What guidance did Green Brick's management provide for the next earnings period?

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What were the key takeaways from Green Brick’s earnings call?

What factors drove the changes in Green Brick's revenue and profit?

What is the market's earnings forecast for Green Brick next quarter?

What is the revenue and EPS growth rate for Green Brick year over year?

What is Green Brick's gross profit margin?

What were the key takeaways from Green Brick's earnings call?

- **Record Q4 performance**: 1,038 closings and 883 orders, despite 29.4% gross margin (down 490 bps YoY) due to incentives.
- **Trophy brand growth**: 14% of backlog but 50% of closings, driving spec homebuilder leadership in Texas.
- **Balance sheet strength**: 14.7% debt to total capital, $520 million liquidity, and $150 million share buyback authorization.
- **Spring 2026 optimism**: February sales momentum suggests potential margin stabilization as incentives moderate.
- **Long-term strategy**: Land pipeline expansion and financial services diversification to support 2026+ growth.

**【CEO Summary Section】**
- Q4 2025 net income: $78 million ($1.78 per diluted share), up 1.9% year-over-year in home closings (1,038 homes) and 883 net orders, both records for a fourth quarter.
- Homebuilding gross margin declined 490 basis points YoY to 29.4% due to higher incentives and product mix, yet remains industry-leading.
- Strategic focus on Trophy brand expansion in Texas markets (DFW, Austin, Houston) to target first-time and move-up buyers.
- Financial services platform expected to generate more pretax income than interest costs on debt in 2026.
- Investment-grade balance sheet with net debt to total capital ratio of 8.2% and debt to total capital ratio of 14.7%.

**【CFO Financial Commentary】**
- Full-year 2025 home closings revenue: $2.1 billion (+1% YoY), with average sales price down 3.1% to $530,000.
- Q4 2025 SG&A as a percentage of residential unit revenue: 10.6% (down 30 bps YoY) due to lower personnel costs.
- Backlog value: $354 million (-28.5% YoY) due to higher quick move-in sales and Trophy's shorter cycle times.
- Share repurchases: $83 million in 2025, with $150 million authorization for 2026.
- Liquidity: $520 million (including $155 million cash and $365 million undrawn credit facility).

**【COO Operational Highlights】**
- Q4 2025 incentives as a percentage of residential unit revenue: 10.2% (up 380 bps YoY), with rate buydowns at 4.99%.
- Construction cycle times reduced 20 days YoY to 130 days, with Trophy's DFW average at under 90 days.
- Land pipeline: 48,800 lots owned or under contract (+10% YoY), with 70% allocated to Trophy.
- Backlog cancellation rate: 7.6% (vs. 7.8% Q4 2024), among the lowest in the industry.

**【Q&A Highlights】**
- **Spring 2026 sales momentum**: February traffic and orders strong despite January weather disruptions.
- **Inventory strategy**: 5 finished specs per community (1.5-2 months' supply), balanced with build-to-order for higher price points.
- **Land spending**: Anticipated increase in 2026 to support community count growth, with focus on high-margin infill locations.
- **Tariff impact**: Minimal expected impact on 2026 earnings, though monitoring regulatory developments.
- **Mortgage expansion**: Green Brick Mortgage to serve all DFW communities by Q1 2026, Houston by spring 2026, and Atlanta mid-2026.

Green Brick Partners, Inc.(GRBK)-20260226-2025 Q4 Earnings call transcript

- **Resilient Q3 Results:** 898 net orders (2.4% YoY), 953 homes closed, and $78M net income despite 160bps gross margin decline.
- **Strategic Expansion:** Houston community launch in spring 2026, targeting first-time buyers.
- **Operational Efficiency:** 9-day reduction in construction cycle times to 100 days in DFW.
- **Mortgage Growth:** 350 loans closed Q3, with Houston and Atlanta expansion planned.
- **Cost Savings:** Lumber prices falling monthly, subs at 65-70% capacity.
- **Tariff Risks:** Minimal impact expected, but uncertainty remains.


**【CEO Opening Remarks】**
- Announced Jeff Cox's promotion to CFO, highlighting his 20+ years of homebuilding experience and role in establishing the wholly owned mortgage company.
- Reported Q3 2025 results: 898 net orders (2.4% YoY increase), 953 homes closed (near record Q3 results), and $78M net income.
- Emphasized resilience against affordability challenges, maintaining one of the highest gross margins (31.1%) in the industry.
- Trophy brand expansion in DFW and Houston, targeting first-time and move-up buyers.
- Focused on operational excellence, reducing construction cycle times by 9 days YoY.

**【CFO Financial Commentary】**
- Q3 net income attributable to Green Brick was $78M, with diluted EPS of $1.77 (down 13% YoY).
- Homebuilding gross margin declined 160bps YoY to 31.1%, driven by price concessions and incentives (8.1% of revenue).
- SG&A as a percentage of revenue increased to 11.6% YoY due to IT investments.
- Maintained strong liquidity ($142M cash, $457M total liquidity) and investment-grade balance sheet (net debt to capital ratio 9.8%).
- Land and lot development spending of $231M YoY, with potential tariff impacts on construction costs.

**【Q&A Highlights】**
- **Incentives & Market Response:** Rate buydowns (4-5%) and moderating incentives in October, with DFW and Atlanta showing higher velocity communities.
- **Expansion Strategy:** Houston launch planned for spring 2026, with Trophy's cycle time under 100 days.
- **Cost Savings:** Lumber prices falling monthly, subs operating at 65-70% capacity, and labor cost reductions.
- **Mortgage Business Growth:** Green Brick Mortgage closing 350 loans Q3, targeting Houston and Atlanta expansion in 2026.
- **Tariff Concerns:** Minimal expected impact, but uncertainty in timing and scope.


Green Brick Partners, Inc. (GRBK) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 closes 1,042 homes (6% YoY) with 908 orders, despite 7.7% incentives.
- **Margin Resilience**: 30.4% gross margin (industry-leading) amid 410bps YoY decline.
- **Balance Sheet Strength**: 9.4% net debt to capital, $112M cash, and $300M 2025 land spend.
- **Expansion Momentum**: Houston Trophy launch in Q3, 21% YoY lot growth, and 50% quick move-in sales.
- **Operational Efficiency**: 5-month construction cycle, 745 FICO score buyers, and 9.9% cancellations.

**【CEO Summary Section】**
- **Record Performance**: Q2 net income of $82 million ($1.85 EPS), with 1,042 homes closed (6% YoY) and 908 net new orders (6% YoY), both company records.
- **Gross Margin Resilience**: Homebuilding gross margin at 30.4% (down 410bps YoY) despite 7.7% incentives, remaining highest in the industry.
- **Shareholder Returns**: $60M returned via buybacks in H1, with $40M remaining under authorization.
- **Trophy Expansion**: Houston market entry planned for Q3, complementing DFW and Austin expansion.

**【CFO Financial Commentary】**
- **Revenue Dynamics**: Flat at $547M YoY, driven by 5.3% drop in average sales price to $525K.
- **Cost Management**: SG&A at 10.9% of revenue, up 40bps YoY, offset by 13-day faster construction cycle.
- **Balance Sheet Strength**: $112M cash, 9.4% net debt to total capital, lowest since 2015.
- **Tax Impact**: 21.9% effective tax rate vs. 18.5% YoY, due to one-time 2024 benefit.

**【COO Operational Insights】**
- **Market Adaptation**: 9.9% cancellation rate (industry-low), 140 loans closed by in-house mortgage division.
- **Inventory Strategy**: 50% quick move-in sales, 5-month construction cycle (3.5 months for Trophy in DFW).
- **Land Pipeline**: 40,200 owned/controlled lots (+21% YoY), 70% allocated to Trophy brand.

**【Q&A Highlights】**
- **Incentive Trends**: July incentives stabilizing after Q2 7.7% run rate; Trophy orders +9.3% YoY.
- **Gross Margin Breakdown**: 5% ASP decline, 2% mix impact, 3% buydowns; Trophy margins unchanged.
- **Starts Cadence**: Matching to sales pace; 2025 land dev spend projected at $300M.
- **Inventory Focus**: 1-2 months of finished homes, minimal resale activity in communities.

Green Brick Partners, Inc. (GRBK) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $495M revenue (+11.8% YoY), 910 homes closed, and 31.2% gross margin highlight strong execution.
- **Resilient Margins**: Industry-leading profitability despite 220bps margin decline due to incentive spending.
- **Balance Sheet Strength**: 14.5% debt-to-capital ratio and $430M deployable capital provide flexibility.
- **Trophy Brand Expansion**: 15% YoY order growth and Houston market entry drive long-term value.
- **Share Buybacks**: $38.3M repurchased in Q1, with opportunistic allocation between land and equity.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $495M, up 11.8% YoY, driven by 910 home closings (10.8% YoY increase). Trophy brand represented 54% of deliveries and 40% of revenue.
- Homebuilding gross margin of 31.2% remains industry-leading despite 220bps YoY decline due to higher incentives.
- Book value grew 25% YoY to $37.09/share, with net income of $75M and EPS of $1.67.
- 80% of revenue from infill/suburban markets; 86% of land owned and 98% self-developed, avoiding land banking risks.
- Total deployable capital of $430M; $38.3M in share buybacks through April under $100M authorization.

**【CFO Financial Details】**
- Q1 net new orders hit 1,106 (3.3% YoY growth), with Trophy orders up 15% YoY and 50% of volume.
- SG&A as % of revenue improved 30bps to 11.1%; ending backlog rose 29% QoQ to $594M.
- Debt-to-capital ratio at 14.5% (vs. 52.5% industry average); 100% fixed-rate debt at 3.4% avg rate.
- Q1 land investment: $52M in acquisitions, $62M in development; 5-year lot pipeline based on 12M start pace.

**【COO Operational Update】**
- Build times stable at 5.2 months; 6.1% cancellation rate (lowest among peers).
- Trophy incentives aligned with company-wide levels (6.7% of ASP in Q1).
- Expanding Trophy into Houston with first community opening Q3; 40,500 owned/control lots (85.7% owned).
- Green Brick Mortgage closed 100 loans in Q1, targeting meaningful contribution in H2.

**【Q&A Highlights】**
- Tariffs: No immediate impact, but monitoring supply chain disruptions.
- Land market: Seeing opportunistic deals as competitors exit marginal markets.
- Buybacks: Capital allocation prioritizes land deals and share repurchases; Q1 spent $38.3M, with lumpy execution due to large land acquisitions.
- Texas market: 92% of land pipeline concentrated in DFW, with 70% allocated to Trophy brand.

Green Brick Partners (GRBK)-1 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Performance**: $557M revenue (+24%), 34.3% gross margin, $104M net income. 
- **Long-term Growth Drivers**: 37,800 lots (86% owned), 2025 land spend up 46% to $300M. 
- **Trophy Expansion**: 54% of Q4 orders, Houston launch in 2025. 
- **Financial Strength**: 17.2% debt-to-capital, 93% fixed-rate debt. 
- **Operational Efficiency**: 7.8% cancellation rate, 5.3-month cycle times.

**【CFO Opening Remarks】**
- Q4 2024 home closing revenue reached $557 million, up 24% YoY, driven by 1,019 units sold (23.5% YoY growth). 
- Gross margin improved to 34.3% (290bps YoY), benefiting from a $13.2 million warranty reserve adjustment. 
- Full year net income rose 34.1% to $382 million, with diluted EPS at $8.45 (37.6% YoY growth). 
- Year-end debt-to-capital ratio was 17.2%, lowest since 2015, with 93% of debt fixed-rate at 3.3%. 

**【CEO Strategic Overview】**
- 2024 milestones: 3,783 homes sold (+21.1%), $2.07B revenue, 33.8% gross margin (vs 20.6% in 2015). 
- Land inventory expanded 8x to 37,800 lots, 86% owned and 95% self-developed. 
- Trophy brand now 6th largest builder in DFW, closing 100+ homes in Austin. 
- 2025 plans include $300M land development spend (+46% YoY) and Houston market entry. 

**【COO Operational Update】**
- Q4 net orders 878 (+29% YoY), with Trophy contributing 54% by volume. 
- Cancellation rate 7.8% (Trophy: 6.7%), lowest among peers. 
- 2024 starts rose 22% to 4,067 units, with 2,341 homes under construction. 
- Backlog ASP $742K, 14% Trophy penetration (vs 51% in closings). 
- 2025 Houston launch planned, with first phase lots completed by summer. 

**【Q&A Key Takeaways】**
- Q1 2025 incentives down due to lower mortgage rates, similar to Q1 2024 pace. 
- 2025 land spend growth reflects 2023-2024 land acquisitions, with community count growth lagging 3 years. 
- SG&A leverage limited by land development costs (90% of lots self-developed). 
- Trophy mix expected to remain ~50% in 2025, with Houston launch targeting 2025 closings. 
- Cycle times improved to 5.3 months (Trophy: 3.4 months in Dallas).

Actual										0.31	0.66	0.68	0.58	0.51	1.02	0.95	1.24	1.2	2.08	1.57	1.18	1.37	1.63	1.56	1.58	1.82	2.32	1.98	2.31	1.67	1.85	1.77	1.78
Forecast										0.2385	0.4167	0.4375	0.6275	0.4925	0.8524	1.046	1.162	0.8548	1.2369	1.3862	1.1449	0.6623	1.1811	1.4518	1.7689	1.5111	1.77	2.0733	2.0167	1.7561	1.9333	1.4667	1.6325	1.24
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+29.98%	+58.39%	+55.43%	-7.57%	+3.55%	+19.66%	-9.18%	+6.71%	+40.38%	+68.16%	+13.26%	+3.07%	+106.85%	+38.01%	+7.45%	-10.68%	+20.44%	+31.07%	-4.50%	+14.54%	-4.90%	-4.31%	+20.68%	+9.04%	0.00%

GRBK

GRBK fundamentals

GRBK Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

GRBK

GRBK fundamentals

GRBK Q1 2026 Earnings Preview

Earnings Call

GRBK Earnings Call Summary for Q1/2026Upcoming Apr 1, 2026

GRBK Earnings Call Summary for Q4/202512:00 PM on Feb 26, 2026

GRBK Earnings Call Summary for Q3/202512:00 PM on Oct 30, 2025

GRBK Earnings Call Summary for Q2/202512:00 PM on Jul 31, 2025

GRBK Earnings Call Summary for Q1/202512:00 PM on May 1, 2025

You can ask Aime