TORO CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TORO CO 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	2,392	2,505	2,619	3,138	3,379	3,960	4,515	4,553	4,584	4,510
Cost of revenue	1,518	1,584	1,678	2,090	2,189	2,621	3,010	2,976	3,035	3,006
Gross profit	875	921	941	1,048	1,190	1,339	1,505	1,578	1,549	1,505
Research and development	77.4	80.4	83.5	109	124	141	156	174	173	162
Selling, general and administrative	540	566	568	723	763	820	929	996	1,016	1,014
Operating income	334	355	373	325	426	518	576	431	533	410
Interest expense	19.3	19.1	19.1	28.8	33.2	28.7	35.7	58.7	61.9	59.1
Interest income	0.83	1.36	2.46	2.75	1.26
Other non-operating income	15.4	17.2	18.4	25.9	13.9	10.2	12.5	28.5	41.4	26.8
Pre-tax income	330	353	372	322	407	500	553	401	513	378
Income tax	99.5	85.5	100	48.2	77.4	89.9	109	70.8	93.9	61.5
Net income	231	268	272	274	330	410	443	330	419	316
EBITDA	398	420	434	413	522	618	685	550	662	553
EPS, basic	2.10	2.47	2.56	2.57	3.06	3.82	4.23	3.16	4.04	3.18
EPS, diluted	2.06	2.41	2.50	2.53	3.03	3.78	4.20	3.13	4.01	3.17
Shares, basic (weighted)	110	108	106	107	108	107	105	104	104	99.5
Shares, diluted (weighted)	112	111	109	108	109	109	106	105	104	99.8
Dividend per share	0.60	0.70	0.80	0.90	1.00	1.05	1.20	1.36	1.44	1.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	274	310	289	152	480	406	188	193	200	341
Receivables	158	176	185	221	223	253	290	407	460	378
Inventory	307	329	358	652	652	738	1,051	1,088	1,039	921
Other current assets	35.2	37.6	54.1	50.6	34.2	35.1	103	111	66.8	65.1
Total current assets	779	860	895	1,123	1,428	1,489	1,675	1,799	1,765	1,705
Property, plant and equipment	222	235	271	437	468	488	572	642	645	616
Lease right-of-use assets				0	78.8	67	76.1	125	115	115
Goodwill	195	205	225	362	424	422	583	451	450	451
Intangible assets	108	104	106	352	408	420	586	540	499	390
Other non-current assets	23.4	25.8	35.7	25.3	20.3	24	19.1	22.8	15.4	15.2
Total assets	1,385	1,494	1,571	2,331	2,853	2,936	3,556	3,644	3,583	3,439
Accounts payable	175	212	257	319	364	503	579	430	453	368
Accrued liabilities	267	284	276	358	377	420	469	499	493	526
Short-term debt	22.5	26.3	0	79.9	99.9	0	0	0	10	0
Total current liabilities	464	522	533	757	856	937	1,064	949	976	912
Long-term debt	328	306	313	621	691	691	991	1,032	912	922
Lease liabilities					66.6	55.8	63.6	112	99.1	100
Other non-current liabilities	30.4	22.8	55.5	42.5	54.3	50.6	42	40.8	43.5	50.5
Total liabilities	835	877	902	1,471	1,738	1,785	2,204	2,133	2,031	1,986
Total debt	351	332	313	701	791	691	991	1,032	922	922
Retained earnings	480	534	587	785	1,042	1,072	1,281	1,444	1,496	1,391
Treasury stock	-1,280	-1,370	-1,448	-1,374	-1,323	-1,596	-1,715	-1,744	-1,969	-2,245
Other comprehensive income	-38.4	-24.1	-23.9	-32	-34.3	-26	-33.1	-37	-46	-35.1
Shareholders' equity	550	617	669	860	1,115	1,151	1,352	1,511	1,552	1,453
Total equity	550	617	669	860	1,115	1,151	1,352	1,511	1,552	1,453
Total liabilities and equity	1,385	1,494	1,571	2,331	2,853	2,936	3,556	3,644	3,583	3,439
Shares outstanding	108	107	106	107	108	105	104	104	101	97.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	231	268	272	274	330	410	443	330	419	316
Depreciation and amortization	64.1	65	61.3	87.7	95.6	99.3	109	119	128	143
Stock-based compensation	10.6	13.5	12.2	13.4	15.4	21.8	22.1	19.4	23	19
Deferred income tax	8.56	-8.83	22.8	-3.61	2.27	-25.5	-12.3	-47.9	-27.9	-58.7
Change in receivables	15.8	-17.7	-10.4	-11	15.2	-52.3	-19.3	-71.6	-53.1	83.2
Change in inventory	23.2	-15.6	-29.8	-105	21	-98.3	-286	-26.7	27.5	109
Change in payables						139	66.3	-150	24.3	-86.6
Cash from operations	384	361	365	337	539	556	297	307	570	662
Capital expenditures	-50.7	-58.3	-90.1	-92.9	-78.1	-104	-144	-150	-104	-83.7
Acquisitions	0	-24.2	-31.2	-697	-138	-24.9	-402	-21	-0.8	-4.2
Cash from investing	-48.9	-83.8	-128	-773	-216	-129	-548	-158	-59.7	-77.4
Debt issued		0	0	900	636	270	700
Debt repaid		-19.1	-19.8	-511	-546	-370	-400
Stock issued	20.2	10.3	17.2	29.3	22.2	13.1	10.3	19.7	9.1	2.1
Share buybacks	-110	-159	-160	-20	0	-302	-140	-60	-246	-290
Dividends paid	-65.9	-75.8	-85	-96.1	-108	-112	-126	-142	-150	-151
Cash from financing	-183	-245	-252	299	2.35	-504	42.2	-148	-505	-446
Exchange rate effect		4.98	-5.94	-1.22	2.41	2.4	-8.5	3.3	1.3	3
Net change in cash	147	36.7	-21.1	-137	328	-74.3	-217	4.9	6.4	142
Free cash flow	334	302	275	244	461	452	154	157	466	578
Interest paid	19.9	19.5	20	30.2	34.1	31.6	30.5	61.1	63	62.5
Income taxes paid	82.2	97.1	75.8	54.7	69.5	102	121	165	91.7	106

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 $97.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	13.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.7%	Pre-tax income / revenue.
Net margin	7.6%	Net income / revenue.
FCF margin	15.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Effective tax rate	21.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.3%	Net income / average total assets.
Return on invested capital (ROIC)	18.1%	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	22.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.0%	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	4.8%	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	-23.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.7%	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	-0.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-24.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.7%	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	-0.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-20.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.9%	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	16.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.6%	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	4.2%	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	24.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	55.5%	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	4.6%	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	5.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.2%	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	8.7%	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	-6.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.4%	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	5.4%	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	-4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	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	3.8%	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	-4.4%	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	-1.9%	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	-1.7%	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
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.72x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.2%	Total debt / total assets.
Liabilities / assets	62.2%	Total liabilities / total assets.
Net debt	$786.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.75x	Operating income / interest expense.
Working capital	$605.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$320.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.34x	Revenue / average total assets.
Fixed asset turnover	8.07x	Revenue / average property, plant and equipment.
Inventory turnover	3.59x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	9.58x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
FCF conversion	195.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.80	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	$49.72	Revenue / diluted weighted shares.
FCF per share	$7.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.26	Cash from operations / diluted weighted shares.
Book value per share	$14.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.38	Tangible book value / shares outstanding.
Cash per share	$1.85	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	50.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.25B	Share price x shares outstanding.
Enterprise value	$10.04B	Market cap + total debt - cash - short-term investments.
P/E	25.5x	Market cap / net income. Only when net income is positive.
P/S	1.95x	Market cap / revenue.
P/B	6.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	28.9x	Market cap / tangible book value, when positive.
P/FCF	13.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was TORO CO's revenue in fiscal 2025?

TORO CO reported revenue of $4.51B for fiscal 2025, 1.6% lower than the year before.

Was TORO CO profitable in fiscal 2025?

Yes. Net income was $316.1M, a net margin of 7%.

How much free cash flow did TORO CO generate in fiscal 2025?

Cash from operations of $662.0M minus capital expenditures of $83.7M left free cash flow of $578.3M.

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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