Green Brick Partners (GRBK) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 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.

• Home closings revenue and average sales price declined 7.1% and 6.9% year-over-year, respectively, due to elevated discounts and incentives.

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

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

• Homebuilding gross margin decreased to 28.9%, but remains industry-leading among public peers.

Financial highlights

• Q1 2026 total revenue was $465 million, with home closings revenue of $448 million on 908 deliveries, down 7.1% year-over-year.

• Net income attributable to shareholders was $60.9 million, down 18.8% year-over-year; diluted EPS was $1.39, down 16.8%.

• Homebuilding gross margin was 28.9%, down from 32.1% year-over-year.

• 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 significantly, with pre-tax income up 139% year-over-year.

Outlook and guidance

• Expect land and lot acquisitions of approximately $409-$420 million and land development spend of $420-$422 million for 2026.

• Community count expected to increase in the second half of 2026.

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

• Management remains focused on disciplined incentives and pricing to maintain sales pace amid challenging market conditions.

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