TORO
TTC · NYSELawn & Garden Tractors & Home Lawn & Gardens Equip · Fiscal year ends Oct 31
TORO reported revenue of $4.5B in the fiscal year ended Oct 2025, down 1.6% from the year before. Operating income was $410M, an operating margin of 9.1%, and net income was $316M. Operating cash flow of $662M less capital expenditure of $84M left free cash flow of $578M. Net debt was $581M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $4B | $4.5B | $4.6B | $4.6B | $4.5B |
| Cost of revenue | $2.6B | $3B | $3B | $3B | $3B |
| Gross profit | $1.3B | $1.5B | $1.6B | $1.5B | $1.5B |
| Research & development | $141M | $156M | $174M | $173M | $162M |
| Selling, general & admin | $820M | $929M | $996M | $1B | $1B |
| Operating income | $518M | $576M | $431M | $533M | $410M |
| Interest expense | $29M | $36M | $59M | $62M | $59M |
| Pre-tax income | $500M | $553M | $401M | $513M | $378M |
| Income tax | $90M | $109M | $71M | $94M | $62M |
| Net income | $410M | $443M | $330M | $419M | $316M |
| Diluted EPS | 3.78 | 4.20 | 3.13 | 4.01 | 3.17 |
| Diluted shares | 109M | 106M | 105M | 104M | 100M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $406M | $188M | $193M | $200M | $341M |
| Receivables | $253M | $290M | $407M | $460M | $378M |
| Inventory | $738M | $1.1B | $1.1B | $1B | $921M |
| Current assets | $1.5B | $1.7B | $1.8B | $1.8B | $1.7B |
| Net PP&E | $488M | $572M | $642M | $645M | $616M |
| Goodwill | $422M | $583M | $451M | $450M | $451M |
| Total assets | $2.9B | $3.6B | $3.6B | $3.6B | $3.4B |
| Payables | $503M | $579M | $430M | $453M | $368M |
| Deferred revenue | $24M | $28M | $26M | $30M | $34M |
| Current liabilities | $937M | $1.1B | $949M | $976M | $912M |
| Short-term debt | $0 | $0 | $0 | $10M | $0 |
| Long-term debt | $691M | $991M | $1B | $912M | $922M |
| Shareholders' equity | $1.2B | $1.4B | $1.5B | $1.6B | $1.5B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $556M | $297M | $307M | $570M | $662M |
| Capital expenditure | $104M | $144M | $150M | $104M | $84M |
| Free cash flow | $452M | $154M | $157M | $466M | $578M |
| Depreciation & amortisation | $99M | $109M | $119M | $128M | $143M |
| Stock-based compensation | $22M | $22M | $19M | $23M | $19M |
| Acquisitions | $25M | $402M | $21M | $800,000 | $4M |
| Share buybacks | $302M | $140M | $60M | $246M | $290M |
| Dividends paid | $112M | $126M | $142M | $150M | $151M |
| Dividend per share | 1.05 | 1.20 | 1.36 | 1.44 | 1.52 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.0% | 0.9% | 0.7% | −1.6% |
| Operating income growth (YoY) | – | 11.1% | −25.2% | 23.8% | −23.1% |
| EPS growth (YoY) | – | 11.1% | −25.5% | 28.1% | −20.9% |
| Gross margin | 33.8% | 33.3% | 34.6% | 33.8% | 33.4% |
| Operating margin | 13.1% | 12.8% | 9.5% | 11.6% | 9.1% |
| Net margin | 10.4% | 9.8% | 7.2% | 9.1% | 7.0% |
| Return on equityBlank when equity is negative | 35.6% | 32.8% | 21.8% | 27.0% | 21.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.9% | 23.1% | 16.0% | 20.5% | 16.2% |
| Free cash flow margin | 11.4% | 3.4% | 3.5% | 10.2% | 12.8% |
| Cash conversion (CFO ÷ net income) | 1.36x | 0.67x | 0.93x | 1.36x | 2.09x |
| Receivable days | 23 | 23 | 33 | 37 | 31 |
| Inventory days | 103 | 127 | 133 | 125 | 112 |
| Payable days | 70 | 70 | 53 | 54 | 45 |
| Interest cover | 18.1x | 16.1x | 7.34x | 8.62x | 6.94x |
| Debt ÷ equity | 0.60x | 0.73x | 0.68x | 0.59x | 0.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $286M | $803M | $838M | $722M | $581M |
| Current ratio | 1.59x | 1.58x | 1.90x | 1.81x | 1.87x |
Recent filings
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.