📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, rents apartments and student housing communities. In addition, it provides various interior fit-out options, such as flooring, wall tile, plumbing, cabinets, fixtures, appliances, lighting, and home-automation and security technologies. Further, the company owns and operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly, and component manufacturing operations. It serves luxury first-time, move-up, empty-nester, active-adult, and second-home buyers. The company was founded in 1967 and is headquartered in Fort Washington, Pennsylvania.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TOL

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	279.6K	$38.2M	0.05%	Mar 2026
Jim Simons Renaissance Technologies LLC	173.0K	$23.6M	0.04%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q3 2025

Confident Specific

Management expressed clear satisfaction with record revenues and margin beats, while openly acknowledging softer market conditions and lowered delivery guidance. Phrases like 'I am very pleased with our performance' and 'our strategy of prioritizing price and margin over pace continues to pay dividends' show confidence, but they also state 'sales volumes have been impacted by the softer market' and provide specific guidance adjustments.

Q4 2025

Confident Specific

Management repeatedly emphasized strong execution in a difficult market, highlighting record $10.8B revenue, 27.3% adjusted gross margin, and 17.6% ROE. They also provided detailed and conservative guidance for 2026, calling the outlook 'prudent' and not assuming market improvement.

Q1 2026

Mixed

Management expressed confidence in beating Q1 guidance across nearly all metrics, but remained cautiously optimistic about the spring selling season, noting traffic and deposits are only modestly up year-over-year and stating 'too early to be high-fiving'.

Q2 2026 latest

Confident Specific

Management repeatedly states 'we are very pleased' and 'we beat guidance on both the top and bottom lines', then raises full-year guidance across all metrics. Specific figures are provided for deliveries, margins, and community count, reinforcing a self-assured but fact-based tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Toll Brothers beat guidance, raised full-year outlook, and demonstrated that its luxury-focused, disciplined model can perform well even in a difficult demand environment. The reduction in finished specs and flat incentives suggest improving operational efficiency and margin resilience. However, management acknowledged uncertainty around tariff and fuel cost impacts on 2027, and the broader housing market remains challenging. Next quarter, investors should watch for order trends (especially per-community pace), any change in incentive levels, and how the Buffington integration progresses. The company's ability to sustain high margins while growing community count will be key. Overall, the call reinforces the view that Toll Brothers is a more efficient, less cyclical builder, but near-term headwinds (interest rates, cost inflation) warrant close monitoring.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Toll Brothers beats Q2 guidance with $2.5B revenue, $2.72 EPS

Revenue & Profitability

Home building revenue in Q2 was $2.5 billion, approximately $110 million above the midpoint of guidance. Net income was $260.6 million, or $2.72 per diluted share, an $0.18 beat versus the midpoint. Orders rose 7% in units and 8% in dollars year-over-year. The company repurchased $175 million of stock in Q2, bringing year-to-date repurchases to approximately $226 million.

Outlook

Management described the demand environment as challenging but noted that their luxury segment is more resilient. They raised full-year guidance across all key home building metrics, including deliveries (10,400-10,700 homes) and average delivered price ($985,000-$1,000,000). The company expects to end fiscal 2026 with 480-490 selling communities, an 8-10% increase, and plans similar community count growth in fiscal 2027.

Growth Drivers

Key growth levers include expanding geographies (e.g., entering Northwest Arkansas via the Buffington Homes acquisition), increasing community count at 8-10% annually, and focusing on the higher-margin luxury move-up segment. Florida and Austin were noted as bright spots, with strong demand in many markets including Boston to South Carolina, Boise, Las Vegas, and Austin.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted gross margin in Q2 was 26.2%, 70 basis points above guidance. Full-year adjusted gross margin guidance was raised by 10 basis points to 26.1%. SG&A improved to 10.3% in Q2 (40 bps beat) and full-year guidance was improved to 10.1%. Management discussed mix-driven margin dynamics between Q3 (projected 25.25%) and Q4 (projected ~26.3%), citing seasonality in spec home deliveries.

Key Risks

Risks flagged include a challenging demand environment tied to consumer confidence and interest rates, though the luxury segment is less affected. Cancellation rates remain low (2.9% of backlog, 4.8% of signed contracts). Tariff impacts have been minimal so far, and lumber costs have risen but were offset by flat overall build costs.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-05-20

Q2 results exceeded guidance with strong margins and robust luxury segment performance. Full-year guidance was raised for deliveries, pricing, and margins, supported by resilient demand and operational efficiency. Liquidity and capital allocation remain strong, with continued investment in growth and share repurchases.

Q1 2026 Q1 2026 2026-02-18

Q1 results exceeded guidance with higher revenue, margins, and EPS, driven by strong luxury segment performance and disciplined spec/build-to-order mix. Guidance for FY26 remains robust, with continued community growth and capital efficiency, despite modest demand gains and regional variability.

Q4 2025 Q4 2025 2025-12-09

Delivered record home sales and strong margins in fiscal 2025, with robust cash flow and disciplined capital allocation. Fiscal 2026 guidance is conservative, reflecting a cautious outlook amid affordability pressures, but expects continued growth in community count and stable margins.

Q3 2025 Q3 2025 2025-08-20

Record Q3 revenues and earnings were driven by higher average sales prices and strong margins, despite a softer market and increased incentives. Guidance for FY25 remains robust, with continued community growth, disciplined capital allocation, and a CFO transition planned.

Q2 2025 Q2 2025 2025-05-21

Record Q2 revenue and earnings exceeded guidance, driven by strong luxury home sales and disciplined cost control. Despite softer demand and increased incentives, full-year guidance is reaffirmed, with robust margins, healthy cash flow, and increased share repurchase plans.

📊 Analysis Methodology

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