Green Brick Partners (GRBK) Q1 2026 earnings summary

Executive summary

• Residential unit revenue for Q1 2026 was $448 million, down 7.1% year over year, with closings essentially flat and average sales price down 6.9% to $493K.

• Net new home orders declined 6.2% year over year to 1,037, with a backlog revenue of $381 million on 649 units.

• Net income attributable to shareholders was $60.9 million, with diluted EPS of $1.39, both down from the prior year.

• 908 homes delivered in Q1 2026, with a monthly sales pace of 3.4, slightly down from 3.5 year over year.

• Began sales in the Houston market and completed rollout of Green Brick Mortgage to all Texas builders.

Financial highlights

• Residential unit revenue: $448.5 million (down 7.0% YoY).

• Net income: $60.9 million (down 18.8% YoY).

• Diluted EPS: $1.39 (down 16.8% YoY).

• Homebuilding gross margin: 28.9% (down from 32.1% YoY), highest among public peers.

• Repurchased approximately 114,000 shares for $7.2 million.

Outlook and guidance

• Expect land and lot acquisitions of approximately $409 million and land development spend of $422 million for 2026.

• Continued focus on infill and infill-adjacent submarkets in DFW and Atlanta, which generated 89% of Q1 2026 revenues.

• Plans to expand Trophy brand in Austin and Houston, with first Houston community opened in March 2026.

• Expansion of Green Brick Mortgage into the Atlanta market planned for the latter half of 2026.

• Management remains focused on disciplined incentives and pricing to maintain sales pace amid challenging market conditions.