expanding financial services.

Impact of 10% incentives on future gross margins?
Reconcile rising land inventory with falling backlog
Impact of land sales revenue decline on strategy?
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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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