Toll Brothers (TOL) financial statements
Toll Brothers reported revenue of $11.0B in fiscal 2025, up 8.3% a year over 8 years.
Net income was $1.3B.
Free cash flow was $1.0B, and the company returned $97M in dividends and $651M in net buybacks.
The diluted share count fell 43% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Toll Brothers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $5.8B | $7.1B | $7.2B | $7.1B | $8.8B | $10.3B | $10.0B | $10.8B | $11.0B |
| Cost of revenue | — | $4.6B | $5.5B | $5.7B | $5.7B | $6.8B | $7.8B | $7.4B | $7.8B | $8.2B |
| Gross profit | — | $1.3B | $1.6B | $1.6B | $1.4B | $1.9B | $2.5B | $2.6B | $3.0B | $2.8B |
| Selling, general and admin | $533M | $606M | $820M | $879M | $867M | $922M | $978M | $909M | $982M | $1.0B |
| Operating income | $492M | $647M | $786M | $681M | $550M | $1.0B | $1.5B | $1.7B | $2.0B | $1.7B |
| Interest expense | $0 | $0 | $0 | $0 | $2M | $0 | $0 | — | — | — |
| Pre-tax income | $589M | $814M | $934M | $787M | $587M | $1.1B | $1.7B | $1.8B | $2.1B | $1.8B |
| Income tax | $207M | $279M | $186M | $197M | $140M | $267M | $417M | $470M | $514M | $445M |
| Net income | $382M | $535M | $748M | $590M | $447M | $834M | $1.3B | $1.4B | $1.6B | $1.3B |
| EPS (diluted) | $2.18 | $3.17 | $4.85 | $4.03 | $3.40 | $6.63 | $10.90 | $12.36 | $15.01 | $13.49 |
| Diluted shares | 176M | 169M | 154M | 147M | 131M | 126M | 118M | 111M | 105M | 100M |
| Gross margin | — | 21.5% | 22.5% | 21.6% | 20.0% | 22.1% | 24.2% | 26.4% | 27.9% | 25.1% |
| Operating margin | — | 11.1% | 11.0% | 9.4% | 7.8% | 11.6% | 14.7% | 17.3% | 18.8% | 15.7% |
| Net margin | — | 9.2% | 10.5% | 8.2% | 6.3% | 9.5% | 12.5% | 13.7% | 14.5% | 12.3% |
Balance sheet
Fiscal years, from Toll Brothers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $634M | $713M | $1.2B | $1.3B | $1.4B | $1.6B | $1.3B | $1.3B | $1.3B | $1.3B |
| Property, plant and equipment | $170M | $190M | $193M | $273M | $316M | $310M | $288M | $324M | $453M | $273M |
| Total assets | $9.7B | $9.4B | $10.2B | $10.8B | $11.1B | $11.5B | $12.3B | $12.5B | $13.4B | $14.5B |
| Total liabilities | $5.5B | $4.9B | $5.5B | $5.7B | $6.1B | $6.2B | $6.3B | $5.7B | $5.7B | $6.2B |
| Shareholders' equity | $4.2B | $4.5B | $4.8B | $5.1B | $4.9B | $5.3B | $6.0B | $6.8B | $7.7B | $8.3B |
| Net debt | -$634M | -$713M | -$1.2B | -$1.3B | -$1.4B | -$1.6B | -$1.3B | -$1.3B | -$1.3B | -$1.3B |
Cash flow
Fiscal years, from Toll Brothers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $151M | $862M | $588M | $438M | $1.0B | $1.3B | $987M | $1.3B | $1.0B | $1.1B |
| Capital spending | $28M | $29M | $28M | $87M | $110M | $67M | $72M | $73M | $74M | $86M |
| Free cash flow | $122M | $833M | $560M | $351M | $899M | $1.2B | $915M | $1.2B | $937M | $1.0B |
| Stock-based compensation | $27M | $28M | $28M | $26M | $24M | $23M | $21M | $25M | $30M | $31M |
| Dividends paid | $0 | $39M | $62M | $64M | $57M | $77M | $89M | $91M | $93M | $97M |
| Share buybacks (net) | -$393M | -$291M | -$503M | -$234M | -$634M | -$378M | -$543M | -$562M | -$627M | -$651M |
| Free cash flow margin | — | 14.3% | 7.8% | 4.9% | 12.7% | 14.1% | 8.9% | 11.9% | 8.6% | 9.4% |
| Dividends per share | — | $0.23 | $0.40 | $0.43 | $0.43 | $0.61 | $0.75 | $0.82 | $0.89 | $0.97 |
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Open TOL in InvestinglyQuestions
What was Toll Brothers's revenue in 2025?
$11.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Toll Brothers generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Toll Brothers's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.