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Toll Brothers, Inc. (TOL) stock

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NYSE: TOL NYSE Homebuilding Next results ~November 17, 2026

B Fundamentals grade

Toll Brothers, Inc. is a US-listed company in the homebuilding industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$130–$220 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 10% below our base value.

Price used: $153.35, November 2, 2026

Toll Brothers, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds426 adding, 308 cuttingOf 73 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Toll Brothers files

Where Toll Brothers stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $10.8bn, down 1.1% on a year earlier, slower than 3.6% a quarter earlier. That puts it 852 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 10.1% from 8.4% a year earlier. Operating margin narrowed to 13.8% from 16.3%. The diluted share count is down 5.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. Our cash-flow model value is $174 a share, against a share price of $135. At that price, our model says the market is pricing in cash flow shrinking about 2.6% a year for five years, slower than the 4.1% a year revenue growth it has delivered.

Source: 10-Q filed August 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Toll Brothers, Inc.'s trailing-twelve-month revenue fell 1.1% year on year, with a free-cash-flow margin of 10.1%. Where it stands out: stock pay as % of revenue of 0.3% ranks 2 of 17 homebuilding companies we cover. Where it lags: change in growth rate of -4.7pp ranks 17 of 17 homebuilding companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$130–$220 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.7% while net income fell 12.9%: a 32pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.0% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 17 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.1% over the last 12 months.
  • Insiders selling. 5 insiders sold $26M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Growth easing. The growth rate is 4.7 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.7pp ranks 17 of 17 homebuilding companies we cover (median -0.6pp).

Latest results: FY2026 Q3

Filed August 28, 2026
Earnings per share
$2.97 against an average estimate of $2.94: beat by 0.9%
Revenue
$2.66bn, down 9.7% on a year earlier
Share reaction
+2.2% in the first session after the results on August 18, 2026, against -0.5% for the S&P 500
Guidance given
deliveries 3450 to 3550 (Fourth Quarter); deliveries 10500 to 10600 (Full Fiscal Year)
Next report
August 18, 2026; average EPS estimate $4.86

Toll Brothers' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.1%
  • 1 week+9.2%
  • 1 month+12.5%
  • This year+14.2%
  • 1 year+14.5%
  • 5 years+166.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.8B
Operating margin
13.8%
Net margin
11.1%
EPS (TTM, diluted)
$12.48

Growth

Revenue growth
−1.1%
Change in growth rate
−4.7 pts
Share count change
−5.0%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
10.1%
Stock pay % of revenue
0.3%

Earnings

Last results
August 18, 2026
Next results (est.)
November 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Toll Brothers, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 0.6% a year for five years.That is close to the 4.1% a year revenue growth Toll Brothers has delivered.

  • Priced in-0.6%
  • Last 12 months-1.1%
  • 3 years a year0.2%
  • 5 years a year4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($151.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$170
Price used
$151.00close November 3, 2026
Implied change
▲ +13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Toll Brothers, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($924M, FY2026 Q3 TTM), growing 1% and 1.6% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$220 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Toll Brothers, Inc.'s free cash flow after stock-based pay ( $924M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Toll Brothers, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$130–$220 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$190–$280 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$300 ~$210–$440 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$240 ~$210–$290 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$170–$300 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Toll Brothers, Inc. with Homebuilding in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +19%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $152$203$270$358$473$621
8.5% $119$156$204$267$349$454
10% $99$127$165$213$275$355

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$41.69$30.81$36.83$39.69$57.13$41.54$69.08$144.13$133.96$153.35
Market value$7.1bn$4.8bn$5.4bn$5.2bn$7.2bn$4.9bn$7.7bn$15.1bn$13.4bn$14.7bn
+ Net debt (− = net cash)−$574m−$1.0bn−$971m−$1.0bn−$1.3bn−$810m−$784m−$866m−$1.0bn−$1.1bn
Enterprise value$6.5bn$3.7bn$4.4bn$4.2bn$5.9bn$4.1bn$6.9bn$14.2bn$12.4bn$13.7bn
Multiples
Price / sales 1.2x0.7x0.7x0.7x0.8x0.5x0.8x1.4x1.2x1.4x
Price / earnings 13.2x6.3x9.1x11.7x8.6x3.8x5.6x9.6x9.9x12.3x
Price / free cash flow 8.5x8.5x15.4x5.8x5.8x5.4x6.4x16.1x13.0x13.5x
EV / EBITDA 9.7x4.6x5.9x6.8x5.4x2.6x3.8x6.7x6.9x8.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

65 /100

Moderate moat

How hard Toll Brothers's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.4% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 23.4%, moving by 2.2 percentage points (standard deviation) across 8 years.

  • Durability 11 / 20

    Operating margin has been a median 13.5%; its worst year was 7.4%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 8 of 8 years, at a median 8.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 24.4% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.71 −6% $10.8bn −1%
Next $13.62 +7% $10.9bn +1%

Next year's EPS estimate has moved −3.7% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.5% on 90 days ago. In the last 30 days, 0 analysts raised Toll Brothers, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Toll Brothers, Inc., last 90 days
$12.50 $13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.77 Current fiscal year, 60 days ago: $12.76 Current fiscal year, 30 days ago: $12.72 Current fiscal year, 7 days ago: $12.71 Current fiscal year, Now: $12.71 $12.71 Next fiscal year, 90 days ago: $14.15 Next fiscal year, 60 days ago: $14.04 Next fiscal year, 30 days ago: $13.81 Next fiscal year, 7 days ago: $13.62 Next fiscal year, Now: $13.62 $13.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.77$14.15
60 days ago $12.76$14.04
30 days ago $12.72$13.81
7 days ago $12.71$13.62
Now $12.71$13.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.94 $2.97 +0.9%
Apr 2026 $2.58 $2.72 +5.6%
Jan 2026 $2.12 $2.19 +3.4%
Oct 2025 $4.89 $4.58 −6.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 18, 2026
  • home sales revenues full-year about $10.5bn Maintained
    “we are reaffirming all of our full-year guidance metrics, including approximately $10.5 billion of home sales revenues and an adjusted gross margin of 26.1%.” source
  • Adjusted Home Sales Gross Margin Full Fiscal Year about 26.1% Non-GAAP Maintained
    “Adjusted Home Sales Gross Margin 26.00 % 26.10 %” source
  • Adjusted Home Sales Gross Margin Fourth Quarter about 26% Non-GAAP
    “Adjusted Home Sales Gross Margin 26.00 % 26.10 %” source
  • Deliveries Full Fiscal Year 10,500 to 10,600 Maintained
    “Deliveries 3,450 - 3,550 units 10,500 - 10,600 units” source
  • Average Delivered Price per Home Full Fiscal Year $995,000 to $1,000,000 Maintained
    “Average Delivered Price per Home $995,000 - $1,005,000 $995,000 - $1,000,000” source
  • SG&A, as a Percentage of Home Sales Revenues Full Fiscal Year about 10.1% Maintained
    “SG&A, as a Percentage of Home Sales Revenues 8.10 % 10.10 %” source
Show 9 more items
  • Period-End Community Count Full Fiscal Year 480 to 490 Maintained
    “Period-End Community Count 480 - 490 480 - 490” source
  • Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other Full Fiscal Year about $120m Maintained
    “Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $30 million $120 million” source
  • Tax Rate Full Fiscal Year about 25.2% Maintained
    “Tax Rate 26.0 % 25.2 %” source
  • Deliveries Fourth Quarter 3,450 to 3,550
    “Deliveries 3,450 - 3,550 units 10,500 - 10,600 units” source
  • Average Delivered Price per Home Fourth Quarter $995,000 to $1,005,000
    “Average Delivered Price per Home $995,000 - $1,005,000 $995,000 - $1,000,000” source
  • SG&A, as a Percentage of Home Sales Revenues Fourth Quarter about 8.1%
    “SG&A, as a Percentage of Home Sales Revenues 8.10 % 10.10 %” source
  • Period-End Community Count Fourth Quarter 480 to 490
    “Period-End Community Count 480 - 490 480 - 490” source
  • Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other Fourth Quarter about $30m
    “Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $30 million $120 million” source
  • Tax Rate Fourth Quarter about 26%
    “Tax Rate 26.0 % 25.2 %” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Toll Brothers, Inc.'s revenue by +1.0% next year and +1.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.5%, weight 56%) , management guidance (-1.7%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1676%
Hold419%
Sell15%

Monthly trend

  1. Oct 2026412421
  2. Sep 2026310418
  3. Aug 2026310418
  4. Jul 2026310418

Counts of recommendations published by analysts covering Toll Brothers, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
3.42
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.7%
of shares
Employees
4,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +14.5%

$133.96 on October 31, 2025 to $153.35

ThenNowEffect
Revenue (last 12 months) $10.9bn $10.8bn −1.1%
Net margin 12.6% 11.1% −11.9%
P/E multiple 9.8x 12.3x +24.9%
Share count 101m 96m +5.2%

Biggest factor: p/e multiple.

Last 3 years +93.1%

$79.39 on November 3, 2023 to $153.35

ThenNowEffect
Revenue (last 12 months) $10.7bn $10.8bn +0.7%
Net margin 14.7% 11.1% −24.0%
P/E multiple 5.7x 12.3x +115.9%
Share count 112m 96m +17.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TOL+68%−30%+109%+23%+8%+14%
Industry peers (median)+47%−28%+88%−3%−12%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TOL83%42%83%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TOL−21%−44%−19%−26%−36%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 73% from January 22, 2018 to March 23, 2020. Getting back needed a 272% gain, reached on January 22, 2021, 305 days after the low.

Price behaviour

52-week range
$123.68 – $165.20
From 52-week high
−7.2%
vs 50-day average
+11.2%
vs 200-day average
+6.8%
Volatility (1 year)
35%
Beta vs S&P 500
1.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.5%
After a week
7 up, 5 down
typical move ±6.5%
After a month
6 up, 6 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 18, 2026 +2.2% −0.5% +3.7% −7.7%
May 19, 2026 +7.4% +0.4% +10.2% +22.6%
February 17, 2026 −3.7% +0.7% −3.9% −17.6%
December 8, 2025 −4.3% −0.4% +1.1% −2.4%
August 19, 2025 +0.2% −0.8% +5.0% +6.6%
May 20, 2025 −1.9% −2.0% −1.8% +2.1%
February 18, 2025 −7.1% +0.5% −7.3% −13.4%
December 9, 2024 −5.5% −0.8% −12.7% −19.7%
August 20, 2024 +5.5% +0.2% +7.5% +14.6%
May 21, 2024 −9.0% 0.0% −9.6% −10.6%
February 20, 2024 +5.3% −0.5% +8.9% +21.0%
December 5, 2023 +1.9% −0.4% +6.0% +14.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Toll Brothers, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.36× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TOL Toll Brothers, Inc. Grade B $152.26

Own 100 shares, sell the $170 call expiring December 18, 2026 (46 days) for $2.50 a share — $250 per contract.

Previous session · Bid $2.50, ask $3.10, quoted Mon 2 Nov, 17:37 New York time with TOL at $152.26. Option prices move with the shares: check the live chain at your broker before trading.

  • If TOL ends below $170: you keep your shares and the $250 — 1.6% extra on the position, 13.0% a year at that pace.
  • If it ends above $170: your shares are sold at $170, a total return of 13.3% including the premium — at or above our value of ~$170.
$2.0k $0 −$3.0k Break-even $149.76 Price $152.26 Our value $170
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$250
Annualised
13.0%
Break-even
$149.76
Max gain
$2,024.5
Chance of selling
~25%

Results are expected around November 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Toll Brothers, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Toll Brothers, Inc.
$9.5B $10B $10.5B $11B $11.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.5B Revenue (TTM), FY24 Q3: $10.5B Revenue (TTM), FY24 Q4: $10.8B Revenue (TTM), FY25 Q1: $10.8B Revenue (TTM), FY25 Q2: $10.7B Revenue (TTM), FY25 Q3: $10.9B Revenue (TTM), FY25 Q4: $11B Revenue (TTM), FY26 Q1: $11.3B Revenue (TTM), FY26 Q2: $11B Revenue (TTM), FY26 Q3: $10.8B $10.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10B
FY24 Q1 $10.2B
FY24 Q2 $10.5B
FY24 Q3 $10.5B
FY24 Q4 $10.8B
FY25 Q1 $10.8B
FY25 Q2 $10.7B
FY25 Q3 $10.9B
FY25 Q4 $11B
FY26 Q1 $11.3B
FY26 Q2 $11B
FY26 Q3 $10.8B
Revenue growth, TTM YoY Toll Brothers, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.7% Revenue growth, TTM YoY, FY24 Q1: -1.0% Revenue growth, TTM YoY, FY24 Q2: -0.0% Revenue growth, TTM YoY, FY24 Q3: -1.4% Revenue growth, TTM YoY, FY24 Q4: 8.5% Revenue growth, TTM YoY, FY25 Q1: 5.9% Revenue growth, TTM YoY, FY25 Q2: 1.6% Revenue growth, TTM YoY, FY25 Q3: 3.3% Revenue growth, TTM YoY, FY25 Q4: 1.1% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 3.6% Revenue growth, TTM YoY, FY26 Q3: -1.1% -1.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.7%
FY24 Q1 -1.0%
FY24 Q2 -0.0%
FY24 Q3 -1.4%
FY24 Q4 8.5%
FY25 Q1 5.9%
FY25 Q2 1.6%
FY25 Q3 3.3%
FY25 Q4 1.1%
FY26 Q1 4.6%
FY26 Q2 3.6%
FY26 Q3 -1.1%
Operating margin (TTM) Toll Brothers, Inc.
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.3% Operating margin (TTM), FY24 Q1: 17.8% Operating margin (TTM), FY24 Q2: 19.1% Operating margin (TTM), FY24 Q3: 18.9% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q1: 18.1% Operating margin (TTM), FY25 Q2: 16.7% Operating margin (TTM), FY25 Q3: 16.3% Operating margin (TTM), FY25 Q4: 15.7% Operating margin (TTM), FY26 Q1: 15.3% Operating margin (TTM), FY26 Q2: 14.6% Operating margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.3%
FY24 Q1 17.8%
FY24 Q2 19.1%
FY24 Q3 18.9%
FY24 Q4 18.8%
FY25 Q1 18.1%
FY25 Q2 16.7%
FY25 Q3 16.3%
FY25 Q4 15.7%
FY26 Q1 15.3%
FY26 Q2 14.6%
FY26 Q3 13.8%
FCF margin (TTM) Toll Brothers, Inc.
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.9% FCF margin (TTM), FY24 Q1: 12.3% FCF margin (TTM), FY24 Q2: 11.5% FCF margin (TTM), FY24 Q3: 8.0% FCF margin (TTM), FY24 Q4: 8.6% FCF margin (TTM), FY25 Q1: 7.6% FCF margin (TTM), FY25 Q2: 6.8% FCF margin (TTM), FY25 Q3: 8.4% FCF margin (TTM), FY25 Q4: 9.4% FCF margin (TTM), FY26 Q1: 12.9% FCF margin (TTM), FY26 Q2: 11.0% FCF margin (TTM), FY26 Q3: 10.1% 10.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.9%
FY24 Q1 12.3%
FY24 Q2 11.5%
FY24 Q3 8.0%
FY24 Q4 8.6%
FY25 Q1 7.6%
FY25 Q2 6.8%
FY25 Q3 8.4%
FY25 Q4 9.4%
FY26 Q1 12.9%
FY26 Q2 11.0%
FY26 Q3 10.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Toll Brothers took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $11B
  2. Other income $70.8M · 0.6%
  3. Cost of revenue $8.2B · 74.9%
  4. Gross profit $2.8B · 25.1%
  5. Selling, general and admin $1B · 9.4%
  6. Operating income $1.7B · 15.7%
  7. Income tax $445M · 4.1%
  8. Net income $1.3B · 12.3%

Shares of revenue. Source: Toll Brothers's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 5.8 7.1 7.2 7.1 8.8 10.3 10.0 10.8 11.0 10.8
Gross profit 1.3 1.6 1.6 1.4 1.9 2.5 2.6 3.0 2.8 2.6
EBITDA 0.7 0.8 0.8 0.6 1.1 1.6 1.8 2.1 1.8 1.6
Operating income 0.6 0.8 0.7 0.6 1.0 1.5 1.7 2.0 1.7 1.5
Net income 0.5 0.7 0.6 0.4 0.8 1.3 1.4 1.6 1.3 1.2
Diluted EPS $3.17 $4.85 $4.03 $3.40 $6.63 $10.90 $12.36 $15.01 $13.49 $12.48
Growth (year on year)
Revenue — +22.8% +1.1% −2.0% +24.2% +16.9% −2.7% +8.5% +1.1% −1.1%
EBITDA — +20.7% −7.2% −17.8% +77.2% +44.5% +13.6% +17.8% −15.0% −15.6%
Operating income — +21.5% −13.4% −19.2% +85.5% +47.8% +14.3% +18.3% −15.7% −15.8%
Net income — +39.7% −21.1% −24.3% +86.7% +54.3% +6.7% +14.5% −14.3% −12.9%
Diluted EPS — +53.0% −16.9% −15.6% +95.0% +64.4% +13.4% +21.4% −10.1% −8.3%
Margins
Gross margin 21.5% 22.5% 21.6% 20.0% 22.1% 24.2% 26.4% 27.9% 25.1% 23.7%
EBITDA margin 11.6% 11.4% 10.4% 8.7% 12.5% 15.4% 18.0% 19.6% 16.4% 14.5%
Operating margin 11.1% 11.0% 9.4% 7.8% 11.6% 14.7% 17.3% 18.8% 15.7% 13.8%
Net margin 9.2% 10.5% 8.2% 6.3% 9.5% 12.5% 13.7% 14.5% 12.3% 11.1%
Free-cash-flow margin 14.3% 7.8% 4.9% 12.7% 14.1% 8.9% 11.9% 8.6% 9.4% 10.1%
Cash flow
Cash from operations 0.9 0.6 0.4 1.0 1.3 1.0 1.3 1.0 1.1 1.2
Capital spending 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow 0.8 0.6 0.4 0.9 1.2 0.9 1.2 0.9 1.0 1.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.8 0.5 0.3 0.9 1.2 0.9 1.2 0.9 1.0 1.1
Balance sheet
Cash 0.7 1.2 1.3 1.4 1.6 1.3 1.3 1.3 1.3 1.1
Total debt 0.1 0.2 0.3 0.4 0.4 0.5 0.5 0.4 0.2 —
Net debt (negative = net cash) −0.6 −1.0 −1.0 −1.0 −1.3 −0.8 −0.8 −0.9 −1.0 −1.1
Diluted shares 169m 154m 147m 131m 126m 118m 111m 105m 100m 96m
Returned to shareholders
Dividends 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Buybacks 0.3 0.5 0.2 0.6 0.4 0.5 0.6 0.6 0.7 0.7
Total returned 0.3 0.6 0.3 0.7 0.5 0.6 0.7 0.7 0.7 0.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 0 checks passed · July 31, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Toll Brothers, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$682M
Dividends (TTM)
$97.3M
Returned to shareholders
71%
of free cash flow
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
−5.0%
year over year
Total shareholder yield
5.4%
dividends 0.7% + buybacks 4.7% of market value
Dividend payout ratio
8%
of net income paid out
Sales & admin spending
9.9%
of revenue

Competitors: side by side with peers

Closest by revenue in homebuilding
Last 12 months unless stated TOL NVR PHM KBH MHO DFH Median
Revenue, last 12 months $10.8bn $9.5bn $16.0bn $5.2bn $4.2bn $4.1bn $3.8bn
Revenue growth, last 12 months −1.1% −9.9% −9.3% −20.8% −6.0% −12.2% −7.1%
Revenue growth, 3-year average 0.2% −1.6% −1.8% −8.1% −0.6% 4.7% −0.6%
Revenue growth, latest quarter −9.7% −10.5% −9.8% −20.0% −4.9% −7.6% −6.2%
Gross margin 23.7% — — 19.1% 20.7% 19.8% 21.1%
Operating margin 13.8% — — 7.6% 8.2% — 9.1%
Operating margin, 3-year average 16.3% — — 6.1% 12.4% — 12.0%
Net margin 11.1% 12.0% 11.2% 4.4% 6.6% 3.5% 7.2%
Cash from operations / revenue 11.1% 11.2% 8.8% 1.4% 3.6% −3.3% 7.8%
Free-cash-flow margin 10.1% 11.0% 8.1% 0.6% 3.3% −3.9% 7.7%
Free-cash-flow margin, 3-year average 8.9% 12.5% 8.1% 3.3% 3.9% −2.1% 5.8%
Stock pay / revenue 0.3% 0.7% 0.4% 0.6% 0.4% 0.5% 0.5%
Change in share count −5.0% −7.9% −5.1% −11.8% −4.8% −4.6% −4.8%

Median of all 17 companies we cover in homebuilding. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 homebuilding companies
Measure Company Peer median Rank
Revenue growth Growth -1.1% -7.1% 4 of 17
Change in growth rate Growth -4.7pp -0.6pp 17 of 17
Gross margin Profitability 23.7% 22.7% 5 of 11
Operating margin Profitability 13.8% 9.5% 2 of 8
Net margin Profitability 11.1% 7.2% 5 of 17
Free-cash-flow margin Cash generation 10.1% 7.7% 3 of 17
Stock pay as % of revenue Cash generation 0.3% 0.5% 2 of 17
Change in share count Balance sheet -5.0% -4.8% 7 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 31, 2025
Products and services
Line of business Revenue Share YoY
Home Building $10.8B 98.8% ▲ 2.6%
Land $125M 1.1% ▼ 56.1%
Management Fee $3.8M 0.0% ▼ 10.9%

From Toll Brothers, Inc.'s 10-K filed December 19, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.2B
Institutions reporting
800
Shares held vs prior quarter
▲ 3.7%
Positions opened / closed
114 / 94

Top buyers and sellers, Q2 2026: 426 institutions bought and 308 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.5M shares) and the biggest seller Balyasny Asset Management L.P (−522K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 9.8M 11.3% ▼ 1.7%
Greenhaven Associates Inc $928M 5.6M 6.5% ▼ 0.3%
Capital World Investors $865M 5.3M 6.1% ▲ 0.9%
Vanguard Capital Management LLC $707M 4.3M 5.0% ▲ 0.9%
Vanguard Portfolio Management LLC $688M 4.2M 4.8% ▲ 0.1%
FMR LLC $677M 4.1M 4.8% ▲ 17.3%
State Street Corp $578M 3.5M 4.1% ▲ 4.4%
Dimensional Fund Advisors LP $512M 3.1M 3.6% ▲ 3.9%
Geode Capital Management, LLC $410M 2.5M 2.9% ▲ 4.7%
Price T Rowe Associates Inc $312M 1.9M 2.2% ▲ 382.3%
AQR Capital Management LLC $266M 1.6M 1.9% ▼ 8.4%
Goldman Sachs Group Inc $242M 1.5M 1.7% ▲ 10.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Toll Brothers, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26.1M 9 trades by 5 insiders · 0% under pre-set plans
Net ▼ $26.1M net selling
Insider Date Trade Shares Price Value
East Stephen F. Director September 24, 2026 Sell 800 $135.99 $108,792
Yearley Douglas C. Jr. Executive Chairman June 18, 2026 Sell 77,957 $156.58 $12.2M
Parahus Robert President & COO June 18, 2026 Sell 7,500 $149.66 $1.1M
East Stephen F. Director April 15, 2026 Sell 1,000 $139.70 $139,700
Mclean John A Director March 4, 2026 Sell 2,313 $153.43 $354,884
Yearley Douglas C. Jr. Chief Executive Officer February 27, 2026 Sell 27,014 $159.15 $4.3M
Yearley Douglas C. Jr. Chief Executive Officer February 24, 2026 Sell 2,103 $161.04 $338,667
Yearley Douglas C. Jr. Chief Executive Officer February 24, 2026 Sell 43,013 $160.39 $6.9M
Shapiro Paul E Director January 15, 2026 Sell 3,965 $146.68 $581,586

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Toll Brothers, Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Peter Meijer(R-MI 3):Sale (full), $1,001 - $15,000, traded February 16, 2021, filed March 16, 2021
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded September 18, 2020, filed October 24, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 17, 2026 estimated from the company's past filing pattern, not announced

  • August 18, 2026
  • May 19, 2026
  • February 17, 2026
  • December 8, 2025
  • August 19, 2025
  • May 20, 2025

Recent SEC filings

Data status

When each part of this page on Toll Brothers, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Toll Brothers, Inc. in brief

What does Toll Brothers, Inc. do?
Toll Brothers, Inc. is a US-listed company in the homebuilding industry. Its financial year ends in October.
What is Toll Brothers, Inc.'s stock ticker?
Toll Brothers, Inc. trades under the ticker TOL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Toll Brothers, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Toll Brothers, Inc. reported revenue of $10.8B, 1.1% lower than a year earlier, according to its SEC filings.
What is Toll Brothers, Inc.'s free cash flow?
Toll Brothers, Inc.'s free-cash-flow margin is 10.1% of revenue over the trailing twelve months, ranking 3 of the 17 homebuilding companies we cover.
What is Toll Brothers, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Toll Brothers, Inc.'s free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$130–$220 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Toll Brothers, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Greenhaven Associates Inc and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Toll Brothers, Inc. buying back stock, and does it pay a dividend?
Toll Brothers, Inc. spent $682M on share repurchases over the trailing twelve months, and its diluted share count fell 5.0% over the year.
What is Toll Brothers, Inc.'s market cap?
On November 2, 2026, Toll Brothers, Inc.'s market capitalisation was about $14.7B, with a price-to-earnings ratio of 12.3 and net debt of -$1.1B. Market figures come from third-party market data and may be delayed.
Does Toll Brothers, Inc. pay a dividend?
Yes: Toll Brothers, Inc. paid $97.3M in dividends over the trailing twelve months, a dividend yield of 0.67% and a payout ratio of 8.1%.
Who are Toll Brothers, Inc.'s competitors?
In our Homebuilding peer group, the companies closest to Toll Brothers, Inc. are NVR, Inc., PulteGroup, KB Home, M/i Homes, Inc. and Dream Finders Homes, Inc. The side-by-side comparison below sets their revenue, margins and growth against Toll Brothers, Inc.'s.
Are insiders buying or selling Toll Brothers, Inc. stock?
Over the last 12 months, Toll Brothers, Inc.'s directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Toll Brothers, Inc.'s next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Toll Brothers, Inc. announces its own schedule.