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TOL

Toll Brothers, Inc.

TOL

Toll Brothers, Inc. • NYSE
$139.83 ▼ -0.48% (-0.68)
Market Cap $13.48 B
52w High $165.51
52w Low $86.67
Dividend Yield 0.98%
P/E 10.31
Volume 375.27K
Outstanding Shares 96.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.945B ▲ $277.707M ▲ $369.621M ▲ 12.55% ▼ $3.76 ▲ $521.7M ▲
Q2-2025 $2.739B ▲ $255.76M ▲ $352.447M ▲ 12.867% ▲ $3.53 ▲ $470.453M ▲
Q1-2025 $1.859B ▼ $240.414M ▼ $177.703M ▼ 9.558% ▼ $1.76 ▼ $236.296M ▼
Q4-2024 $3.333B ▲ $269.734M ▲ $475.409M ▲ 14.262% ▲ $4.67 ▲ $636.828M ▲
Q3-2024 $2.728B $244.813M $374.611M 13.732% $3.64 $517.336M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $852.311M ▲ $14.397B ▲ $6.286B ▲ $8.096B ▲
Q2-2025 $686.466M ▲ $14.196B ▲ $6.231B ▲ $7.949B ▲
Q1-2025 $574.834M ▼ $13.622B ▲ $5.811B ▲ $7.796B ▲
Q4-2024 $1.303B ▲ $13.368B ▲ $5.681B ▼ $7.671B ▲
Q3-2024 $893.422M $13.36B $5.929B $7.415B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $369.621M ▲ $370.31M ▲ $-52.412M ▲ $-141.282M ▲ $176.616M ▲ $344.863M ▼
Q2-2025 $352.447M ▲ $362.846M ▲ $-68.3M ▲ $-185.882M ▼ $108.664M ▲ $347.255M ▲
Q1-2025 $177.703M ▼ $-420.775M ▼ $-119.457M ▼ $-177.192M ▲ $-717.424M ▼ $-438.1M ▼
Q4-2024 $475.409M ▲ $682.511M ▲ $-51.584M ▼ $-223.766M ▲ $407.161M ▲ $664.321M ▲
Q3-2024 $374.611M $175.612M $-15.348M $-284.444M $-124.18M $149.86M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Home Building
Home Building
 $3.26Bn ▲$1.84Bn ▼$2.71Bn ▲$2.88Bn ▲
Land
Land
 $70.00M ▲$20.00M ▼$30.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Toll Brothers’ income statement shows a company that has grown both sales and profits meaningfully over the last several years. Revenue has moved higher overall, even with normal bumps from the housing cycle, and profit margins have widened. This suggests solid pricing power in luxury homes, good cost control, and benefits from scale. Earnings per share have climbed faster than revenue, indicating that each home sold is contributing more to the bottom line than in prior years. The main caveat is that homebuilding remains cyclical, so these strong results are still tied to broader housing and interest rate conditions.

Balance Sheet

Balance Sheet The balance sheet looks stronger over time. Total assets have risen as the business has grown, while shareholder equity has built up steadily, reflecting retained profits. Debt levels have been trending down rather than up, which reduces financial risk and gives the company more flexibility if the housing market softens. Cash on hand has stayed fairly stable, providing a liquidity cushion. As with any builder, a large portion of assets is tied up in land and inventory, which are not as liquid as cash, so balance sheet discipline will remain important if conditions tighten.

Cash Flow

Cash Flow Cash flow generation has been consistently positive, with operating cash flow and free cash flow both healthy in each of the past few years. The company does not require heavy spending on equipment or facilities, so most operating cash can go toward land, working capital, debt reduction, or shareholder returns rather than large capital projects. Free cash flow does move around with the timing of land purchases and development, so it can be lumpy by nature, but the pattern here points to a business that reliably converts accounting profits into real cash over time.

Competitive Edge

Competitive Edge Toll Brothers holds a strong position at the high end of the U.S. housing market. Its brand is closely associated with luxury, design quality, and service, which helps it command premium pricing and appeal to more affluent buyers, who can be somewhat less sensitive to economic swings. The company focuses on desirable, supply-constrained locations and has built a sizable land portfolio in these areas, which is hard for smaller rivals to replicate. Deep customization through its Design Studios and a wide range of luxury product types further differentiate it from mass-market builders. Key competitive risks include the inherently cyclical nature of housing, rising land and construction costs, and competition from other large builders moving upmarket.

Innovation and R&D

Innovation and R&D Innovation for Toll Brothers is less about laboratory R&D and more about design, construction methods, and the customer experience. The company has embedded smart home features as standard, offering a connected-home platform that buyers can expand, and it emphasizes energy efficiency through better windows, insulation, and building envelopes. Its off-site panelized construction arm, Toll Integrated Systems, supports faster build times, less waste, and more consistent quality. The firm is also pushing sustainability, solar options, and more eco-friendly community features. Strategically, it is experimenting with “affordable luxury,” a greater mix of quick-delivery spec homes, digital design tools, and expansion into rental communities, all of which are intended to broaden its reach and smooth out the housing cycle’s ups and downs.

Summary

Overall, Toll Brothers appears to be a financially solid, well-positioned luxury homebuilder. Profitability and margins have improved meaningfully, the balance sheet has been strengthened with lower leverage and higher equity, and cash flows are consistently positive. Its brand, prime land holdings, customization model, and smart-home/sustainability focus create a clear niche at the high end of the market. At the same time, the business remains exposed to housing cycles, interest rates, and land and construction cost pressures. Future performance will depend on how well the company manages inventory and land through different market conditions, maintains its premium brand while expanding into more accessible price points, and continues to execute on its technology and sustainability initiatives without overextending in a cyclical industry.

NEWS

November 25, 2025 · 3:06 PM UTC

Toll Brothers Offering Sneak Peek Tours of Woodinville Square Model Homes in Woodinville, Washington

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November 21, 2025 · 9:30 AM UTC

Toll Brothers Announces New Luxury Home Community Coming Soon to St. Augustine, Florida

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November 20, 2025 · 3:30 PM UTC

Toll Brothers Announces Venado Valley Community in Carson City, Nevada is Now 50% Sold

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November 20, 2025 · 1:53 PM UTC

Toll Brothers Announces New Home Designs with First-Floor Primary Bedrooms Now Available at Westover in Cumming, Georgia

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November 20, 2025 · 10:59 AM UTC

Toll Brothers Announces New Phase of Home Sites at Regency at Olde Towne - Excursion Collection in Raleigh, North Carolina

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