Record 2025 home sales but lower profit at Green Brick (NYSE: GRBK)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Green Brick Partners reported record operating activity for 2025 but lower profit versus the prior year. For the fourth quarter, net income attributable to the company was $78 million, or $1.78 per diluted share, on home closings revenue of $550 million and a homebuilding gross margin of 29.4%.
For the full year 2025, net income attributable to Green Brick was $313 million, or $7.07 per diluted share, with 3,943 new homes delivered and home closings revenue of $2,091 million. Full-year homebuilding gross margin was 30.5%, reflecting strong profitability despite pressure versus 2024. New home deliveries and home closings revenue were the highest in the company’s history, while net new home orders of 3,795 also set a record.
The company highlighted a low fourth-quarter cancellation rate of 7.6% and cash of $154.6 million with no borrowings on revolving credit facilities, supporting total liquidity of about $520 million. Green Brick repurchased approximately 1.4 million shares for $83 million in 2025 and adopted a new $150 million share repurchase plan, while maintaining a homebuilding debt-to-total capital ratio of 12.8% and a net homebuilding debt-to-total capital ratio of 6.3%.
Positive
- Record scale and strong margins: In 2025, Green Brick delivered 3,943 new homes and generated $2,091 million in home closings revenue, both the highest in its history, while maintaining a full-year homebuilding gross margin of 30.5%, indicating resilient profitability despite softer pricing.
- Robust balance sheet and capital return: The company ended 2025 with $154.6 million of cash, no borrowings on revolving credit facilities, and a net homebuilding debt-to-total capital ratio of 6.3%, while repurchasing $83 million of stock and adopting a new $150 million share repurchase plan.
Negative
- Earnings and margin compression versus 2024: Full-year net income attributable to Green Brick declined to $313 million from $381,583 thousand, with diluted EPS down to $7.07 from $8.45 and homebuilding gross margin falling to 30.5% from 33.8%, signaling profitability pressure.
- Lower backlog and pricing trends: Backlog revenue decreased to $354,328 thousand from $495,883 thousand and backlog units fell to 520 from 668, while average selling prices of homes delivered and new orders both declined, reflecting a softer pricing environment.
Insights
Strong volumes and margins, but earnings step down from 2024.
Green Brick Partners delivered another year of record operational scale in 2025, with 3,943 new homes delivered and $2,091 million in home closings revenue while sustaining a robust 30.5% homebuilding gross margin. Orders, deliveries, and revenue all set annual records.
However, profitability declined from 2024 levels: net income attributable to the company fell to $313 million and diluted EPS to $7.07, while quarterly gross margin compressed to 29.4% from 34.3%. Backlog revenue and units also trended lower year over year, reflecting some normalization of demand and pricing.
The balance sheet remains a key support, with $154.6 million of cash, no borrowings on revolving credit facilities, and a net homebuilding debt-to-total capital ratio of 6.3%. A new $150 million share repurchase authorization, on top of $83 million of buybacks in 2025, signals ongoing capital return alongside investment in land and growth.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||||||||||||||
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| (Address of principal executive offices, including Zip Code) | (Registrant’s telephone number, including area code) | |||||||||||||||||||||||||
(Former name or former address, if changed since last report) Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | GRBK | NYSE Texas, Inc. | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026 , Green Brick Partners, Inc. (the “Company”) issued a press release announcing its financial and operational results for the year and fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99 to this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description of Exhibit | |||||||
| 99 | Press Release dated February 26, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GREEN BRICK PARTNERS, INC. | |||||
| By: | /s/ Jeffery D. Cox | ||||
| Name: | Jeffery D. Cox | ||||
| Title: | Chief Financial Officer | ||||
Date: February 25, 2026
Exhibit 99
GREEN BRICK PARTNERS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
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
PLANO, Texas, February 25, 2026 — 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
1
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 | ||||||||||||
2
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.
3
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 | ||||||||||||||||||||||
4
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 | |||||||
5
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)% | |||||||||||||||||||||||||||||||||||||||||||
6
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 consist 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.
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The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the twelve months ended 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/.
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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.
Contact:
Investor Relations
469-573-6755
IR@greenbrickpartners.com
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FAQ
How did Green Brick Partners (GRBK) perform financially in full year 2025?
Green Brick Partners reported 2025 net income attributable to the company of $313 million and diluted EPS of $7.07. Home closings revenue reached $2,091 million with a 30.5% homebuilding gross margin, reflecting strong profitability despite lower earnings compared with 2024.
What were Green Brick Partners’ key fourth quarter 2025 results?
In Q4 2025, Green Brick Partners generated net income attributable to the company of $78 million, or $1.78 per diluted share. The company delivered 1,038 new homes, produced $550 million in home closings revenue, and achieved a 29.4% homebuilding gross margin for the quarter.
How did Green Brick Partners’ 2025 results compare to 2024 earnings?
While 2025 deliveries and home closings revenue set records, earnings declined from 2024. Net income attributable to Green Brick fell from $381,583 thousand to $313,225 thousand and diluted EPS decreased from $8.45 to $7.07, reflecting margin compression and slightly lower overall profitability.
What is Green Brick Partners’ liquidity and leverage position at year-end 2025?
At December 31, 2025, Green Brick Partners held $154.6 million in cash and cash equivalents with no borrowings on revolving credit facilities, supporting total liquidity of about $520 million. The homebuilding debt-to-total capital ratio was 12.8%, and the net homebuilding debt-to-total capital ratio was 6.3%.
How active was Green Brick Partners’ share repurchase activity in 2025?
Green Brick Partners repurchased approximately 1.4 million shares of common stock for about $83 million during 2025. In addition, the company’s board adopted a new $150 million share repurchase plan, signaling continued commitment to returning capital to shareholders alongside growth investment.
What trends did Green Brick Partners report in home orders and backlog for 2025?
Net new home orders reached 3,795 units in 2025, a company record, but backlog revenue declined to $354,328 thousand from $495,883 thousand and backlog units dropped to 520 from 668, indicating lower future contracted volume versus the prior year despite record annual order levels.
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