Toll Brothers, Inc. is an American homebuilding company that builds, markets, and finances for residential and commercial properties in the United States. In 2020, the company was the fifth largest home builder in the United States, based on homebuilding revenue. The company is ranked 411th on the Fortune 500.3 It was founded by Robert I. Toll.1Wikipedia text CC BY-SA 4.0
$133.52down 0.42 (0.31%)Price as of Oct 16, 2026 at 19:58 UTC
Toll Brothers, Inc. is an American homebuilding company that builds, markets, and finances for residential and commercial properties in the United States. In 2020, the company was the fifth largest home builder in the United States, based on homebuilding revenue. The company is ranked 411th on the Fortune 500.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213147$11.0B in 2025+54% since 2018Operating income15111213147$1.7B in 2025+119% since 2018Net income15111213147$1.3B in 2025+80% since 2018
Revenue1617$2.7B in Q3 FY2026+5% since Q2 FY2026Operating income1617$359.2M in Q3 FY2026+4% since Q2 FY2026Net income1617$280.1M in Q3 FY2026+8% since Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.7
Period ending
2025-10-31
2024-10-31
2023-10-31
Revenues:
$11.0B
$10.8B
$10.0B
Cost of revenues:
$8.2B
$7.8B
$7.4B
Selling, general and administrative
$1.0B
$982.3M
$909.4M
Income from operations
$1.7B
$2.0B
$1.7B
Income (loss) from unconsolidated entities
$19.1M
-$23.8M
$50.1M
Other income net
$51.7M
$69.3M
$67.5M
Income before income taxes
$1.8B
$2.1B
$1.8B
Income tax provision
$444.9M
$514.4M
$470.3M
Net income
$1.3B
$1.6B
$1.4B
Other comprehensive (loss) income net of tax
-$9.0M
-$9.6M
$3.3M
Total comprehensive income
$1.3B
$1.6B
$1.4B
Basic earnings (in dollars per share)
$13.60
$15.16
$12.47
Diluted earnings (in dollars per share)
$13.49
$15.01
$12.36
Basic (in shares)
99.0M shares
103.7M shares
110.0M shares
Diluted (in shares)
99.8M shares
104.7M shares
111.0M shares
Period ending
2025-10-31
2025-07-31
2025-04-30
2025-01-31
2024-10-31
2024-07-31
2024-04-30
2024-01-31
Income before income taxes
$593.0M
$499.5M
$477.5M
$221.4M
$621.1M
$503.6M
$649.8M
$311.2M
Net income
$446.7M
$369.6M
$352.4M
$177.7M
$475.4M
$374.6M
$481.6M
$239.6M
Basic earnings (in dollars per share)
$4.62
$3.76
$3.53
$1.76
$4.67
$3.64
$4.60
$2.28
Diluted earnings (in dollars per share)
$4.58
$3.73
$3.50
$1.75
$4.63
$3.60
$4.55
$2.25
Basic (in shares)
96.8M shares
98.4M shares
99.9M shares
100.8M shares
101.7M shares
103.0M shares
104.8M shares
105.1M shares
Diluted (in shares)
97.5M shares
99.2M shares
100.6M shares
101.8M shares
102.7M shares
104.0M shares
105.8M shares
106.3M shares
Total assets1015111213147$14.5B in 2025+42% since 2018Total liabilities1015111213147$6.2B in 2025+14% since 2018Shareholders’ equity1015111213147$8.3B in 2025+74% since 2018Cash15111213147$1.3B in 2025+6% since 2018
Total assets1617$14.7B in Q3 FY2026+1% since Q2 FY2026Total liabilities1617$6.1B in Q3 FY2026+2% since Q2 FY2026Shareholders’ equity1617$8.5B in Q3 FY2026+1% since Q2 FY2026Cash1617$1.1B in Q3 FY2026−4% since Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
Period ending
2025-10-31
2024-10-31
2023-10-31
2022-10-31
Cash and cash equivalents
$1.3B
$1.3B
$1.3B
Inventory
$10.7B
$9.7B
Property, construction, and office equipment net
$273.4M
$453.0M
Receivables, prepaid expenses, and other assets
$554.7M
$590.6M
Real estate and related assets held for sale
$421.0M
$0
Mortgage loans held for sale at fair value
$200.8M
$191.2M
Customer deposits held in escrow
$106.6M
$109.7M
Investment balance at October 31, 2025
$1.0B
$1.0B
Total assets
$14.5B
$13.4B
Loans payable
$896.4M
$1.1B
Senior notes
$1.7B
$1.6B
Mortgage company loan facility
$150.0M
$150.0M
Customer deposits
$418.9M
$488.7M
$540.7M
Accounts payable
$615.8M
$492.2M
Accrued expenses
$2.1B
$1.8B
Liabilities related to assets held for sale
$172.2M
$0
Income taxes payable
$177.1M
$114.5M
Total liabilities
$6.2B
$5.7B
Preferred stock, none issued
$0
$0
Common stock, 102,937 and 112,937 shares issued at October 31, 2025 and 2024, respectively
$1.0M
$1.1M
Additional paid-in capital
$687.1M
$694.7M
Retained earnings
$8.6B
$8.2B
Treasury stock, at cost 8,140 and 13,149 shares at October 31, 2025 and 2024, respectively
-$1.0B
-$1.2B
"Accumulated other comprehensive income (""AOCI"")"
$22.3M
$31.3M
Total stockholders equity
$8.3B
$7.7B
Noncontrolling interest
$15.4M
$15.8M
Total equity
$8.3B
$7.7B
$6.8B
$6.0B
Total liabilities and stockholders' equity
$14.5B
$13.4B
Preferred stock, issued (in shares)
0 shares
0 shares
Common stock, issued (in shares)
102.9M shares
112.9M shares
Treasury stock, common, shares (in shares)
8.1M shares
13.1M shares
Period ending
2025-10-31
2024-10-31
2023-10-31
2022-10-31
Cash and cash equivalents
$1.3B
$1.3B
$1.3B
Inventory
$10.7B
$9.7B
Property, construction, and office equipment net
$273.4M
$453.0M
Receivables, prepaid expenses, and other assets
$554.7M
$590.6M
Real estate and related assets held for sale
$421.0M
$0
Mortgage loans held for sale at fair value
$200.8M
$191.2M
Customer deposits held in escrow
$106.6M
$109.7M
Investment balance at October 31, 2025
$1.0B
$1.0B
Total assets
$14.5B
$13.4B
Loans payable
$896.4M
$1.1B
Senior notes
$1.7B
$1.6B
Mortgage company loan facility
$150.0M
$150.0M
Customer deposits
$418.9M
$488.7M
$540.7M
Accounts payable
$615.8M
$492.2M
Accrued expenses
$2.1B
$1.8B
Liabilities related to assets held for sale
$172.2M
$0
Income taxes payable
$177.1M
$114.5M
Total liabilities
$6.2B
$5.7B
Preferred stock, none issued
$0
$0
Common stock, 102,937 and 112,937 shares issued at October 31, 2025 and 2024, respectively
$1.0M
$1.1M
Additional paid-in capital
$687.1M
$694.7M
Retained earnings
$8.6B
$8.2B
Treasury stock, at cost 8,140 and 13,149 shares at October 31, 2025 and 2024, respectively
-$1.0B
-$1.2B
"Accumulated other comprehensive income (""AOCI"")"
$22.3M
$31.3M
Total stockholders equity
$8.3B
$7.7B
Noncontrolling interest
$15.4M
$15.8M
Total equity
$8.3B
$7.7B
$6.8B
$6.0B
Total liabilities and stockholders' equity
$14.5B
$13.4B
Preferred stock, issued (in shares)
0 shares
0 shares
Common stock, issued (in shares)
102.9M shares
112.9M shares
Treasury stock, common, shares (in shares)
8.1M shares
13.1M shares
Cash from operations111213147$1.1B in 2025+154% since 2019Capital spending15111213147$86.2M in 2025+205% since 2018Free cash flow111213147$1.0B in 2025+193% since 2019Dividends paid15111213147$97.1M in 2025+57% since 2018Share buybacks15111213147$651.0M in 2025+29% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Period ending
2025-10-31
2024-10-31
2023-10-31
Net income
$1.3B
$1.6B
$1.4B
Depreciation and amortization
$82.1M
$81.2M
$76.5M
Stock-based compensation
$30.8M
$29.6M
$24.8M
(Income) loss from unconsolidated entities
-$19.1M
$23.8M
-$50.1M
Distributions of earnings from unconsolidated entities
$61.4M
$39.3M
$88.4M
Deferred tax provision
$86.7M
-$80.3M
$36.2M
Impairment charges and write-offs
$100.0M
$72.8M
$69.5M
Gain on sale of assets
$0
-$5.0M
-$416.0K
Other - net
$740.0K
-$1.5M
$3.2M
Inventory
-$521.2M
-$575.7M
-$22.2M
Origination of mortgage loans
-$2.6B
-$2.1B
-$1.6B
Sale of mortgage loans
$2.6B
$2.1B
$1.7B
Receivables, prepaid expenses, and other assets
-$24.8M
$505.0K
-$135.9M
Current income taxes net
-$21.1M
$31.9M
-$162.6M
Customer deposits net
-$66.7M
-$77.2M
-$88.3M
Accounts payable and accrued expenses
$64.6M
-$21.8M
-$23.7M
Net cash provided by operating activities
$1.1B
$1.0B
$1.3B
Purchase of property, construction, and office equipment net
-$86.2M
-$73.6M
-$73.0M
Investments in unconsolidated entities
-$309.7M
-$193.2M
-$216.4M
Return of investments in unconsolidated entities
$82.2M
$101.4M
$112.7M
Proceeds from the sale of assets, including ownership interests in unconsolidated entities
$0
$1.1M
$26.0M
Net increase in cash from consolidation of joint ventures
$5.3M
$0
$0
Other net
-$1.7M
-$3.2M
$0
Net cash used in investing activities
-$310.0M
-$167.6M
-$150.6M
Proceeds from issuance of senior notes
$498.2M
$0
$0
Proceeds from loans payable
$4.5B
$3.7B
$3.1B
Debt issuance costs
-$13.0M
-$202.0K
-$5.4M
Principal payments of loans payable
-$4.7B
-$3.8B
-$3.2B
Redemption of senior notes
-$350.0M
$0
-$400.0M
(Payments) proceeds related to stock-based benefit plans net
-$19.9M
$4.1M
$48.3M
Proceeds related to sales to land bank programs
$52.1M
$0
$0
Payments related to repurchases from land bank programs
-$91.5M
$0
$0
Purchase of treasury stock and excise tax payment
-$651.0M
-$627.1M
-$561.6M
Dividends paid
-$97.1M
-$93.4M
-$91.1M
Receipts related to noncontrolling interest net
$637.0K
$167.0K
$11.0K
Net cash used in financing activities
-$833.9M
-$816.5M
-$1.2B
Net (decrease) increase in cash, cash equivalents, and restricted cash
Toll Brothers sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Toll Brothers
BlackRockFiled SCHEDULE 13G/A on Toll Brothers, latest Sep 4, 2026 (8 filings since Feb 1, 2022)
Robert I. TollFiled SC 13G/A on Toll Brothers, latest Jan 20, 2023 (2 filings since Jan 27, 2022)
FMR LLCFiled SC 13G/A on Toll Brothers, latest Feb 9, 2022
Toll BrothersHorsham, Pennsylvania, United States
FIRST HUNTINGDON FINANCE CORP. Subsidiary · Fort Washington, Pennsylvania, United States
TOLL BROTHERS MORTGAGE COMPANY Subsidiary · Wilmington, Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Toll Brothers reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate office, which we lease from an unrelated party, contains approximately 163,000 square feet and is located in Fort Washington, Pennsylvania.
The rest of Item 2
Manufacturing/Distribution Facilities
We own manufacturing facilities of approximately 225,000 square feet located in Morrisville, Pennsylvania; approximately 150,000 square feet located in Emporia, Virginia; approximately 30,500 square feet in Bartow, Florida; and 34,000-square feet in Culpepper, Virginia. We also lease, from unrelated parties, a facility of approximately 56,000 square feet located in Fairless Hills, Pennsylvania and two facilities of approximately 38,000 square feet, on a combined basis, located in Westfield, Massachusetts. At these facilities, our Toll Integrated Systems subsidiary manufactures open wall panels, roof and floor trusses, and certain interior and exterior millwork to supply a portion of our construction needs. These facilities supply components used in our North, Mid-Atlantic, and portions of our South geographic regions. These operations also permit us to purchase wholesale lumber, sheathing, windows, doors, certain other interior and exterior millwork, and other building materials to supply to our communities. We believe that increased efficiencies, cost savings, quality control and productivity result from the operation of these plants and from the wholesale purchase of materials.
Toll Brothers was founded in 1967 in Pennsylvania by Robert I. Toll and Bruce E. Toll. Robert received a law degree from University of Pennsylvania and his B.A. from Cornell University, while his brother Bruce had an accounting degree from the University of Miami. Their father, Albert, built homes and the brothers believed that the new home industry had more to offer. Bruce was 26 and Robert was 27 at the time.
Toll Brothers was incorporated as a Delaware corporation with a public offering raising $40 million.
In addition to single-family, carriage house/townhouse and condominium residences, Toll Brothers offers rental apartments (Apartment Living division) and luxury student housing (Campus Living division). They also operate various ancillary businesses including mortgage, insurance, home automation/security, and landscaping.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
439 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 265 insider forms, 27 large holders, 84 other. The latest 20:
98 open-market trades by officers, directors and large owners since October 2021: 1 buys and 97 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Dec 19, 2025 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Toll Brothers names in Item 1A of its 10-K filed Dec 19, 2025: 29 risks under these headings, as written.18
Risks Related to Our Business and Industry
Housing market demand fluctuations have adversely affected, and may continue to adversely affect our business, results of operations, and financial condition.
Adverse changes in economic conditions in markets where we conduct our operations and where prospective purchasers of our homes live could reduce the demand for homes and, as a result, could adversely affect our business, results of operations, and financial condition.
Significant inflation, higher interest rates or deflation could adversely affect our business and financial results.
The risks associated with our land, lot and rental inventory could adversely affect our business or financial results.
If land is not available at reasonable prices, our sales and results of operations could decrease.
Our ability to execute on our business strategies is uncertain, and we may be unable to achieve our goals.
Negative publicity could adversely impact sales, which could cause our revenues or results of operations to decline.
A significant portion of our revenues and income from operations is generated from California.
The construction cycle for mid-rise, high-rise and multifamily building is generally longer than that of single family detached homes, which puts us at greater risk of construction delays and changing market conditions that could adversely affect our operating results in this part of our business.
Our condominium and rental multi-unit buildings are subject to fluctuations in delivery volume due to their extended construction time, levels of pre-sales and lease-up, and quick delivery of units once buildings are complete.
Increases in cancellations of existing agreements of sale could have an adverse effect on our business.
The other 18 risks
The home building industry is highly competitive, and, if other home builders are more successful or offer better value to our customers, our business could decline.
We rely on subcontractors to develop our land and construct our homes and on building supply companies to supply components for the construction of our homes. The failure of our subcontractors to properly construct our homes and adopt appropriate jobsite safety practices, or defects in the components we obtain from building supply companies could have an adverse effect on us.
We participate in certain joint ventures where we may be adversely impacted by the actions of the joint venture or its participants.
Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses, or limit our home building activities, which could have a negative impact on our operations.
Product liability claims and litigation and warranty claims that arise in the ordinary course of business may be costly, which could adversely affect our business.
Our quarterly operating results may fluctuate due to the seasonal nature of our business.
Increases in taxes or government fees could increase our costs, and adverse changes in tax laws or their interpretation could reduce demand for our homes and negatively affect our operating results.
We are subject to extensive environmental regulations, which may cause us to incur additional operating expenses, subject us to longer construction cycle times, or result in material fines or harm to our reputation.
Failure by our employees or representatives to comply with laws and regulations may harm us.
Component shortages and increased costs of labor and supplies are beyond our control and can result in delays and increased costs to develop our communities.
Risks Related to Indebtedness and Financing
If we are not able to obtain suitable financing, or if the interest rates on our debt are increased, or if our credit ratings are lowered, our business and results of operations may decline.
If home buyers are not able to obtain suitable financing, our results of operations may decline.
If our ability to resell mortgages to investors is impaired, our home buyers may be required to find alternative financing.
Risks Related to Other Events and Factors
Public health issues such as a major epidemic or pandemic could adversely affect our business or financial results.
Adverse weather conditions, natural disasters, and other conditions could disrupt the development of our communities, which could harm our sales and results of operations.
General Risk Factors
Increased domestic or international instability could have an adverse effect on our operations.
We could be adversely impacted by the loss of key management personnel or if we fail to attract qualified personnel.
Information technology failures and data security breaches could harm our business.
Legal proceedings
We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made and that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition.
