
Green Brick Partners Announces Q2 2025 Financial Results
Green Brick Partners, Inc. , a leading national homebuilder and land development company, has announced its financial results for the second quarter ended June 30, 2025. Despite an increasingly challenging housing market environment, the company reported a strong operational performance, underscoring the resilience of its vertically integrated homebuilding and land acquisition strategy.
“We delivered another strong quarter despite ongoing market challenges,” said Jim Brickman, CEO and Co-Founder of Green Brick Partners. “Our self-development model and disciplined land acquisition strategy have proven effective in maintaining growth, profitability, and shareholder value in a softening housing market.”
Financial Highlights
For Q2 2025, net income attributable to Green Brick Partners was reported at $82 million, or $1.85 per diluted share. This figure reflects the Company’s continued ability to generate solid earnings even as it adapts to shifting buyer demand and increasing use of sales incentives.
Green Brick delivered 1,042 homes during the quarter, representing a 5.6% year-over-year increase and marking a new second-quarter delivery record. However, the growth in units delivered was partially offset by a decline in average sales prices, driven primarily by elevated buyer incentives and pricing adjustments to meet market expectations. As a result, total home closings revenue came in at $547 million, roughly flat compared to the same period in 2024.
A significant portion—approximately 80% of home closings revenue—was generated from infill and infill-adjacent communities, reinforcing the Company’s focus on building in prime, high-demand locations.
Gross Margins and Profitability
Green Brick maintained its industry-leading gross margins despite pressure from market dynamics. The homebuilding gross margin for the quarter stood at 30.4%, down 410 basis points year-over-year and 80 basis points sequentially. This margin compression was largely attributed to deeper discounting and a lower average selling price, yet the Company has impressively preserved gross margins above 30% for nine consecutive quarters.
“Our margins are still the best in the public homebuilding space,” said Brickman. “That consistency is a testament to the efficiency of our operations and the strength of our land positions.”
Sales Performance and Operational Efficiency
The Company also achieved a significant milestone in terms of sales activity. Net new orders increased by 6.2% to 908 units, marking the strongest second quarter for new orders in the Company’s history. Additionally, the sales pace remained stable year-over-year, averaging around 3.0 sales per community per month, despite rising affordability challenges.

Sales incentives increased during the quarter, with the average incentive for new orders rising to 7.7%, up 320 basis points from the prior year and 100 basis points sequentially.
On the operations front, Green Brick made notable improvements in build efficiency. The average construction cycle time across its brands dropped below five months, with its Trophy Signature Homes brand achieving an average cycle of just 3.5 months—a reflection of well-coordinated field operations and supplier relationships.
Land Investment and Strategic Discipline
Green Brick continues to pursue a disciplined and long-term approach to land acquisition and development. During the first half of 2025, the Company invested $109 million in land acquisitions and $139 million in land development. It maintains a full-year land development budget projection of approximately $300 million.
As of the end of Q2, Green Brick held control of over 40,000 lots in strategic locations across high-growth markets, positioning it well to capture future demand without compromising on profitability.
“We remain extremely disciplined in our land acquisition strategy,” Brickman noted. “We focus on quality, not just quantity—ensuring that every deal supports our operational goals and long-term margin targets.”
Shareholder Returns and Balance Sheet Strength
Green Brick also returned significant capital to shareholders in the second quarter. The Company repurchased approximately $44 million in common stock at an average price of $58.24 per share, bringing the year-to-date total to $60 million in share repurchases. As of June 30, $40 million remained available under the Company’s current buyback authorization.
The Company’s balance sheet continues to be a pillar of strength. At quarter-end, net debt to total capital stood at 9.4%, while total debt to capital was 14.4%, both representing the lowest levels since 2015. The weighted average interest rate on the Company’s long-term notes was 3.4%, providing a favorable cost of capital that supports ongoing strategic investments.
“With a robust balance sheet and prudent capital allocation, we are well-positioned to weather short-term macroeconomic uncertainty while pursuing our long-term growth goals,” Brickman stated.
The housing market in the second quarter of 2025 continued to grapple with affordability concerns, high mortgage rates, and consumer hesitancy. Despite these headwinds, Green Brick remains optimistic about long-term housing demand, especially in the markets it serves—including Texas, Georgia, and Florida—where population growth and household formation trends remain favorable.
“While near-term sales conditions have become more competitive, our strategic focus remains unchanged,” Brickman concluded. “We are building the right homes, in the right places, with the right team. Our long-term fundamentals remain strong, and we believe we are poised to capture future growth opportunities as market conditions evolve.”