Weak consumer confidence. Affordability concerns. Strong utilization of financing incentives. The same themes that played out for the majority of 2025 during public builder earnings calls remained present in the fourth quarter results for Dream Finders Homes, Tri Pointe Homes, and Green Brick Partners.
Despite the challenging backdrop, Dream Finders and Green Brick Partners grew closings for the full fiscal year 2025 and expressed confidence in further scaling their businesses in 2026. Closings and revenues declined on a year-over-year basis for Tri Pointe in the builder’s final earnings period as a public company. Weeks ahead of reporting its fourth quarter results, Japanese company Sumitomo Forestry announced its acquisition of Tri Pointe Homes in a deal valued at $4.5 billion.
Dream Finders Homes
Home building revenues contracted to $1.2 billion on 2,536 closings in the fourth quarter of 2025 for Dream Finders Homes from revenues of $1.5 billion on 3,008 closings in the same period of 2024. Net sales increased 9% in the quarter while profit declined to $59 million from $129 million in the fourth quarter of 2024.
“We pride ourselves on always being honest with our analysis of the business and the environment and clearly 2025 was a challenging year for the industry,” said Dream Finders Homes chairman and CEO Patrick Zalupski. “We expect this difficult backdrop to continue for the home building industry, but as we have stated previously, the best operators find a way to navigate any environment and there will always be winners and losers.”
For the full fiscal year, revenues declined to $4.1 billion from $4.4 billion while closings grew to a company-record 8,608 homes from 8,583 in fiscal 2024. Net sales grew 15% to a company-record of 7,747 homes in the full fiscal year while the builder’s controlled lot pipeline increased to 63,121 from 54,698. For the full fiscal year, Dream Finders Homes reported a profit of $217, or $2.19 per share, compared to $335 million, or $3.44 per share, in the 2024 fiscal year.
“Our commitment to providing affordable homes was evident in our annual results,” Zalupski said. “We spent over $100 million in mortgage buydown programs, and provided home buyers with tailored sales incentives. We plan to maintain our company goal of delivering the highest possible value to our home buyers and will continue to work hard to address affordability challenges that face the industry and our customers.”
Zalupski said despite the market headwinds, Dream Finders Homes is committed to growth in 2026. The builder set a full year 2026 closing guidance of 9,250 homes, which would represent a 7.5% increase from the company’s full-year 2025 closings results.
Tri Pointe Homes
Tri Pointe’s results came less than two weeks after the builder entered a definitive agreement to be acquired by Sumitomo Forestry. As a result of the sale, the builder cancelled its earnings call and reported its fourth quarter results without commentary.
In the fourth quarter, the builder generated home sales revenue of $945.9 million on 1,364 closings, down from revenues of $1.2 billion and 1,748 closings in the fourth quarter of 2024. The builder’s net new home orders in the fourth quarter declined to 928 from 940. Tri Pointe generated a profit of $60.2 million in the fourth quarter, or $0.70 per share, down from $129.2 million, or $1.37 per share, in the fourth quarter of 2024.
For the full fiscal year, home sales revenue declined to $3.4 billion from $4.4 billion and home closings fell 23.4% to 4,947 homes. Net new home orders for the full fiscal year declined 24.1% to 4,292 homes. Tri Pointe Homes reported a profit of $241.1 million, or $2.72 per share, in the fiscal year, down from a profit of $458 million, or $4.83 per share, in the 2024 fiscal year.
Green Brick Partners
In the fourth quarter of 2025, Green Brick Partners recorded home closings revenue of $550 million on 1,038 closings and a company-record 883 net new home orders. The builder generated profit of $78 million, or $1.78 per share, in the fiscal fourth quarter.
“We delivered strong fourth quarter results despite ongoing affordability challenges faced by many buyers and softening consumer confidence,” CEO and co-founder Jim Brickman said. “In our pursuit to maximize shareholder value, our management team’s continued focus on operating discipline once again resulted in peer-leading gross margins and top-tier returns, including the best year in company history with regards to new-home deliveries and home closings revenue.”
For the full fiscal year, Green Brick Partners delivered a company record 3,943 homes, an increase of 4.2% compared to fiscal 2024. The builder generated a company record $2.1 billion in home closing revenue and a record 3,795 net new home orders, an increase of 3.1% compared to fiscal 2024. Green Brick’s 2025 profit of $313 million, or $7.07 per share, declined 17.9% and 16.3%, respectively, compared to fiscal 2024.
