Total Revenue

Up about 11% (from $447.34M to $497.62M)

Total revenue growth is attributed to continued strength in home construction and overall market expansion, building on Q1 2024’s solid performance. The increase reflects sustained improvements in residential and regional revenue drivers that were already evident in previous periods, suggesting that strategic initiatives and operational momentum continue to deliver. " "

Central Region Revenue

Up 13% (from $319.29M to $361.63M)

The Central Region revenue benefited from favorable market conditions and strategic site selections that boosted home closings. This region’s performance improved further in Q1 2025 by leveraging prior gains—such as increased home deliveries and effective pricing—to capitalize on high-growth local markets. " "

Net Income

Decreased ~7% (from $90.79M to $83.93M)

Despite higher top-line revenue, net income declined due to margin pressures including increased expenses and lower other income, such as a decline in non-operating earnings compared to the previous year. This suggests that operational cost challenges or pricing pressures have begun to counteract the benefits of revenue growth. " "

Net Income Attributable to GRBK

Fell roughly 10% (from $83.30M to $75.06M)

Net Income attributable to GRBK declined as a result of a compounded effect of lower net margins and reduced profitability factors seen in Q1 2025 relative to Q1 2024. The reduction aligns with the broader drop in net income, reflecting challenges such as decreased other income and reduced operational leverage despite revenue growth. " "

Basic EPS

Dropped ~9% (from $1.84 to $1.67)

The Basic EPS decline mirrors the drop in net income attributable to GRBK and possibly a higher weighted average share count. The lower EPS in Q1 2025 highlights the impact of reduced profitability, which follows from the cost and margin pressures not present to the same extent in Q1 2024. " "

Cash and Cash Equivalents

Down 44% (from $185.90M to $103.00M)

The dramatic reduction in cash reflects significant cash outflows associated with share repurchases, debt repayments, and strategic capital deployments. Combined with lower operating cash flows possibly caused by increased inventory levels, this steep decline builds on previous period cash management strategies that saw reinvestment into growth initiatives, reducing cash reserves markedly in Q1 2025. " "

Land Development Investment

FY 2025

$300 million with a 46% increase in spending " "

$300 million "

no change

Trophy Signature Homes

FY 2025

no prior guidance

Expected to open its first community in Houston, Texas in fall 2025, with finished lots delivered in June 2025 "

no prior guidance

Green Brick Mortgage Contribution

FY 2025

Expected positive contributions from its newly established mortgage subsidiary "

Anticipated to begin contributing meaningful net income in the latter half of FY2025 "

no change

Land Acquisition and Development Strategy

Consistently emphasized across Q2–Q4 2024 with a focus on high land ownership (≈86–97%), self‑development of lots, disciplined bidding avoiding land banking, significant investment in land development, geographic concentration in Texas (≈92%), and a robust lot pipeline. " " "

Q1 2025 maintains the emphasis on self‑development with continued high ownership (98% self‑developed lots), substantial investment ($62M in development; $300M planned) and an opportunistic approach that weighs acquisitions against share buybacks. " "

Steady strategy with a slight shift in Q1 2025 by explicitly balancing opportunistic acquisitions against capital returns via buybacks.

Incentive Costs and Margin Management

Across Q2–Q4 2024, discussions focused on increased incentives in response to elevated mortgage rates and seasonality, with margins ranging from a record 34.5% in Q2 to 34.3% in Q4 and modest incentive level adjustments while managing cost pressures. " " "

In Q1 2025, although incentives increased modestly (starting at 6.7% then trending down to 6.3%), the homebuilding gross margin tightened to 31.2% due to higher rate pressures and targeted brand adjustments (e.g. Trophy). " " "

Persistent focus on managing incentives with a slight downward pressure on margins in Q1 2025, reflecting tougher market dynamics despite consistent cost management efforts.

Macroeconomic and External Risks

Previous periods (Q2–Q4 2024) consistently addressed risks from elevated mortgage rates and economic downturns, with Q4 noting rising rates that pushed up incentives and Q2 discussing economic outlooks; tariff pressures were less prominent or not mentioned in Q2 and Q3. " " " "

Q1 2025 expanded the discussion by treating tariff pressures as a “wildcard” (potential 1% cost variation) while reaffirming challenges from high mortgage rates and economic uncertainty, highlighting a comprehensive external risk assessment. " "

Broadening of focus in Q1 2025 to include tariff concerns, while maintaining emphasis on mortgage and economic risks—a more holistic view of external challenges.

Capital Allocation and Share Buybacks

In Q2–Q4 2024, capital allocation was highlighted through significant spending on land (up to $700M target for the year) and opportunistic share buybacks (with repurchases noted in Q2 and Q3 and a $100M buyback plan introduced in Q4). " " " "

Q1 2025 continues this strategy with explicit integration—investment in land (e.g. $52M and $62M in Q1) is balanced against an authorized $100M buyback and a plan to “weigh” acquisitions versus repurchases. " " "

Consistent emphasis on disciplined capital allocation; Q1 2025 offers more detail on balancing large land deals with strategic share buybacks.

Operational Efficiency and Cycle Time Improvements

Q2–Q4 2024 consistently reported improvements in cycle times—with averages from 5.4 months in Q2, down to 5.3 months in Q4, and even more efficient Trophy cycles (as low as 3.4–3.8 months) alongside steady gains in cost control and economies of scale. " " " "

In Q1 2025, the average build cycle improved to 5.2 months, with ongoing initiatives to review cost efficiencies and balance home starts with inventory management, continuing the trend of operational gains. " "

Continued improvement where cycle times and cost efficiencies are incrementally lowering, reinforcing a long‑term commitment to operational excellence.

Community Growth and Home Starts

Q2–Q4 2024 consistently reported robust community growth with community counts growing (from about 105 to 106 active communities) and strong annual/larger‐scale home starts (e.g. 4,067 in 2024, and quarterly averages around 952–1,057), often with a notable presence of Trophy communities. " " " "

Q1 2025 saw an increase to 103 communities (with 35 as Trophy) while home starts were adjusted downward to 865 as a tactical move, even as total homes under construction increased—reflecting a refined, cautious approach. " "

Consistent expansion in community footprint with a strategic recalibration of home starts in Q1 2025 to better match market demand and inventory levels.

Cash Flow and Liquidity Concerns

In Q2–Q4 2024, liquidity was strong as evidenced by healthy cash on hand, significant undrawn credit (up to $360M), low debt ratios (net debt-to-total capital around 10–11%) and effective operating cash flow management even as significant investments in land were made. " "

Q1 2025 reiterates a very strong liquidity position with one of its lowest net debt ratios (9.8%), over $430M in deployable capital, and careful management of investments amidst tax and land acquisition pressures. " " "

Stable financial health maintained across periods with Q1 2025 reaffirming a strong, low‑leverage balance sheet amid ongoing expansion and strategic investments.