Toll Brothers (TOL) Q4 FY2023 earnings: revenue $3.0 billion, down 18.6% on the year

Toll Brothers, Inc. (TOL) reported revenue of $3.0 billion for Q4 FY2023, the quarter ended 31 October 2023, down 18.6% on the same quarter a year earlier. Net income was $446 million, down 30.4% on the year, and diluted earnings per share $4.11. The figures are the company's own, from the 10-K it filed with the SEC on 21 December 2023.

Revenue$3.0 billiondown 18.6%

Net income$446 milliondown 30.4%

Diluted EPS$4.11

QuarterQ4 FY2023ended 31 October 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,020	n/a	n/a	n/a
Cost of revenue	2,220	n/a	n/a	n/a
Gross profit	800	n/a	n/a	n/a
Gross margin	26.5%	n/a	n/a
Selling, general and administrative	241	n/a	n/a	n/a
Operating income	559	n/a	n/a	n/a
Operating margin	18.5%	n/a	n/a
Income tax	159	n/a	n/a	n/a
Net income	446	n/a	n/a	n/a
Net margin	14.8%	n/a	n/a
Diluted EPS	$4.11	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	591	n/a	n/a	n/a
Capital expenditure	18.9	n/a	n/a	n/a
Free cash flow	573	n/a	n/a	n/a
Free cash flow margin	19.0%	n/a	n/a
Cash from investing	-17.0	n/a	n/a	n/a
Cash from financing	-313	n/a	n/a	n/a
Depreciation and amortisation	22.2	n/a	n/a	n/a
Share-based compensation	3.5	n/a	n/a	n/a
Buybacks	322	n/a	n/a	n/a
Dividends paid	22.0	n/a	n/a	n/a
Diluted shares, weighted	108m	n/a	n/a	n/a
Shares outstanding at period end	104m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	6,797	n/a	n/a	n/a
Non-controlling interest	16.0	n/a	n/a	n/a
Debt	2,860	n/a	n/a	n/a
Other liabilities	2,853	n/a	n/a	n/a
Total liabilities and equity	12,527	n/a	n/a	n/a
Fixed assets	324	n/a	n/a	n/a
Cash and equivalents	1,300	n/a	n/a	n/a
Other assets	10,903	n/a	n/a	n/a
Total assets	12,527	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,020	1,948	2,837	2,728	3,333	1,859	2,739	2,945	3,423	2,146	2,531	2,659
Cost of revenue	2,220	1,409	1,976	1,986	2,453	1,400	2,034	2,204	2,576	1,669	1,926	2,034
Gross profit	800	538	861	742	881	460	705	741	848	477	605	625
Gross margin	26%	28%	30%	27%	26%	25%	26%	25%	25%	22%	24%	24%
SG&A	241	230	238	245	270	240	256	254	284	258	258	266
Operating income	559	308	624	497	611	219	450	488	564	219	347	359
Operating margin	18%	16%	22%	18%	18%	12%	16%	17%	16%	10%	14%	14%
Net income	446	240	482	375	475	178	352	370	447	211	261	280
Net margin	15%	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 flow	591	-307	459	176	683	-421	363	370	800	7.3	134	250
Capital expenditure	18.9	13.6	16.1	25.8	18.2	17.3	15.6	25.4	27.8	18.9	24.5	30.7
Free cash flow	573	-321	443	150	664	-438	347	345	772	-11.6	110	220
Buybacks	322	0.1	180	243	204	23.7	181	199	247	50.4	180	205
Dividends paid	22.0	23.3	23.8	23.3	23.1	24.4	24.6	24.3	23.8	25.0	24.4	24.1
Shares outstanding	104m	104m	103m	101m	100m	99m	98m	96m	95m	95m	93m	92m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Source

10-K for the period ended 31 October 2023, filed 21 December 2023, accession 0000794170-23-000066: the filing on EDGAR. All of Toll Brothers, Inc.'s filings: EDGAR company page.

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