Toll Brothers, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Toll Brothers, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		5,815	7,143	7,224	7,078	8,790	10,276	9,995	10,847	10,967
Cost of revenue		4,562	5,537	5,664	5,660	6,847	7,789	7,361	7,824	8,212
Gross profit		1,253	1,606	1,560	1,418	1,943	2,486	2,634	3,022	2,754
Selling, general and administrative	533	606	820	879	867	922	978	909	982	1,034
Operating income	492	647	786	681	550	1,021	1,509	1,725	2,040	1,721
Interest expense	0	0	0	0	2.44	0	0
Interest income	2.44	5.99	8.57	19	10	4.32
Other non-operating income	56	51.1	62.5	81.5	35.7	40.6	171	67.5	69.3	51.7
Pre-tax income	589	814	934	787	587	1,100	1,704	1,842	2,086	1,791
Income tax	207	279	186	197	140	267	417	470	514	445
Net income to minority interests	-0.02	-0.01	-0.02	-0.02	-0.01	-6.77	0.06	0.67	1.09	0.99
Net income	382	535	748	590	447	834	1,287	1,372	1,571	1,346
EBITDA	515	673	811	753	619	1,097	1,585	1,801	2,121	1,803
EPS, basic	2.27	3.30	4.92	4.07	3.43	6.72	11.02	12.47	15.16	13.60
EPS, diluted	2.18	3.17	4.85	4.03	3.40	6.63	10.90	12.36	15.01	13.49
Shares, basic (weighted)	168	162	152	145	130	124	117	110	104	99
Shares, diluted (weighted)	176	169	154	147	131	126	118	111	105	99.8
Dividend per share		0.24	0.41	0.44	0.44	0.62	0.77	0.83	0.90	0.98

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	634	713	1,182	1,286	1,371	1,638	1,347	1,300	1,303	1,259
Property, plant and equipment	170	190	193	273	316	310	288	324	453	273
Lease right-of-use assets				0	105	96.3	117	103	108	109
Total assets	9,737	9,445	10,245	10,828	11,066	11,538	12,289	12,527	13,368	14,520
Total liabilities	5,502	4,908	5,476	5,709	6,138	6,197	6,267	5,714	5,681	6,234
Paid-in capital	728	720	727	727	717	714	717	699	695	687
Retained earnings	3,977	4,474	5,162	4,774	5,164	4,970	6,167	6,676	8,153	8,575
Treasury stock	-475	-663	-1,131	-425	-1,000	-392	-916	-619	-1,210	-1,015
Other comprehensive income	-3.34	-1.91	0.69	-5.83	-7.2	1.11	37.6	40.9	31.3	22.3
Shareholders' equity	4,229	4,531	4,760	5,072	4,875	5,295	6,006	6,797	7,671	8,271
Minority interests	5.91	5.9	8.71	46.9	52.2	45.4	15.8	16	15.8	15.4
Total equity	4,235	4,537	4,769	5,119	4,927	5,340	6,022	6,813	7,687	8,286
Total liabilities and equity	9,737	9,445	10,245	10,828	11,066	11,538	12,289	12,527	13,368	14,520
Shares outstanding	162	157	146	141	127	120	110	104	99.8	94.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	382	535	748	590	447	834	1,287	1,372	1,571	1,346
Depreciation and amortization	23.1	25.4	25.3	72.1	68.9	76.3	76.8	76.5	81.2	82.1
Stock-based compensation	26.7	28.5	28.3	26.2	24.3	23.2	21.1	24.8	29.6	30.8
Deferred income tax	20.3	186	-21.9	103	97.8	11.8	-95.8	36.5	-80.3	86.7
Change in inventory	-391	130	-144	-40.2	353	-196	-619	-22.2	-576	-521
Change in payables	525	-140	57.9	-64.5	71.8	215	152	-23.7	-21.8	64.6
Cash from operations	151	862	588	438	1,008	1,303	987	1,266	1,010	1,112
Capital expenditures	-28.4	-28.9	-28.2	-87	-110	-66.9	-71.7	-73	-73.6	-86.2
Acquisitions		-83.1	0	-162	-60.3	0	0
Cash from investing	8.21	-7.69	81.3	-75.9	-178	-4.24	-153	-151	-168	-310
Debt issued		455	400	400	0	0		0	0	498
Debt repaid		-688	0	-600	0	-294	-410	-400	0	-350
Stock issued	6.99	66	13.4
Share buybacks	-393	-291	-503	-234	-634	-378	-543	-562	-627	-651
Dividends paid	0	-38.6	-61.7	-63.6	-56.6	-76.6	-88.9	-91.1	-93.4	-97.1
Cash from financing	-444	-878	-214	-259	-753	-1,011	-1,120	-1,170	-816	-834
Net change in cash	-285	-24.2	455	103	77	288	-286	-54.2	26.1	-31.5
Free cash flow	122	833	560	351	899	1,236	915	1,193	937	1,026
Interest paid	12.1	21.6	20.8	35.4	18.3
Income taxes paid	185	120	215	137	46.7	230	351	585	550	372

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $137.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.7%	Gross profit / revenue.
Operating margin	13.8%	Operating income / revenue.
EBITDA margin	14.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.8%	Pre-tax income / revenue.
Net margin	11.1%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Effective tax rate	24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.2%	Net income / average total assets.
Return on invested capital (ROIC)	15.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-15.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-14.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	24.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-10.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	31.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	9.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	17.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	41.8%	Total liabilities / total assets.
Tangible book value	$8.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	36.6x	Revenue / average property, plant and equipment.
FCF conversion	91.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$113.92	Revenue / diluted weighted shares.
FCF per share	$11.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.62	Cash from operations / diluted weighted shares.
Book value per share	$90.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$90.33	Tangible book value / shares outstanding.
Cash per share	$11.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	8.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	62.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.84B	Share price x shares outstanding.
Enterprise value	$11.78B	Market cap + total debt - cash - short-term investments.
P/E	10.7x	Market cap / net income. Only when net income is positive.
P/S	1.19x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.50x	Market cap / tangible book value, when positive.
P/FCF	11.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
EV/EBIT	7.91x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.53x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.5%	Free cash flow / market cap.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	6.1%	(Dividends paid + share buybacks) / market cap.
PEG	1.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Toll Brothers, Inc.'s revenue in fiscal 2025?

Toll Brothers, Inc. reported revenue of $10.97B for fiscal 2025, 1.1% higher than the year before.

Was Toll Brothers, Inc. profitable in fiscal 2025?

Yes. Net income was $1.35B, a net margin of 12.3%.

How much free cash flow did Toll Brothers, Inc. generate in fiscal 2025?

Cash from operations of $1.11B minus capital expenditures of $86.2M left free cash flow of $1.03B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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