/TOLFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $11.0B | $2.8B | 25.1% | $1.3B | $14.18 | $14.5B | $8.3B |
| FY2024 | $10.8B | $3.0B | 27.9% | $1.6B | $14.88 | $13.4B | $7.7B |
| FY2023 | $10.0B | $2.6B | 26.4% | $1.4B | $12.43 | $12.5B | $6.8B |
| FY2022 | $10.3B | $2.5B | 24.2% | $1.3B | $11.46 | $12.3B | $6.0B |
| FY2021 | $8.8B | $1.9B | 22.1% | $834M | $6.63 | $11.5B | $5.3B |
| FY2020 | $7.1B | $1.4B | 20.0% | $447M | $3.50 | $11.1B | $4.9B |
| FY2019 | $7.2B | $1.4B | 19.6% | $590M | $4.03 | $10.8B | $5.1B |
| FY2018 | $7.1B | $1.6B | 21.7% | $748M | $4.85 | $10.2B | $4.8B |
| FY2017 | $5.8B | $1.3B | 22.3% | $535M | $3.17 | $9.4B | $4.5B |
| FY2016 | $5.2B | $1.2B | 23.0% | $382M | $2.18 | $9.7B | $4.2B |
| FY2015 | $4.2B | $980M | 23.5% | $363M | $1.97 | $9.2B | $4.2B |
| FY2014 | $3.9B | $934M | 23.9% | $340M | $1.84 | $8.4B | $3.9B |
Builder Operating KPIsExtracted from earnings releases
| Period | Orders | Closings | Cancel % | Backlog | Backlog $ | ASP | Communities | Lots Owned | Lots Ctrl | Inventory | Specs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | 2,303 | 1,899 | 2.8% | 5,051 | $6.0B | $977K | 445 | 33,600 | 75,000 | — | — |
| Q4 FY2025 | 2,598 | 3,443 | 4.3% | 4,647 | $5.5B | $990K | 446 | 33,000 | 76,100 | — | — |
| Q3 FY2025 | 2,388 | 2,959 | 3.2% | 5,492 | $6.4B | $980K | 420 | 32,800 | 76,800 | — | — |
| Q2 FY2025 | 2,650 | 2,899 | 2.8% | 6,063 | $6.8B | $935K | 421 | 34,500 | 78,600 | — | — |
| Q1 FY2025 | 2,307 | 1,991 | 2.4% | 6,312 | $6.9B | $924K | 406 | 33,900 | 77,700 | — | — |
| Q4 FY2024 | 2,658 | 3,431 | 2.5% | 5,996 | $6.5B | $950K | 408 | 34,000 | 74,700 | — | — |
| Q3 FY2024 | 2,490 | 2,814 | 2.4% | 6,769 | $7.1B | $967K | 404 | 36,300 | 72,700 | — | — |
| Q2 FY2024 | 3,041 | 2,641 | 2.8% | 7,093 | $7.4B | $1003K | 386 | 37,000 | 71,800 | — | — |
| Q1 FY2024 | 2,042 | 1,927 | 2.9% | 6,693 | $7.1B | $1002K | 377 | 36,000 | 70,400 | — | — |
| Q4 FY2023 | 2,038 | 2,755 | 3.4% | 6,578 | $7.0B | $994K | 370 | 35,500 | 70,700 | — | — |
| Q3 FY2023 | 2,245 | 2,524 | 3.2% | 7,295 | $7.9B | $1058K | 345 | 35,200 | 70,200 | — | — |
| Q2 FY2023 | 2,333 | 2,492 | 3.9% | 7,574 | $8.4B | $999K | 350 | 36,300 | 71,300 | — | — |
| Q1 FY2023 | 1,461 | 1,826 | 3.0% | 7,733 | $8.6B | $958K | 328 | 36,900 | 71,300 | — | — |
| Q4 FY2022 | 1,186 | 3,765 | 2.9% | 8,098 | $8.9B | $956K | 348 | 37,700 | 76,000 | — | — |
| Q3 FY2022 | 1,266 | 2,414 | 1.6% | 10,725 | $11.2B | $936K | 332 | 39,900 | 82,100 | — | — |
| Q2 FY2022 | 2,874 | 2,407 | 1.0% | 11,768 | $11.7B | $910K | 328 | 40,700 | 85,800 | — | — |
| Q1 FY2022 | 2,929 | 1,929 | 1.4% | 11,302 | $10.8B | $876K | 325 | 39,700 | 86,500 | — | — |
| Q4 FY2021 | 2,957 | 3,341 | 1.3% | 10,302 | $9.5B | $860K | 340 | 80,900 | 83,000 | — | — |
| Q3 FY2021 | 3,154 | 2,597 | 1.0% | 10,661 | $9.4B | $840K | 314 | 79,500 | 80,000 | — | — |
| Q2 FY2021 | 3,487 | 2,271 | 1.6% | 10,104 | $8.7B | $810K | 320 | 74,500 | 74,500 | — | — |
Source: SEC 8-K earnings releases, extracted via regex with provenance tracking. Showing most recent 20 quarters.
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q1 FY2026
Score: +0.40
Net signed contracts were flat in units but up 3% in dollars with a higher average sales price, indicating stable demand with some pricing strength.
Adjusted gross margin slightly declined year-over-year but beat guidance, with SG&A improving versus guidance despite some margin compression.
No explicit labor issues mentioned; stable operations imply manageable labor availability and wage conditions.
Company controls approximately 75,000 lots with plans to grow community count 8-10%, reflecting a strong land position despite slight lot count decline.
Management maintained full-year guidance, highlighted strong execution, and emphasized solid balance sheet and liquidity, signaling confident outlook.
Risks noted include mortgage rate volatility, economic conditions, and land cost inflation, but these are framed as manageable uncertainties.
Recent Trend
Sentiment for Toll Brothers shifted from cautious optimism in Q3 FY2025, marked by resilient pricing amid affordability pressures and margin challenges, to a neutral stance in Q4 FY2025 with limited commentary on demand, margins, and land, though management confidence remained steady. By Q1 FY2026, the outlook grew notably optimistic, supported by stable demand with pricing strength, improved margin performance relative to guidance, and a robust land position, while management expressed heightened confidence despite ongoing manageable risks. Overall, the trajectory reflects increasing confidence and operational stability amid persistent but contained market uncertainties.
Builder vs. Industry Sentiment
Orange = TOL · Gray = Industry average (Q1 FY2026)