Short answer
Green Brick Partners, Inc. (GRBK) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $2.1B (−0.0% year over year) and net income of $313M.
- Top risk flagged: Regulatory risk: Impact of One Big Beautiful Bill Act (OBBBA) signed July 4, 2025, possibly causing labor shortages due to heightened immigration enforcement
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- −0.0% YoY
- Net income
- $313M
- −17.9% YoY
- Gross margin
- 30.5%
- −3.0 pp YoY
- EPS (diluted)
- $7.07
- −16.3% YoY
- ROE
- 16.8%
- −6.6 pp YoY
- Operating cash flow
- $213M
- +723.0% YoY
Source: XBRL data from the Green Brick Partners, Inc. (GRBK) FY2025 10-K on SEC EDGAR. USD.
Green Brick Partners, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: homebuilding focused on infill and infill-adjacent locations in high-growth U.S. markets
- New emphasis on self-developing raw land into finished lots held on balance sheet as part of land strategy
- Strategic focus on disciplined land acquisition and operational efficiency amid more competitive pricing environment
- New homes delivered up 4.2% to 3,943 units; homebuilding gross margin down 330 bps to 30.5% due to higher incentives and discounts
- Land and lots revenue decreased 75.7% to $7 million, reflecting 100% decline in land sales and 63.2% fewer lots closed
Management Discussion & Analysis
- Total borrowings on lines of credit increased to $43.9M in 2025 from $22.6M in 2024, driven by $46.4M warehouse facility borrowings
- Senior unsecured notes decreased to $262.0M in 2025 from $299.1M in 2024, with interest rates ranging 3.25%-4.0%
- Interest coverage ratio strong at 32.8x and debt to total capitalization low at 15.0%, reflecting robust credit metrics
- Warehouse facilities utilization $46.4M in 2025 vs $0 in 2024, with aggregate credit commitments of $80M, secured by mortgage loans
- Management expects sufficient liquidity through cash, credit lines, and cash flows for debt servicing and operations over next 12 months
Risk Factors
- Regulatory risk: Impact of One Big Beautiful Bill Act (OBBBA) signed July 4, 2025, possibly causing labor shortages due to heightened immigration enforcement
- Macroeconomic risk: High inflation and interest rates, including elevated mortgage rates, reducing demand for new homes and pressuring margins
- Supply chain risk: Shortages and price rises in lumber, appliances, and windows causing construction delays and margin compression
- Competitive risk: Resale home market competition in core markets (DFW, Austin, Houston, Atlanta) potentially limiting growth and pricing power
- Financial risk: Dependence on availability of government-backed mortgage financing (Fannie Mae, Freddie Mac, FHA, VA) critical to home sales and backlog realization
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