Revenue growth has shifted into negative territory with a 6.5% year-over-year decline in 2026Q1, though the company maintains a resilient 29.0% gross margin that continues to outperform regional peers.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 2.01B | 2.04B | 2.1B | 1.78B | 1.76B | 1.4B | 976.02M | 791.66M | 623.65M | 454.37M | 380.33M | 291.14M | 246.1M | 298.43M | 463.28M | 653.07M | 453.42M | 415.51M | 179.87M | 0 | 0 |
| Revenue Growth % | -6.58% | -2.81% | 18.07% | 1.13% | 25.3% | 43.73% | 23.29% | 26.94% | 37.25% | 19.47% | 30.63% | 18.3% | -17.53% | -35.58% | -29.06% | 44.03% | 9.12% | 131.01% | - | - | - |
| Cost of Goods Sold | 1.39B | 1.4B | 1.4B | 1.23B | 1.23B | 1.04B | 741.42M | 622.48M | 493.32M | 355.92M | 293.95M | 223.65M | 183.45M | 12.68M | 493.9M | 642.5M | 454.64M | 404.75M | 199.16M | 0 | 0 |
| COGS % of Revenue | - | 68.84% | 66.48% | 69.16% | 70.25% | 74.19% | 75.96% | 78.63% | 79.1% | 78.33% | 77.29% | 76.82% | 74.54% | 4.25% | 106.61% | 98.38% | 100.27% | 97.41% | 110.73% | - | - |
| Gross Profit | 618.82M | 635.7M | 703.52M | 548.18M | 523.02M | 362.06M | 234.6M | 169.18M | 130.33M | 98.45M | 86.38M | 67.49M | 62.66M | 285.75M | -30.62M | 10.57M | -1.22M | 10.76M | -19.3M | 0 | 0 |
| Gross Margin % | 30.82% | 31.16% | 33.52% | 30.84% | 29.75% | 25.81% | 24.04% | 21.37% | 20.9% | 21.67% | 22.71% | 23.18% | 25.46% | 95.75% | -6.61% | 1.62% | -0.27% | 2.59% | -10.73% | - | - |
| Gross Profit Growth % | - | -9.64% | 28.34% | 4.81% | 44.46% | 54.33% | 38.67% | 29.81% | 32.38% | 13.98% | 27.98% | 7.72% | -78.07% | 1033.19% | -389.72% | 964.19% | -111.36% | 155.78% | - | - | - |
| Operating Expenses | 226.83M | 226.25M | 226.57M | 192.98M | 163.94M | 131.57M | 108.53M | 94.88M | 54.23M | 36.96M | 35.82M | 32.51M | 26.1M | 9.74M | 9.87M | 10.8M | 12.39M | 15.64M | 18.39M | 9.21M | 9.16M |
| OpEx % of Revenue | - | 11.09% | 10.79% | 10.86% | 9.33% | 9.38% | 11.12% | 11.98% | 8.69% | 8.13% | 9.42% | 11.17% | 10.61% | 3.26% | 2.13% | 1.65% | 2.73% | 3.76% | 10.23% | - | - |
| Selling, General & Admin | 226.17M | 226.25M | 226.57M | 192.98M | 163.94M | 131.57M | 108.53M | 94.88M | 80.04M | 39.02M | 38.63M | 34.35M | 26.23M | 8.11M | 5.93M | 7.24M | 12.39M | 15.49M | 17.04M | 9.21M | 9.16M |
| SG&A % of Revenue | - | 11.09% | 10.79% | 10.86% | 9.33% | 9.38% | 11.12% | 11.98% | 12.83% | 8.59% | 10.16% | 11.8% | 10.66% | 2.72% | 1.28% | 1.11% | 2.73% | 3.73% | 9.48% | - | - |
| Research & Development | 659K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.6M | -2.05M | -2.81M | -1.84M | -134K | -3K | 1.44M | 3.57M | 0 | 150K | 1.35M | 0 | 0 |
| Operating Income | 392M | 409.44M | 476.95M | 355.2M | 359.08M | 230.49M | 126.07M | 74.31M | 71.81M | 59.44M | 47.75M | 33.14M | 35.69M | 9.74M | -40.49M | -235K | -13.62M | -4.87M | -37.69M | -9.21M | -9.16M |
| Operating Margin % | 19.52% | 20.07% | 22.72% | 19.98% | 20.43% | 16.43% | 12.92% | 9.39% | 11.51% | 13.08% | 12.55% | 11.38% | 14.5% | 3.26% | -8.74% | -0.04% | -3% | -1.17% | -20.95% | - | - |
| Operating Income Growth % | - | -14.15% | 34.28% | -1.08% | 55.79% | 82.83% | 69.66% | 3.48% | 20.81% | 24.49% | 44.07% | -7.13% | 266.28% | 124.06% | -17129.36% | 98.27% | -179.46% | 87.07% | -309.01% | -0.57% | - |
| EBITDA | 396.78M | 414.55M | 481.83M | 358.75M | 361.45M | 233.23M | 129.74M | 77.39M | 74.75M | 59.76M | 48.03M | 34.01M | 36.42M | 35.08M | -12.19M | 29.48M | 15.1M | 23.26M | -27.9M | -9.14M | -9.16M |
| EBITDA Margin % | 19.76% | 20.32% | 22.96% | 20.18% | 20.56% | 16.63% | 13.29% | 9.78% | 11.99% | 13.15% | 12.63% | 11.68% | 14.8% | 11.75% | -2.63% | 4.51% | 3.33% | 5.6% | -15.51% | - | - |
| EBITDA Growth % | -18.24% | -13.96% | 34.31% | -0.75% | 54.97% | 79.78% | 67.65% | 3.53% | 25.08% | 24.42% | 41.25% | -6.63% | 3.83% | 387.8% | -141.35% | 95.19% | -35.08% | 183.39% | -205.37% | 0.23% | - |
| D&A (Non-Cash Add-back) | 4.79M | 5.11M | 4.88M | 3.54M | 2.37M | 2.74M | 3.67M | 3.08M | 2.94M | 325K | 286K | 865K | 735K | 25.34M | 28.3M | 29.71M | 28.72M | 28.14M | 9.79M | 79K | 5.28K |
| EBIT | 416.29M | 438.18M | 511.88M | 391.31M | 396.46M | 227.79M | 122.47M | 71.41M | 74.16M | 60.02M | 50.55M | 35M | 37.6M | -9.75M | -39.05M | -235K | -13.62M | -4.8M | -78.3M | -7.4M | -9.15M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -268K | -1.13M | 1.42M | 0 | -10.13M | -11.61M | -14.83M | -4.74M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K | 265K | 1.42M | 0 | 0 | 0 | 78K | 1.09M | 1.81M | 11.31K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 281K | 1.39M | 0 | 7.28M | 10.13M | 11.61M | 14.91M | 5.83M | 0 | 0 |
| Other Income/Expense | 24.3M | 28.73M | 34.92M | 36.11M | 37.38M | 26.5M | 16.74M | 10.02M | 9.86M | 4.8M | 2.81M | 2.44M | 522K | 0 | -9.22M | -11.11M | -11.61M | -14.83M | -46.44M | 6.79M | 11.62K |
| Pretax Income | 416.29M | 438.18M | 511.88M | 391.31M | 396.46M | 256.99M | 142.81M | 84.33M | 81.67M | 64.24M | 50.55M | 34.72M | 36.21M | -9.75M | -46.32M | -10.36M | -25.22M | -19.7M | -84.13M | -2.42M | 0 |
| Pretax Margin % | 20.73% | 21.48% | 24.39% | 22.01% | 22.55% | 18.32% | 14.63% | 10.65% | 13.1% | 14.14% | 13.29% | 11.92% | 14.71% | -3.27% | -10% | -1.59% | -5.56% | -4.74% | -46.77% | - | - |
| Income Tax | 90.87M | 94.67M | 94.72M | 84.64M | 82.47M | 52.6M | 25.02M | 20.03M | 17.14M | 39.03M | 15.38M | 9.17M | -24.85M | 0 | -6.48M | -1.64M | 0 | 0 | 0 | 0 | -6.83M |
| Effective Tax Rate % | 21.83% | 21.6% | 18.51% | 21.63% | 20.8% | 20.47% | 17.52% | 23.75% | 20.98% | 60.76% | 30.42% | 26.42% | -68.64% | 0% | 13.99% | 15.87% | 0% | 0% | 0% | 0% | - |
| Net Income | 299.11M | 313.23M | 381.58M | 284.63M | 291.9M | 190.21M | 113.69M | 58.66M | 51.62M | 14.97M | 23.76M | 15.32M | 50.03M | -39.21M | -39.84M | -8.72M | -19.98M | -13.63M | -40.87M | -2.42M | -2.33M |
| Net Margin % | 14.9% | 15.35% | 18.18% | 16.01% | 16.61% | 13.56% | 11.65% | 7.41% | 8.28% | 3.29% | 6.25% | 5.26% | 20.33% | -13.14% | -8.6% | -1.33% | -4.41% | -3.28% | -22.72% | - | - |
| Net Income Growth % | -19.88% | -17.91% | 34.06% | -2.49% | 53.46% | 67.3% | 93.83% | 13.62% | 244.84% | -36.98% | 55.01% | -69.37% | 227.59% | 1.59% | -357.07% | 56.38% | -46.61% | 66.65% | -1587.94% | -3.74% | - |
| Net Income (Continuing) | 325.43M | 343.51M | 417.15M | 306.68M | 314M | 204.38M | 117.8M | 64.3M | 64.53M | 25.21M | 35.17M | 25.55M | 61.06M | -9.75M | -46.32M | -10.36M | -25.22M | -19.7M | -84.13M | -7.4M | -9.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 67.46M | 74.02M | 72.75M | 53.44M | 50.15M | 36.01M | 22.71M | 26.84M | 17.28M | 16.69M | 16.91M | 12.32M | 9.74M | -7.56M | -1.12M | 5.46M | 252K | 5.66M | 14.07M | 68.8M | 74.03M |
| EPS (Diluted) | 6.87 | 7.07 | 8.45 | 6.14 | 6.02 | 3.72 | 2.24 | 1.16 | 1.02 | 0.30 | 0.49 | 0.38 | 3.40 | -5.06 | -5.28 | -1.27 | -10.84 | -7.90 | -36.55 | -3.14 | -2.24 |
| EPS Growth % | -17.87% | -16.33% | 37.62% | 1.99% | 61.83% | 66.07% | 93.1% | 13.73% | 240% | -38.78% | 28.95% | -88.82% | 167.19% | 4.17% | -315.75% | 88.28% | -37.22% | 78.39% | -1064.01% | -40.18% | - |
| EPS (Basic) | - | 7.09 | 8.51 | 6.20 | 6.07 | 3.75 | 2.25 | 1.16 | 1.02 | 0.30 | 0.49 | 0.38 | 3.40 | -5.06 | -5.28 | -1.27 | -10.84 | -7.90 | -36.55 | -3.14 | -6.38 |
| Diluted Shares Outstanding | 43.53M | 43.92M | 44.84M | 45.92M | 47.99M | 51.06M | 50.8M | 50.64M | 50.75M | 49.68M | 48.89M | 40.1M | 14.71M | 7.75M | 7.55M | 6.87M | 1.84M | 1.73M | 1.12M | 771.71K | 1.04M |
| Basic Shares Outstanding | 43.43M | 43.79M | 44.51M | 45.45M | 47.65M | 50.7M | 50.57M | 50.53M | 50.65M | 49.6M | 48.88M | 40.07M | 14.71M | 7.75M | 7.55M | 6.87M | 1.84M | 1.73M | 1.12M | 771.71K | 365.59K |
| Dividend Payout Ratio | - | 0.92% | 0.75% | 1.01% | 0.96% | - | - | - | 20.82% | 72.79% | - | - | 26.23% | - | - | - | - | - | - | - | - |
Geographic concentration in DFW
As indicated by the most recent quarterly filings, GRBK's revenue growth has shifted into negative territory, with a 6.5% year-over-year decline in 2026Q1, signaling that the company is struggling to maintain its previous momentum amidst a broader cooling in residential construction demand across its core markets.
The transition from double-digit growth in early 2024 to consistent contraction suggests that the company's pricing power is being tested by mortgage rate sensitivity. Investors should monitor whether the shift toward the Trophy Signature Homes brand can successfully offset lower transaction volumes or if this pivot merely reflects a defensive posture in a softening housing environment.
Based on reported financial statements, GRBK continues to maintain elite gross margins of 29.0% as of 2026Q1, which significantly outpaces regional peers like Meritage Homes and LGI Homes, suggesting that the company's long-dated land positions in the DFW area provide a durable competitive moat against rising input costs.
While margins have compressed from the 34% peak observed in 2024Q4, they remain structurally superior to the industry average. This suggests that the company's land-banking strategy effectively insulates it from the immediate inflationary pressures that typically erode the profitability of builders with shorter-duration land pipelines.
According to the income statement data, GRBK has demonstrated disciplined overhead management, as SG&A expenses remained relatively contained at $51.5M in 2026Q1 despite the ongoing revenue decline, which indicates that management is successfully preserving operating income margins even as top-line growth faces significant cyclical pressure.
The ability to maintain an operating margin of 17.9% during a period of negative revenue growth highlights the efficiency of the company's decentralized partnership model. This structure appears to allow for variable cost adjustments that protect the bottom line, though investors should watch for potential diseconomies of scale if revenue continues to trend downward.
Data from recent filings suggests that the exhaustion of legacy low-cost land parcels may pose a material risk to future profitability, as the company will eventually be forced to replace its inventory at current market prices, potentially narrowing the gap between GRBK and its lower-margin industry competitors.
Short-term observers may focus on the fact that gross margins have already begun a downward trend from their 2024 peaks. This warrants further investigation into whether the current margin profile is a sustainable feature of the business model or a temporary benefit of historical land acquisition timing that is now reaching its natural conclusion.
Quick answers to the most common questions about buying GRBK stock.
For fiscal year 2025, Green Brick Partners, Inc. (GRBK) reported total revenue of $2.04B.
Green Brick Partners, Inc. (GRBK) is profitable, generating $313.2M in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Green Brick Partners, Inc. (GRBK) reported an operating income of $409.4M, resulting in an operating profit margin of 20.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Green Brick Partners, Inc. (GRBK) generated $635.7M in gross profit for the year, representing a gross profit margin of 31.2%. This demonstrates the company's core pricing power and production efficiency.