| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 499.09 | 9.1% | 4.7% |
| Total Income | 499.09 | 9.1% | 4.7% |
| Expenditure | 398.01 | 10.4% | 3.3% |
| PBT | 106.64 | 5.0% | 10.4% |
| Net Profit | 77.85 | 5.0% | 12.6% |
| OPM | — | ||
| NPM | 15.60% | 0.68pp | 1.42pp |
| EPS | 1.77 | 4.8% | 11.1% |
Green Brick Partners Reports Q3 2025 Results: Diluted EPS $1.77
04 May 2026 · 4 May, 8:37 am
Summary
Green Brick Partners, Inc. announced its third quarter 2025 results, with a net income of $78 million, or $1.77 per diluted share. The company delivered 953 new homes, consistent with the prior year's third quarter. Home closings revenue amounted to $499 million, compared to $523 million in the third quarter of 2024. Despite a challenging market, net new home orders grew by 2.4% year-over-year, reaching 898 units, a record for any third quarter in the company's history.
Key Highlights
- 1
Green Brick Partners reported a diluted EPS of $1.77 and net income of $78 million for the third quarter of 2025.
- 2
Net new home orders increased by 2.4% year-over-year to 898, marking a record for any third quarter.
- 3
Home closings revenue reached $499 million, the second-highest third quarter on record.
- 4
The company delivered 953 new homes, which was substantially in line with the third quarter of 2024.
- 5
Homebuilding gross margins stood at 31.1%, marking the tenth consecutive quarter above 30%.
Management Comments
Jim Brickman
Our third quarter results demonstrated the resilience of our differentiated business model amid a challenging market environment. For the tenth consecutive quarter, our gross margins remained above 30%, continuing to lead the public homebuilding industry. In these conditions, we were particularly pleased to maintain sales velocity, with net new orders growing 2.4% year-over-year to 898 units, a record for any third quarter in Company history. Our sales cancellation rate declined 1.8% year-over-year and 3.2% sequentially to 6.7%, among the lowest among our public company peers. Our monthly sales pace increased slightly year-over-year to just under 3.0 sales per community. This performance underscores the strength of our infill-focused land self-development strategy, which we believe continues to deliver meaningful competitive advantages. Like our peers across the industry, we addressed both affordability pressures and elevated interest rates by strategically adjusting pricing and incentives to sustain sales momentum. As a result, incentives for new orders rose 2.8% year-over-year and 1.2% sequentially to 8.9%. At quarter-end, we maintained a homebuilding debt-to-total capital ratio of 15.3% and a net homebuilding debt-to-total capital ratio of 9.5%, positioning us among the most financially strong homebuilders. We believe our investment-grade balance sheet, combined with our differentiated land strategy, provides the flexibility to adapt to evolving market conditions, resilience in challenging environments, and resources to capitalize on opportunities. Our focus remains on executing proven strategies, balancing price and pace to achieve top-tier returns, and delivering consistent value to shareholders through operational performance and capital returns. We remain excited about the future and believe we are well positioned for continued growth. As part of the next stage of our expansion, I am thrilled that we broke ground on our first master-planned community in the Houston market, and we anticipate being open for sales there in time for the spring selling season.
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