Green Brick Partners (GRBK) Q3 2026 earnings summary

Executive summary

• Delivered 978 homes, up 2.6% YoY, and recorded 926 net new orders, up 3.1%, amid affordability pressure and elevated incentives.

• Homebuilding gross margin was 28.0%, down 410 bps YoY; lower average selling prices and higher incentives weighed on results.

• Q3 attributable net income was $59.2M and diluted EPS was $1.35, versus $77.9M and $1.77 a year earlier.

Financial highlights

• Q3 total revenue fell 8.8% to $448.2M; residential unit revenue declined 9.7% to $437.0M.

• Delivered-home ASP fell 12.1% to $446.7K, primarily due to a higher Trophy mix and increased mortgage-related incentives.

• Financial Services revenue rose 51.9% to $11.2M and pretax income increased 68.9% to $5.6M; 9M pretax income rose 92.4% to $15.6M.

• 9M total revenue was $1.408B versus $1.522B; diluted EPS was $4.44 versus $5.29.

Outlook and guidance

• 2026 land and lot acquisitions are expected at ~$350M and land development at ~$430M, excluding reimbursements; YTD investment was $274M and $323M, respectively.

• Planned land investment was reduced to $780M from $850M; management described continued land spending as selective.

• Pricing and incentives will be adjusted to sustain sales pace while balancing price, pace and profitability; Q4 ASP could move slightly lower.