Toll Brothers Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Toll Brothers has an operating margin of 15.7%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 78/100, reflecting efficient cost management and pricing power. This is down from 18.8% the prior year.
Toll Brothers's revenue grew a modest 1.1% year-over-year to $11.0B. This slow but positive growth earns a score of 32/100.
Toll Brothers carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.
Toll Brothers has a free cash flow margin of 9.4%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.
Toll Brothers earns a strong 16.3% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is down from 20.2% the prior year.
Toll Brothers passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Toll Brothers generates $0.83 in operating cash flow ($1.1B OCF vs $1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Toll Brothers (TOL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Toll Brothers generated $11.0B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Toll Brothers's EBITDA was $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 15.0% from the prior year.
Toll Brothers generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 9.6% from the prior year.
Toll Brothers reported $1.3B in net income in fiscal year 2025. This represents a decrease of 14.3% from the prior year.
Toll Brothers earned $13.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.1% from the prior year.
Toll Brothers held $1.3B in cash against $0 in long-term debt as of fiscal year 2025.
Toll Brothers paid $0.98 per share in dividends in fiscal year 2025. This represents an increase of 8.9% from the prior year.
Toll Brothers had 95M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.
Toll Brothers's gross margin was 25.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Toll Brothers's operating margin was 15.7% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.
Toll Brothers's net profit margin was 12.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.
Toll Brothers's ROE was 16.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.9 percentage points from the prior year.
Toll Brothers spent $651.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 3.8% from the prior year.
Toll Brothers invested $86.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 17.0% from the prior year.
TOL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B+7.5% | $2.7B+47.3% | $1.9B-31.8% | $2.7B-3.9% | $2.8B+45.7% | $1.9B-27.5% | $2.7B+7.2% | $2.5B |
| Cost of Revenue | $2.2B+8.4% | $2.0B+45.3% | $1.4B-29.5% | $2.0B+0.5% | $2.0B+40.2% | $1.4B-27.5% | $1.9B+4.8% | $1.9B |
| Gross Profit | $741.4M+5.1% | $705.4M+53.5% | $459.5M-38.1% | $742.0M-13.8% | $861.2M+59.9% | $538.5M-27.6% | $744.1M+13.9% | $653.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $253.7M-0.8% | $255.8M+6.4% | $240.4M-1.8% | $244.8M+3.0% | $237.7M+3.3% | $230.0M+0.5% | $229.0M+0.6% | $227.5M |
| Operating Income | $487.7M+8.5% | $449.7M+105.2% | $219.1M-55.9% | $497.2M-20.3% | $623.5M+102.2% | $308.4M-40.1% | $515.1M+21.0% | $425.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $129.9M+3.9% | $125.1M+186.3% | $43.7M-66.1% | $129.0M-23.3% | $168.2M+134.9% | $71.6M-48.2% | $138.2M+25.2% | $110.4M |
| Net Income | $446.7M+26.7% | $352.4M+98.3% | $177.7M-62.6% | $475.4M-1.3% | $481.6M+101.0% | $239.6M-46.2% | $445.5M+39.1% | $320.2M |
| EPS (Diluted) | $4.58+30.9% | $3.50+100.0% | $1.75-62.2% | $4.63+1.8% | $4.55+102.2% | $2.25-45.3% | $4.11+44.2% | $2.85 |
TOL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.5B+2.3% | $14.2B+4.2% | $13.6B+1.9% | $13.4B+0.9% | $13.3B+5.8% | $12.5B0.0% | $12.5B+4.5% | $12.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.3B+83.4% | $686.5M+19.4% | $574.8M-55.9% | $1.3B+26.4% | $1.0B+36.5% | $754.8M-41.9% | $1.3B+70.6% | $761.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.2B0.0% | $6.2B+7.2% | $5.8B+2.3% | $5.7B-4.1% | $5.9B+8.0% | $5.5B-4.0% | $5.7B+2.9% | $5.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $8.3B+4.1% | $7.9B+2.0% | $7.8B+1.6% | $7.7B+5.0% | $7.3B+4.1% | $7.0B+3.3% | $6.8B+5.9% | $6.4B |
| Retained Earnings | $8.6B-0.7% | $8.6B+3.9% | $8.3B+1.9% | $8.2B+10.9% | $7.4B+6.6% | $6.9B+3.3% | $6.7B+0.7% | $6.6B |
TOL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $800.0M+120.5% | $362.8M+186.2% | -$420.8M-161.7% | $682.5M+48.7% | $459.0M+249.5% | -$307.0M-151.9% | $591.4M+17.5% | $503.3M |
| Capital Expenditures | $27.8M+78.5% | $15.6M-10.0% | $17.3M-4.8% | $18.2M+12.8% | $16.1M+18.7% | $13.6M-28.0% | $18.9M-4.8% | $19.8M |
| Free Cash Flow | $772.2M+122.4% | $347.3M+179.3% | -$438.1M-165.9% | $664.3M+50.0% | $442.9M+238.2% | -$320.6M-156.0% | $572.5M+18.4% | $483.5M |
| Investing Cash Flow | -$69.9M-2.3% | -$68.3M+42.8% | -$119.5M-131.6% | -$51.6M-24.8% | -$41.3M+30.4% | -$59.4M-249.8% | -$17.0M+43.0% | -$29.8M |
| Financing Cash Flow | -$329.5M-77.3% | -$185.9M-4.9% | -$177.2M+20.8% | -$223.8M-71.9% | -$130.2M+26.9% | -$178.0M+43.1% | -$312.8M+37.8% | -$502.8M |
| Dividends Paid | $23.8M-3.5% | $24.6M+0.9% | $24.4M+5.8% | $23.1M-3.1% | $23.8M+2.3% | $23.3M+5.7% | $22.0M-6.0% | $23.4M |
| Share Buybacks | $246.7M+36.2% | $181.2M+662.8% | $23.7M-88.3% | $203.5M+13.0% | $180.0M+321376.8% | $56K-100.0% | $322.3M+284.9% | $83.7M |
TOL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.2%-0.6pp | 25.8%+1.0pp | 24.7%-2.5pp | 27.2%-3.1pp | 30.3%+2.7pp | 27.6%-0.1pp | 27.7%+1.6pp | 26.1% |
| Operating Margin | 16.6%+0.1pp | 16.4%+4.6pp | 11.8%-6.4pp | 18.2%-3.7pp | 22.0%+6.1pp | 15.8%-3.3pp | 19.2%+2.2pp | 17.0% |
| Net Margin | 12.6%-0.3pp | 12.9%+3.3pp | 9.6%-4.2pp | 13.7%-3.2pp | 17.0%+4.7pp | 12.3%-3.1pp | 15.4%+2.7pp | 12.8% |
| Return on Equity | 5.4%+1.0pp | 4.4%+2.1pp | 2.3%-3.9pp | 6.2%-0.4pp | 6.6%+3.2pp | 3.4%-3.1pp | 6.6%+1.6pp | 5.0% |
| Return on Assets | 3.1%+0.6pp | 2.5%+1.2pp | 1.3%-2.3pp | 3.6%-0.1pp | 3.6%+1.7pp | 1.9%-1.7pp | 3.6%+0.9pp | 2.7% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.75-0.0 | 0.78+0.0 | 0.750.0 | 0.74-0.1 | 0.81+0.0 | 0.78-0.1 | 0.84-0.0 | 0.86 |
| FCF Margin | 11.7%-1.0pp | 12.7%+36.2pp | -23.6%-29.0pp | 5.5%-10.1pp | 15.6%+32.1pp | -16.5%-35.6pp | 19.2%-0.1pp | 19.3% |
Similar Companies
Frequently Asked Questions
What is Toll Brothers's annual revenue?
Toll Brothers (TOL) reported $11.0B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Toll Brothers's revenue growing?
Toll Brothers (TOL) revenue grew by 1.1% year-over-year, from $10.8B to $11.0B in fiscal year 2025.
Is Toll Brothers profitable?
Yes, Toll Brothers (TOL) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 12.3%.
What is Toll Brothers's earnings per share (EPS)?
Toll Brothers (TOL) reported diluted earnings per share of $13.49 for fiscal year 2025. This represents a -10.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Toll Brothers's EBITDA?
Toll Brothers (TOL) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Toll Brothers's gross margin?
Toll Brothers (TOL) had a gross margin of 25.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Toll Brothers's operating margin?
Toll Brothers (TOL) had an operating margin of 15.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Toll Brothers's net profit margin?
Toll Brothers (TOL) had a net profit margin of 12.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Toll Brothers pay dividends?
Yes, Toll Brothers (TOL) paid $0.98 per share in dividends during fiscal year 2025.
What is Toll Brothers's return on equity (ROE)?
Toll Brothers (TOL) has a return on equity of 16.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Toll Brothers's free cash flow?
Toll Brothers (TOL) generated $1.0B in free cash flow during fiscal year 2025. This represents a 9.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Toll Brothers's operating cash flow?
Toll Brothers (TOL) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Toll Brothers's total assets?
Toll Brothers (TOL) had $14.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Toll Brothers's capital expenditures?
Toll Brothers (TOL) invested $86.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Toll Brothers buy back shares?
Yes, Toll Brothers (TOL) spent $651.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Toll Brothers have outstanding?
Toll Brothers (TOL) had 95M shares outstanding as of fiscal year 2025.
What is Toll Brothers's debt-to-equity ratio?
Toll Brothers (TOL) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Toll Brothers's return on assets (ROA)?
Toll Brothers (TOL) had a return on assets of 9.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Toll Brothers's Piotroski F-Score?
Toll Brothers (TOL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Toll Brothers's earnings high quality?
Toll Brothers (TOL) has an earnings quality ratio of 0.83x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Toll Brothers?
Toll Brothers (TOL) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.