Green Brick Partners (GRBK) Q1 2026 earnings summary

Executive summary

• Achieved Q1 net income of $60.9 million ($1.39 per diluted share) on $465 million in revenue, with 908 homes delivered and 1,037 net new orders, nearly matching prior year volume despite market headwinds.

• Maintained strong operational performance amid affordability challenges, volatile consumer sentiment, and adverse weather that reduced selling days in January.

• Continued disciplined land acquisition and development strategy, with 77% of 49,000 lots owned and a focus on self-development for capital efficiency and higher margins.

• Expanded Trophy brand in DFW, Austin, and Houston, targeting first-time and move-up buyers and diversifying revenue base.

• Homebuilding gross margin decreased 320 basis points year-over-year to 28.9%, but remains the highest among public peers.

Financial highlights

• Net income decreased 18.8% year-over-year to $60.9 million; diluted EPS down 16.8% to $1.39.

• Total revenue for Q1 was $465 million; home closings revenue of $448 million on 908 deliveries, down 7.1% year-over-year.

• Homebuilding gross margin was 28.9%, down 320 basis points year-over-year and 140 basis points sequentially.

• SG&A as a percentage of residential unit revenue rose to 11.7%, up 80 basis points year-over-year due to higher discounts and incentives.

• Financial services segment revenue grew from $1.3 million to $5.6 million year-over-year; pre-tax income up 139% to $4.3 million.

Outlook and guidance

• Expect community count to increase in the second half of 2026.

• Land and lot acquisitions projected at $409 million and land development outflows at $422 million for 2026.

• Anticipate Green Brick Mortgage capture rate to reach 70%-80% by year-end as rollout expands.

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

• Remain confident in long-term growth, leveraging strong land position and diversified product portfolio.