Here are the 10-K annual reports from Toll Brothers, Inc. (TOL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow TOL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TOL filings page.
Toll Brothers, Inc. describes its luxury homebuilding business and overall position for the fiscal year ended October 31, 2025. The Company operates in 24 states and Washington, D.C., offering single-family, attached, master-planned and urban high-rise communities across a wide range of price points. In the five years ended October 31, 2025, it delivered 52,203 homes, including 11,292 homes from 556 communities in fiscal 2025, and was selling from 446 communities at year-end.
Backlog was $5.49 billion, or 4,647 homes, at October 31, 2025, and approximately 98% of these homes are expected to be delivered in fiscal 2026. The Company controlled approximately 76,100 home sites it owned or optioned and had 500 operating communities with 24,875 available home sites. Toll Brothers is increasing the share of quick move-in spec homes, which represented 54% of fiscal 2025 deliveries, and continues to target luxury first-time, move-up, empty-nester, active-adult, and second-home buyers.
Apart from for-sale housing, Toll Brothers develops for-rent apartment and student housing communities through joint ventures. On September 18, 2025, it announced an exit from the multifamily development business, beginning with the sale of interests in approximately half of its Apartment Living portfolio and its operating platform to Kennedy Wilson for a purchase price of approximately $380 million, a transaction substantially completed in December 2025. Toll Brothers plans to sell its remaining multifamily interests over time while Kennedy Wilson assumes management of the retained for-rent properties.