Green Brick Partners, Inc. Reports Fourth Quarter and Full Year 2025 Results

View all news February 25, 2026 2025 FOURTH QUARTER HIGHLIGHTS Earnings per diluted share of $1.78 and net income of $78 million New home deliveries of 1,038; second highest quarter on record Net new home orders of 883, a record for any fourth quarter Home closing revenue of $550 million, second highest quarter on record Homebuilding gross margins of 29.4% Repurchased 359 thousand shares of common stock for approximately $23 million Adopted a new share repurchase plan of $150 million FULL YEAR 2025 HIGHLIGHTS Earnings per diluted share of $7.07 and net income of $313 million New home deliveries of 3,943; highest year on record Net new home orders of 3,795; highest year on record Home closings revenue of $2,091 million; highest year on record Full year homebuilding gross margins of 30.5% Repurchased 1.4 million shares of common stock for approximately $83 million Green Brick Partners, Inc. (NYSE: GRBK) (“Green Brick,” “we,” or the “Company”), today announced record results for its fourth quarter and full year ended December 31, 2025. Net income attributable to Green Brick in the fourth quarter was $78 million or $1.78 per diluted share. The Company delivered 1,038 new homes in the fourth quarter, a 1.9% increase year over year, generating home closings revenue of $550 million. Homebuilding gross margin for Q4 2025 was 29.4%. For the fiscal year 2025, net income attributable to Green Brick was $313 million or $7.07 per diluted share. We delivered 3,943 new homes with gross margins of 30.5%, resulting in nearly $2.1 billion in home closings revenue for the year. Jim Brickman, CEO and co-founder said, “We delivered strong fourth quarter results despite ongoing affordability challenges faced by many buyers and softening consumer confidence. In our pursuit to maximize shareholder value, our management team’s continued focus and operating discipline once again resulted in peer-leading gross margins and top-tier returns, including achieving the best year in company history with regards to new home deliveries and home closings revenue. I would like to thank our team for their dedication and efforts that helped us reach these milestones in a year in which homebuilders faced significant headwinds.” Net new home orders increased slightly over the fourth quarter 2024 to 883 units. Our monthly sales pace for Q4 2025 was 2.94 sales per community, compared to 2.76 in Q4 2024. Incentives on new orders were approximately 10% as we continued to respond to market conditions to maintain sales pace. Our sales cancellation rate of 7.6% for Q4 2025 remained among the lowest among our public company peers. Mr. Brickman added, “Our continued focus on a disciplined sales strategy drove order growth and improved sales pace as we strategically adjusted incentives to address market conditions. Additionally, our gross margins of 30.5% for the full year continue to lead the public homebuilding industry, which we believe is a testament to our strong land position, our self-development strategy, and our focus on infill and infill-adjacent communities where there is strong demand and typically less competition.” Cash increased to $154.6 million and we had no outstanding borrowings on our revolving credit facilities, resulting in total liquidity of approximately $520 million. Our homebuilding debt-to-total capital ratio was 12.8% and our net homebuilding debt-to-total capital ratio was 6.3%, compared to 17.2% and 10.7% respectively at the end of 2024. Mr. Brickman concluded, “We continue to maintain strong liquidity as reflected in our fortress balance sheet, which we believe is a result of the discipline behind our capital strategy, giving us the flexibility to invest confidently in our growth and continue delivering meaningful value for our shareholders. We are proud to operate with one of the strongest balance sheets in the industry, positioning us exceptionally well for the opportunities ahead.” Results for the Quarter Ended December 31, 2025: (Dollars in thousands, except per share data) Three Months Ended December 31, 2025 2024 Change New homes delivered 1,038 1,019 1.9 % Total revenues $ 552,612 $ 567,314 (2.6 )% Total cost of revenues 390,567 373,279 4.6 % Total gross profit $ 162,045 $ 194,035 (16.5 )% Income before income taxes $ 113,107 $ 138,094 (18.1 )% Net income attributable to Green Brick Partners, Inc. $ 78,365 $ 103,813 (24.5 )% Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.78 $ 2.31 (22.9 )% Residential units revenue $ 549,960 $ 556,855 (1.2 )% Average sales price of homes delivered $ 529.6 $ 546.5 (3.1 )% Homebuilding gross margin percentage 29.4 % 34.3 % -490 bps Selling, general and administrative expenses as a percentage of residential units revenue 10.6 % 10.9 % -30 bps Backlog revenue $ 354,328 $ 495,883 (28.5 )% Homes under construction 2,048 2,341 (12.5 )% Results for the Twelve Months Ended December 31, 2025: (Dollars in thousands, except per share data) Twelve Months Ended December 31, 2025 2024 Change New homes delivered 3,943 3,783 4.2 % Total revenues $ 2,098,471 $ 2,098,943 0.0 % Total cost of revenues 1,457,665 1,395,422 4.5 % Total gross profit $ 640,806 $ 703,521 (8.9 )% Income before income taxes $ 438,178 $ 511,880 (14.4 )% Net income attributable to Green Brick Partners, Inc. $ 313,225 $ 381,583 (17.9 )% Diluted net income attributable to Green Brick Partners, Inc. per common share $ 7.07 $ 8.45 (16.3 )% Residential units revenue $ 2,091,477 $ 2,070,136 1.0 % Average sales price of homes delivered $ 530.4 $ 547.1 (3.1 )% Homebuilding gross margin percentage 30.5 % 33.8 % -330 bps Selling, general and administrative expenses as a percentage of residential units revenue 11.1 % 10.9 % 20 bps Earnings Conference Call: We will host our earnings conference call to discuss our fourth quarter ended December 31, 2025 at 12:00 p.m. Eastern Time on Thursday, February 26, 2026. The call can be accessed by dialing 1-888-660-6363 for domestic participants or 1-267-764-0107 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/693128994 A telephone replay of the call will be available through March 28, 2026. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-609-800-9909 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com. GREEN BRICK PARTNERS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Residential units revenue $ 549,960 $ 556,855 $ 2,091,477 $ 2,070,136 Land and lots revenue 2,652 10,459 6,994 28,807 Total revenues 552,612 567,314 2,098,471 2,098,943 Cost of residential units 388,277 365,726 1,453,183 1,370,888 Cost of land and lots 2,290 7,553 4,482 24,534 Total cost of revenues 390,567 373,279 1,457,665 1,395,422 Total gross profit 162,045 194,035 640,806 703,521 Selling, general and administrative expenses (58,556 ) (60,654 ) (231,363 ) (226,566 ) Equity in income of unconsolidated entities (404 ) 313 1,002 5,083 Other income, net 10,022 4,400 27,733 29,842 Income before income taxes 113,107 138,094 438,178 511,880 Income tax expense 26,261 22,909 94,667 94,725 Net income 86,846 115,185 343,511 417,155 Less: Net income attributable to noncontrolling interests 8,481 11,372 30,286 35,572 Net income attributable to Green Brick Partners, Inc. $ 78,365 $ 103,813 $ 313,225 $ 381,583 Net income attributable to Green Brick Partners, Inc. per common share: Basic $ 1.79 $ 2.32 $ 7.09 $ 8.51 Diluted $ 1.78 $ 2.31 $ 7.07 $ 8.45 Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: Basic 43,427 44,498 43,791 44,508 Diluted 43,528 44,578 43,924 44,839 GREEN BRICK PARTNERS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 154,590 $ 141,543 Restricted cash 36,395 18,153 Receivables 39,982 13,858 Real estate inventory: Inventory owned 1,941,524 1,771,203 Consolidated inventory related to VIE 157,687 166,529 Total inventory 2,099,211 1,937,732 Mortgage loans held for sale 49,099 — Investments in unconsolidated entities 93,050 60,582 Right-of-use assets - operating leases 7,475 7,242 Property and equipment, net 6,316 6,551 Earnest money deposits 13,151 13,629 Deferred income tax assets, net 11,243 13,984 Intangible assets, net 197 282 Goodwill 680 680 Other assets 23,378 35,758 Total assets $ 2,534,767 $ 2,249,994 LIABILITIES AND EQUITY Liabilities: Accounts payable $ 94,516 $ 59,746 Accrued expenses 152,637 110,068 Customer and builder deposits 25,716 37,068 Lease liabilities - operating leases 8,637 8,343 Borrowings on lines of credit, net (2,465 ) 22,645 Warehouse lines of credit 46,398 — Senior unsecured notes, net 261,972 299,090 Notes payable 14,371 14,871 Total liabilities 601,782 551,831 Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 52,271 44,709 Equity: Green Brick Partners, Inc. stockholders’ equity Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 47,603 47,603 Common stock, $0.01 par value: 100,000,000 shares authorized; 43,205,947 issued and outstanding as of December 31, 2025 and 44,498,097 issued and outstanding as of December 31, 2024, respectively 432 445 Additional paid-in capital 243,816 244,653 Retained earnings 1,567,111 1,332,714 Total Green Brick Partners, Inc. stockholders’ equity 1,858,962 1,625,415 Noncontrolling interests 21,752 28,039 Total equity 1,880,714 1,653,454 Total liabilities and equity $ 2,534,767 $ 2,249,994 GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) Residential Units Revenue and New Homes Delivered (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 Change % 2025 2024 Change % Home closings revenue $ 549,773 $ 556,855 $ (7,082 ) (1.3 )% $ 2,091,258 $ 2,069,756 $ 21,502 1.0 % Mechanic’s lien contracts revenue 187 — 187 100 % 219 380 (161 ) (42.4 )% Residential units revenue $ 549,960 $ 556,855 $ (6,895 ) (1.2 )% $ 2,091,477 $ 2,070,136 $ 21,341 1.0 % New homes delivered 1,038 1,019 19 1.9 % 3,943 3,783 160 4.2 % Average sales price of homes delivered $ 529.6 $ 546.5 $ (16.9 ) (3.1 )% $ 530.4 $ 547.1 $ (16.7 ) (3.1 )% Land and Lots Revenue (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 Change % 2025 2024 Change % Lots revenue $ 2,652 $ 9,079 $ (6,427 ) (71 )% $ 6,994 $ 14,723 $ (7,729 ) (52.5 )% Land revenue — 1,380 (1,380 ) (100 )% — 14,084 (14,084 ) (100 )% Land and lots revenue $ 2,652 $ 10,459 $ (7,807 ) (75 )% $ 6,994 $ 28,807 $ (21,813 ) (75.7 )% Lots closed 26 106 (80 ) (75 )% 68 185 (117 ) (63.2 )% Average sales price of lots closed $ 102.0 $ 85.7 $ 16.3 19 % $ 102.9 $ 79.6 $ 23.3 29.3 % New Home Orders and Backlog (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 Change % 2025 2024 Change % Net new home orders 883 878 5 0.6 % 3,795 3,681 114 3.1 % Revenue from net new home orders $ 438,513 $ 470,890 $ (32,377 ) (6.9 )% $ 1,949,703 $ 2,010,439 $ (60,736 ) (3.0 )% Average selling price of net new home orders $ 496.6 $ 536.3 $ (39.7 ) (7.4 )% $ 513.8 $ 546.2 $ (32.4 ) (5.9 )% Cancellation rate 7.6 % 7.8 % (0.2 )% (2.6 )% 7.5 % 7.3 % 0.2 % 2.7 % Absorption rate per average active selling community per quarter 8.7 8.3 0.4 4.8 % 9.3 9.1 0.2 2.2 % Average active selling communities 101 106 (5 ) (4.7 )% 102 101 1 1.0 % Active selling communities at end of period 101 106 (5 ) (4.7 )% Backlog revenue $ 354,328 $ 495,883 $ (141,555 ) (28.5 )% Backlog units 520 668 (148 ) (22.2 )% Average sales price of backlog $ 681.4 $ 742.3 $ (60.9 ) (8.2 )% GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) December 31, 2025 December 31, 2024 Central(1) Southeast(2) Total Central(1) Southeast(2) Total Lots owned Finished lots 4,518 663 5,181 3,932 790 4,722 Lots in communities under development 26,339 1,703 28,042 22,524 1,670 24,194 Land held for future development(3) 3,800 — 3,800 3,800 — 3,800 Total lots owned 34,657 2,366 37,023 30,256 2,460 32,716 Lots under contract Lots and land under option contracts 300 310 610 1,897 349 2,246 Adjustment to lots and land under option contracts under updated definition of controlled lots previously excluded(4)(5) 7,997 645 8,642 6,423 — 6,423 Lots under option through unconsolidated development joint ventures 2,488 65 2,553 2,614 255 2,869 Total lots under contract(6) 10,785 1,020 11,805 10,934 604 11,538 Total lots owned and under contract (7) 45,442 3,386 48,828 41,190 3,064 44,254 Percentage of lots owned 76.3 % 69.9 % 75.8 % 73.5 % 80.3 % 73.9 % _____________ (1) The Texas market. (2) The Atlanta and Florida markets. (3) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. (4) We previously referred to “lots controlled”, which included only lots past feasibility studies for which we did not hold title, but had the contractual right to acquire. However, as of December 31, 2025, we revised our definition of lots controlled to “lots under contract” to provide investors consistent disclosure with those of other home builders. Lots under contract include all land or lot parcels that we have a contractual right to acquire pursuant to a fully executed option contact or purchase and sale agreement. These rights are supported by sufficient consideration provided by the Company to allow meaningful control over future acquisition, including the ability to directly influence entitlements or development, even though legal title has not yet transferred. (5) These lots would be included under “Lots and land under option contracts”. (6) As of December 31, 2025, 16.6% of the total lots under contract had refundable deposits. (7) Total lots excludes lots with homes under construction. Non-GAAP Financial Measures In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the twelve months ended December 31, 2025 and 2024 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure. (Unaudited, in thousands): Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Residential units revenue $ 549,960 $ 556,855 $ 2,091,477 $ 2,070,136 Less: Mechanic’s lien contracts revenue (187 ) — (219 ) (380 ) Home closings revenue $ 549,773 $ 556,855 $ 2,091,258 $ 2,069,756 Homebuilding gross margin $ 161,610 $ 191,140 $ 638,209 $ 699,143 Homebuilding gross margin percentage 29.4 % 34.3 % 30.5 % 33.8 % Homebuilding gross margin 161,610 191,140 638,209 699,143 Add back: Capitalized interest charged to cost of revenues 2,279 2,741 9,476 11,280 Add back: Land impairment charge — 1,488 — 2,796 Less: Warranty reserve adjustment (2,103 ) (13,178 ) (6,912 ) (13,178 ) Adjusted homebuilding gross margin $ 161,786 $ 182,191 $ 640,773 $ 700,041 Adjusted homebuilding gross margin percentage 29.4 % 32.7 % 30.6 % 33.8 % The following table represents the non-GAAP measure of net debt to total capitalization. Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less homebuilding cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net homebuilding debt to total capitalization ratio as of December 31, 2025: Total capitalization Homebuilding capitalization(1) Gross Cash and cash equivalents Net Gross Cash and cash equivalents Net Total debt, net of debt issuance costs $ 320,276 $ (154,590 ) $ 165,686 $ 273,878 $ (147,830 ) $ 126,048 Total Green Brick Partners, Inc. stockholders’ equity 1,858,962 — 1,858,962 1,858,962 — 1,858,962 Total capitalization $ 2,179,238 $ (154,590 ) $ 2,024,648 $ 2,132,840 $ (147,830 ) $ 1,985,010 Debt to total capitalization ratio 14.7 % 12.8 % Net debt to total capitalization ratio 8.2 % 6.3 % _____________ (1) Homebuilding capitalization ratio excludes cash and debt related to our wholly owned mortgage company. About Green Brick Partners, Inc. Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a 50% interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title, GRBK Mortgage, and Green Brick Insurance. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit https://greenbrickpartners.com/brands-services/. Forward-Looking and Cautionary Statements: This press release and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our infill-focused land self-development strategy; (ii) our ability to adapt to evolving market conditions; (iii) our ability to continue to deliver peer-leading gross margins; (iv) our capital strategy, including our ability to invest in our growth; (v) our ability to adjust pricing in order to meet market demand; (vi) our investments in land, lots and development in 2026; (vii) our projections for land development in 2026; (viii) our competitive advantages; (ix) our land pipeline and the impact it will have on our future success; (x) our expectations for Green Brick Mortgage’s capture rate in 2026; (xi) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results; (xii) our lot and land strategy and its impact on our future financial position; (xiii) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand and the impact that expansion will have on our future results; (xiv) the impact of tariffs; (xv) our ability to opportunistically deploy capital to maximize shareholder returns, and to accelerate growth as the housing market improves; (xvi) the credit worthiness of our buyers, quality of our product, and desirability of our communities; (xvii) our future financial and operational performance; and (xviii) expansion of our financial services through Green Brick Mortgage and Green Brick Insurance. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) significant periods of inflation or deflation; (5) a shortage of labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including the successful development of our communities within expected time frames and the growth and expansion of our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) the geographic concentration of our operations; (10) government regulation risks; (11) adverse changes in the availability or volatility of mortgage financing; (12) severe weather events or natural disasters; (13) difficulty in obtaining sufficient capital to fund our growth; (14) our ability to meet our debt service obligations; (15) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (16) our ability to adequately self-insure; and (17) changes in accounting standards that adversely affect our reported earnings or financial condition. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Source: Green Brick Partners, Inc. Multimedia Files: Categories: Press Releases View all news