Green Brick Partners, Inc.GRBK
Green Brick Partners, Inc. Segments Disclosure
SEGMENT INFORMATION
The Company has three reportable segments - Builder operations Central, Builder operations Southeast, and Land Development. Builder operations Central represents operations by our builders in Texas, whereas Builder operations Southeast represents operations by our builders in Georgia and Florida. The Land Development segment acquires land for the development of residential lots that are transferred to our controlled builders or sold to third party homebuilders. The operations of the Company’s builders and land development were aggregated in three reportable segments based on similar economic characteristics, including geography, housing products, class of homebuyer, regulatory environments, and methods used to construct and sell homes.
Corporate operations are reported as a non-operating segment and include activities which support the Company’s builder operations, land development, title and mortgage operations through the centralization of certain administrative functions, such as finance, treasury, information technology and human resources, as well as development of strategic initiatives. Unallocated corporate expenses are reported in the corporate, other and unallocated segment as these activities do not share a majority of aggregation criteria with either the builder operations or land development segments.
While the operations of Challenger met the criteria for an operating segment, they did not meet the quantitative thresholds of ASC 280, Segment Reporting (“ASC 280”) to be separately reported and disclosed. As such, Challenger’s results were included within the corporate, other and unallocated segment.
The operations of Green Brick Title, LLC (“Green Brick Title”), GRBK Mortgage and Green Brick Insurance are not economically similar to either builder operations or land development and do not meet the quantitative thresholds of ASC 280
to be separately reported and disclosed. As such, these entities’ results are included within the corporate, other and unallocated segment.
Operations of EJB River Holdings, GBTM Sendera, Magnolia Ridge, and Rainwater Crossing do not meet the criteria for an operating segment, and they do not meet the quantitative thresholds of ASC 280 to be separately reported and disclosed. As such, these results are included within the corporate, other and unallocated segment.
Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Financial information relating to the Company’s reportable segments is as follows (in thousands):
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Revenues: (1) | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 1,579,545 | $ | 1,489,582 | $ | 1,270,599 | |||||||||||
| Southeast | 511,932 | 580,664 | 499,131 | ||||||||||||||
| Total builder operations | 2,091,477 | 2,070,246 | 1,769,730 | ||||||||||||||
| Land development | 6,994 | 28,697 | 7,980 | ||||||||||||||
| Total revenues | $ | 2,098,471 | $ | 2,098,943 | $ | 1,777,710 | |||||||||||
| Gross profit: | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 507,719 | $ | 524,379 | $ | 424,494 | |||||||||||
| Southeast | 175,885 | 215,002 | 166,291 | ||||||||||||||
| Total builder operations | 683,604 | 739,381 | 590,785 | ||||||||||||||
| Land development | 2,589 | 4,428 | 3,268 | ||||||||||||||
Corporate, other and unallocated (2) | (45,387) | (40,288) | (45,871) | ||||||||||||||
| Total gross profit | $ | 640,806 | $ | 703,521 | $ | 548,182 | |||||||||||
| Segment expenses: | |||||||||||||||||
| Commissions | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 77,287 | $ | 73,732 | . | $ | 65,689 | ||||||||||
| Southeast | 17,345 | 21,089 | 18,356 | ||||||||||||||
| Total builder operations | 94,632 | 94,821 | 84,045 | ||||||||||||||
| Land development | — | — | — | ||||||||||||||
| Corporate, other and unallocated | 1,776 | — | — | ||||||||||||||
| Total commissions | $ | 96,408 | $ | 94,821 | $ | 84,045 | |||||||||||
| Salaries | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 45,285 | $ | 43,911 | $ | 39,330 | |||||||||||
| Southeast | 25,078 | 26,826 | 22,810 | ||||||||||||||
| Total builder operations | 70,363 | 70,737 | 62,140 | ||||||||||||||
| Land development | — | — | 194 | ||||||||||||||
Corporate, other and unallocated (3) | 4,013 | 3,156 | (2,013) | ||||||||||||||
| Total salaries | $ | 74,376 | $ | 73,893 | $ | 60,321 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Other selling, general and administrative expenses | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 39,581 | $ | 37,324 | $ | 30,828 | |||||||||||
| Southeast | 16,401 | 15,319 | 15,814 | ||||||||||||||
| Total builder operations | 55,982 | 52,643 | 46,642 | ||||||||||||||
| Land development | 1,161 | 282 | 210 | ||||||||||||||
| Corporate, other and unallocated | 3,436 | 4,927 | 1,759 | ||||||||||||||
| Total other expenses | $ | 60,579 | $ | 57,852 | $ | 48,611 | |||||||||||
| Total segment expenses | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 162,153 | $ | 154,967 | $ | 135,847 | |||||||||||
| Southeast | 58,824 | 63,234 | 56,980 | ||||||||||||||
| Total builder operations | 220,977 | 218,201 | 192,827 | ||||||||||||||
| Land development | 1,161 | 282 | 404 | ||||||||||||||
| Corporate, other and unallocated | 9,225 | 8,083 | (254) | ||||||||||||||
| Total segment expenses | $ | 231,363 | $ | 226,566 | $ | 192,977 | |||||||||||
Interest expense: (4) | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | (648) | $ | (25) | $ | (119) | |||||||||||
| Southeast | 21,252 | 39,060 | 34,216 | ||||||||||||||
| Total builder operations | 20,604 | 39,035 | 34,216 | ||||||||||||||
| Corporate, other and unallocated | (20,604) | (39,035) | (34,216) | ||||||||||||||
| Total interest expense, net | $ | — | $ | — | $ | — | |||||||||||
| Income before income taxes: | |||||||||||||||||
| Builder operations | |||||||||||||||||
| Central | $ | 347,859 | $ | 372,599 | $ | 291,307 | |||||||||||
| Southeast | 120,695 | 154,760 | 112,582 | ||||||||||||||
| Total builder operations | 468,554 | 527,359 | 403,889 | ||||||||||||||
| Land development | 3,391 | 5,882 | 5,129 | ||||||||||||||
Corporate, other and unallocated (5) | (33,767) | (21,361) | (17,705) | ||||||||||||||
| Income before income taxes | $ | 438,178 | $ | 511,880 | $ | 391,313 | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| Inventory: | |||||||||||
| Builder operations | |||||||||||
| Central | $ | 688,219 | $ | 743,490 | |||||||
| Southeast | 293,635 | 318,592 | |||||||||
| Total builder operations | 981,854 | 1,062,082 | |||||||||
| Land development | 1,063,066 | 826,687 | |||||||||
Corporate, other and unallocated (6) | 54,291 | 48,963 | |||||||||
| Total inventory | $ | 2,099,211 | $ | 1,937,732 | |||||||
Goodwill: | |||||||||||
| Builder operations - Southeast | $ | 680 | $ | 680 | |||||||
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the consolidated statements of income in periods when our builders have revenues from land or lot closings. For the year ended December 31, 2025, builders did not recognize revenues from land or lot closings. For the years ended December 31, 2024 and 2023, revenues from land or lot closings were $0.1 million and $0.5 million, respectively.
(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.
(3)Corporate, other and unallocated salaries include corporate, Green Brick Mortgage, Green Brick Title, and field salaries that are capitalized and not allocated to operating segments.
(4)Interest expense of Builder operations Southeast segments represents an interest expense charged by the Corporate, other and unallocated segment in relation to financing purchases of land and construction of the Company’s Atlanta builder. Intercompany interest revenue of the Corporate, other and unallocated segment is eliminated in consolidation.
(5)Corporate, other and unallocated loss before income taxes includes results from Green Brick Title, Ventana Insurance, GRBK Mortgage, Green Brick Insurance, and investments in unconsolidated subsidiaries.
(6)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to homes under construction and land under development.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2018 | Mar 8, 2019 | |
| 2017 | Mar 12, 2018 | |
| 2016 | Mar 13, 2017 | |
| 2015 | Mar 30, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.