Green Brick Partners (GRBK) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 deliveries of 1,038 homes (up 1.9% YoY) and record net orders of 883, despite affordability challenges and increased housing inventory.

• Q4 net income was $78 million ($1.78 per diluted share), down 24.5% YoY; full-year net income was $313 million, down 18% YoY.

• Maintained industry-leading gross margins, though margins declined due to higher incentives and product mix changes.

• Liquidity and balance sheet strength remain high, with $155 million in cash and $520 million in total liquidity at year-end.

• Continued expansion in Texas markets, especially through the Trophy brand, and strategic focus on operational excellence and disciplined land acquisition.

Financial highlights

• Q4 home closings revenue was $550 million, down 1.3% YoY; average sales price was $530,000, down 3.1% YoY.

• Homebuilding gross margin for Q4 was 29.4%, down 490 bps YoY; full-year margin was 30.5%, down 330 bps.

• SG&A as a percentage of revenue was 10.6% in Q4, down 30 bps YoY.

• Full-year deliveries reached 3,943 homes (up 4.2% YoY), with home closings revenue of $2.1 billion (up 1% YoY).

• Diluted EPS for Q4 was $1.78 (down 22.9% YoY); full-year EPS was $7.07 (down 16.3% YoY).

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.

• Land spend in 2026 anticipated to be higher than 2025, with specific guidance to follow the spring selling season.

• Management remains confident in the land position, self-development strategy, and ability to maintain strong margins.

• Strategic priorities include balancing price and pace, improving operational efficiency, and expanding financial services.