$TOL

TOLL BROTHERS INC

CIK:0000794170|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Revenue	$ 2,658,781	$ 2,945,117	$ 7,335,638	$ 7,543,325
Cost of revenues	2,033,562	2,203,726	5,628,538	5,636,951
Selling, general and administrative	266,068	253,672	782,257	749,846
Income from operations	359,151	487,719	924,843	1,156,528
Other:
(Loss) income from unconsolidated entities	(3,087)	(1,012)	15,637	1,734
Other income – net	18,723	12,793	58,240	40,123
Income before income taxes	374,787	499,500	998,720	1,198,385
Income tax provision	94,642	129,879	247,052	298,614
Net income	280,145	369,621	751,668	899,771
Other comprehensive loss – net of tax	(2,003)	(2,360)	(5,273)	(5,507)
Total comprehensive income	$ 278,142	$ 367,261	$ 746,395	$ 894,264
Per share:
Basic earnings (in dollars per share)	$ 2.98	$ 3.76	$ 7.92	$ 9.02
Diluted earnings (in dollars per share)	$ 2.97	$ 3.73	$ 7.87	$ 8.95
Weighted-average number of shares:
Basic (in shares)	93,897	98,434	94,914	99,718
Diluted (in shares)	94,445	99,170	95,568	100,529
Home sales
Revenue	$ 2,652,476	$ 2,880,975	$ 7,019,925	$ 7,428,204
Cost of revenues	2,017,573	2,142,768	5,326,197	5,526,466
Land sales and other
Revenue	6,305	64,142	315,713	115,121
Cost of revenues	$ 15,989	$ 60,958	$ 302,341	$ 110,485

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flow provided by operating activities:
Net income	$ 751,668	$ 899,771
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,427	60,277
Stock-based compensation	27,704	27,110
Income from unconsolidated entities	(15,637)	(1,734)
Distributions of earnings from unconsolidated entities	49,437	26,312
Deferred tax provision	6,050	15,510
Impairment charges and write-offs	75,622	56,634
Other - net	555	549
Changes in operating assets and liabilities:
Inventory	(900,441)	(902,805)
Origination of mortgage loans	(1,902,320)	(1,817,128)
Sale of mortgage loans	1,971,761	1,825,165
Receivables, prepaid expenses, and other assets, including rental and commercial properties	262,493	(12,159)
Current income taxes – net	(20,605)	28,971
Customer deposits – net	33,669	(9,078)
Accounts payable and accrued expenses	(2,323)	114,986
Net cash provided by operating activities	392,060	312,381
Cash flow provided by (used in) investing activities:
Purchase of property, construction, and office equipment – net	(74,031)	(58,363)
Investments in unconsolidated entities	(129,101)	(250,377)
Return of investments in unconsolidated entities	104,236	64,935
Proceeds from the sale of ownership interests in unconsolidated entities	219,487	0
Net increase in cash from consolidation of joint ventures	0	5,348
Other – net	(4,280)	(1,712)
Net cash provided by (used in) investing activities	116,311	(240,169)
Cash flow used in financing activities:
Proceeds from issuance of senior notes	0	498,180
Proceeds from loans payable	1,908,760	3,459,151
Debt issuance costs	(6,313)	(13,095)
Principal payments of loans payable	(2,090,903)	(3,560,059)
Redemption of senior notes	0	(350,020)
Proceeds related to sales to land bank programs	19,797	22,071
Payments related to repurchases from land bank programs	(27,624)	(62,292)
Payments related to stock-based benefit plans – net	(7,958)	(21,272)
Purchase of treasury stock and excise tax payment	(434,921)	(404,296)
Dividends paid	(73,521)	(73,303)
(Payments) receipts related to noncontrolling interest – net	(4,384)	579
Net cash used in financing activities	(717,067)	(504,356)
Net decrease in cash, cash equivalents, and restricted cash	(208,696)	(432,144)
Cash, cash equivalents, and restricted cash, beginning of period	1,338,938	1,370,435
Cash, cash equivalents, and restricted cash, end of period	$ 1,130,242	$ 938,291

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jul. 31, 2026

Oct. 31, 2025

ASSETS

Cash and cash equivalents

$ 1,057,889

$ 1,258,997

Inventory

11,645,569

10,678,460

Property, construction, and office equipment – net

293,648

273,397

Receivables, prepaid expenses, and other assets

538,716

554,720

Real estate and related assets held for sale

420,969

Mortgage loans held for sale – at fair value

130,723

200,816

Customer deposits held in escrow

112,169

106,612

Investments in unconsolidated entities

^[1]

907,082

1,025,895

Total assets

14,685,796

14,519,866

Liabilities

Loans payable

894,142

896,388

Senior notes

1,742,471

1,741,525

Mortgage company loan facility

128,863

150,000

Customer deposits

458,123

418,897

Accounts payable

589,367

615,771

Accrued expenses

2,170,514

2,061,919

172,186

Income taxes payable

160,775

177,116

Total liabilities

6,144,255

6,233,802

Stockholders’ equity

Preferred stock, none issued

Common stock, 102,937 shares issued at July 31, 2026 and October 31, 2025

1,029

Additional paid-in capital ("APIC")

643,902

687,123

Retained earnings

9,253,072

8,574,807

Treasury stock, at cost —10,569 and 8,140 shares at July 31, 2026 and October 31, 2025, respectively

(1,384,232)

(1,014,568)

Accumulated other comprehensive income ("AOCI")

16,999

22,272

Total stockholders’ equity

8,530,770

8,270,663

Noncontrolling interest

10,771

15,401

Total equity

8,541,541

8,286,064

Total liabilities and stockholders' equity

$ 14,685,796

$ 14,519,866

[1]

As of July 31, 2026 and October 31, 2025, Investments in unconsolidated entities include $76.8 million and $77.0 million, respectively, of assets related to consolidated variable interest entities (“VIEs”). See Note 4, “Investments in Unconsolidated Entities” for additional information regarding VIEs.