NYSE : TOL
Toll Brothers, Inc. — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 145.95 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.45B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Toll Brothers, Inc. (TOL) reported revenue of 10.76B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.76B | 10.97B | 10.85B | 9.99B | 10.28B | 8.79B |
| Cost of Revenue | 8.09B | 8.12B | 7.76B | 7.30B | 7.75B | 6.82B |
| Gross Profit | 2.67B | 2.85B | 3.09B | 2.70B | 2.53B | 1.97B |
| Selling, General & Admin | 1.07B | 1.03B | 982.75M | 909.35M | 975.95M | 920.22M |
| Operating Expenses | 1.07B | 1.03B | 982.75M | 909.35M | 975.95M | 920.22M |
| Operating Income | 1.61B | 1.81B | 2.10B | 1.79B | 1.55B | 1.05B |
| Interest & Investment Income | 28.80M | 29.48M | 38.50M | 35.13M | 6.18M | 4.32M |
| Earnings From Equity Investments | 32.96M | 19.05M | -23.84M | 50.10M | 23.72M | 74.03M |
| Other Non Operating Income (Expenses) | 40.15M | 21.40M | 31.26M | 4.61M | 22.16M | 34.49M |
| EBT Excluding Unusual Items | 1.71B | 1.88B | 2.15B | 1.88B | 1.60B | 1.16B |
| Asset Writedown | -116.19M | -92.81M | -63.84M | -61.31M | -39.54M | -26.54M |
| Legal Settlements | 27.68M | 141.23M | ||||
| Other Unusual Items | -35.21M | |||||
| Pretax Income | 1.59B | 1.79B | 2.09B | 1.84B | 1.70B | 1.10B |
| Income Tax Expense | 393.32M | 444.88M | 514.45M | 470.30M | 417.23M | 266.69M |
| Net Income | 1.20B | 1.35B | 1.57B | 1.37B | 1.29B | 833.63M |
| Net Income to Common | 1.20B | 1.35B | 1.57B | 1.37B | 1.29B | 833.63M |
| Shares Outstanding (Basic) | 95.38M | 98.98M | 103.65M | 110.02M | 116.77M | 124.10M |
| Shares Outstanding (Diluted) | 96.06M | 99.78M | 104.69M | 111.01M | 117.97M | 125.81M |
| EPS (Basic) | 12.56 | 13.60 | 15.16 | 12.47 | 11.02 | 6.72 |
| EPS (Diluted) | 12.48 | 13.49 | 15.01 | 12.36 | 10.90 | 6.63 |
| Free Cash Flow | 1.09B | 1.03B | 936.52M | 1.19B | 915.09M | 1.24B |
| Free Cash Flow Per Share | 11.35 | 10.29 | 8.95 | 10.75 | 7.76 | 9.83 |
| Dividend Per Share | 1.02 | 0.98 | 0.90 | 0.83 | 0.77 | 0.62 |
| Gross Margin | 24.83% | 25.96% | 28.45% | 26.97% | 24.58% | 22.40% |
| Operating Margin | 14.93% | 16.54% | 19.39% | 17.87% | 15.08% | 11.94% |
| Profit Margin | 11.14% | 12.28% | 14.49% | 13.73% | 12.52% | 9.48% |
| Free Cash Flow Margin | 10.13% | 9.36% | 8.63% | 11.94% | 8.91% | 14.06% |
| EBITDA | 1.68B | 1.90B | 2.18B | 1.86B | 1.63B | 1.13B |
| EBITDA Margin | 15.63% | 17.29% | 20.14% | 18.64% | 15.83% | 12.80% |
| D&A For EBITDA | 76.23M | 82.08M | 81.20M | 76.47M | 76.82M | 76.25M |
| EBIT | 1.61B | 1.81B | 2.10B | 1.79B | 1.55B | 1.05B |
| EBIT Margin | 14.93% | 16.54% | 19.39% | 17.87% | 15.08% | 11.94% |
| Effective Tax Rate | 24.71% | 24.83% | 24.67% | 25.53% | 24.49% | 24.24% |
| Revenue as Reported | 10.76B | 10.97B | 10.85B | 9.99B | 10.28B | 8.79B |
| Advertising Expenses | 77.40M | 63.10M | 49.60M | 42.50M | 39.10M |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06B | 1.26B | 1.30B | 1.30B | 1.35B | 1.64B |
| Cash & Short-Term Investments | 1.06B | 1.26B | 1.30B | 1.30B | 1.35B | 1.64B |
| Other Receivables | 151.68M | 157.95M | 150.74M | 135.98M | 102.34M | 84.40M |
| Receivables | 151.68M | 157.95M | 150.74M | 135.98M | 102.34M | 84.40M |
| Inventory | 11.65B | 10.68B | 9.71B | 9.06B | 8.73B | 7.92B |
| Prepaid Expenses | 31.73M | 47.83M | 40.43M | 43.76M | 44.31M | 34.96M |
| Restricted Cash | 65.77M | 72.24M | 62.05M | 44.27M | 51.80M | 41.43M |
| Other Current Assets | 112.17M | 106.68M | 128.09M | 126.14M | 208.04M | 102.51M |
| Total Current Assets | 13.20B | 12.52B | 11.59B | 10.82B | 10.67B | 10.06B |
| Property, Plant & Equipment | 416.39M | 382.41M | 561.32M | 426.78M | 404.49M | 406.73M |
| Long-Term Investments | 907.08M | 1.03B | 1.01B | 959.04M | 852.31M | 599.10M |
| Other Long-Term Assets | 166.80M | 588.59M | 210.68M | 322.84M | 360.20M | 467.13M |
| Total Assets | 14.69B | 14.52B | 13.37B | 12.53B | 12.29B | 11.54B |
| Accounts Payable | 589.37M | 615.77M | 492.21M | 597.58M | 619.41M | 562.47M |
| Accrued Expenses | 539.26M | 535.46M | 537.77M | 539.03M | 584.95M | 553.03M |
| Short-Term Debt | 128.86M | 150.00M | 150.00M | 100.06M | 148.86M | 147.51M |
| Current Portion of Long-Term Debt | 28.97M | 400.00M | 809.86M | |||
| Current Portion of Leases | 25.40M | |||||
| Current Income Taxes Payable | 160.78M | 16.77M | 37.91M | 5.98M | 168.55M | 8.05M |
| Current Unearned Revenue | 39.94M | 52.52M | 51.14M | 52.91M | 50.97M | 36.64M |
| Other Current Liabilities | 1.44B | 1.52B | 1.04B | 832.98M | 570.40M | 514.32M |
| Total Current Liabilities | 2.93B | 3.07B | 2.38B | 2.13B | 2.54B | 2.63B |
| Long-Term Debt | 2.61B | 2.64B | 2.68B | 2.76B | 2.78B | 2.61B |
| Long-Term Leases | 147.30M | 102.94M | 128.59M | 123.87M | 139.66M | 116.25M |
| Long-Term Unearned Revenue | 458.12M | 418.90M | 488.69M | 540.72M | 680.59M | 636.38M |
| Long-Term Deferred Tax Liabilities | 160.29M | 122.93M | 207.23M | |||
| Total Liabilities | 6.14B | 6.23B | 5.68B | 5.71B | 6.27B | 6.20B |
| Common Stock | 1.03M | 1.03M | 1.13M | 1.13M | 1.28M | 1.28M |
| Additional Paid-In Capital | 643.90M | 687.12M | 694.71M | 698.55M | 716.79M | 714.45M |
| Retained Earnings | 9.25B | 8.57B | 8.15B | 6.68B | 6.17B | 4.97B |
| Treasury Stock | -1.38B | -1.01B | -1.21B | -619.15M | -916.33M | -391.66M |
| Comprehensive Income & Other | 17.00M | 22.27M | 31.28M | 40.91M | 37.62M | 1.11M |
| Total Common Equity | 8.53B | 8.27B | 7.67B | 6.80B | 6.01B | 5.30B |
| Minority Interest | 10.77M | 15.40M | 15.79M | 16.05M | 15.75M | 45.43M |
| Shareholders' Equity | 8.54B | 8.29B | 7.69B | 6.81B | 6.02B | 5.34B |
| Total Liabilities & Equity | 14.69B | 14.52B | 13.37B | 12.53B | 12.29B | 11.54B |
| Total Debt | 2.91B | 2.92B | 2.96B | 2.98B | 3.47B | 3.68B |
| Net Cash (Debt) | -1.85B | -1.66B | -1.66B | -1.68B | -2.12B | -2.04B |
| Net Cash Per Share | -19.31 | -16.61 | -15.84 | -15.17 | -17.99 | -16.22 |
| Filing Date Shares Outstanding | 92.15M | 95.00M | 100.04M | 104.11M | 110.73M | 120.36M |
| Total Common Shares Outstanding | 92.37M | 94.80M | 99.79M | 103.79M | 109.62M | 120.12M |
| Working Capital | 10.26B | 9.45B | 9.21B | 8.69B | 8.13B | 7.43B |
| Book Value Per Share | 92.36 | 87.25 | 76.87 | 65.49 | 54.79 | 44.08 |
| Tangible Book Value | 8.53B | 8.27B | 7.67B | 6.80B | 6.01B | 5.30B |
| Tangible Book Value Per Share | 92.36 | 87.25 | 76.87 | 65.49 | 54.79 | 44.08 |
| Order Backlog | 5.49B | 6.47B | 6.95B | 8.87B | 9.50B |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.20B | 1.35B | 1.57B | 1.37B | 1.29B | 833.63M |
| Depreciation & Amortization | 76.23M | 82.08M | 81.20M | 76.47M | 76.82M | 76.25M |
| Loss (Gain) From Sale of Assets | -5.04M | -416.00K | 576.00K | -38.71M | ||
| Asset Writedown & Restructuring Costs | 119.02M | 100.04M | 72.79M | 69.54M | 39.54M | 26.54M |
| Loss (Gain) on Equity Investments | 51.58M | 42.36M | 63.12M | 38.30M | 8.59M | 9.08M |
| Stock-Based Compensation | 31.43M | 30.83M | 29.56M | 24.80M | 21.09M | 23.19M |
| Other Operating Activities | 78.03M | 87.48M | -81.87M | 39.42M | -92.90M | 46.62M |
| Change in Accounts Receivable | 249.84M | -24.81M | 505.00K | -135.92M | -95.02M | 135.81M |
| Change in Inventory | -518.82M | -521.18M | -575.73M | -22.21M | -618.83M | -196.23M |
| Change in Accounts Payable | -52.69M | 64.62M | -21.79M | -23.67M | 152.50M | 214.82M |
| Change in Income Taxes | -70.71M | -21.14M | 31.93M | -162.57M | 160.50M | 25.13M |
| Change in Other Net Operating Assets | 29.79M | -74.36M | -155.69M | -9.38M | 47.44M | 147.00M |
| Operating Cash Flow | 1.19B | 1.11B | 1.01B | 1.27B | 986.82M | 1.30B |
| Capital Expenditures | -101.86M | -86.19M | -73.64M | -72.96M | -71.73M | -66.88M |
| Sale of Property, Plant & Equipment | 1.14M | 26.05M | 28.31M | 80.42M | ||
| Investment in Securities | 152.56M | -222.16M | -91.87M | -103.69M | -109.95M | -18.43M |
| Other Investing Activities | -4.25M | -1.68M | -3.24M | 196.00K | 652.00K | |
| Investing Cash Flow | 46.45M | -310.03M | -167.62M | -150.60M | -153.18M | -4.24M |
| Long-Term Debt Issued | 5.08B | 3.74B | 3.08B | 4.30B | 3.16B | |
| Long-Term Debt Repaid | -5.13B | -3.84B | -3.64B | -4.77B | -3.72B | |
| Net Debt Issued (Repaid) | -250.50M | -53.50M | -100.09M | -560.28M | -461.41M | -561.20M |
| Issuance of Common Stock | 4.13M | 48.27M | 10.49M | |||
| Repurchase of Common Stock | -701.56M | -670.94M | -627.06M | -561.60M | -543.43M | -378.26M |
| Common Dividends Paid | -97.29M | -97.08M | -93.40M | -91.08M | -88.90M | -76.62M |
| Other Financing Activities | 2.78M | -12.36M | -35.00K | -5.35M | -25.77M | -5.49M |
| Financing Cash Flow | -1.05B | -833.88M | -816.46M | -1.17B | -1.12B | -1.01B |
| Net Cash Flow | 191.95M | -31.50M | 26.09M | -54.21M | -285.86M | 287.81M |
| Free Cash Flow | 1.09B | 1.03B | 936.52M | 1.19B | 915.09M | 1.24B |
| Free Cash Flow Margin | 10.13% | 9.36% | 8.63% | 11.94% | 8.91% | 14.06% |
| Free Cash Flow Per Share | 11.35 | 10.29 | 8.95 | 10.75 | 7.76 | 9.83 |
| Levered Free Cash Flow | 557.74M | 849.77M | 787.20M | 985.53M | 416.13M | 742.87M |
| Unlevered Free Cash Flow | 557.74M | 849.77M | 787.20M | 985.53M | 416.13M | 742.87M |
| Cash Income Tax Paid | 380.27M | 372.36M | 550.08M | 584.70M | 350.65M | 229.74M |
| Change in Working Capital | -362.58M | -576.87M | -720.78M | -353.75M | -353.41M | 326.53M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.45B | 13.01B | 14.79B | 7.60B | 4.88B | 7.32B |
| Enterprise Value | 15.30B | 15.24B | 16.86B | 9.56B | 8.02B | 10.13B |
| Last Close Price | 145.95 | 133.96 | 144.13 | 69.08 | 41.54 | 57.13 |
| PE Ratio | 11.70 | 9.66 | 9.41 | 5.54 | 3.79 | 8.79 |
| Forward PE | 10.96 | 9.78 | 10.20 | 6.03 | 4.50 | 7.24 |
| PS Ratio | 1.25 | 1.19 | 1.36 | 0.76 | 0.47 | 0.83 |
| PB Ratio | 1.58 | 1.57 | 1.92 | 1.11 | 0.81 | 1.37 |
| P/TBV Ratio | 1.58 | 1.57 | 1.93 | 1.12 | 0.81 | 1.38 |
| P/FCF Ratio | 12.34 | 12.68 | 15.79 | 6.37 | 5.33 | 5.92 |
| P/OCF Ratio | 11.28 | 11.69 | 14.64 | 6.00 | 4.95 | 5.62 |
| PEG Ratio | 1.26 | 1.60 | 1.04 | 1.03 | 0.15 | 0.22 |
| EV/Sales Ratio | 1.42 | 1.39 | 1.55 | 0.96 | 0.78 | 1.15 |
| EV/EBITDA Ratio | 9.10 | 8.04 | 7.72 | 5.13 | 4.93 | 9.00 |
| EV/EBIT Ratio | 9.53 | 8.40 | 8.01 | 5.35 | 5.17 | 9.66 |
| EV/FCF Ratio | 14.04 | 14.85 | 18.00 | 8.01 | 8.76 | 8.20 |
| Debt / Equity Ratio | 0.34 | 0.35 | 0.39 | 0.44 | 0.58 | 0.69 |
| Debt / EBITDA Ratio | 1.70 | 1.52 | 1.34 | 1.58 | 2.10 | 3.21 |
| Debt / FCF Ratio | 2.67 | 2.84 | 3.16 | 2.50 | 3.79 | 2.98 |
| Net Debt / Equity Ratio | 0.22 | 0.20 | 0.22 | 0.25 | 0.35 | 0.38 |
| Net Debt / EBITDA Ratio | 1.10 | 0.87 | 0.76 | 0.90 | 1.30 | 1.81 |
| Net Debt / FCF Ratio | 1.70 | 1.61 | 1.77 | 1.41 | 2.32 | 1.65 |
| Asset Turnover | 0.74 | 0.79 | 0.84 | 0.81 | 0.86 | 0.78 |
| Inventory Turnover | 0.71 | 0.80 | 0.83 | 0.82 | 0.93 | 0.88 |
| Quick Ratio | 0.41 | 0.46 | 0.61 | 0.68 | 0.57 | 0.66 |
| Current Ratio | 4.50 | 4.07 | 4.87 | 5.08 | 4.20 | 3.82 |
| Return on Equity (ROE) | 14.39% | 16.86% | 21.67% | 21.38% | 22.64% | 16.24% |
| Return on Assets (ROA) | 6.90% | 8.13% | 10.15% | 9.00% | 8.13% | 5.80% |
| Return on Invested Capital (ROIC) | 11.68% | 14.14% | 17.76% | 15.99% | 15.08% | 10.58% |
| Return on Capital Employed (ROCE) | 13.70% | 15.90% | 19.10% | 17.20% | 15.90% | 11.80% |
| Earnings Yield | 8.55% | 10.35% | 10.63% | 18.05% | 26.35% | 11.38% |
| FCF Yield | 8.11% | 7.89% | 6.33% | 15.70% | 18.74% | 16.88% |
| Dividend Yield | 0.71% | 0.71% | 0.61% | 1.13% | 1.73% | 1.02% |
| Payout Ratio | 8.34% | 7.21% | 5.95% | 6.64% | 6.91% | 9.19% |
| Buyback Yield / Dilution | 4.96% | 4.69% | 5.69% | 5.91% | 6.22% | 4.15% |
| Total Shareholder Return | 5.67% | 5.41% | 6.30% | 7.04% | 7.95% | 5.16% |