GRBK Filings — Green Brick Partners, Inc. - FilingSpy
GRBK
Green Brick Partners, Inc.
A Texas-based homebuilder and land developer, Green Brick Partners builds homes through seven brands—including Trophy Signature Homes, Normandy Homes, and The Providence Group of Georgia—for buyers from first-time owners to luxury buyers across Dallas-Fort Worth, Austin, Houston, Atlanta, and Florida's Treasure Coast. Its name fuses the names of its two founders: "Green" from hedge-fund investor David Einhorn and "Brick" from homebuilding veteran Jim Brickman, who first partnered investigating a suspected mortgage fraud in 2002. The company even runs its own mortgage, title, and insurance services for buyers.
Q2 FY2026 revenue fell 8.7% to $493.8M as homebuilding gross margin contracted to 29.8%
Homebuilding contracted to 29.8% as incentives and mix pressure persisted. fell 8.7% to $493.8M and dropped 8.1% to $1.70 in Q2 FY2026, with the decline driven by an 11.9% lower average sales price to $450.3K from elevated discounts. The margin slide is still underway, but net new home orders rose 18.8% to 1,079.
Key takeaways
Homebuilding contracted 150 to 29.8% in Q2 FY2026, primarily from higher incentives and discounts.
Residential units fell 11.4% to $472.0M as the average sales price dropped 11.9% to $450.3K on elevated incentives and a product mix shift toward entry-level homes.
Net new home orders rose 18.8% to 1,079, aided by a 5.9% increase in average active selling communities and a lower of 7.8%.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 home deliveries flat but revenue fell 11.4% as ASP dropped 11.9% on higher incentives and mix shift toward entry-level.
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Residential units fell 11.4% to $472.0M in Q2 FY2026, driven by an 11.9% decline in average sales price to $450.3K due to elevated incentives and product mix.
Homebuilding contracted 150 to 29.8% in Q2 FY2026, primarily from higher incentives and discounts.
Financial services income before taxes nearly doubled to $5.6M, driven by a 256.8% increase in funded loans and a mortgage capture rate improvement to 66%.
fell 23.6% to $387.4M, reflecting a 6.7% drop in units and an 18.1% decline in average backlog price from higher Trophy Signature Homes mix and incentives.
Total stood at $461.6M as of June 30, 2026, with $131.6M unrestricted cash and full $330.0M availability on the unsecured .
What changed
Q2 2026 homebuilding came in at 29.8%, extending the decline flagged from the 28.9% Q1 figure and the 31.4% FY2025 level rather than stabilizing.
value was $387.4M at quarter end, down 23.6% from the prior quarter and below the $381.3M Q1 level that itself had fallen 34.8% , confirming the reduced forward pipeline flagged in the FY2025 filings.
Net new home orders rose 18.8% to 1,079 after falling 6.2% in Q1, reversing the order decline that was flagged to watch after Q1.
The was disclosed at 7.8% this quarter after being undisclosed in Q1, compared with 7.5% for FY2025 and 6.7% in Q3 2025.
of $493.8M fell 8.7% and rose 6.1% from Q1, while of $1.70 fell 8.1% year over year and rose 22.3% sequentially.
What to watch
Q3 FY2026 homebuilding to see if 29.8% holds or declines further as incentives and mix shift
Q3 net new home orders and after the 18.8% order rise and 7.8% cancellation this quarter
value of $387.4M conversion to Q3 delivered and margin
Resolution status of the material weakness in internal control flagged in the FY2025 10-K/A
Net new home orders rose 18.8% to 1,079 in Q2 FY2026, aided by a 5.9% increase in average active selling communities and a lower cancellation rate of 7.8%.
Financial services income before taxes nearly doubled to $5.6M in Q2 FY2026, driven by a 256.8% surge in funded loans and a improvement to 66%.
Total liquidity stood at $461.6M as of June 30, 2026, with $131.6M in unrestricted cash and full $330.0M availability on the unsecured .
fell 23.6% to $387.4M, reflecting a 6.7% drop in backlog units and an 18.1% decline in average backlog price due to higher Trophy Signature Homes mix and incentives.