What is Toll Brothers' operating income?

Toll Brothers' total operating income in 2025 was $1.72 billion, based on the following breakdown: Total Gross Profit: $2.75 billion Total Operating Expenses: $1.03 billion

Toll Brothers (TOL) Financials

$137.66 -1.87 (-1.34%)

Closing price 03:58 PM Eastern

Extended Trading

$135.00 -2.66 (-1.93%)

As of 08:00 PM Eastern

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Annual Income Statements for Toll Brothers

This table shows Toll Brothers' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Income / (Loss) Attributable to Common Shareholders	363	382	535	751	583	447	834	1,287	1,372	1,571	1,346
Consolidated Net Income / (Loss)	363	382	535	748	590	447	834	1,287	1,372	1,571	1,346
Net Income / (Loss) Continuing Operations	363	382	535	748	590	447	834	1,287	1,372	1,571	1,346
Total Pre-Tax Income	536	589	814	934	787	587	1,100	1,704	1,842	2,086	1,791
Total Operating Income	447	492	647	786	681	550	1,021	1,509	1,725	2,040	1,721
Total Gross Profit	902	1,025	1,253	1,606	1,560	1,418	1,943	2,486	2,634	3,022	2,754
Total Revenue	4,171	5,170	5,815	7,143	7,224	7,078	8,790	10,276	9,995	10,847	10,967
Operating Revenue	4,171	5,170	5,815	7,143	7,224	7,078	8,790	10,276	9,995	10,847	10,967
Total Cost of Revenue	3,269	4,144	4,562	5,537	5,664	5,660	6,847	7,789	7,361	7,824	8,212
Operating Cost of Revenue	3,269	4,144	4,562	5,537	5,664	5,660	6,847	7,789	7,361	7,824	8,212
Total Operating Expenses	455	533	606	820	879	867	922	978	909	982	1,034
Selling, General & Admin Expense	455	533	606	820	879	867	922	978	909	982	1,034
Total Other Income / (Expense), net	89	97	167	148	106	37	79	195	118	45	71
Interest & Investment Income	21	41	116	85	25	0.95	74	24	50	-24	19
Other Income / (Expense), net	68	56	51	62	82	36	41	171	68	69	52
Income Tax Expense	172	207	279	186	197	140	267	417	470	514	445
Basic Earnings per Share	$2.06	$2.27	$3.30	$4.92	$4.07	$3.43	$6.72	$11.02	$12.47	$15.16	$13.60
Weighted Average Basic Shares Outstanding	176.43M	168.26M	162.22M	151.98M	145.01M	130.10M	124.10M	116.77M	110.02M	103.65M	98.98M
Diluted Earnings per Share	$1.97	$2.18	$3.17	$4.85	$4.03	$3.40	$6.63	$10.90	$12.36	$15.01	$13.49
Weighted Average Diluted Shares Outstanding	184.70M	175.97M	169.49M	154.20M	146.50M	131.25M	125.81M	117.98M	111.01M	104.69M	99.78M
Weighted Average Basic & Diluted Shares Outstanding	176.30M	168.30M	162.30M	152.10M	138.70M	249.68M	240.72M	221.45M	208.22M	100.04M	95.00M
Cash Dividends to Common per Share	-	-	$0.24	$0.41	$0.44	$0.44	$0.62	$0.77	$0.83	$0.90	$0.98

This table shows Toll Brothers' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Income / (Loss) Attributable to Common Shareholders	446	240	482	375	475	178	352	370	447	211	261
Consolidated Net Income / (Loss)	446	240	482	375	475	178	352	370	447	211	261
Net Income / (Loss) Continuing Operations	446	240	482	375	475	178	352	370	447	211	261
Total Pre-Tax Income	605	311	650	504	621	221	478	500	593	274	350
Total Operating Income	559	308	624	497	611	219	450	488	564	219	347
Total Gross Profit	800	538	861	742	881	460	705	741	848	477	605
Total Revenue	3,020	1,948	2,837	2,728	3,333	1,859	2,739	2,945	3,423	2,146	2,531
Operating Revenue	3,020	1,948	2,837	2,728	3,333	1,859	2,739	2,945	3,423	2,146	2,531
Total Cost of Revenue	2,220	1,409	1,976	1,986	2,453	1,400	2,034	2,204	2,576	1,669	1,926
Operating Cost of Revenue	2,220	1,409	1,976	1,986	2,453	1,400	2,034	2,204	2,576	1,669	1,926
Total Operating Expenses	241	230	238	245	270	240	256	254	284	258	258
Selling, General & Admin Expense	241	230	238	245	270	240	256	254	284	258	258
Total Other Income / (Expense), net	46	2.75	26	6.44	10	2.25	28	12	29	55	3.72
Interest & Investment Income	29	-9.17	5.89	-11	-10	-8.74	11	-1.01	17	35	-17
Other Income / (Expense), net	17	12	20	17	20	11	16	13	12	19	20
Income Tax Expense	159	72	168	129	146	44	125	130	146	63	90
Basic Earnings per Share	$4.10	$2.28	$4.60	$3.64	$4.64	$1.76	$3.53	$3.76	$4.55	$2.20	$2.74
Weighted Average Basic Shares Outstanding	110.02M	105.12M	104.79M	102.98M	103.65M	100.83M	99.89M	98.43M	98.98M	95.70M	95.14M
Diluted Earnings per Share	$4.08	$2.25	$4.55	$3.60	$4.61	$1.75	$3.50	$3.73	$4.51	$2.19	$2.72
Weighted Average Diluted Shares Outstanding	111.01M	106.27M	105.80M	104.01M	104.69M	101.83M	100.59M	99.17M	99.78M	96.50M	95.76M
Weighted Average Basic & Diluted Shares Outstanding	208.22M	208.34M	205.30M	201.94M	100.04M	99.44M	98.18M	96.38M	95.00M	94.71M	93.47M
Cash Dividends to Common per Share	-	$0.21	$0.23	$0.23	-	$0.23	$0.25	$0.25	-	$0.25	$0.26

This table details how cash moves in and out of Toll Brothers' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Change in Cash & Equivalents	333	-285	2,408	3,348	2,265	77	288	-286	-54	26	-31
Net Cash From Operating Activities	2,119	2,704	3,293	3,481	2,092	1,008	1,303	987	1,266	1,010	1,112
Net Cash From Continuing Operating Activities	60	151	862	588	2,092	1,008	1,303	987	1,266	1,010	1,112
Net Income / (Loss) Continuing Operations	363	382	535	748	590	447	834	1,287	1,372	1,571	1,346
Consolidated Net Income / (Loss)	363	382	535	748	590	447	834	1,287	1,372	1,571	1,346
Depreciation Expense	24	23	25	25	72	69	76	77	76	81	82
Non-Cash Adjustments To Reconcile Net Income	20	-120	173	27	1,693	80	36	124	214	80	166
Changes in Operating Assets and Liabilities, net	-347	-134	128	-212	242	412	357	-501	-396	-723	-482
Net Cash From Investing Activities	-53	8.21	-7.69	81	-158	-178	-4.24	-153	-151	-168	-310
Net Cash From Continuing Investing Activities	-53	8.21	-7.69	81	-158	-179	-5.54	-154	-151	-168	-310
Purchase of Property, Plant & Equipment	-9.45	-28	-29	-28	-	-110	-67	-72	-73	-74	-86
Acquisitions	-124	-70	-205	-27	-	-132	-222	-227	-216	-193	-310
Sale of Property, Plant & Equipment	-	-	0.00	0.00	87	16	80	28	26	1.14	0.00
Divestitures	3.85	-	-	-	219	-	-	-	0.00	0.00	5.35
Sale and/or Maturity of Investments	79	107	227	138	148	47	204	117	113	101	82
Other Investing Activities, net	-	-	-	-	-	-0.70	-0.65	-0.20	0.00	-3.24	-1.68
Net Cash From Financing Activities	325	-444	-878	-214	330	-753	-1,011	-1,120	-1,170	-816	-834
Net Cash From Continuing Financing Activities	325	-444	-878	-214	330	-753	-1,011	-1,120	-1,170	-816	-834
Repayment of Debt	-1,963	-2,502	-2,691	-2,694	-	-4,113	-3,719	-4,766	-3,645	-3,845	-5,050
Repurchase of Common Equity	-57	-393	-291	-503	-	-634	-378	-543	-562	-627	-651
Payment of Dividends	-0.79	0.40	-39	-62	64	-58	-82	-115	-91	-93	-96
Issuance of Debt	2,304	2,443	2,077	3,031	5,571	4,027	3,158	4,305	3,079	3,745	5,023
Other Financing Activities, net	41	6.99	66	13	-	25	10	-0.69	48	4.13	-59

This table details how cash moves in and out of Toll Brothers' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Change in Cash & Equivalents	262	-544	288	-124	414	-717	109	177	401	-62	-105
Net Cash From Operating Activities	591	-307	459	176	683	-421	363	370	800	7.27	134
Net Cash From Continuing Operating Activities	591	-307	459	176	683	-421	363	370	800	7.27	134
Net Income / (Loss) Continuing Operations	446	240	482	375	475	178	352	370	447	211	261
Consolidated Net Income / (Loss)	446	240	482	375	475	178	352	370	447	211	261
Depreciation Expense	22	16	19	20	26	17	21	22	22	16	17
Non-Cash Adjustments To Reconcile Net Income	-9.17	71	-15	32	-7.46	148	-88	57	49	78	46
Changes in Operating Assets and Liabilities, net	133	-634	-26	-251	189	-764	77	-78	282	-298	-189
Net Cash From Investing Activities	-17	-59	-41	-15	-52	-119	-68	-52	-70	188	-45
Net Cash From Continuing Investing Activities	-17	-59	-41	-15	-45	-119	-68	-52	-70	188	-45
Purchase of Property, Plant & Equipment	-19	-14	-16	-26	-18	-17	-16	-25	-28	-19	-24
Acquisitions	-54	-59	-41	-35	-59	-119	-61	-70	-59	-62	-44
Sale and/or Maturity of Investments	39	13	16	45	27	18	9.75	37	17	65	23
Other Investing Activities, net	-	0.00	-	-0.26	4.22	-1.81	-1.32	6.77	-5.31	-1.01	0.06
Net Cash From Financing Activities	-313	-178	-130	-284	-224	-177	-186	-141	-330	-257	-194
Net Cash From Continuing Financing Activities	-313	-178	-130	-283	-226	-177	-186	-141	-330	-257	-194
Repayment of Debt	-636	-890	-881	-1,095	-979	-930	-1,288	-1,768	-1,065	-661	-712
Repurchase of Common Equity	-322	-0.06	-180	-243	-204	-24	-181	-199	-247	-50	-180
Payment of Dividends	-22	-23	-24	-23	-23	-24	-25	-24	-24	-29	-24
Issuance of Debt	666	745	949	1,076	976	823	1,285	1,849	1,066	479	729
Other Financing Activities, net	1.18	-9.28	5.74	-	-	-23	23	0.97	-60	4.70	-7.24

This table presents Toll Brothers' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Total Assets	9,207	9,737	9,445	10,245	10,828	11,066	11,538	12,289	12,527	13,368	14,520
Total Current Assets	8,262	8,570	8,539	9,331	9,895	10,010	10,292	10,827	11,049	11,607	12,913
Cash & Equivalents	919	634	713	1,182	1,286	1,371	1,638	1,347	1,300	1,303	1,259
Accounts Receivable	336	583	545	551	715	956	738	747	691	591	555
Inventories, net	6,998	7,354	7,281	7,598	7,873	7,659	7,916	8,733	9,058	9,713	10,678
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	421
Plant, Property, & Equipment, net	137	170	190	193	273	316	310	288	324	453	273
Total Noncurrent Assets	807	997	717	720	659	740	935	1,174	1,154	1,308	1,333
Long-Term Investments	430	528	482	432	366	431	599	852	959	1,007	1,026
Noncurrent Note & Lease Receivables	123	249	133	171	219	232	247	185	111	191	201
Other Noncurrent Operating Assets	56	53	102	118	74	77	89	136	85	110	107
Total Liabilities & Shareholders' Equity	9,207	9,737	9,445	10,245	10,828	11,066	11,538	12,289	12,527	13,368	14,520
Total Liabilities	4,978	5,502	4,908	5,476	5,709	6,138	6,197	6,267	5,714	5,681	6,234
Total Current Liabilities	1,288	1,936	1,808	1,928	1,788	2,329	2,782	3,086	2,953	2,848	3,596
Short-Term Debt	100	210	120	150	-	149	148	149	100	-	150
Accounts Payable	237	282	275	362	349	411	562	619	598	492	616
Accrued Expenses	608	1,072	959	974	951	1,110	1,220	1,346	1,549	1,753	2,062
Customer Deposits	284	309	396	411	386	459	636	681	541	-	419
Current Deferred & Payable Income Tax Liabilities	59	63	58	31	103	199	215	291	166	115	177
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	172
Total Noncurrent Liabilities	3,690	3,565	3,100	3,548	3,921	3,810	3,416	3,181	2,760	2,833	2,638
Long-Term Debt	3,690	3,565	3,100	3,548	3,921	3,810	3,416	3,181	2,760	2,833	2,638
Total Equity & Noncontrolling Interests	4,228	4,235	4,537	4,769	5,119	4,927	5,340	6,022	6,813	7,687	8,286
Total Preferred & Common Equity	4,223	4,229	4,531	4,760	5,072	4,875	5,295	6,006	6,797	7,671	8,271
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,223	4,229	4,531	4,760	5,072	4,875	5,295	6,006	6,797	7,671	8,271
Common Stock	730	730	722	729	728	719	716	718	700	696	688
Retained Earnings	3,595	3,977	4,474	5,162	4,774	5,164	4,970	6,167	6,676	8,153	8,575
Treasury Stock	-100	-475	-663	-1,131	-425	-1,000	-392	-916	-619	-1,210	-1,015
Accumulated Other Comprehensive Income / (Loss)	-2.51	-3.34	-1.91	0.69	-5.83	-7.20	1.11	38	41	31	22
Noncontrolling Interest	5.52	5.91	5.90	8.71	47	52	45	16	16	16	15

This table presents Toll Brothers' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	1/31/2024	4/30/2024	7/31/2024	1/31/2025	4/30/2025	7/31/2025	1/31/2026	4/30/2026
Total Assets	11,985	11,989	12,354	12,522	13,250	13,360	13,622	14,196	14,397	14,432	14,533
Total Current Assets	10,567	10,567	10,976	11,038	11,682	11,669	11,848	12,265	12,526	12,948	13,027
Cash & Equivalents	792	762	1,033	755	1,031	893	575	686	852	1,203	1,106
Accounts Receivable	676	698	740	702	724	578	596	583	603	541	544
Inventories, net	9,099	9,108	9,204	9,581	9,927	10,198	10,678	10,995	11,072	11,204	11,378
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Plant, Property, & Equipment, net	294	298	294	322	321	459	455	450	449	277	284
Total Noncurrent Assets	1,124	1,208	1,172	1,162	1,247	1,231	1,319	1,481	1,422	1,208	1,222
Long-Term Investments	909	972	990	996	1,002	984	1,107	1,172	1,122	956	955
Noncurrent Note & Lease Receivables	83	113	80	73	136	138	100	196	185	130	141
Other Noncurrent Operating Assets	133	124	102	93	109	110	113	113	114	121	125
Total Liabilities & Shareholders' Equity	11,985	11,989	12,354	12,522	13,250	13,360	13,622	14,196	14,397	14,432	14,533
Total Liabilities	5,768	5,554	5,643	5,486	5,926	5,929	5,811	6,231	6,286	6,012	6,047
Total Current Liabilities	2,627	2,822	2,884	2,826	3,216	3,232	3,155	3,581	3,493	3,412	3,402
Short-Term Debt	71	102	71	63	128	125	90	150	150	121	138
Accounts Payable	510	551	572	610	694	675	651	666	620	536	461
Accrued Expenses	1,251	1,334	1,458	1,464	1,637	1,778	1,831	2,089	2,082	2,145	2,159
Customer Deposits	665	663	620	534	543	524	518	515	484	456	472
Current Deferred & Payable Income Tax Liabilities	129	172	164	154	215	130	65	161	157	153	171
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Noncurrent Liabilities	3,141	2,732	2,759	2,661	2,710	2,697	2,656	2,650	2,793	2,600	2,645
Long-Term Debt	3,141	2,732	2,759	2,661	2,710	2,697	2,656	2,650	2,793	2,600	2,645
Total Equity & Noncontrolling Interests	6,217	6,436	6,710	7,036	7,324	7,431	7,811	7,964	8,111	8,420	8,486
Total Preferred & Common Equity	6,201	6,420	6,693	7,019	7,308	7,415	7,796	7,949	8,096	8,409	8,475
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,201	6,420	6,693	7,019	7,308	7,415	7,796	7,949	8,096	8,409	8,475
Common Stock	697	699	697	687	690	694	676	681	685	654	651
Retained Earnings	6,336	6,633	7,024	6,893	7,350	7,701	8,308	8,635	8,980	8,761	8,997
Treasury Stock	-866	-945	-1,067	-598	-772	-1,016	-1,218	-1,395	-1,595	-1,028	-1,192
Accumulated Other Comprehensive Income / (Loss)	34	34	39	37	40	36	30	28	26	21	19
Noncontrolling Interest	16	16	17	16	16	16	16	16	16	11	11

This table displays calculated financial ratios and metrics derived from Toll Brothers' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.64%	23.93%	12.49%	22.84%	1.13%	-2.03%	24.20%	16.90%	-2.73%	8.52%	1.11%
EBITDA Growth	10.60%	6.21%	26.64%	20.78%	-4.52%	-21.53%	73.75%	54.41%	6.37%	17.23%	-15.35%
EBIT Growth	11.01%	6.58%	27.35%	21.54%	-10.18%	-23.13%	81.16%	58.27%	6.68%	17.70%	-15.98%
NOPAT Growth	13.19%	5.39%	33.26%	47.99%	-18.98%	-17.94%	84.71%	47.29%	12.75%	19.66%	-15.85%
Net Income Growth	6.80%	5.21%	40.15%	39.71%	-21.14%	-24.30%	86.65%	54.33%	6.65%	14.51%	-14.30%
EPS Growth	7.07%	10.66%	45.41%	53.00%	-16.91%	-15.63%	95.00%	64.40%	13.39%	21.44%	-10.13%
Operating Cash Flow Growth	8.66%	27.63%	21.78%	5.69%	-39.90%	-51.82%	29.26%	-24.27%	28.34%	-20.24%	10.12%
Free Cash Flow Firm Growth	80.45%	151.43%	448.77%	-52.37%	-107.20%	3,058.90%	64.96%	-45.21%	56.55%	-27.37%	29.61%
Invested Capital Growth	9.10%	2.85%	-4.19%	4.43%	7.80%	-4.11%	-5.90%	7.30%	3.67%	10.72%	4.03%
Revenue Q/Q Growth	2.12%	8.80%	3.06%	6.36%	-1.04%	2.41%	5.98%	6.98%	-6.48%	2.97%	0.83%
EBITDA Q/Q Growth	5.39%	-9.92%	25.81%	8.27%	-9.29%	1.12%	19.26%	28.69%	-12.67%	2.77%	-3.10%
EBIT Q/Q Growth	5.74%	-10.36%	26.85%	8.60%	-11.56%	1.00%	20.91%	30.28%	-13.08%	2.70%	-3.03%
NOPAT Q/Q Growth	5.49%	-10.74%	26.55%	14.66%	-16.24%	7.24%	21.18%	20.80%	-8.22%	3.82%	-3.19%
Net Income Q/Q Growth	4.50%	-7.90%	16.92%	18.93%	-15.55%	-0.67%	26.57%	26.09%	-12.44%	1.94%	-2.09%
EPS Q/Q Growth	4.79%	-6.03%	18.28%	22.47%	-13.70%	3.03%	28.99%	29.30%	-10.04%	3.66%	-0.74%
Operating Cash Flow Q/Q Growth	2.91%	22.54%	-3.76%	13.92%	-45.59%	-57.96%	227.59%	62.29%	-33.64%	9.91%	11.81%
Free Cash Flow Firm Q/Q Growth	-1,507.12%	165.92%	15.06%	53.46%	-108.26%	128.19%	10.18%	83.75%	-34.36%	4.46%	51.98%
Invested Capital Q/Q Growth	0.42%	-4.69%	-4.94%	-5.24%	-2.09%	-7.03%	-7.11%	-7.88%	-2.52%	-1.99%	-5.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.62%	19.84%	21.54%	22.49%	21.60%	20.03%	22.10%	24.20%	26.36%	27.87%	25.11%
EBITDA Margin	12.90%	11.05%	12.44%	12.23%	11.55%	9.25%	12.94%	17.10%	18.70%	20.20%	16.91%
Operating Margin	10.71%	9.52%	11.13%	11.01%	9.42%	7.77%	11.61%	14.68%	17.26%	18.81%	15.69%
EBIT Margin	12.33%	10.61%	12.01%	11.88%	10.55%	8.28%	12.08%	16.35%	17.93%	19.45%	16.16%
Profit (Net Income) Margin	8.71%	7.39%	9.21%	10.47%	8.17%	6.31%	9.48%	12.52%	13.73%	14.49%	12.28%
Tax Burden Percent	67.81%	64.87%	65.76%	80.11%	74.95%	76.10%	75.76%	75.51%	74.47%	75.33%	75.17%
Interest Burden Percent	104.11%	107.43%	116.62%	110.04%	103.26%	100.16%	103.66%	101.41%	102.80%	98.87%	101.08%
Effective Tax Rate	32.19%	35.13%	34.24%	19.89%	25.05%	23.90%	24.24%	24.49%	25.53%	24.67%	24.83%
Return on Invested Capital (ROIC)	4.75%	4.73%	6.35%	9.39%	7.17%	5.79%	11.25%	16.49%	17.64%	19.67%	15.44%
ROIC Less NNEP Spread (ROIC-NNEP)	7.32%	7.21%	11.08%	15.15%	10.83%	7.05%	14.71%	28.49%	27.75%	25.77%	29.14%
Return on Net Nonoperating Assets (RNNOA)	4.23%	4.30%	5.86%	6.69%	4.77%	3.10%	4.99%	6.16%	3.74%	2.00%	1.42%
Return on Equity (ROE)	8.98%	9.03%	12.21%	16.08%	11.93%	8.89%	16.24%	22.65%	21.38%	21.67%	16.86%
Cash Return on Invested Capital (CROIC)	-3.95%	1.92%	10.62%	5.06%	-0.34%	9.98%	17.33%	9.45%	14.03%	9.50%	11.49%
Operating Return on Assets (OROA)	5.84%	5.79%	7.28%	8.62%	7.24%	5.35%	9.39%	14.10%	14.44%	16.29%	12.71%
Return on Assets (ROA)	4.13%	4.03%	5.58%	7.60%	5.60%	4.08%	7.38%	10.80%	11.06%	12.14%	9.66%
Return on Common Equity (ROCE)	8.97%	9.02%	12.19%	16.05%	11.87%	8.80%	16.08%	22.52%	21.33%	21.62%	16.83%
Return on Equity Simple (ROE_SIMPLE)	8.60%	9.03%	11.82%	15.72%	11.63%	9.16%	15.74%	21.42%	20.19%	20.48%	0.00%
Net Operating Profit after Tax (NOPAT)	303	319	426	630	510	419	773	1,139	1,284	1,537	1,293
NOPAT Margin	7.26%	6.18%	7.32%	8.82%	7.06%	5.92%	8.80%	11.09%	12.85%	14.17%	11.79%
Net Nonoperating Expense Percent (NNEP)	-2.57%	-2.49%	-4.74%	-5.76%	-3.66%	-1.26%	-3.46%	-12.00%	-10.12%	-6.09%	-13.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.18%	13.28%	14.61%	11.68%
Cost of Revenue to Revenue	78.38%	80.16%	78.46%	77.51%	78.40%	79.97%	77.90%	75.80%	73.64%	72.13%	74.89%
SG&A Expenses to Revenue	10.91%	10.31%	10.41%	11.48%	12.17%	12.26%	10.49%	9.52%	9.10%	9.06%	9.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.91%	10.31%	10.41%	11.48%	12.17%	12.26%	10.49%	9.52%	9.10%	9.06%	9.43%
Earnings before Interest and Taxes (EBIT)	514	548	698	849	762	586	1,061	1,680	1,792	2,109	1,772
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	538	571	724	874	834	655	1,138	1,757	1,869	2,191	1,854
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	0.97	1.48	0.97	1.04	1.05	1.34	0.80	1.11	1.93	1.57
Price to Tangible Book Value (P/TBV)	1.38	0.97	1.48	0.97	1.04	1.05	1.34	0.80	1.11	1.93	1.57
Price to Revenue (P/Rev)	1.39	0.80	1.15	0.65	0.73	0.72	0.81	0.47	0.75	1.36	1.19
Price to Earnings (P/E)	15.99	10.79	12.54	6.15	9.02	11.41	8.49	3.72	5.50	9.41	9.66
Dividend Yield	0.00%	0.00%	0.57%	1.31%	1.17%	1.09%	1.07%	1.82%	1.18%	0.61%	0.73%
Earnings Yield	6.25%	9.27%	7.98%	16.26%	11.09%	8.76%	11.78%	26.90%	18.19%	10.63%	10.35%
Enterprise Value to Invested Capital (EV/IC)	1.24	0.98	1.33	0.98	1.03	1.03	1.27	0.83	1.10	1.87	1.58
Enterprise Value to Revenue (EV/Rev)	1.98	1.30	1.50	0.94	1.05	1.03	0.96	0.58	0.82	1.41	1.23
Enterprise Value to EBITDA (EV/EBITDA)	15.32	11.80	12.09	7.68	9.08	11.16	7.42	3.37	4.37	7.00	7.29
Enterprise Value to EBIT (EV/EBIT)	16.02	12.30	12.52	7.91	9.94	12.47	7.96	3.53	4.55	7.26	7.63
Enterprise Value to NOPAT (EV/NOPAT)	27.20	21.11	20.55	10.66	14.85	17.45	10.92	5.20	6.35	9.97	10.46
Enterprise Value to Operating Cash Flow (EV/OCF)	3.89	2.49	2.66	1.93	3.62	7.25	6.48	6.01	6.44	15.17	12.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	51.94	12.28	19.78	0.00	10.11	7.09	9.08	7.98	20.64	14.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.89	0.71	0.78	0.77	0.80	0.67	0.55	0.42	0.37	0.34
Long-Term Debt to Equity	0.87	0.84	0.68	0.74	0.77	0.77	0.64	0.53	0.41	0.35	0.34
Financial Leverage	0.58	0.60	0.53	0.44	0.44	0.44	0.34	0.22	0.13	0.08	0.05
Leverage Ratio	2.18	2.24	2.19	2.12	2.13	2.18	2.20	2.10	1.93	1.79	1.75
Compound Leverage Factor	2.27	2.40	2.55	2.33	2.20	2.18	2.28	2.13	1.99	1.77	1.76
Debt to Total Capital	47.27%	47.13%	41.51%	43.68%	43.38%	44.55%	40.02%	35.60%	29.57%	26.93%	25.18%
Short-Term Debt to Total Capital	1.25%	2.62%	1.55%	1.77%	0.00%	1.67%	1.66%	1.59%	1.03%	1.43%	0.00%
Long-Term Debt to Total Capital	46.02%	44.51%	39.96%	41.91%	43.38%	42.87%	38.36%	34.01%	28.54%	25.50%	25.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.07%	0.08%	0.10%	0.52%	0.59%	0.51%	0.17%	0.17%	0.15%	0.14%
Common Equity to Total Capital	52.66%	52.80%	58.41%	56.22%	56.10%	54.87%	59.47%	64.23%	70.26%	72.92%	74.69%
Debt to EBITDA	7.05	6.61	4.45	4.23	4.70	6.04	3.13	1.90	1.53	1.29	1.50
Net Debt to EBITDA	4.52	4.57	2.80	2.38	2.72	3.29	1.17	0.64	0.32	0.24	0.27
Long-Term Debt to EBITDA	6.86	6.24	4.28	4.06	4.70	5.82	3.00	1.81	1.48	1.22	1.50
Debt to NOPAT	12.51	11.82	7.57	5.87	7.68	9.45	4.61	2.92	2.23	1.84	2.16
Net Debt to NOPAT	8.02	8.19	4.76	3.31	4.45	5.15	1.71	0.99	0.47	0.34	0.39
Long-Term Debt to NOPAT	12.18	11.16	7.28	5.63	7.68	9.10	4.42	2.79	2.15	1.75	2.16
Altman Z-Score	2.79	2.56	3.20	3.05	2.97	2.80	3.13	3.20	3.58	4.52	4.02
Noncontrolling Interest Sharing Ratio	0.15%	0.14%	0.13%	0.16%	0.56%	0.99%	0.95%	0.54%	0.25%	0.22%	0.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.41	4.43	4.72	4.84	5.53	4.30	3.70	3.51	3.74	3.87	3.75
Quick Ratio	0.98	0.63	0.70	0.90	1.12	1.00	0.85	0.68	0.67	0.63	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-252	130	712	339	-24	722	1,192	653	1,022	742	962
Operating Cash Flow to CapEx	22,430.80%	9,514.03%	11,407.09%	12,329.90%	0.00%	1,073.07%	0.00%	2,272.88%	2,699.59%	1,393.26%	1,290.57%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	33.84	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	37.01	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	37.39	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.55	0.61	0.73	0.69	0.65	0.78	0.86	0.81	0.84	0.79
Accounts Receivable Turnover	14.66	11.26	10.32	13.04	11.41	8.47	10.38	13.84	13.90	16.92	19.15
Inventory Turnover	0.48	0.58	0.62	0.74	0.73	0.73	0.88	0.94	0.83	0.83	0.81
Fixed Asset Turnover	29.82	33.75	32.38	37.32	30.96	24.01	28.06	34.35	32.67	27.92	30.19
Accounts Payable Turnover	14.14	15.97	16.38	17.38	15.94	14.89	14.06	13.18	12.10	14.36	14.82
Days Sales Outstanding (DSO)	24.89	32.43	35.38	27.99	31.99	43.11	35.18	26.38	26.27	21.57	19.06
Days Inventory Outstanding (DIO)	752.93	632.02	585.44	490.45	498.51	500.81	415.10	390.09	441.10	437.82	453.14
Days Payable Outstanding (DPO)	25.81	22.85	22.29	21.01	22.90	24.51	25.96	27.69	30.17	25.42	24.62
Cash Conversion Cycle (CCC)	752.02	641.60	598.54	497.43	507.60	519.41	424.32	388.78	437.19	433.97	447.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,660	6,849	6,563	6,853	7,388	7,084	6,666	7,152	7,415	8,209	8,540
Invested Capital Turnover	0.65	0.77	0.87	1.06	1.01	0.98	1.28	1.49	1.37	1.39	1.31
Increase / (Decrease) in Invested Capital	555	190	-287	291	535	-304	-418	486	262	795	331
Enterprise Value (EV)	8,243	6,741	8,745	6,712	7,579	7,305	8,447	5,929	8,161	15,325	13,525
Market Capitalization	5,806	4,121	6,714	4,620	5,263	5,096	7,076	4,783	7,543	14,786	13,007
Book Value per Share	$23.96	$25.79	$28.63	$32.30	$36.12	$38.64	$43.50	$53.00	$63.24	$75.97	$85.81
Tangible Book Value per Share	$23.96	$25.79	$28.63	$32.30	$36.12	$38.64	$43.50	$53.00	$63.24	$75.97	$85.81
Total Capital	8,018	8,011	7,757	8,467	9,040	8,886	8,903	9,351	9,674	10,520	11,074
Total Debt	3,790	3,775	3,220	3,698	3,921	3,958	3,563	3,329	2,860	2,833	2,788
Total Long-Term Debt	3,690	3,565	3,100	3,548	3,921	3,810	3,416	3,181	2,760	2,683	2,788
Net Debt	2,432	2,614	2,025	2,084	2,269	2,157	1,325	1,130	601	522	503
Capital Expenditures (CapEx)	9.45	28	29	28	-87	94	-14	43	47	73	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6,145	6,211	6,138	6,371	6,821	6,459	6,020	6,543	6,895	7,455	8,208
Debt-free Net Working Capital (DFNWC)	7,074	6,844	6,851	7,554	8,107	7,830	7,658	7,890	8,196	8,758	9,467
Net Working Capital (NWC)	6,974	6,634	6,731	7,404	8,107	7,681	7,511	7,741	8,095	8,608	9,467
Net Nonoperating Expense (NNE)	-60	-63	-110	-118	-80	-28	-60	-147	-88	-34	-53
Net Nonoperating Obligations (NNO)	2,432	2,614	2,025	2,084	2,269	2,157	1,325	1,130	601	522	254
Total Depreciation and Amortization (D&A)	24	23	25	25	72	69	76	77	76	81	82
Debt-free, Cash-free Net Working Capital to Revenue	147.32%	120.14%	105.55%	89.20%	94.42%	91.26%	68.48%	63.68%	68.99%	68.73%	74.85%
Debt-free Net Working Capital to Revenue	169.59%	132.40%	117.81%	105.75%	112.23%	110.63%	87.12%	76.78%	82.00%	80.75%	86.33%
Net Working Capital to Revenue	167.20%	128.34%	115.75%	103.65%	112.23%	108.53%	85.44%	75.33%	81.00%	79.36%	86.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.06	$2.27	$3.30	$4.92	$4.07	$3.43	$6.72	$11.02	$12.47	$15.16	$13.60
Adjusted Weighted Average Basic Shares Outstanding	176.43M	168.26M	162.22M	151.98M	145.01M	130.10M	124.10M	116.77M	110.02M	103.65M	98.98M
Adjusted Diluted Earnings per Share	$1.97	$2.18	$3.17	$4.85	$4.03	$3.40	$6.63	$10.90	$12.36	$15.01	$13.49
Adjusted Weighted Average Diluted Shares Outstanding	184.70M	175.97M	169.49M	154.20M	146.50M	131.25M	125.81M	117.98M	111.01M	104.69M	99.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	174.32M	162.40M	153.17M	145.50M	138.70M	249.68M	240.72M	221.45M	208.22M	100.04M	95.00M
Normalized Net Operating Profit after Tax (NOPAT)	303	319	426	630	510	419	773	1,139	1,284	1,537	1,293
Normalized NOPAT Margin	7.26%	6.18%	7.32%	8.82%	7.06%	5.92%	8.80%	11.09%	12.85%	14.17%	11.79%
Pre Tax Income Margin	12.84%	11.39%	14.00%	13.07%	10.90%	8.29%	12.52%	16.58%	18.43%	19.23%	16.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	30.15	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	21.97	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	30.53	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	22.35	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.22%	-0.11%	7.21%	8.24%	-10.79%	13.05%	9.85%	8.91%	6.64%	5.93%	7.16%
Augmented Payout Ratio	15.88%	102.69%	61.53%	75.50%	-10.79%	155.02%	55.22%	51.10%	47.57%	45.84%	55.51%

This table displays calculated financial ratios and metrics derived from Toll Brothers' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	95,003,000.00	94,707,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	95,003,000.00	94,707,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.22	2.75
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.64%	9.42%	13.18%	1.50%	10.37%	-4.55%	-3.47%	7.96%	2.70%	-	-7.59%
EBITDA Growth	-31.19%	22.93%	45.88%	-1.54%	9.87%	-26.51%	-26.58%	-2.14%	-9.05%	-	-21.05%
EBIT Growth	-31.90%	24.05%	47.72%	-1.59%	9.63%	-28.16%	-27.63%	-2.65%	-8.79%	-	-21.23%
NOPAT Growth	-21.73%	39.64%	45.98%	-4.28%	13.69%	-25.92%	-28.18%	-2.41%	-9.15%	-	-22.32%
Net Income Growth	-30.44%	25.08%	50.40%	-9.69%	6.71%	-25.82%	-26.82%	-1.33%	-6.04%	-	-26.06%
EPS Growth	-25.27%	32.35%	59.65%	-3.49%	12.99%	-22.22%	-23.08%	3.61%	-2.17%	-	-22.29%
Operating Cash Flow Growth	-52.05%	14.19%	-8.80%	-66.83%	15.41%	-37.07%	-20.95%	110.87%	17.22%	-	-62.95%
Free Cash Flow Firm Growth	278.93%	88.44%	-128.41%	-173.53%	-319.35%	-1,521.32%	-873.30%	14.49%	128.70%	-	89.90%
Invested Capital Growth	3.67%	3.62%	6.67%	10.12%	10.72%	10.83%	9.56%	8.39%	4.03%	-	3.40%
Revenue Q/Q Growth	12.37%	-35.50%	45.67%	-3.86%	22.20%	-44.23%	47.33%	7.52%	16.24%	-	17.97%
EBITDA Q/Q Growth	10.19%	-43.72%	97.05%	-19.42%	22.95%	-62.35%	96.85%	7.41%	14.27%	-	51.10%
EBIT Q/Q Growth	10.18%	-44.36%	101.01%	-20.15%	22.75%	-63.54%	102.50%	7.40%	15.02%	-	54.15%
NOPAT Q/Q Growth	6.48%	-42.28%	94.64%	-19.98%	26.48%	-62.39%	88.70%	8.74%	17.74%	-	52.65%
Net Income Q/Q Growth	7.41%	-46.23%	101.04%	-22.22%	26.91%	-62.62%	98.33%	4.87%	20.86%	-	23.54%
EPS Q/Q Growth	9.38%	-44.85%	102.22%	-20.88%	28.06%	-62.04%	100.00%	6.57%	20.91%	-	24.20%
Operating Cash Flow Q/Q Growth	11.70%	-151.91%	249.53%	-61.74%	288.65%	-161.65%	186.23%	2.06%	116.04%	-	1,749.89%
Free Cash Flow Firm Q/Q Growth	-72.60%	-128.62%	-7.32%	-773.82%	18.27%	-111.53%	35.57%	23.23%	127.43%	-	-171.30%
Invested Capital Q/Q Growth	-2.52%	8.01%	1.49%	3.05%	-1.99%	8.12%	0.34%	1.94%	-5.93%	-	2.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.49%	27.64%	30.35%	27.20%	26.42%	24.72%	25.75%	25.17%	24.77%	-	23.90%
EBITDA Margin	19.80%	17.27%	23.37%	19.59%	19.71%	13.30%	17.77%	17.75%	17.45%	-	15.18%
Operating Margin	18.50%	15.83%	21.97%	18.23%	18.33%	11.79%	16.42%	16.56%	16.48%	-	13.69%
EBIT Margin	19.06%	16.45%	22.69%	18.85%	18.93%	12.38%	17.01%	16.99%	16.82%	-	14.50%
Profit (Net Income) Margin	14.75%	12.30%	16.97%	13.73%	14.26%	9.56%	12.87%	12.55%	13.05%	-	10.30%
Tax Burden Percent	73.65%	76.99%	74.12%	74.38%	76.55%	80.27%	73.81%	74.00%	75.33%	-	74.38%
Interest Burden Percent	105.09%	97.14%	100.91%	97.96%	98.41%	96.20%	102.47%	99.80%	103.01%	-	95.45%
Effective Tax Rate	26.35%	23.01%	25.88%	25.62%	23.45%	19.73%	26.19%	26.00%	24.67%	-	25.62%
Return on Invested Capital (ROIC)	18.69%	15.74%	21.70%	17.87%	19.48%	12.06%	15.17%	15.27%	16.25%	-	12.42%
ROIC Less NNEP Spread (ROIC-NNEP)	22.64%	15.91%	23.66%	18.39%	20.85%	12.23%	17.52%	16.18%	21.86%	-	12.75%
Return on Net Nonoperating Assets (RNNOA)	3.05%	2.98%	3.42%	2.39%	1.62%	1.68%	2.00%	1.99%	1.06%	-	1.29%
Return on Equity (ROE)	21.75%	18.73%	25.12%	20.26%	21.10%	13.74%	17.17%	17.26%	17.32%	-	13.71%
Cash Return on Invested Capital (CROIC)	14.03%	13.61%	12.56%	8.89%	9.50%	7.20%	6.66%	7.25%	11.49%	-	10.06%
Operating Return on Assets (OROA)	15.35%	13.64%	18.87%	15.44%	15.86%	10.19%	13.22%	13.32%	13.23%	-	11.15%
Return on Assets (ROA)	11.88%	10.20%	14.11%	11.25%	11.95%	7.87%	9.99%	9.84%	10.26%	-	7.92%
Return on Common Equity (ROCE)	21.69%	18.68%	25.07%	20.22%	21.05%	13.71%	17.13%	17.23%	17.28%	-	13.69%
Return on Equity Simple (ROE_SIMPLE)	0.00%	20.23%	21.64%	20.79%	0.00%	19.36%	17.36%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	411	237	462	370	468	176	332	361	425	169	258
NOPAT Margin	13.62%	12.19%	16.29%	13.56%	14.03%	9.46%	12.12%	12.25%	12.41%	-	10.19%
Net Nonoperating Expense Percent (NNEP)	-3.94%	-0.17%	-1.96%	-0.52%	-1.36%	-0.18%	-2.35%	-0.91%	-5.61%	-	-0.33%
Return On Investment Capital (ROIC_SIMPLE)	4.25%	2.43%	-	-	4.45%	1.67%	3.08%	3.27%	3.84%	1.52%	2.29%
Cost of Revenue to Revenue	73.51%	72.36%	69.65%	72.80%	73.58%	75.28%	74.25%	74.83%	75.23%	-	76.10%
SG&A Expenses to Revenue	7.99%	11.81%	8.38%	8.97%	8.09%	12.93%	9.34%	8.61%	8.29%	-	10.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	7.99%	11.81%	8.38%	8.97%	8.09%	12.93%	9.34%	8.61%	8.29%	-	10.20%
Earnings before Interest and Taxes (EBIT)	576	320	644	514	631	230	466	501	576	238	367
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	598	336	663	534	657	247	487	523	597	254	384
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.11	1.51	1.69	1.98	1.93	1.74	1.26	1.44	1.57	-	1.59
Price to Tangible Book Value (P/TBV)	1.11	1.51	1.69	1.98	1.93	1.74	1.26	1.44	1.57	-	1.59
Price to Revenue (P/Rev)	0.75	1.04	1.18	1.39	1.36	1.26	0.94	1.07	1.19	-	1.22
Price to Earnings (P/E)	5.50	7.47	7.83	9.50	9.41	9.00	7.27	8.45	9.66	-	10.45
Dividend Yield	1.18%	0.85%	0.72%	0.62%	0.61%	0.68%	0.93%	0.81%	0.73%	-	0.71%
Earnings Yield	18.19%	13.40%	12.77%	10.52%	10.63%	11.11%	13.76%	11.83%	10.35%	-	9.57%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.45	1.62	1.86	1.87	1.65	1.23	1.39	1.58	-	1.54
Enterprise Value to Revenue (EV/Rev)	0.82	1.14	1.26	1.48	1.41	1.36	1.03	1.16	1.23	-	1.29
Enterprise Value to EBITDA (EV/EBITDA)	4.37	6.00	6.17	7.32	7.00	6.98	5.71	6.59	7.29	-	8.07
Enterprise Value to EBIT (EV/EBIT)	4.55	6.25	6.40	7.60	7.26	7.26	5.97	6.90	7.63	-	8.44
Enterprise Value to NOPAT (EV/NOPAT)	6.35	8.58	8.82	10.54	9.97	9.94	8.17	9.43	10.46	-	11.70
Enterprise Value to Operating Cash Flow (EV/OCF)	6.44	8.80	10.37	16.99	15.17	16.36	13.73	12.67	12.16	-	10.82
Enterprise Value to Free Cash Flow (EV/FCFF)	7.98	10.82	13.35	21.97	20.64	24.12	19.36	19.91	14.06	-	15.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.39	0.39	0.38	0.37	0.35	0.35	0.36	0.34	-	0.33
Long-Term Debt to Equity	0.41	0.38	0.37	0.36	0.35	0.34	0.33	0.34	0.34	-	0.31
Financial Leverage	0.13	0.19	0.14	0.13	0.08	0.14	0.11	0.12	0.05	-	0.10
Leverage Ratio	1.93	1.85	1.83	1.82	1.79	1.76	1.80	1.79	1.75	-	1.75
Compound Leverage Factor	2.03	1.80	1.85	1.78	1.76	1.69	1.84	1.78	1.80	-	1.67
Debt to Total Capital	29.57%	27.91%	27.92%	27.52%	26.93%	26.01%	26.01%	26.62%	25.18%	-	24.70%
Short-Term Debt to Total Capital	1.03%	0.65%	1.26%	1.22%	1.43%	0.85%	1.39%	1.36%	0.00%	-	1.23%
Long-Term Debt to Total Capital	28.54%	27.26%	26.67%	26.30%	25.50%	25.16%	24.62%	25.26%	25.18%	-	23.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.17%	0.17%	0.16%	0.16%	0.15%	0.15%	0.15%	0.14%	0.14%	-	0.10%
Common Equity to Total Capital	70.26%	71.92%	71.92%	72.32%	72.92%	73.84%	73.84%	73.24%	74.69%	-	75.20%
Debt to EBITDA	1.53	1.41	1.33	1.32	1.29	1.31	1.45	1.54	1.50	-	1.58
Net Debt to EBITDA	0.32	0.50	0.38	0.44	0.24	0.51	0.49	0.51	0.27	-	0.41
Long-Term Debt to EBITDA	1.48	1.38	1.27	1.27	1.22	1.26	1.38	1.46	1.50	-	1.50
Debt to NOPAT	2.23	2.02	1.90	1.91	1.84	1.86	2.08	2.20	2.16	-	2.29
Net Debt to NOPAT	0.47	0.72	0.54	0.64	0.34	0.72	0.70	0.72	0.39	-	0.60
Long-Term Debt to NOPAT	2.15	1.97	1.81	1.82	1.75	1.80	1.97	2.09	2.16	-	2.18
Altman Z-Score	3.26	3.61	3.75	3.96	4.16	3.87	3.41	3.61	3.75	-	3.84
Noncontrolling Interest Sharing Ratio	0.25%	0.24%	0.23%	0.24%	0.22%	0.22%	0.21%	0.20%	0.20%	-	0.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.74	3.91	3.63	3.61	3.87	3.76	3.42	3.59	3.75	-	3.83
Quick Ratio	0.67	0.52	0.55	0.46	0.63	0.37	0.35	0.42	0.53	-	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	149	-43	-46	-400	-327	-691	-445	-342	94	63	-45
Operating Cash Flow to CapEx	31,915.65%	-2,260.38%	2,847.56%	696.98%	3,876.36%	-2,428.72%	2,327.28%	1,455.22%	2,874.50%	-	549.49%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.83	0.83	0.82	0.84	0.82	0.78	0.78	0.79	-	0.77
Accounts Receivable Turnover	13.90	14.75	14.76	15.99	16.92	16.58	16.30	18.43	19.15	-	19.60
Inventory Turnover	0.83	0.80	0.79	0.78	0.83	0.77	0.75	0.76	0.81	-	0.75
Fixed Asset Turnover	32.67	33.03	33.89	27.95	27.92	27.70	27.64	23.96	30.19	-	30.10
Accounts Payable Turnover	12.10	13.25	12.12	12.17	14.36	12.39	11.57	12.49	14.82	-	14.85
Days Sales Outstanding (DSO)	26.27	24.74	24.73	22.83	21.57	22.01	22.39	19.81	19.06	-	18.62
Days Inventory Outstanding (DIO)	441.10	459.05	460.16	466.40	437.82	473.13	485.05	479.84	453.14	-	487.57
Days Payable Outstanding (DPO)	30.17	27.55	30.10	29.99	25.42	29.45	31.55	29.22	24.62	-	24.58
Cash Conversion Cycle (CCC)	437.19	456.25	454.78	459.24	433.97	465.69	475.89	470.43	447.58	-	481.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,415	8,009	8,129	8,376	8,209	8,876	8,906	9,079	8,540	8,982	9,209
Invested Capital Turnover	1.37	1.29	1.33	1.32	1.39	1.27	1.25	1.25	1.31	-	1.22
Increase / (Decrease) in Invested Capital	262	280	508	770	795	867	777	703	331	106	303
Enterprise Value (EV)	8,161	11,591	13,203	15,610	15,325	14,667	10,987	12,604	13,525	-	14,195
Market Capitalization	7,543	10,601	12,382	14,649	14,786	13,586	10,030	11,621	13,007	-	13,462
Book Value per Share	$63.24	$66.77	$70.15	$72.23	$75.97	$77.93	$79.94	$82.46	$85.81	$88.51	$89.49
Tangible Book Value per Share	$63.24	$66.77	$70.15	$72.23	$75.97	$77.93	$79.94	$82.46	$85.81	$88.51	$89.49
Total Capital	9,674	9,759	10,162	10,253	10,520	10,558	10,765	11,054	11,074	11,141	11,270
Total Debt	2,860	2,724	2,837	2,822	2,833	2,746	2,800	2,943	2,788	2,721	2,784
Total Long-Term Debt	2,760	2,661	2,710	2,697	2,683	2,656	2,650	2,793	2,788	2,600	2,645
Net Debt	601	973	804	945	522	1,065	941	968	503	562	723
Capital Expenditures (CapEx)	1.85	14	16	25	18	17	16	25	28	19	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6,895	7,521	7,562	7,669	7,455	8,209	8,147	8,331	8,208	8,454	8,658
Debt-free Net Working Capital (DFNWC)	8,196	8,276	8,593	8,563	8,758	8,783	8,834	9,183	9,467	9,657	9,764
Net Working Capital (NWC)	8,095	8,213	8,465	8,437	8,608	8,694	8,684	9,033	9,467	9,536	9,625
Net Nonoperating Expense (NNE)	-34	-2.11	-19	-4.79	-7.67	-1.81	-21	-8.72	-22	-42	-2.77
Net Nonoperating Obligations (NNO)	601	973	804	945	522	1,065	941	968	254	562	723
Total Depreciation and Amortization (D&A)	22	16	19	20	26	17	21	22	22	16	17
Debt-free, Cash-free Net Working Capital to Revenue	68.99%	74.01%	72.07%	72.81%	68.73%	76.30%	76.43%	76.60%	74.85%	-	78.39%
Debt-free Net Working Capital to Revenue	82.00%	81.43%	81.89%	81.29%	80.75%	81.65%	82.87%	84.43%	86.33%	-	88.39%
Net Working Capital to Revenue	81.00%	80.81%	80.68%	80.10%	79.36%	80.81%	81.46%	83.05%	86.33%	-	87.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.10	$2.28	$4.60	$3.64	$4.64	$1.76	$3.53	$3.76	$4.55	$2.20	$2.74
Adjusted Weighted Average Basic Shares Outstanding	110.02M	105.12M	104.79M	102.98M	103.65M	100.83M	99.89M	98.43M	98.98M	95.70M	95.14M
Adjusted Diluted Earnings per Share	$4.08	$2.25	$4.55	$3.60	$4.61	$1.75	$3.50	$3.73	$4.51	$2.19	$2.72
Adjusted Weighted Average Diluted Shares Outstanding	111.01M	106.27M	105.80M	104.01M	104.69M	101.83M	100.59M	99.17M	99.78M	96.50M	95.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	208.22M	208.34M	205.30M	201.94M	100.04M	99.44M	98.18M	96.38M	95.00M	94.71M	93.47M
Normalized Net Operating Profit after Tax (NOPAT)	411	237	462	370	468	176	332	361	425	169	258
Normalized NOPAT Margin	13.62%	12.19%	16.29%	13.56%	14.03%	9.46%	12.12%	12.25%	12.41%	-	10.19%
Pre Tax Income Margin	20.03%	15.97%	22.90%	18.46%	18.63%	11.91%	17.43%	16.96%	17.32%	-	13.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.64%	6.43%	5.80%	5.98%	5.93%	6.24%	6.88%	6.97%	7.16%	-	7.89%
Augmented Payout Ratio	47.57%	45.32%	46.81%	54.37%	45.84%	49.35%	54.11%	51.16%	55.51%	-	60.39%

Financials Breakdown Chart

Key Financial Trends

Toll Brothers (NYSE: TOL) shows a business that is still profitable and generating strong gross margins, but the latest quarter also highlighted a sharp slowdown in operating cash flow versus the prior year and a heavier reliance on debt financing.

For Q1 fiscal 2026, revenue rose to $2.15 billion and net income came in at $210.9 million, or $2.19 diluted EPS. That said, operating cash flow was only $7.3 million, a steep decline from $682.5 million in Q4 2025 and far below the stronger cash generation seen in several prior quarters. The balance sheet remains sizable, but debt levels increased again in the most recent quarter.

Revenue and profitability remain solid: Q1 2026 revenue of $2.15 billion and net income of $210.9 million show Toll Brothers is still producing meaningful earnings.
Gross margin remains healthy: Gross profit of $477.0 million on $2.15 billion of revenue suggests the company is still maintaining strong pricing and margin discipline.
Operating expenses are controlled: SG&A was $257.9 million, representing a manageable cost structure relative to revenue.
Liquidity is ample: Cash and equivalents totaled $1.20 billion at the end of Q1 2026, giving the company a sizable cash cushion.
Inventory and assets support ongoing homebuilding activity: Inventories were $11.2 billion, consistent with a large active land and homebuilding pipeline.
Quarterly cash flow was near breakeven: Operating cash flow of $7.3 million was positive, but only barely so.
Interest and investment income helped pre-tax results: Other income contributed to pre-tax income, though less than in some prior quarters.
Shares outstanding were relatively stable versus recent quarters: Diluted weighted average shares in Q1 2026 were 96.5 million, near the recent range.
Book equity remains strong: Total common equity was $8.41 billion, indicating a substantial equity base.
Operating cash flow weakened sharply year over year: Q1 2026 operating cash flow dropped to $7.3 million from $420.8 million in Q1 2025 and $800.0 million in Q4 2025.
Working capital was a major drag: Changes in operating assets and liabilities used $298.1 million in cash in Q1 2026.
Debt remains elevated: Long-term debt rose to $2.60 billion and total debt plus short-term debt increased versus prior quarters.
Financing outflows were large: The company used $257.3 million of cash in financing activities in Q1 2026, reflecting debt repayment, dividends, and buybacks.
Cash declined in the quarter: Net change in cash and equivalents was negative $62.3 million, despite positive net income.

Looking at the broader trend over the last four years, Toll Brothers has generally shown consistent profitability and periodic strong cash generation, especially in the stronger housing periods of 2024 and 2025. However, the pattern also shows that homebuilder cash flow can be volatile quarter to quarter, heavily influenced by working capital, land/inventory investment, and debt management.

Bottom line: Toll Brothers remains a profitable, financially sizeable homebuilder with strong liquidity and a healthy equity base, but the latest quarter suggests some pressure on operating cash conversion and an ongoing need to manage debt carefully. Investors may want to watch whether cash flow improves in upcoming quarters and whether inventory growth starts to translate into stronger free cash generation.

06/03/26 10:00 PM ETAI Generated. May Contain Errors.

Toll Brothers Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Toll Brothers' fiscal year ends in October. Their fiscal year 2025 ended on October 31, 2025.

Toll Brothers' net income appears to be on an upward trend, with a most recent value of $1.35 billion in 2025, rising from $363.17 million in 2015. The previous period was $1.57 billion in 2024. Check out Toll Brothers' forecast to explore projected trends and price targets.

Toll Brothers' total operating income in 2025 was $1.72 billion, based on the following breakdown:

Total Gross Profit: $2.75 billion
Total Operating Expenses: $1.03 billion

Over the last 10 years, Toll Brothers' total revenue changed from $4.17 billion in 2015 to $10.97 billion in 2025, a change of 162.9%.

Toll Brothers' total liabilities were at $6.23 billion at the end of 2025, a 9.7% increase from 2024, and a 25.2% increase since 2015.

In the past 10 years, Toll Brothers' cash and equivalents has ranged from $633.72 million in 2016 to $1.64 billion in 2021, and is currently $1.26 billion as of their latest financial filing in 2025.

Over the last 10 years, Toll Brothers' book value per share changed from 23.96 in 2015 to 85.81 in 2025, a change of 258.2%.

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Financial statements for NYSE:TOL last updated on 6/1/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Toll Brothers (TOL) Financials

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Toll Brothers (TOL) Financials

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