Here are the DEF 14A proxy statements from Toll Brothers, Inc. (TOL) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A DEF 14A covers the proxy statement, with executive pay and the shareholder votes, 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. has called its 2026 Annual Meeting for March 10, 2026. Stockholders will vote on electing nine directors, ratifying Ernst & Young LLP as auditor, and approving an advisory say-on-pay resolution for named executive officer compensation.
The proxy highlights a strong fiscal 2025: Toll Brothers delivered 11,292 homes at an average price of $960,000, generating a record $10.8 billion in home sales revenue, a 25.6% gross margin, and selling, general and administrative expenses of 9.5% of home sales revenue. Diluted earnings per share were $13.49 versus $15.01 in 2024, when results included $1.19 from a single land sale.
The company produced $1.1 billion of operating cash flow, returned about $750 million to stockholders via repurchases and dividends, and earned a 17.6% return on beginning equity. Community count increased 9% to 446, and total liquidity ended the year at $3.5 billion. Toll Brothers is exiting its Apartment Living business, having sold roughly half, including the operating platform, for $380 million, with remaining assets to be sold over the next few years.
The proxy also details leadership succession. Karl K. Mistry is scheduled to become chief executive officer on March 30, 2026, with current Chairman and CEO Douglas C. Yearley, Jr. transitioning to Executive Chairman. Gregg L. Ziegler became chief financial officer on November 1, 2025. The Board emphasizes its focus on refreshment, independence, and strong governance practices, including majority voting for directors, annual elections, stock ownership guidelines, and a prohibition on hedging and pledging of company securities.