Toll Brothers, Inc. TOL

Industrials SIC 1531 - Operative Builders NAICS Construction › Construction of Buildings › Residential Building Construction derived NYSE

Toll Brothers, Inc., a corporation incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. When this report uses the words "we," "us," "our," and the "Company," it refers to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending October 31.

We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. In recent years, we have pursued a strategy of broadening our product lines, price points and geographic footprint, as well as increasing the number of quick move-in (or "spec") homes that we sell relative to our traditional build-to-order homes. We cater to luxury first-time, move-up, empty-nester (move-down), active-adult and second-home buyers in the United States. We also design, build, market, and sell high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living® ("City Living"). At October 31, 2025, we were operating in 24 states and in the District of Columbia.

Last close 139.90 2026-10-23
Market cap $12.89B 2026-07-31 share count
52-week range 123.14 - 168.36

Valuation FY2025 figures against the last close

P/S1.2x
P/E10.4x
P/FCF12.6x
EV/EBITDA7.2x
Dividend yield0.8%
Diluted EPS13.49

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Mountain
  • South
  • Pacific
  • North
  • Mid-Atlantic
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 Mountain, FY2025: 3B (27.2%) 27% Mountain South, FY2025: 2.7B (24.8%) 25% South Pacific, FY2025: 2.1B (19.4%) 19% Pacific North, FY2025: 1.7B (15.3%) 15% North Mid-Atlantic, FY2025: 1.5B (13.4%) 13% Mid-Atlantic FY2024 Mountain, FY2024: 2.6B (24.2%) 24% South, FY2024: 2.8B (26.0%) 26% Pacific, FY2024: 2.3B (21.1%) 21% North, FY2024: 1.5B (13.7%) 14% Mid-Atlantic, FY2024: 1.6B (15.1%) 15% FY2023 Mountain, FY2023: 2.7B (26.8%) 27% South, FY2023: 2.2B (22.4%) 22% Pacific, FY2023: 2.3B (23.5%) 24% North, FY2023: 1.5B (15.4%) 15% Mid-Atlantic, FY2023: 1.2B (12.0%) 12%
Region FY2025FY2024FY2023
Mountain $2.98B $2.62B $2.66B
South $2.72B $2.81B $2.22B
Pacific $2.12B $2.28B $2.34B
North $1.67B $1.49B $1.53B
Mid-Atlantic $1.47B $1.63B $1.19B

As the company reported it, from the “Information on Segments - Schedule of Revenue and Income (Loss) Before Income Taxes and Total Assets (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $10.97B$10.85B$9.99B$10.28B$8.79B$7.08B$7.22B$7.14B$5.82B—
Cost of revenue $8.21B$7.82B$7.36B$7.79B$6.85B$5.66B$5.66B$5.54B$4.56B—
Gross profit $2.75B$3.02B$2.63B$2.49B$1.94B$1.42B$1.56B$1.61B$1.25B—
SG&A $1.03B$982.3M$909.4M$977.8M$922.0M$867.4M$879.2M$820.2M$605.6M$533.1M
Total operating expenses ———————$6.36B$5.17B$4.68B
Operating income $1.72B$2.04B$1.72B$1.51B$1.02B$550.3M$680.8M$786.2M$647.2M$492.3M
Interest expense ——————$0$0$0$0
Pre-tax income $1.79B$2.09B$1.84B$1.70B$1.10B$586.9M$787.2M$933.9M$814.3M$589.0M
Income tax $444.9M$514.4M$470.3M$417.2M$266.7M$140.3M$197.2M$185.8M$278.8M$206.9M
Net income $1.35B$1.57B$1.37B$1.29B$833.6M$446.6M$590.0M$748.2M$535.5M$382.1M
EPS, basic 13.6015.1612.4711.026.723.434.074.923.302.27
EPS, diluted 13.4915.0112.3610.906.633.404.034.853.172.18
Shares, diluted (wtd. avg.) 99.8M104.7M111.0M118.0M125.8M131.2M146.5M154.2M169.5M176.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.26B$1.30B$1.30B$1.40B$1.68B$1.40B$1.32B$1.22B$761.2M$785.5M
Property, plant and equipment $273.4M$453.0M$324.0M$287.8M$310.5M$316.1M$273.4M$193.3M$189.5M$169.6M
Total assets $14.52B$13.37B$12.53B$12.29B$11.54B$11.07B$10.83B$10.24B$9.45B$9.74B
Total liabilities $6.23B$5.68B$5.71B$6.27B$6.20B$6.14B$5.71B$5.48B$4.91B$5.50B
Retained earnings $8.57B$8.15B$6.68B$6.17B$4.97B$5.16B$4.77B$5.16B$4.47B$3.98B
Total equity $8.27B$7.67B$6.81B$6.02B$5.34B$4.93B$5.12B$4.77B$4.54B$4.24B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.11B$1.01B$1.27B$986.8M$1.30B$1.01B$437.7M$588.2M$861.7M$150.9M
Depreciation and amortisation $82.1M$81.2M$76.5M$76.8M$76.2M$68.9M$72.1M$25.3M$25.4M$23.1M
Stock-based compensation $30.8M$29.6M$24.8M$21.1M$23.2M$24.3M$26.2M$28.3M$28.5M$26.7M
Capital expenditure $86.2M$73.6M$73.0M$71.7M$66.9M$109.6M$87.0M$28.2M$28.9M$28.4M
Investing cash flow -$310.0M-$167.6M-$150.6M-$153.2M-$4.2M-$177.8M-$75.9M$81.3M-$7.7M$8.2M
Financing cash flow -$833.9M-$816.5M-$1.17B-$1.12B-$1.01B-$753.3M-$258.5M-$214.3M-$878.2M-$444.4M
Dividends paid $97.1M$93.4M$91.1M$88.9M$76.6M$56.6M$63.6M$61.7M$38.6M$0
Buybacks $651.0M$627.1M$561.6M$542.7M$378.3M$634.1M$233.5M$503.2M$290.9M$392.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000794170-25-000112.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B Net income, FY2016: 382.1M Revenue, FY2017: 5.8B Gross profit, FY2017: 1.3B Net income, FY2017: 535.5M Revenue, FY2018: 7.1B Gross profit, FY2018: 1.6B Net income, FY2018: 748.2M Revenue, FY2019: 7.2B Gross profit, FY2019: 1.6B Net income, FY2019: 590M Revenue, FY2020: 7.1B Gross profit, FY2020: 1.4B Net income, FY2020: 446.6M Revenue, FY2021: 8.8B Gross profit, FY2021: 1.9B Net income, FY2021: 833.6M Revenue, FY2022: 10.3B Gross profit, FY2022: 2.5B Net income, FY2022: 1.3B Revenue, FY2023: 10B Gross profit, FY2023: 2.6B Net income, FY2023: 1.4B Revenue, FY2024: 10.8B Gross profit, FY2024: 3B Net income, FY2024: 1.6B Revenue, FY2025: 11B Gross profit, FY2025: 2.8B Net income, FY2025: 1.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $5.82B $7.14B $7.22B $7.08B $8.79B $10.28B $9.99B $10.85B $10.97B
Gross profit — $1.25B $1.61B $1.56B $1.42B $1.94B $2.49B $2.63B $3.02B $2.75B
Net income $382.1M $535.5M $748.2M $590.0M $446.6M $833.6M $1.29B $1.37B $1.57B $1.35B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 1531

TickerCompanyMarket capP/ERevenue growth
DHI HORTON D R INC /DE/ $41.25B 12.7x -6.9%
PHM PULTEGROUP INC/MI/ $22.72B 10.9x -3.5%
NVR NVR INC $15.95B 13.7x -1.9%
ECG Everus Construction Group, Inc. $4.85B 24.0x 31.5%
MTH Meritage Homes CORP $4.18B 10.1x —
MHO M/I HOMES, INC. $3.13B 8.4x -1.9%
KBH KB HOME $2.88B 7.7x -10.0%
GRBK Green Brick Partners, Inc. $2.77B 9.1x -1.0%