Toll Brothers, Inc. (TOL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$2.94	$2.97	+1.0%	—	—	—
Q1 27	$2.59	$2.72	+5.0%	—	—	—
Q4 26	$2.11	$2.19	+3.8%	—	—	—
Q3 26	$4.88	$4.58	-6.1%	—	—	—
Q2 26	$3.6	$3.73	+3.6%	—	—	—
Q1 26	$2.86	$3.5	+22.4%	—	—	—
Q4 25	$2.05	$1.75	-14.6%	—	—	—
Q3 25	$4.35	$4.63	+6.4%	—	—	—
Q2 25	$3.31	$3.64	+10.0%	—	—	—
Q1 25	$4.15	$4.75	+14.5%	—	—	—
Q4 24	$1.77	$2.25	+27.1%	—	—	—
Q3 24	$3.72	$4.11	+10.5%	—	—	—
Q2 24	$2.84	$3.73	+31.3%	—	—	—
Q1 24	$1.91	$2.85	+49.2%	—	—	—
Q4 23	$1.41	$1.7	+20.6%	—	—	—
Q3 23	$3.95	$4.7	+19.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.6	—	—	$11B	—
FY24	—	$15.2	—	—	$10.8B	—
FY23	—	$12.5	—	—	$10B	—
FY22	—	$11	—	—	$10.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.2B	$5.8B	$7.1B	$7.2B	$7.1B	$8.8B	$10.3B	$10B	$10.8B	$11B
YoY change	+23.9%	+12.5%	+22.8%	+1.13%	-2.03%	+24.2%	+16.9%	-2.73%	+8.52%	+1.11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.2B	5.8B	7.1B	7.2B	7.1B	8.8B	10.3B	10B	10.8B	11B
Cost of revenue	4.1B	4.6B	5.5B	5.7B	5.7B	6.8B	7.8B	7.4B	7.8B	8.2B
Gross profit	1B	1.3B	1.6B	1.6B	1.4B	1.9B	2.5B	2.6B	3B	2.8B
Gross margin	19.8%	21.5%	22.5%	21.6%	20%	22.1%	24.2%	26.4%	27.9%	25.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	533.1M	605.6M	820.2M	879.2M	867.4M	922M	977.8M	909.4M	982.3M	1B
Operating expenses	527.3M	599.8M	811.3M	825.7M	867.4M	922M	977.8M	909.4M	982.3M	1B
Operating income	498.2M	653M	795.2M	680.8M	550.3M	1B	1.5B	1.7B	2B	1.7B
Operating margin	9.64%	11.2%	11.1%	9.42%	7.77%	11.6%	14.7%	17.3%	18.8%	15.7%
Non-operating income, net	88.4M	155.3M	130.2M	87.4M	39.1M	75.1M	188.9M	82.5M	7M	41.3M
Pretax income	589M	814.3M	933.9M	787.2M	586.9M	1.1B	1.7B	1.8B	2.1B	1.8B
Income tax	206.9M	278.8M	185.8M	197.2M	140.3M	266.7M	417.2M	470.3M	514.4M	444.9M
Net income	382.1M	535.5M	748.2M	590M	446.6M	833.6M	1.3B	1.4B	1.6B	1.3B
Net margin	7.39%	9.21%	10.5%	8.17%	6.31%	9.48%	12.5%	13.7%	14.5%	12.3%
EBITDA	508M	669.7M	952.8M	859.3M	658.2M	1.1B	1.4B	1.8B	2.1B	1.8B
EPS	2.27	3.3	4.92	4.07	3.43	6.72	11	12.5	15.2	13.6
Diluted EPS	2.18	3.17	4.85	4.03	3.4	6.63	10.9	12.4	15	13.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	3B	1.9B	2.8B	2.7B	3.3B	1.9B	2.7B	2.9B	3.4B	2.1B	2.5B	2.7B
Cost of revenue	2.2B	1.4B	2B	2B	2.5B	1.4B	2B	2.2B	2.6B	1.7B	1.9B	2B
Gross profit	800M	538.5M	861.2M	742M	880.8M	459.5M	705.4M	741.4M	847.9M	477M	604.9M	625.2M
Gross margin	26.5%	27.6%	30.4%	27.2%	26.4%	24.7%	25.8%	25.2%	24.8%	22.2%	23.9%	23.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	241.4M	230M	237.7M	244.8M	269.7M	240.4M	255.8M	253.7M	283.8M	257.9M	258.3M	266.1M
Operating expenses	241.4M	230M	237.7M	244.8M	269.7M	240.4M	255.8M	253.7M	283.8M	257.9M	258.3M	266.1M
Operating income	558.6M	308.4M	623.5M	497.2M	611.1M	219.1M	449.7M	487.7M	564.1M	219.1M	346.6M	359.2M
Operating margin	18.5%	15.8%	22%	18.2%	18.3%	11.8%	16.4%	16.6%	16.5%	10.2%	13.7%	13.5%
Non-operating income, net	33.4M	-7.7M	17.2M	-2.6M	29K	-6.7M	20.8M	4.8M	22.4M	45.6M	-3.2M	9.2M
Pretax income	605M	311.2M	649.8M	503.6M	621.1M	221.4M	477.5M	499.5M	593M	273.6M	350.4M	374.8M
Income tax	159.4M	71.6M	168.2M	129M	145.7M	43.7M	125.1M	129.9M	146.3M	62.6M	89.8M	94.6M
Net income	445.5M	239.6M	481.6M	374.6M	475.4M	177.7M	352.4M	369.6M	446.7M	210.9M	260.6M	280.1M
Net margin	14.8%	12.3%	17%	13.7%	14.3%	9.56%	12.9%	12.6%	13%	9.83%	10.3%	10.5%
EBITDA	580.8M	324.6M	642.7M	517.3M	636.8M	236.3M	470.5M	510.1M	585.9M	235.3M	363.9M	380.1M
EPS	4.15	2.28	4.6	3.64	4.67	1.76	3.53	3.76	4.62	2.2	2.74	2.98
Diluted EPS	4.11	2.25	4.55	3.6	4.63	1.75	3.5	3.73	4.58	2.19	2.72	2.97

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.6B	7.5B	5.1B	5.8B	—	7.5B	5B	7.8B	15.2B	13.4B	12.6B
Enterprise value	7.7B	10B	7.6B	8.4B	—	9.6B	7.2B	9.5B	16.8B	15B	14.5B
Shares outstanding	168.3M	162.2M	152M	145M	130.1M	124.1M	116.8M	110M	103.7M	99M	99M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.1	13.9	6.84	9.77	—	8.96	3.91	5.67	9.66	9.92	11.2
P/S	0.89	1.28	0.72	0.8	—	0.85	0.49	0.78	1.4	1.22	1.19
P/B	1.09	1.65	1.07	1.13	—	1.4	0.84	1.14	1.97	1.61	1.5
EV/EBITDA	15.3	14.9	8.01	9.78	—	8.5	4.95	5.34	7.94	8.33	8.63
EV/Sales	1.5	1.72	1.07	1.16	—	1.09	0.7	0.95	1.55	1.37	1.35
Earnings yield	8.28%	7.17%	14.6%	10.2%	—	11.2%	25.6%	17.6%	10.4%	10.1%	8.95%
FCF yield	2.65%	11.2%	10.9%	6.08%	—	16.6%	18.2%	15.3%	6.17%	7.68%	4.43%
PEG	—	—	—	—	—	—	—	—	—	—	-0.54

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	19.8%	21.5%	22.5%	21.6%	20%	22.1%	24.2%	26.4%	27.9%	25.1%	23.5%
Operating margin	9.64%	11.2%	11.1%	9.42%	7.77%	11.6%	14.7%	17.3%	18.8%	15.7%	14.6%
Net margin	7.39%	9.21%	10.5%	8.17%	6.31%	9.48%	12.5%	13.7%	14.5%	12.3%	11.1%
ROE	9.02%	11.8%	15.7%	11.5%	9.06%	15.6%	21.4%	20.1%	20.4%	16.3%	14.4%
ROA	3.92%	5.67%	7.3%	5.45%	4.04%	7.23%	10.5%	11%	11.8%	9.27%	6.9%
ROIC	4.39%	6.1%	8.74%	6.58%	5.39%	10.3%	14%	15.1%	16.4%	13%	10.8%
Return on tangible assets	3.92%	5.67%	7.3%	5.45%	4.04%	7.23%	10.5%	11%	11.8%	9.27%	8.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.5	5.56	5.78	6.07	5.22	4.4	4.12	4.28	4.61	4.17	4.5
Quick ratio	0.87	0.83	1.08	1.17	1.05	0.93	0.73	0.68	0.74	0.59	0.51
Debt / equity	0.89	0.71	0.78	0.77	0.85	0.71	0.58	0.44	0.39	0.35	0.34
Debt / assets	0.39	0.34	0.36	0.36	0.38	0.33	0.28	0.24	0.22	0.2	0.2
Net debt / EBITDA	6.16	3.74	2.64	3.07	4.31	1.9	1.47	0.95	0.78	0.92	1.19
Interest coverage	—	—	—	—	241.5	—	—	—	—	—	—
Effective tax rate	35.1%	34.2%	19.9%	25%	23.9%	24.2%	24.5%	25.5%	24.7%	24.8%	24.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.7	35.8	47	49.8	54.4	70.8	88	90.8	104.6	110.8	112.8
EPS (basic)	2.27	3.3	4.92	4.07	3.43	6.72	11	12.5	15.2	13.6	13.6
EPS (diluted)	2.18	3.17	4.85	4.03	3.4	6.63	10.9	12.4	15	13.5	12.4
Book value per share	25.2	28	31.4	35.3	37.9	43	51.6	61.9	74.2	83.7	92.4
FCF per share	0.73	5.13	3.68	2.42	6.91	9.96	7.84	10.8	9.04	10.4	11.5
Cash per share	3.83	4.39	7.78	8.87	10.5	13.2	11.5	11.8	12.6	12.7	11.5
Capex per share	0.17	0.18	0.19	0.6	0.84	0.54	0.61	0.66	0.71	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.55%	0.5%	0.4%	1.2%	1.55%	0.76%	0.7%	0.73%	0.68%	—	—
Capex / operating cash flow	-2.56%	-8.03%	-3.17%	-7.47%	11.7%	5.26%	9.13%	6.17%	8.17%	—	—
Payout ratio	—	7.21%	8.25%	10.8%	12.7%	9.19%	6.91%	6.64%	5.94%	7.21%	8.22%
Dividend yield	—	0.52%	1.21%	1.1%	—	1.03%	1.77%	1.17%	0.62%	0.73%	0.76%

Yield

0.76%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.26

ex-dividend Jul 10, 2026

Payout ratio

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.26
Apr 10, 2026	$0.26
Jan 9, 2026	$0.25
Oct 10, 2025	$0.25
Jul 11, 2025	$0.25
Apr 11, 2025	$0.25
Jan 10, 2025	$0.23
Oct 11, 2024	$0.23

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$3B	$1.9B	$2.8B	$2.7B	$3.3B	$1.9B	$2.7B	$2.9B	$3.4B	$2.1B	$2.5B	$2.7B
YoY change	-18.6%	+9.42%	+13.2%	+1.5%	+10.4%	-4.55%	-3.47%	+7.96%	+2.7%	+15.4%	-7.59%	-9.72%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	645.3M	712.8M	1.2B	1.3B	1.4B	1.6B	1.3B	1.3B	1.3B	1.3B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	7.4B	7.3B	7.6B	7.9B	7.7B	7.9B	8.7B	9.1B	9.7B	11.1B
Total current assets	8.7B	8.6B	9.3B	9.7B	9.6B	10.1B	10.6B	10.8B	11.6B	12.9B
Property, plant & equipment	—	—	—	273.4M	421.1M	406.7M	404.5M	426.8M	561.3M	382.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	9.7B	9.4B	10.2B	10.8B	11.1B	11.5B	12.3B	12.5B	13.4B	14.5B
Accounts payable	282M	275.2M	362.1M	348.6M	411.4M	562.5M	619.4M	597.6M	492.2M	615.8M
Short-term debt	—	—	—	—	124.8M	116.2M	—	—	—	—
Total current liabilities	1.6B	1.5B	1.6B	1.6B	1.8B	2.3B	2.6B	2.5B	2.5B	3.1B
Long-term debt	3.8B	3.2B	3.7B	3.9B	4.1B	3.7B	3.5B	3B	3B	2.9B
Total liabilities	5.5B	4.9B	5.5B	5.7B	6.1B	6.2B	6.3B	5.7B	5.7B	6.2B
Shareholders' equity	4.2B	4.5B	4.8B	5.1B	4.9B	5.3B	6B	6.8B	7.7B	8.3B
Total debt	3.8B	3.2B	3.7B	3.9B	4.2B	3.8B	3.5B	3B	3B	2.9B
Net debt	3.1B	2.5B	2.5B	2.6B	2.8B	2.2B	2.1B	1.7B	1.7B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	1.3B	754.8M	1B	893.4M	1.3B	574.8M	686.5M	852.3M	1.3B	1.2B	1.1B	1.1B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	9.1B	9.6B	9.9B	10.2B	9.7B	10.7B	11B	11.1B	11.1B	11.2B	11.4B	11.6B
Total current assets	10.8B	10.7B	11.4B	11.6B	11.6B	11.7B	12.2B	12.5B	12.9B	12.9B	13B	13.2B
Property, plant & equipment	426.8M	424.5M	422.9M	566.2M	561.3M	562.6M	559.6M	558.4M	382.4M	390.6M	401.1M	416.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	12.5B	12.5B	13.3B	13.4B	13.4B	13.6B	14.2B	14.4B	14.5B	14.4B	14.5B	14.7B
Accounts payable	597.6M	610.5M	694.4M	675.5M	492.2M	650.7M	666.5M	619.6M	615.8M	536.1M	461.4M	589.4M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	2.5B	2.5B	2.8B	2.8B	2.5B	2.8B	3.1B	3B	3.1B	3B	3B	3B
Long-term debt	3B	2.8B	3B	2.9B	3B	2.9B	2.9B	3.1B	2.9B	2.9B	2.9B	2.9B
Total liabilities	5.7B	5.5B	5.9B	5.9B	5.7B	5.8B	6.2B	6.3B	6.2B	6B	6B	6.1B
Shareholders' equity	6.8B	7B	7.3B	7.4B	7.7B	7.8B	8B	8.1B	8.3B	8.4B	8.5B	8.5B
Total debt	3B	2.8B	3B	2.9B	3B	2.9B	2.9B	3.1B	2.9B	2.9B	2.9B	2.9B
Net debt	1.7B	2.1B	1.9B	2.1B	1.7B	2.3B	2.2B	2.2B	1.7B	1.7B	1.8B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	382.1M	535.5M	748.2M	590M	446.6M	833.6M	1.3B	1.4B	1.6B	1.3B
Depreciation & amortization	23.1M	25.4M	25.3M	72.1M	68.9M	76.3M	76.8M	76.5M	81.2M	82.1M
Stock-based compensation	26.7M	28.5M	28.3M	26.2M	24.3M	23.2M	21.1M	24.8M	29.6M	30.8M
Change in working capital	-1.4B	-1.3B	-1.6B	-1.9B	314.6M	345.2M	-556.6M	-409M	-620.5M	-633.8M
Operating cash flow	-1.1B	-359.7M	-891.5M	-1.2B	938.9M	1.3B	785.6M	1.2B	901.1M	1.1B
Capital expenditure	-28.4M	-28.9M	-28.2M	-87M	-109.6M	-66.9M	-71.7M	-73M	-73.6M	—
Investing cash flow	9.3M	-20.7M	82.2M	-75.9M	-177.8M	-4.2M	-153.2M	-150.6M	-167.6M	-223.8M
Dividends paid	—	-38.6M	-61.7M	-63.6M	-56.6M	-76.6M	-88.9M	-91.1M	-93.4M	-97.1M
Share repurchases	-392.8M	-290.9M	-503.2M	-233.5M	-634.1M	-378.3M	-542.7M	-561.6M	-627.1M	-651M
Financing cash flow	-451.4M	-944.2M	-227.7M	-275.9M	-778.2M	-1B	-1.1B	-1.2B	-820.6M	-814M
Net change in cash	-1.6B	-1.3B	-1B	-1.5B	-17.1M	245.2M	-486.4M	-186.2M	-87.1M	74.6M
Free cash flow	122.5M	832.8M	560M	350.7M	898.6M	1.2B	915.1M	1.2B	936.5M	1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	445.5M	239.6M	481.6M	374.6M	475.4M	177.7M	352.4M	369.6M	446.7M	210.9M	260.6M	280.1M
Depreciation & amortization	22.2M	16.1M	19.1M	20.1M	25.8M	17.2M	20.8M	22.3M	21.8M	16.2M	17.3M	20.9M
Stock-based compensation	3.5M	18.3M	3.9M	3.8M	3.6M	18M	4.8M	4.3M	3.7M	18.8M	4.5M	4.4M
Change in working capital	-48.8M	-548M	-136.3M	-369.6M	433.3M	-858M	27.6M	-64.6M	261.2M	-138.5M	-158.5M	-328M
Operating cash flow	421.3M	-232.4M	308.7M	34.3M	790.5M	-550M	314.2M	370.3M	800M	7.3M	134.4M	250.3M
Capital expenditure	-18.9M	-13.6M	-16.1M	-25.8M	-18.2M	-17.3M	-15.6M	—	—	—	—	—
Investing cash flow	-17M	-59.4M	-40.6M	-15.3M	-51.6M	-119.5M	-68.3M	-27M	-42M	206.5M	-20.4M	4.2M
Dividends paid	-22M	-23.3M	-23.8M	-23.3M	-23.1M	-24.4M	-24.6M	-24.3M	-23.8M	-25M	-24.4M	-24.1M
Share repurchases	-322.3M	-56K	-180M	-243.5M	-203.5M	-23.7M	-181.2M	-199.4M	-246.7M	-50.4M	-179.6M	-204.9M
Financing cash flow	-314M	-168.8M	-135.9M	-286.1M	-229.8M	-154.3M	-186.5M	-164.3M	-308.8M	-242.2M	-197.1M	-289.7M
Net change in cash	90.3M	-460.5M	132.2M	-267.2M	509.2M	-823.8M	59.4M	179M	449.2M	-28.4M	-83M	-35.1M
Free cash flow	572.5M	-320.6M	442.9M	149.9M	664.3M	-438.1M	347.3M	344.9M	772.2M	-11.6M	110M	219.6M

Date	Ratio
Jul 11, 2005	2:1
Apr 1, 2002	2:1
Apr 21, 1987	2:1
Feb 27, 1987	3:2

Toll Brothers, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history