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Stock research / United States / TOL · Operative Builders · NYSE

Toll Brothers, Inc. (TOL)

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Toll Brothers, Inc. (TOL) reported revenue of $2.7 billion for Q3 FY2026, the quarter ended 31 July 2026, down 9.7% on the same quarter a year earlier. Net income was $280 million, down 24.2% on the year, and diluted earnings per share $2.97. The figures are the company's own, from the 10-Q it filed with the SEC on 28 August 2026.

Revenue$2.7 billiondown 9.7%
Net income$280 milliondown 24.2%
Diluted EPS$2.97
QuarterQ3 FY2026ended 31 July 2026

Toll Brothers (TOL) in brief

Toll Brothers (TOL) reported revenue of $11.0 billion for fiscal 2025, the year ended 31 October 2025, up 1.1% on the year before.
Read moreNet income was $1.3 billion and diluted earnings per share $13.49. Revenue was $10.8 billion in fiscal 2024, $10.0 billion in fiscal 2023, $10.3 billion in fiscal 2022 and $8.8 billion in fiscal 2021. Net income in the same years was $1.6 billion, $1.4 billion, $1.3 billion and $834 million. Over the twelve months to 31 July 2026, Toll Brothers reported revenue of $10.8 billion and net income of $1.2 billion. Revenue grew 9.2% a year, compounded, over the five years to fiscal 2025. Toll Brothers declared $0.98 a share in dividends over the last four quarters and had 92 million shares outstanding at the latest filed count. At 31 July 2026 it carried $2.8 billion of debt and $1.1 billion of cash. At the close of 8 October 2026 the market cap of Toll Brothers was $12.4 billion, 10.8 times its earnings over the last twelve months.

Ratios

From the filings

ROE14.0%
ROCE13.2%
Operating margin13.8%
Net margin11.1%
FCF margin10.1%
Interest covern/a
Debt to equity0.32
Cash conversion0.99
Share count, 1 year-4.4%
Sales CAGR, 3 years2.2%
Profit CAGR, 3 years1.5%
EPS, TTM$12.46

At the close of 8 October 2026

Price$134.83
Market cap$12.4 billion
Stock P/E10.82
Price to book1.46
EV / EBITDA9.03
Dividend yield0.7%
Market cap / sales1.15
52-week high$166.12
52-week low$124.14
Price, 1 year2.0%
Price CAGR, 3 years23.0%
Price CAGR, 5 years19.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the borrowing lines of Toll Brothers, Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
TOLgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on TOL

Filings17 in twelve months: 10 current reports (8-K), about 4 results of operations; 4 officer or director change; 2 other events; 1 shareholder vote; 1 material agreement
Planned insider sales9 Form 144 notices in twelve months, $26.7 million; latest 24 September 2026
Options tapeput/call 0.81 by open interest at the 8 October 2026 close; the straddle prices a 4.4% move to 16 October 2026
13F holders9 of the followed funds hold it; largest FMR LLC; 6 Schedule 13D or 13G filings in twelve months
Insider trading9 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.8 million shares short, 4.28 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,0201,9482,8372,7283,3331,8592,7392,9453,4232,1462,5312,659
Cost of revenue2,2201,4091,9761,9862,4531,4002,0342,2042,5761,6691,9262,034
Gross profit800538861742881460705741848477605625
Gross margin26%28%30%27%26%25%26%25%25%22%24%24%
SG&A241230238245270240256254284258258266
Operating income559308624497611219450488564219347359
Operating margin18%16%22%18%18%12%16%17%16%10%14%14%
Net income446240482375475178352370447211261280
Net margin15%12%17%14%14%10%13%13%13%10%10%11%
Diluted EPS$4.11$2.25$4.55$3.60$4.63$1.75$3.50$3.73$4.58$2.19$2.72$2.97
Operating cash flow591-307459176683-4213633708007.3134250
Capital expenditure18.913.616.125.818.217.315.625.427.818.924.530.7
Free cash flow573-321443150664-438347345772-11.6110220
Buybacks3220.118024320423.718119924750.4180205
Dividends paid22.023.323.823.323.124.424.624.323.825.024.424.1
Shares outstanding104m104m103m101m100m99m98m96m95m95m93m92m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 9 fiscal years and the trailing twelve months

FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue5,8157,1437,2247,0788,79010,2769,99510,84710,96710,759
Cost of revenue4,5625,5375,6645,6606,8477,7897,3617,8248,2128,204
Gross profit1,2531,6061,5601,4181,9432,4862,6343,0222,7542,555
Gross margin21.5%22.5%21.6%20.0%22.1%24.2%26.4%27.9%25.1%23.7%
Selling, general and administrative6068208798679229789099821,0341,066
Operating income6477866815501,0211,5091,7252,0401,7211,489
Operating margin11.1%11.0%9.4%7.8%11.6%14.7%17.3%18.8%15.7%13.8%
Interest expense0.00.00.02.40.00.0n/an/an/an/a
Income tax279186197140267417470514445393
Net income5357485904478341,2861,3721,5711,3461,198
Net margin9.2%10.5%8.2%6.3%9.5%12.5%13.7%14.5%12.3%11.1%
Diluted EPS$3.17$4.85$4.03$3.40$6.63$10.90$12.36$15.01$13.49$12.46
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Home sales9,86410,56310,84298.9%
Land sales and other74.62681161.1%
Management Fee4.54.33.80.0%
Home salesLand sales and otherManagement Fee
9.9FY202310.8FY202411.0FY2025

$ billion; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
Mountain2,6622,6192,97627.2%
South2,2242,8132,71924.8%
Pacific2,3382,2802,12419.4%
North1,5271,4891,67315.3%
Mid-Atlantic1,1891,6301,46613.4%
MountainSouthPacificNorthMid-Atlantic
9.9FY202310.8FY202411.0FY2025

$ billion; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flown/an/a4381,0081,3039871,2661,0101,1121,192
Capital expenditure28.928.287.011066.971.773.073.686.2102
Free cash flown/an/a3518991,2369151,1939371,0261,090
Free cash flow marginn/an/a4.9%12.7%14.1%8.9%11.9%8.6%9.4%10.1%
Cash from investingn/an/a-75.9-178-4.2-153-151-168-31046.4
Cash from financingn/an/a-259-753-1,011-1,120-1,170-816-834-1,047
Depreciation and amortisation25.425.372.168.976.276.876.581.282.176.2
Share-based compensation28.528.326.224.323.221.124.829.630.831.4
Buybacks291503234634378543562627651682
Dividends paid38.661.763.656.676.688.991.193.497.197.3
Dividend per share$0.24$0.41$0.44$0.44$0.62$0.77$0.83$0.90$0.98n/a
Diluted shares, weighted169m154m147m131m126m118m111m105m100m94m
Shares outstanding at period end157m146m141m126m120m110m104m100m95m92m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity4,5314,7605,0724,8755,2956,0066,7977,6718,2718,531
Non-controlling interest5.98.746.952.245.415.816.015.815.410.8
Debtn/an/an/an/an/a3,3292,8602,8332,7882,765
Other liabilities4,9085,4765,7096,1386,1972,9372,8532,8483,4463,379
Total liabilities and equity9,44510,24510,82811,06611,53812,28912,52713,36814,52014,686
Owned
Fixed assets190193273316310288324453273294
Cash and equivalents7131,1821,2861,3711,6381,3471,3001,3031,2591,058
Other assets8,5438,8699,2699,3799,58910,65410,90311,61212,98713,334
Total assets9,44510,24510,82811,06611,53812,28912,52713,36814,52014,686
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a9.2%2.2%-1.1%
Profit growth, compoundedn/a24.7%1.5%-12.9%
Return on equity, average15.8%18.8%19.0%16.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Construction

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
D.R. Horton, Inc. DHI$38.1 billion12.9212.8%n/a-3.5%0.301.3%
PulteGroup Inc. PHM$21.3 billion11.6014.6%n/a-7.3%0.140.8%
Lennar Corp. LEN$18.4 billion14.676.1%5.4%-8.0%0.270.3%
Mastec Inc. MTZ$17.4 billion34.5514.2%n/a23.5%0.74n/a
Jacobs Solutions Inc. J$16.2 billion49.3210.4%4.6%20.1%1.101.0%
NVR Inc. NVR$16.0 billion15.5733.7%n/a-9.9%0.27n/a
Sterling Infrastructure, Inc. STRL$15.9 billion37.3831.8%17.5%60.8%0.20n/a
Toll Brothers, Inc. TOL$12.4 billion10.8214.0%13.8%-1.1%0.320.7%
Dycom Industries Inc. DY$8.4 billion25.2216.0%7.8%37.8%1.35n/a
Fluor Corp. FLR$6.9 billionn/a-74.3%-1.4%-4.8%0.4031.9%
IES Holdings, Inc. IESC$6.0 billion13.3537.1%12.4%22.7%0.00n/a
KB Home KBH$2.7 billion10.807.2%n/a-17.5%0.522.3%
All 16 in Construction
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Quanta Services, Inc. PWR$103.0 billion78.5013.8%6.2%26.3%0.560.1%
Comfort Systems USA Inc. FIX$60.1 billion41.9744.6%16.5%46.1%0.020.1%
D.R. Horton, Inc. DHI$38.1 billion12.9212.8%n/a-3.5%0.301.3%
Emcor Group, Inc. EME$34.4 billion24.2135.3%10.4%18.9%0.000.2%
PulteGroup Inc. PHM$21.3 billion11.6014.6%n/a-7.3%0.140.8%
Lennar Corp. LEN$18.4 billion14.676.1%5.4%-8.0%0.270.3%
Mastec Inc. MTZ$17.4 billion34.5514.2%n/a23.5%0.74n/a
Jacobs Solutions Inc. J$16.2 billion49.3210.4%4.6%20.1%1.101.0%
NVR Inc. NVR$16.0 billion15.5733.7%n/a-9.9%0.27n/a
Sterling Infrastructure, Inc. STRL$15.9 billion37.3831.8%17.5%60.8%0.20n/a
Toll Brothers, Inc. TOL$12.4 billion10.8214.0%13.8%-1.1%0.320.7%
Dycom Industries Inc. DY$8.4 billion25.2216.0%7.8%37.8%1.35n/a
Fluor Corp. FLR$6.9 billionn/a-74.3%-1.4%-4.8%0.4031.9%
IES Holdings, Inc. IESC$6.0 billion13.3537.1%12.4%22.7%0.00n/a
Kbr, Inc. KBR$4.4 billion10.6025.9%9.6%-4.3%1.561.9%
KB Home KBH$2.7 billion10.807.2%n/a-17.5%0.522.3%
4 companies share its SEC industry code (Operative Builders); the rest are the names nearest in size in its wider industry, Construction, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q31 July 202628 August 2026EDGAR
10-Q30 April 202629 May 2026EDGAR
10-Q31 January 202627 February 2026EDGAR
10-K31 October 202519 December 2025EDGAR
10-Q31 July 202528 August 2025EDGAR
10-Q30 April 202529 May 2025EDGAR
10-Q31 January 202528 February 2025EDGAR
10-K31 October 202420 December 2024EDGAR
10-Q31 July 20244 September 2024EDGAR
10-Q30 April 202431 May 2024EDGAR

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