Green Brick Partners (GRBK) 17th Annual Southwest IDEAS Conference summary

Company history and growth

• Founded in 2009, expanded through acquisitions and organic growth, went public in 2014.

• Operates in three states with seven brands, market cap just under $3 billion.

• Major expansion into Austin and Houston in recent years, with headquarters in Plano, Texas.

• Delivered 3,800 homes in the last year, generating over $2 billion in revenue and $382 million in net income.

• Maintains controlling ownership in key brands and a conservative balance sheet.

Financial performance and operational highlights

• Q3 home closing revenue declined due to lower average sales price, but closings remained near record levels.

• Gross margins consistently above 30% for 11 quarters, leading the industry.

• SG&A at 11.6% of residential revenue; plans to break out financial services segment to reduce SG&A.

• Record new orders in Q3 2025, with a 2.9 homes/month absorption rate and a 7% cancellation rate.

• Shifted from backlog-centric to spec builder model, reducing backlog.

Strategic direction and market positioning

• Focused on high-quality, infill and infill-adjacent locations in business-friendly states, especially Texas.

• Owns and controls over 41,000 lots, mostly in A and B locations with strong amenities and access.

• Targets buyers with higher discretionary income, offering premium products above local average price points.

• Maintains incentives below industry average, supporting strong margins.

• Outperforms peers in return metrics, with a traditional builder-developer model rather than landlight.