GRBK earnings analysis
What we found in GRBK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, Green Brick Partners (GRBK) reported a decline in revenue, gross margin, and earnings compared to both the prior quarter and the previous year. Revenue fell to $448.5 million, down 7% year-over-year, with diluted EPS at $1.39. The company's operating metrics showed decreases in home deliveries and sales prices, indicating ongoing challenges amid high interest rates and a competitive housing market.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined to $448.5M
- This is a 7% decrease from $482.1M in Q1 2025.
- Gross Margin Down to 29.0%
- A drop from 32.1% in Q1 2025, attributable to higher incentives.
- EPS Reported at $1.39
- This is down from $1.67 in Q1 2025.
- Operating Cash Flow at $56.3M
- This was $68.7M in the same period last year.
- Financial Services Revenues Surge 95.2%
- Total revenues from Financial Services reached $9.5 million, up from $4.9 million.
- Cancellation Rate Increased to 7.7%
- This is up from 6.1% in Q1 2025, indicating weakened demand.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Cancellation Rate
- Cancellation rates increased to 7.7% from 6.1% a year earlier.
- Decreasing Home Deliveries
- Home deliveries decreased by 0.2% compared to the previous year.
- Backlog Revenue Declined 34.8%
- Backlog revenue decreased significantly to $381.3 million from $584.8 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.39
- Gross margin
- 29.0%
- Segment
- Builder operations revenue declined
- Segment
- Financial Services segment revenue grew
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · May 11, 2026
- Green Brick Partners, Inc. has performed robustly, showcasing significant revenue and EPS growth in 2025 with a total revenue of $2.04 billion, while also increasing home deliveries by 4.2%. Strategic initiatives in…
- 10-K · April 30, 2026
- Green Brick Partners, Inc. has demonstrated solid performance with Q4 2025 results showing revenue of $552.6M, exceeding estimates by 14.25%, and an EPS of $1.78, surpassing expectations by 7.88%. The company's…
- 10-K · February 25, 2026
- Green Brick reported a strong Q4 with revenue of $552.6M and diluted EPS of $1.78, both above consensus (est. revenue $483.7M; est. EPS $1.65). The company highlights a large lot inventory (48,828 lots owned and under…
- 10-Q · July 30, 2025
- Green Brick reported revenue of $549,147,000 for Q2 2025, roughly flat vs Q2 2024 but up versus the prior quarter, while homebuilding gross margin compressed materially and diluted EPS fell year-over-year to $1.85.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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