Green Brick Partners (GRBK) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 home deliveries at 1,038 units, up 1.9% year-over-year, and record net new orders of 883, despite affordability challenges and increased housing inventory.

• Q4 net income was $78.4 million, or $1.78 per diluted share, down 24.5% year-over-year; full-year net income was $313 million, with EPS of $7.07, both down from prior year.

• Delivered 3,943 new homes for the year, generating $2.1 billion in home closings revenue, the highest on record.

• Maintained operational excellence, industry-leading gross margins, and low sales cancellation rates.

• Ended Q4 with $155 million in cash, $365 million in available credit, and a debt-to-total-capital ratio of 14.7%.

Financial highlights

• Q4 home closings revenue was $550 million, down 1.2% year-over-year; full-year home closings revenue reached $2.09 billion, up 1.0%.

• Homebuilding gross margin for Q4 declined 490 bps year-over-year to 29.4%, but remained the highest among public peers; full-year margin was 30.5%, down 330 bps.

• SG&A as a percentage of residential unit revenue for Q4 was 10.6%, down 30 bps year-over-year; full-year was 11.1%.

• Backlog revenue at quarter end was $354 million on 520 units, down 28.5% year-over-year.

• Average sales price of homes delivered in Q4 was $529.6K, down 3.1% year-over-year.

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.

• Continued focus on infill and infill-adjacent submarkets, representing 80% of 2025 revenues.

• Land spend anticipated to be higher in 2026, with specific guidance pending spring selling season.

• Management expects financial services platform to generate more pre-tax income than total interest cost on debt in 2026.