Toll Brothers
TOL · NYSEOperative Builders · Fiscal year ends Oct 31
Toll Brothers reported revenue of $11B in the fiscal year ended Oct 2025, up 1.1% from the year before. Operating income was $1.7B, an operating margin of 15.7%, and net income was $1.3B. Operating cash flow of $1.1B less capital expenditure of $86M left free cash flow of $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $8.8B | $10.3B | $10B | $10.8B | $11B |
| Cost of revenue | $6.8B | $7.8B | $7.4B | $7.8B | $8.2B |
| Gross profit | $1.9B | $2.5B | $2.6B | $3B | $2.8B |
| Selling, general & admin | $922M | $978M | $909M | $982M | $1B |
| Operating income | $1B | $1.5B | $1.7B | $2B | $1.7B |
| Interest expense | $0 | $0 | – | – | – |
| Income tax | $267M | $417M | $470M | $514M | $445M |
| Net income | $834M | $1.3B | $1.4B | $1.6B | $1.3B |
| Diluted EPS | 6.63 | 10.90 | 12.36 | 15.01 | 13.49 |
| Diluted shares | 126M | 118M | 111M | 105M | 100M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.6B | $1.3B | $1.3B | $1.3B | $1.3B |
| Net PP&E | $310M | $288M | $324M | $453M | $273M |
| Total assets | $11.5B | $12.3B | $12.5B | $13.4B | $14.5B |
| Deferred revenue | $636M | $681M | $541M | $51M | $419M |
| Total liabilities | $6.2B | $6.3B | $5.7B | $5.7B | $6.2B |
| Shareholders' equity | $5.3B | $6B | $6.8B | $7.7B | $8.3B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $987M | $1.3B | $1B | $1.1B |
| Capital expenditure | $67M | $72M | $73M | $74M | $86M |
| Free cash flow | $1.2B | $915M | $1.2B | $937M | $1B |
| Depreciation & amortisation | $76M | $77M | $76M | $81M | $82M |
| Stock-based compensation | $23M | $21M | $25M | $30M | $31M |
| Acquisitions | $0 | $0 | – | – | – |
| Share buybacks | $378M | $543M | $562M | $627M | $651M |
| Dividends paid | $77M | $89M | $91M | $93M | $97M |
| Dividend per share | 0.62 | 0.77 | 0.83 | 0.90 | 0.98 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.9% | −2.7% | 8.5% | 1.1% |
| Operating income growth (YoY) | – | 47.8% | 14.3% | 18.3% | −15.7% |
| EPS growth (YoY) | – | 64.4% | 13.4% | 21.4% | −10.1% |
| Gross margin | 22.1% | 24.2% | 26.4% | 27.9% | 25.1% |
| Operating margin | 11.6% | 14.7% | 17.3% | 18.8% | 15.7% |
| Net margin | 9.5% | 12.5% | 13.7% | 14.5% | 12.3% |
| Return on equityBlank when equity is negative | 15.7% | 21.4% | 20.2% | 20.5% | 16.3% |
| Free cash flow margin | 14.1% | 8.9% | 11.9% | 8.6% | 9.4% |
| Cash conversion (CFO ÷ net income) | 1.56x | 0.77x | 0.92x | 0.64x | 0.83x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.