← Research LibraryThe BriefFY2025 10-K (fiscal year ended October 31, 2025) · headline figures audited against SEC data
Toll Brothers delivered 4% more luxury homes, but with heavier incentives in a soft market its operating margin fell 312 bps and net income 14.3% to $1.35B, and backlog fell 15% going into 2026
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 1.1% to $10.97B; deliveries up 4% to 11,292 homesNote
- Profitability — Net income down 14.3% to $1.35B; gross margin down 276 bps to 25.11%Watch
- Demand signal — Backlog $5.49 billion, down 15%; net contracts down 2% in dollarsWatch
- Accounting quality — Scores not available; clean audit from Ernst & YoungNote
- Capital allocation — Buybacks $651.0M and dividends $97.1M, both covered by free cash flow of $1.03BOK
- Balance sheet — Debt down 7.5% to $2.89B; debt to total capitalization 0.25 to 1.00OK
Business
Toll Brothers builds luxury homes in the United States for first-time, move-up, empty-nester, active-adult and second-home buyers, mostly on land it develops itself, in 24 states and the District of Columbia. It runs its own mortgage, title, architecture, land development and component businesses, and has been shifting toward more spec homes and broader price points. It delivered 11,292 homes in fiscal 2025 at an average price of $960.2 thousand.
Where the revenue comes from
Fiscal 2025, as Toll Brothers, Inc. reports it. History and quarterly detail are in the app.
- Home sales$10.8B
- Land sales and other$124.5M
- Management Fee$3.8M
Leadership changes
From Toll Brothers, Inc.'s own filings, the day they're filed.
- Seth J. Ring · President · departureeff. 2026-06-30
- Douglas C. Yearley Jr · appointmenteff. 2026-03-30
- Karl K. Mistry · Director · appointmenteff. 2026-03-30
Latest filings
- 10-Q · Quarterly report2026-08-28
- 8-K · Company announcement2026-08-18
- 10-Q · Quarterly report2026-05-29
- 8-K · Company announcement2026-05-19
- 8-K · Company announcement2026-05-13
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Toll Brothers, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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