Toll Brothers, Inc.

TOL 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 10,966,723 10,846,740 +1.1%
Show Product Lines breakouts
Home Building 10,842,203 10,563,332 +2.6%
Home Building · Corporate Non Segment -3 60 -105.0%
Home Building · Mid-Atlantic 1,432,847 1,422,018 +0.8%
Home Building · Mountain 2,924,363 2,590,445 +12.9%
Home Building · North 1,656,081 1,484,267 +11.6%
Home Building · Operating Segments 10,842,206 10,563,272 +2.6%
Home Building · Pacific 2,122,234 2,279,083 -6.9%
Home Building · South 2,706,681 2,787,459 -2.9%
Land 124,520 283,408 -56.1%
Land · Corporate Non Segment 8,810 14,914 -40.9%
Land · Homebuilding and Rental Joint Ventures 25.7 — —
Land · Mid-Atlantic 32,973 208,436 -84.2%
Land · Mountain 51,855 28,277 +83.4%
Land · North 17,156 4,486 +282.4%
Land · Operating Segments 115,710 268,494 -56.9%
Land · Pacific 1,493 1,365 +9.4%
Land · South 12,233 25,930 -52.8%
Management Fee 3,829 4,297 -10.9%
Show Geography breakouts
Mid-Atlantic · Operating Segments 1,465,820 1,630,454 -10.1%
Mountain · Operating Segments 2,976,218 2,618,722 +13.7%
North · Operating Segments 1,673,237 1,488,753 +12.4%
Pacific · Operating Segments 2,123,727 2,280,448 -6.9%
South · Operating Segments 2,718,914 2,813,389 -3.4%
Show Consolidation Items breakouts
Corporate Non Segment 8,807 14,974 -41.2%
Operating Segments 10,957,916 10,831,766 +1.2%
Cost of Revenue 8,212,487 7,824,262 +5.0%
Show Product Lines breakouts
Home Building 8,069,742 7,753,351 +4.1%
Home Building · Corporate Non Segment 2,036 3,736 -45.5%
Home Building · Mid-Atlantic 1,058,414 1,029,220 +2.8%
Home Building · Mountain 2,226,229 1,981,501 +12.4%
Home Building · North 1,228,627 1,139,600 +7.8%
Home Building · Operating Segments 8,067,706 7,749,615 +4.1%
Home Building · Pacific 1,573,646 1,599,536 -1.6%
Home Building · South 1,980,790 1,999,758 -0.9%
Land 142,745 70,911 +101.3%
Land · Corporate Non Segment 11,057 5,124 +115.8%
Land · Mid-Atlantic 45,590 31,077 +46.7%
Land · Mountain 48,981 10,521 +365.6%
Land · North 18,056 752 +2301.1%
Land · Operating Segments 131,688 65,787 +100.2%
Land · Pacific 9,746 1,192 +717.6%
Land · South 9,315 22,245 -58.1%
Show Geography breakouts
Mid-Atlantic · Operating Segments 1,104,004 1,060,297 +4.1%
Mountain · Operating Segments 2,275,210 1,992,022 +14.2%
North · Operating Segments 1,246,683 1,140,352 +9.3%
Pacific · Operating Segments 1,583,392 1,600,728 -1.1%
South · Operating Segments 1,990,105 2,022,003 -1.6%
Show Consolidation Items breakouts
Corporate Non Segment 13,093 8,860 +47.8%
Operating Segments 8,199,394 7,815,402 +4.9%
Selling, General & Administrative 1,033,622 982,291 +5.2%
Show Geography breakouts
Mid-Atlantic · Operating Segments 111,250 100,097 +11.1%
Mountain · Operating Segments 194,345 185,409 +4.8%
North · Operating Segments 107,026 97,176 +10.1%
Pacific · Operating Segments 139,767 139,279 +0.4%
South · Operating Segments 235,127 234,037 +0.5%
Show Consolidation Items breakouts
Corporate Non Segment 246,107 226,293 +8.8%
Operating Segments 787,515 755,998 +4.2%
Operating Income 1,720,614 2,040,187 -15.7%
Show Geography breakouts
Mid-Atlantic · Operating Segments 250,566 470,060 -46.7%
Mountain · Operating Segments 506,663 441,291 +14.8%
North · Operating Segments 319,528 251,225 +27.2%
Pacific · Operating Segments 400,568 540,441 -25.9%
South · Operating Segments 493,682 557,349 -11.4%
Show Consolidation Items breakouts
Corporate Non Segment -250,393 -220,179 -13.7%
Operating Segments 1,971,007 2,260,366 -12.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -187,714 -8,423 -2128.6%
Home Building Joint Ventures -15,848 46,892 -133.8%
Land Development Joint Ventures 28,558 56,663 -49.6%
Other Joint Ventures 1,337 5,241 -74.5%
Rental Property Joint Ventures -201,761 -117,219 -72.1%
Income Loss From Equity Method Investments 19,054 -23,843 +179.9%
Show Geography breakouts
Mid-Atlantic · Operating Segments 73 -243 +130.0%
Mountain · Operating Segments -312 688 -145.3%
North · Operating Segments 4,937 -6,324 +178.1%
Pacific · Operating Segments -1,031 -311 -231.5%
South · Operating Segments 25,729 10,591 +142.9%
Show Consolidation Items breakouts
Corporate Non Segment -10,342 -28,244 +63.4%
Operating Segments 29,396 4,401 +567.9%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Home Building Joint Ventures 4,937 -6,324 +178.1%
Land Development Joint Ventures 24,459 10,724 +128.1%
Other Joint Ventures 1,321 2,096 -37.0%
Rental Property Joint Ventures -11,663 -30,339 +61.6%
Other Non-Operating Income (Expense) 51,703 69,296 -25.4%
Show Geography breakouts
Mid-Atlantic · Operating Segments 2,987 1,661 +79.8%
Mountain · Operating Segments 4,718 4,189 +12.6%
North · Operating Segments 2,542 7,838 -67.6%
Pacific · Operating Segments 1,313 1,659 -20.9%
South · Operating Segments 4,735 10,082 -53.0%
Show Consolidation Items breakouts
Corporate Non Segment 35,408 43,867 -19.3%
Operating Segments 16,295 25,429 -35.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 147,538 175,213 -15.8%
Home Building Joint Ventures 384 -176 +318.2%
Land Development Joint Ventures 6,440 9,478 -32.1%
Other Joint Ventures 3,692 3,026 +22.0%
Rental Property Joint Ventures 137,022 162,885 -15.9%
Income Loss From Continuing Operations Before Income Taxes Domestic 1,791,371 2,085,640 -14.1%
Show Geography breakouts
Mid-Atlantic · Operating Segments 253,626 471,478 -46.2%
Mountain · Operating Segments 511,069 446,168 +14.5%
North · Operating Segments 327,007 252,739 +29.4%
Pacific · Operating Segments 400,850 541,789 -26.0%
South · Operating Segments 524,146 578,022 -9.3%
Show Consolidation Items breakouts
Corporate Non Segment -225,327 -204,556 -10.2%
Operating Segments 2,016,698 2,290,196 -11.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -40,176 166,790 -124.1%
Home Building Joint Ventures -15,464 46,716 -133.1%
Land Development Joint Ventures 34,998 66,141 -47.1%
Other Joint Ventures 5,029 8,267 -39.2%
Rental Property Joint Ventures -64,739 45,666 -241.8%
Income Tax Expense (Benefit) 444,885 514,445 -13.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -3,693 596 -719.6%
Home Building Joint Ventures 423 37 +1043.2%
Land Development Joint Ventures 364 268 +35.8%
Rental Property Joint Ventures -4,480 291 -1639.5%
Net Income 1,346,486 1,571,195 -14.3%
Show Equity Components breakouts
Parent 1,346,486 1,571,195 -14.3%
Retained Earnings 1,346,486 1,571,195 -14.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -36,483 166,194 -122.0%
Home Building Joint Ventures -15,887 46,679 -134.0%
Land Development Joint Ventures 34,634 65,873 -47.4%
Other Joint Ventures 5,029 8,267 -39.2%
Rental Property Joint Ventures -60,259 45,375 -232.8%
Other Comprehensive Income -9,005 -9,633 +6.5%
Comprehensive Income 1,337,481 1,561,562 -14.3%
EPS (Basic) 13.6 15.16 -10.3%
EPS (Diluted) 13.49 15.01 -10.1%
Wtd Avg Shares (Basic) 98,978 103,653 -4.5%
Wtd Avg Shares (Diluted) 99,779 104,690 -4.7%
Revenue (FY) — — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 791,301 852,976 -7.2%
Home Building Joint Ventures 97,258 252,415 -61.5%
Land Development Joint Ventures 342,014 269,545 +26.9%
Land Development Joint Ventures · Equity Method Investee 116.4 139.2 -16.4%
Other Joint Ventures 26,343 57,663 -54.3%
Rental Property Joint Ventures 325,686 273,353 +19.1%
Cost of Revenue (FY) — — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 593,184 566,313 +4.7%
Home Building Joint Ventures 107,536 193,533 -44.4%
Land Development Joint Ventures 303,168 200,939 +50.9%
Other Joint Ventures 23,810 51,054 -53.4%
Rental Property Joint Ventures 158,670 120,787 +31.4%
Total Costs & Expenses (FY) — — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 979,015 861,399 +13.7%
Home Building Joint Ventures 113,106 205,523 -45.0%
Land Development Joint Ventures 313,456 212,882 +47.2%
Other Joint Ventures 25,006 52,422 -52.3%
Rental Property Joint Ventures 527,447 390,572 +35.0%
Net Income Loss Attributable To Noncontrolling Interest -986 -1,093 +9.8%
Show Equity Components breakouts
Noncontrolling Interest -986 -1,093 +9.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,258,997 1,303,039 -3.4%
Non-Current Assets
Property, Plant & Equipment 273,397 453,007 -39.6%
Total Assets 14,519,866 13,367,932 +8.6%
Show Business Segments breakouts
Total home building · Mid-Atlantic 1,697,949 1,444,951 +17.5%
Total home building · Mountain 2,948,416 2,950,806 -0.1%
Total home building · North 1,566,554 1,425,738 +9.9%
Total home building · Operating Segments 11,706,523 10,602,770 +10.4%
Total home building · Pacific 2,585,987 2,266,829 +14.1%
Total home building · South 2,907,617 2,514,446 +15.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 77 105.3 -26.9%
Variable Interest Entity Primary Beneficiary · Disposal Group Heldforsale Not Discontinued Operations 50.4 — —
Show Consolidation Items breakouts
Corporate Non Segment 2,813,343 2,765,162 +1.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 6,757,242 6,466,996 +4.5%
Home Building Joint Ventures 81,711 188,715 -56.7%
Land Development Joint Ventures 1,946,404 1,500,351 +29.7%
Other Joint Ventures 39,388 55,253 -28.7%
Rental Property Joint Ventures 4,689,739 4,722,677 -0.7%
Operating Lease Right-of-Use Assets 109,013 108,311 +0.6%
Other Assets
Inventory Operative Builders 10,678,460 9,712,925 +9.9%
Show Geography breakouts
Mid-Atlantic 1,661,118 1,399,183 +18.7%
Mid-Atlantic · Land controlled for future communities 61,244 51,400 +19.2%
Mid-Atlantic · Land owned for future communities 76,876 50,762 +51.4%
Mid-Atlantic · Operating communities 1,522,998 1,297,021 +17.4%
Mountain 2,753,273 2,810,184 -2.0%
Mountain · Land controlled for future communities 16,973 10,868 +56.2%
Mountain · Land owned for future communities 93,413 94,103 -0.7%
Mountain · Operating communities 2,642,887 2,705,213 -2.3%
North 1,393,832 1,239,007 +12.5%
North · Land controlled for future communities 45,707 30,597 +49.4%
North · Land owned for future communities 124,886 38,920 +220.9%
North · Operating communities 1,223,239 1,169,490 +4.6%
Pacific 2,327,782 2,031,756 +14.6%
Pacific · Land controlled for future communities 121,154 63,730 +90.1%
Pacific · Land owned for future communities 28,869 80,100 -64.0%
Pacific · Operating communities 2,177,759 1,887,926 +15.4%
South 2,542,455 2,232,795 +13.9%
South · Land controlled for future communities 62,151 43,571 +42.6%
South · Land owned for future communities 82,462 89,145 -7.5%
South · Operating communities 2,397,842 2,100,079 +14.2%
Show Inventory Operative Builders [Axis] breakouts
Land controlled for future communities 307,229 200,166 +53.5%
Land owned for future communities 406,506 353,030 +15.1%
Operating communities 9,964,725 9,159,729 +8.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,582,889 1,238,674 +27.8%
Home Building Joint Ventures 54,844 128,913 -57.5%
Land Development Joint Ventures 1,520,860 1,082,597 +40.5%
Other Joint Ventures 7,185 27,164 -73.5%
Show Public Utilities Inventory breakouts
Land controlled for future communities 307,229 200,166 +53.5%
Land owned for future communities 406,506 353,030 +15.1%
Operating communities 9,964,725 9,159,729 +8.8%
Receivablesprepaidexpensesandotherassets 554,720 590,611 -6.1%
Assets Of Disposal Group Including Discontinued Operation 420,969 — —
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations · Apartment Living Assets 420,969 — —
Mortgage Loans On Real Estate Commercial And Consumer Net 200,816 191,242 +5.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Disposal Group Heldforsale Not Discontinued Operations 200,816 191,242 +5.0%
Show Credit Facility breakouts
Warehouse Agreement Borrowings 194.1 182.8 +6.2%
Earnest Money Deposits 106,612 109,691 -2.8%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 1,025,895 1,007,417 +1.8%
Show Business Segments breakouts
Total home building · Mid-Atlantic 14,535 12,647 +14.9%
Total home building · Mountain 102,147 74,909 +36.4%
Total home building · North 14,769 58,403 -74.7%
Total home building · Operating Segments 568,156 446,953 +27.1%
Total home building · Pacific 146,767 132,952 +10.4%
Total home building · South 289,938 168,042 +72.5%
Show Consolidation Items breakouts
Corporate Non Segment 457,739 560,464 -18.3%
Show Joint Ventures by Type [Axis] breakouts
Newly Joint Ventures · Home Building Joint Ventures 14,769 — —
Newly Joint Ventures · Land Development Joint Ventures 140,508 17,956 +682.5%
Newly Joint Ventures · Rental Property Joint Ventures 17,901 — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,025,895 1,007,417 +1.8%
Home Building Joint Ventures 14,769 58,403 -74.7%
Land Development Joint Ventures 553,387 388,550 +42.4%
Other Joint Ventures 9,192 11,269 -18.4%
Rental Property Joint Ventures 448,547 549,195 -18.3%
Variable Interest Entity Not Primary Beneficiary 151.6 158 -4.1%
Non-Current Liabilities
Accounts Payable Current And Noncurrent 615,771 492,213 +25.1%
Accrued Liabilities Current And Noncurrent 2,061,919 1,752,848 +17.6%
Total Liabilities 6,233,802 5,681,217 +9.7%
Other Liabilities
Loans Payable 896,388 1,085,817 -17.4%
Senior Notes 1,741,525 1,597,102 +9.0%
Show Debt Instrument breakouts
3.80% Senior Notes due November 1, 2029 400,000 400,000 0.0%
4.35% Senior Notes due February 15, 2028 400,000 400,000 0.0%
4.875% Senior Notes due March 15, 2027 450,000 450,000 0.0%
5.60% Senior Notes due June 15, 2035 500,000 — —
Warehouse Agreement Borrowings 150,000 150,000 0.0%
Show Credit Facility breakouts
Warehouse Agreement Borrowings 150 150 0.0%
Contract With Customer Refund Liability 418,897 488,690 -14.3%
Liabilities Of Disposal Group Including Discontinued Operation 172,186 — —
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations · Apartment Living Assets 172,186 — —
Accrued Income Taxes 177,116 114,547 +54.6%
Stockholders' Equity
Common Stock 1,029 1,129 -8.9%
Additional Paid In Capital Common Stock 687,123 694,713 -1.1%
Retained Earnings 8,574,807 8,153,356 +5.2%
Treasury Stock Value -1,014,568 -1,209,547 +16.1%
Accumulated Other Comprehensive Income 22,272 31,277 -28.8%
Total Stockholders' Equity 8,270,663 7,670,928 +7.8%
Minority Interest 15,401 15,787 -2.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 8,286,064 7,686,715 +7.8%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 1,281 1,018 +25.8%
Accumulated Gain Loss Net Cash Flow Hedge Parent 20,991 30,259 -30.6%
Accumulated Other Comprehensive Income 22,272 31,277 -28.8%
Additional Paid In Capital 687,123 694,713 -1.1%
Common Stock 1,029 1,129 -8.9%
Noncontrolling Interest 15,401 15,787 -2.4%
Parent 8,270,663 7,670,928 +7.8%
Retained Earnings 8,574,807 8,153,356 +5.2%
Treasury Stock Common -1,014,568 -1,209,547 +16.1%
Total Liabilities & Equity 14,519,866 13,367,932 +8.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 6,757,242 6,466,996 +4.5%
Home Building Joint Ventures 81,711 188,715 -56.7%
Land Development Joint Ventures 1,946,404 1,500,351 +29.7%
Other Joint Ventures 39,388 55,253 -28.7%
Rental Property Joint Ventures 4,689,739 4,722,677 -0.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 82,085 81,201 +1.1%
Stock-Based Compensation 30,834 29,558 +4.3%
Equity Method Investment Dividends Or Distributions 61,411 39,276 +56.4%
Change In Deferred Tax Asset 86,739 -80,330 +208.0%
Asset Impairment Charges 100,036 72,789 +37.4%
Show Ancillary business by type [Axis] breakouts
Apartment living 7.3 8.9 -18.0%
Other Non-Cash Items 740 -1,544 +147.9%
Change in Inventory -521,182 -575,734 +9.5%
Payments For Origination Of Mortgage Loans Held For Sale -2,645,984 -2,137,278 -23.8%
Proceeds From Sale Of Mortgage Loans Held For Sale 2,638,341 2,058,780 +28.2%
Increase Decrease In Receivables Prepaid Expenses And Other Assets -24,811 505 -5013.1%
Increase Decrease In Income Taxes Receivable -21,138 31,927 -166.2%
Change in Deferred Revenue -66,714 -77,189 +13.6%
Increase Decrease In Accounts Payable And Accrued Liabilities 64,622 -21,790 +396.6%
Net Cash from Operations 1,112,411 1,010,167 +10.1%
Deferred Income Taxes 86,739 -80,330 +208.0%
Investing Activities
Capital Expenditures -86,195 -73,643 -17.0%
Payments To Acquire Equity Method Investments -309,696 -193,235 -60.3%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 82,188 101,363 -18.9%
Proceeds From Divestiture Of Interest In Joint Venture 5,348 — —
Other Investing Activities -1,678 -3,242 +48.2%
Net Cash from Investing -310,033 -167,618 -85.0%
Financing Activities
Proceeds From Issuance Of Senior Long Term Debt 498,180 — —
Proceeds From Notes Payable 4,524,779 3,744,727 +20.8%
Debt Issuance Costs -12,994 -202 -6332.7%
Repayments Of Notes Payable -4,687,028 -3,844,816 -21.9%
Repayments Of Senior Debt -350,020 — —
Payments Proceeds From Stock Based Benefit Plans -19,923 4,131 -582.3%
Proceeds Related To Sales To Land Bank Programs 52,070 — —
Payments Related To Repurchases From Land Bank Programs -91,485 — —
Share Repurchases -651,016 -627,061 -3.8%
Payments Of Dividends -97,075 -93,401 -3.9%
Proceeds From Payments To Minority Shareholders 637 167 +281.4%
Net Cash from Financing -833,875 -816,455 -2.1%
Other Cash Flow
Net Change in Cash -31,497 26,094 -220.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,338,938 1,370,435 -2.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 162,791 205,964 -21.0%
Home Building Joint Ventures 16,492 34,187 -51.8%
Land Development Joint Ventures 95,741 111,910 -14.4%
Other Joint Ventures 367 942 -61.0%
Rental Property Joint Ventures 50,191 58,925 -14.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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