Revenue declined 10.1% YoY in 2026Q2 to $493.8M, while gross margin held at 31.9% (down from 34.2% in 2024Q4), indicating resilience but negative operating leverage as SG&A remained sticky.
Green Brick Partners, Inc. (GRBK) annual income statement — 20-year revenue, gross profit & net income history
| 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 | 1.95B | 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 % | -8.66% | -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 | 1.34B | 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 | 608.83M | 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 % | 31.18% | 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 | 228.06M | 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 | 221.03M | 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 | 421K | 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 | 1000K | 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 | 380.77M | 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 % | 19.5% | 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 | 385.56M | 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 % | 19.75% | 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 % | -16.33% | -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) | 4.78M | 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 | 403.48M | 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 | 22.71M | 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 | 403.48M | 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 % | 20.66% | 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 | 88.61M | 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 % | 21.96% | 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 | 291.33M | 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 % | 14.92% | 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 % | -16.75% | -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) | 314.87M | 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 | 55.03M | 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) | 6.73 | 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 % | -14.85% | -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 | 43.28M | 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 | 43.07M | 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% | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue contraction and margin pressure
Metrics are mathematically derived from official filings.
Revenue Momentum Fades Sharply
According to the latest quarterly data, GRBK's revenue contracted 10.1% year-over-year in 2026Q2, following a 12.9% decline in 2025Q4, indicating a clear deceleration from the double-digit growth seen in 2024.
The revenue trajectory has reversed from the 26% growth in 2024Q4 to consecutive year-over-year declines in the last four quarters. This suggests a cyclical downturn in housing demand, possibly due to higher mortgage rates or affordability constraints. The sequential stabilization in 2026Q2 (up 6.1% from Q1) may hint at a trough, but the year-over-year trend remains negative, warranting close monitoring of order trends and backlog conversion.
Gross Margin Resilience Amid Volume Decline
GRBK's gross margin held at 31.9% in 2026Q2, down from 34.2% in 2024Q4 but still well above peers like MTH (19.7%) and TMHC (23.0%), as per the latest financials.
Despite revenue contraction, gross margins have remained relatively stable, only compressing about 230 basis points from the peak. This suggests that GRBK retains pricing power or has managed construction costs effectively. The margin premium over peers indicates a differentiated product mix or land strategy. However, the trend is downward, and if volume continues to decline, fixed cost absorption could pressure margins further.
Operating Leverage Turns Negative
Operating income fell 10.4% year-over-year in 2026Q2, while revenue declined 10.1%, indicating that operating leverage has shifted negative as SG&A costs remained relatively sticky, based on the income statement data.
In 2024, operating income grew faster than revenue (e.g., 2024Q4 revenue up 26% and operating income up 36.5%), demonstrating positive operating leverage. However, in recent quarters, the decline in operating income has roughly matched or slightly exceeded the revenue decline, suggesting that SG&A costs are not being cut proportionally. This implies that management may be preserving capacity for a recovery, but it also means margin compression if the downturn persists.
Earnings Quality Supported by Low SBC
Stock-based compensation averaged only $2.1M per quarter in 2026, down from $8.1M in 2025Q1, and net income margins remain above 13%, indicating high earnings quality with minimal dilution, as reported in the financial statements.
The low and variable SBC suggests that reported EPS is not significantly inflated by non-cash charges. The tax rate appears stable, and there are no major non-operating items distorting net income. The consistency of net margins in the 13-15% range despite revenue swings indicates that earnings quality is solid, though investors should watch for any one-time gains or losses in future quarters.
COGS Efficiency Drives Margin Stability
COGS as a percentage of revenue rose to 68.1% in 2026Q2 from 65.8% in 2024Q4, but the increase is modest relative to the revenue decline, suggesting effective cost management, per the income statement data.
The primary cost line is COGS, which has remained around 68-70% of revenue. The slight increase in COGS ratio indicates that input costs have not fallen as fast as home prices, but the company has managed to keep gross margins above 30%. SG&A has been relatively flat in dollar terms, indicating disciplined overhead control. However, if revenue continues to decline, SG&A as a percentage of revenue will rise, pressuring operating margins.
Downturn Risks Outweigh Resilience
The sharp revenue deceleration and margin compression from peak levels suggest that GRBK's premium profitability may be cyclical, and the current valuation could be vulnerable if the housing downturn deepens, based on the reported figures.
Short-sellers might argue that GRBK's high margins are unsustainable as the housing cycle turns. The 10.1% revenue decline in 2026Q2 and the 230 basis point gross margin compression from 2024Q4 indicate that the company is not immune to market conditions. If demand continues to weaken, inventory carrying costs and land write-downs could emerge, further pressuring earnings. Additionally, the reliance on a few high-margin communities may not be replicable in a slower market, making the current earnings power questionable.