Toll Brothers Inc. (TOL) financial statements: income statement, balance sheet and cash flow

Toll Brothers Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Oct 31, 2025 · FY), Toll Brothers Inc. reported revenue of $11.0B (+1.1% year on year) and net income of $1.3B (-14.3% year on year).

Income statement

Toll Brothers Inc. income statement, fiscal years

Line item	Oct 31, 2025 · FY	Oct 31, 2024 · FY	Oct 31, 2023 · FY	Oct 31, 2022 · FY
Revenues:	$11.0B	$10.8B	$10.0B	$10.3B
Cost of revenues:	$8.2B	$7.8B	$7.4B	$7.8B
Selling, general and administrative	$1.0B	$982.3M	$909.4M	$977.8M
Income from operations	$1.7B	$2.0B	$1.7B	$1.5B
Income (loss) from unconsolidated entities	$19.1M	($23.8M)	$50.1M	$23.7M
Other income – net	$51.7M	$69.3M	$67.5M	$171.4M
Income before income taxes	$1.8B	$2.1B	$1.8B	$1.7B
Income tax provision	$444.9M	$514.4M	$470.3M	$417.2M
Net income	$1.3B	$1.6B	$1.4B	$1.3B
Other comprehensive (loss) income – net of tax	($9.0M)	($9.6M)	$3.3M	$36.5M
Total comprehensive income	$1.3B	$1.6B	$1.4B	$1.3B
Basic earnings (in dollars per share)	$13.60	$15.16	$12.47	$11.02
Diluted earnings (in dollars per share)	$13.49	$15.01	$12.36	$10.90
Basic (in shares)	99.0M	103.7M	110.0M	116.8M
Diluted (in shares)	99.8M	104.7M	111.0M	118.0M

Toll Brothers Inc. income statement, quarters

Line item	Jul 31, 2026 · Q3	Apr 30, 2026 · Q2	Jan 31, 2026 · Q1	Jul 31, 2025 · Q3
Revenue	$2.7B	$2.5B	$2.1B	$2.9B
Cost of revenues	$2.0B	$1.9B	$1.7B	$2.2B
Selling, general and administrative	$266.1M	$258.3M	$257.9M	$253.7M
Income from operations	$359.2M	$346.6M	$219.1M	$487.7M
(Loss) income from unconsolidated entities	($3.1M)	($16.7M)	$35.4M	($1.0M)
Other income – net	$18.7M	$20.4M	$19.1M	$12.8M
Income before income taxes	$374.8M	$350.4M	$273.6M	$499.5M
Income tax provision	$94.6M	$89.8M	$62.6M	$129.9M
Net income	$280.1M	$260.6M	$210.9M	$369.6M
Other comprehensive loss – net of tax	($2.0M)	($1.9M)	($1.4M)	($2.4M)
Total comprehensive income	$278.1M	$258.7M	$209.5M	$367.3M
Basic earnings (in dollars per share)	$2.98	$2.74	$2.20	$3.76
Diluted earnings (in dollars per share)	$2.97	$2.72	$2.19	$3.73
Basic (in shares)	93.9M	95.1M	95.7M	98.4M
Diluted (in shares)	94.4M	95.8M	96.5M	99.2M

Balance sheet

Toll Brothers Inc. balance sheet, fiscal years

Line item	Oct 31, 2025 · FY	Oct 31, 2024 · FY	Oct 31, 2023 · FY	Oct 31, 2022 · FY
Cash and cash equivalents	$1.3B	$1.3B	$1.3B	$1.3B
Inventory	$10.7B	$9.7B	$9.1B	$8.7B
Property, construction, and office equipment – net	$273.4M	$453.0M	$324.0M	$287.8M
Receivables, prepaid expenses, and other assets	$554.7M	$590.6M	$691.3M	$747.2M
Real estate and related assets held for sale	$421.0M	—	—	—
Mortgage loans held for sale – at fair value	$200.8M	$191.2M	$110.6M	$185.2M
Customer deposits held in escrow	$106.6M	$109.7M	$84.5M	$136.1M
Investment balance at October 31, 2025	$1.0B	$1.0B	$959.0M	$852.3M
Total assets	$14.5B	$13.4B	$12.5B	$12.3B
Loans payable	$896.4M	$1.1B	$1.2B	$1.2B
Senior notes	$1.7B	$1.6B	$1.6B	$2.0B
Mortgage company loan facility	$150.0M	$150.0M	$100.1M	$148.9M
Customer deposits	$418.9M	—	$540.7M	—
Accounts payable	$615.8M	$492.2M	$597.6M	$619.4M
Accrued expenses	$2.1B	$1.8B	$1.5B	$1.3B
Liabilities related to assets held for sale	$172.2M	—	—	—
Income taxes payable	$177.1M	$114.5M	$166.3M	$291.5M
Total liabilities	$6.2B	$5.7B	$5.7B	$6.3B
Preferred stock, none issued	$0	$0	$0	$0
Common stock, 102,937 and 112,937 shares issued at October 31, 2025 and 2024, respectively	1.0M	1.1M	1.1M	1.3M
Additional paid-in capital	$687.1M	$694.7M	$698.5M	$716.8M
Retained earnings	$8.6B	$8.2B	$6.7B	$6.2B
Treasury stock, at cost — 8,140 and 13,149 shares at October 31, 2025 and 2024, respectively	-1.0B	-1.2B	-619.1M	-916.3M
Accumulated other comprehensive income ("AOCI")	$22.3M	$31.3M	$40.9M	$37.6M
Total stockholders’ equity	$8.3B	$7.7B	$6.8B	$6.0B
Noncontrolling interest	$15.4M	$15.8M	$16.0M	$15.8M
Total equity	$8.3B	$7.7B	$6.8B	$6.0B
Total liabilities and stockholders' equity	$14.5B	$13.4B	$12.5B	$12.3B

Toll Brothers Inc. balance sheet, quarters

Line item	Jul 31, 2026	Apr 30, 2026	Jan 31, 2026	Jul 31, 2025
Cash and cash equivalents	$1.1B	$1.1B	$1.2B	$852.3M
Inventory	$11.6B	$11.4B	$11.2B	$11.1B
Property, construction, and office equipment – net	$293.6M	$283.9M	$276.7M	$448.8M
Receivables, prepaid expenses, and other assets	$538.7M	$543.8M	$541.2M	$602.6M
Real estate and related assets held for sale	$0	$0	$0	—
Mortgage loans held for sale – at fair value	$130.7M	$141.5M	$130.3M	$185.1M
Customer deposits held in escrow	$112.2M	$125.3M	$121.0M	$114.0M
Investments in unconsolidated entities	$907.1M	$955.5M	$956.5M	$1.1B
Total assets	$14.7B	$14.5B	$14.4B	$14.4B
Loans payable	$894.1M	$903.3M	$858.3M	$1.1B
Senior notes	$1.7B	$1.7B	$1.7B	$1.7B
Mortgage company loan facility	$128.9M	$138.2M	$121.1M	$150.0M
Customer deposits	$458.1M	$472.1M	$456.1M	$483.9M
Accounts payable	$589.4M	$461.4M	$536.1M	$619.6M
Accrued expenses	$2.2B	$2.2B	$2.1B	$2.1B
Liabilities related to assets held for sale	$0	$0	$0	—
Income taxes payable	$160.8M	$171.3M	$153.5M	$157.2M
Total liabilities	$6.1B	$6.0B	$6.0B	$6.3B
Preferred stock, none issued	$0	$0	$0	$0
Common stock, 102,937 shares issued at July 31, 2026 and October 31, 2025	1.0M	1.0M	1.0M	1.1M
Additional paid-in capital ("APIC")	$643.9M	$649.6M	$653.4M	$683.7M
Retained earnings	$9.3B	$9.0B	$8.8B	$9.0B
Treasury stock, at cost —10,569 and 8,140 shares at July 31, 2026 and October 31, 2025, respectively	-1.4B	-1.2B	-1.0B	-1.6B
Accumulated other comprehensive income ("AOCI")	$17.0M	$19.0M	$20.9M	$25.8M
Total stockholders’ equity	$8.5B	$8.5B	$8.4B	$8.1B
Noncontrolling interest	$10.8M	$10.8M	$10.8M	$15.6M
Total equity	$8.5B	$8.5B	$8.4B	$8.1B
Total liabilities and stockholders' equity	$14.7B	$14.5B	$14.4B	$14.4B

Cash flow statement

Toll Brothers Inc. cash flow statement, fiscal years

Line item	Oct 31, 2025 · FY	Oct 31, 2024 · FY	Oct 31, 2023 · FY	Oct 31, 2022 · FY
Net income	$1.3B	$1.6B	$1.4B	$1.3B
Depreciation and amortization	$82.1M	$81.2M	$76.5M	$76.8M
Stock-based compensation	$30.8M	$29.6M	$24.8M	$21.1M
(Income) loss from unconsolidated entities	($19.1M)	$23.8M	($50.1M)	($23.7M)
Distributions of earnings from unconsolidated entities	$61.4M	$39.3M	$88.4M	$32.3M
Deferred tax provision	$86.7M	($80.3M)	$36.2M	($96.7M)
Impairment charges and write-offs	$100.0M	$72.8M	$69.5M	$6.8M
Gain on sale of assets	$0	($5.0M)	($416.0K)	$576.0K
Other - net	$740.0K	($1.5M)	$3.2M	$3.8M
Inventory	($521.2M)	($575.7M)	($22.2M)	($618.8M)
Origination of mortgage loans	($2.6B)	($2.1B)	($1.6B)	($2.0B)
Sale of mortgage loans	$2.6B	$2.1B	$1.7B	$2.1B
Receivables, prepaid expenses, and other assets	($24.8M)	$505.0K	($135.9M)	($95.0M)
Current income taxes – net	($21.1M)	$31.9M	($162.6M)	$160.5M
Customer deposits – net	($66.7M)	($77.2M)	($88.3M)	($3.3M)
Accounts payable and accrued expenses	$64.6M	($21.8M)	($23.7M)	$152.5M
Net cash provided by operating activities	$1.1B	$1.0B	$1.3B	$986.8M
Purchase of property, construction, and office equipment – net	($86.2M)	($73.6M)	($73.0M)	($71.7M)
Investments in unconsolidated entities	($309.7M)	($193.2M)	($216.4M)	($226.7M)
Return of investments in unconsolidated entities	$82.2M	$101.4M	$112.7M	$116.8M
Proceeds from the sale of assets, including ownership interests in unconsolidated entities	$0	$1.1M	$26.0M	$28.3M
Net increase in cash from consolidation of joint ventures	$5.3M	—	—	—
Other – net	($1.7M)	($3.2M)	$0	$196.0K
Net cash used in investing activities	($310.0M)	($167.6M)	($150.6M)	($153.2M)
Proceeds from issuance of senior notes	$498.2M	—	—	—
Proceeds from loans payable	$4.5B	$3.7B	$3.1B	$4.3B
Debt issuance costs	($13.0M)	($202.0K)	($5.4M)	—
Principal payments of loans payable	($4.7B)	($3.8B)	($3.2B)	($4.4B)
Redemption of senior notes	($350.0M)	$0	($400.0M)	($409.9M)
(Payments) proceeds related to stock-based benefit plans – net	($19.9M)	—	—	—
Proceeds related to sales to land bank programs	$52.1M	—	—	—
Payments related to repurchases from land bank programs	($91.5M)	—	—	—
Purchase of treasury stock and excise tax payment	($651.0M)	($627.1M)	($561.6M)	($542.7M)
Dividends paid	($97.1M)	($93.4M)	($91.1M)	($88.9M)
Receipts related to noncontrolling interest – net	$637.0K	$167.0K	$11.0K	($25.8M)
Net cash used in financing activities	($833.9M)	($816.5M)	($1.2B)	($1.1B)
Net (decrease) increase in cash, cash equivalents, and restricted cash	($31.5M)	$26.1M	($54.2M)	($285.9M)
Cash, cash equivalents, and restricted cash, beginning of year	$1.4B	$1.3B	$1.4B	$1.7B
Cash, cash equivalents, and restricted cash, end of year	$1.3B	$1.4B	—	—

Toll Brothers Inc. cash flow statement, quarters

Line item	Jul 31, 2026 · YTD	Apr 30, 2026 · YTD	Jan 31, 2026 · Q1	Jul 31, 2025 · YTD
Net income	$751.7M	$471.5M	$210.9M	$899.8M
Depreciation and amortization	$54.4M	$33.5M	$16.2M	$60.3M
Stock-based compensation	$27.7M	$23.3M	$18.8M	$27.1M
Income from unconsolidated entities	($15.6M)	($18.7M)	($35.4M)	($1.7M)
Distributions of earnings from unconsolidated entities	$49.4M	$11.6M	$10.8M	$26.3M
Deferred tax provision	$6.0M	$5.2M	$2.2M	$15.5M
Impairment charges and write-offs	$75.6M	$47.8M	$13.1M	$56.6M
Other - net	$555.0K	$356.0K	$801.0K	$549.0K
Inventory	($900.4M)	($571.9M)	($396.1M)	($902.8M)
Origination of mortgage loans	($1.9B)	($1.2B)	($486.1M)	($1.8B)
Sale of mortgage loans	$2.0B	$1.2B	$556.3M	$1.8B
Receivables, prepaid expenses, and other assets, including rental and commercial properties	$262.5M	$250.4M	$260.2M	—
Current income taxes – net	($20.6M)	($9.9M)	($25.4M)	$29.0M
Customer deposits – net	$33.7M	$34.5M	$22.8M	($9.1M)
Accounts payable and accrued expenses	($2.3M)	($195.7M)	($161.9M)	$115.0M
Net cash provided by operating activities	$392.1M	$141.7M	$7.3M	$312.4M
Purchase of property, construction, and office equipment – net	($74.0M)	($43.3M)	($18.9M)	($58.4M)
Investments in unconsolidated entities	($129.1M)	($105.6M)	($61.9M)	($250.4M)
Return of investments in unconsolidated entities	$104.2M	$88.4M	$65.1M	$64.9M
Proceeds from the sale of ownership interests in unconsolidated entities	$219.5M	$204.3M	$204.3M	—
Net increase in cash from consolidation of joint ventures	$0	—	—	$5.3M
Other – net	($4.3M)	($945.0K)	($1.0M)	($1.7M)
Net cash provided by (used in) investing activities	$116.3M	$142.8M	$187.7M	($240.2M)
Proceeds from issuance of senior notes	$0	—	—	$498.2M
Proceeds from loans payable	$1.9B	$1.2B	$478.5M	$3.5B
Debt issuance costs	($6.3M)	($6.3M)	—	($13.1M)
Principal payments of loans payable	($2.1B)	($1.4B)	($660.6M)	($3.6B)
Redemption of senior notes	$0	—	—	($350.0M)
Proceeds related to sales to land bank programs	$19.8M	$19.8M	$19.8M	$22.1M
Payments related to repurchases from land bank programs	($27.6M)	($10.2M)	—	($62.3M)
Payments related to stock-based benefit plans – net	($8.0M)	($12.1M)	($15.1M)	($21.3M)
Purchase of treasury stock and excise tax payment	($434.9M)	($230.0M)	($50.4M)	($404.3M)
Dividends paid	($73.5M)	($49.4M)	($25.0M)	($73.3M)
(Payments) receipts related to noncontrolling interest – net	($4.4M)	($4.4M)	($4.5M)	$579.0K
Net cash used in financing activities	($717.1M)	($451.4M)	($257.3M)	($504.4M)
Net decrease in cash, cash equivalents, and restricted cash	($208.7M)	($166.8M)	($62.3M)	($432.1M)
Cash, cash equivalents, and restricted cash, beginning of period	$1.3B	$1.3B	$1.3B	$1.4B
Cash, cash equivalents, and restricted cash, end of period	$1.1B	$1.2B	$1.3B	$938.3M

Toll Brothers Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.