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Toll Brothers

TOL Q4 2025 Earnings

Reported Dec 8, 2025 at 4:47 PM ET · SEC Source

Q4 25 EPS

$4.58

MISS 6.34%

Est. $4.89

Q4 25 Revenue

$3.42B

BEAT +3.17%

Est. $3.32B

vs S&P Since Q4 25

+1.2%

BEATING MARKET

TOL +6.7% vs S&P +5.5%

Full Year 2025 Results

FY 25 EPS

$13.49

MISS 2.36%

Est. $13.82

FY 25 Revenue

$10.97B

BEAT +0.97%

Est. $10.86B

Market Reaction

Did TOL Beat Earnings? Q4 2025 Results

Toll Brothers delivered a mixed fourth quarter for fiscal 2025, beating on revenue while falling short on the bottom line in what CEO Douglas Yearley described as a challenging demand environment. The luxury homebuilder posted revenue of $3.42 billio… Read more Toll Brothers delivered a mixed fourth quarter for fiscal 2025, beating on revenue while falling short on the bottom line in what CEO Douglas Yearley described as a challenging demand environment. The luxury homebuilder posted revenue of $3.42 billion, up 2.7% year over year and above the $3.32 billion consensus estimate, but diluted EPS of $4.58 missed the $4.89 analyst expectation by 6.34%, as home sales gross margin contracted 50 basis points to 25.5% and pre-tax land and other impairments of $24.30 million weighed on profitability. The delayed closing of the company's Apartment Living business sale to Kennedy Wilson, now expected in Q1 FY2026 at $380 million, also held back results. For the full year, Toll Brothers achieved record home sales revenues of $10.84 billion across 11,292 homes, and the company declared a quarterly dividend of $0.25 per share, underscoring its commitment to shareholder returns. Looking ahead, FY2026 guidance targets 10,300 to 10,700 deliveries at average prices of $970,000 to $990,000, with adjusted gross margin of 26.00% and community count growth of 8% to 10%.

Key Takeaways

  • • Record home sales revenues of $10.84 billion for FY2025
  • • 9% community count growth to 446 selling communities
  • • Luxury market differentiation serving affluent customers less impacted by affordability pressures
  • • Balance of build-to-order and spec homes strategy
  • • Broad geographic footprint across 24 states and 60+ markets
  • • Strong operating cash flows of approximately $1.1 billion for FY2025
  • • Return on beginning equity of 17.6%
24/7 Wall St

TOL YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

TOL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Fiscal 2025 proved to be another strong year for Toll Brothers, as we executed well in a choppy environment. We delivered 11,292 homes at an average price of $960,000, generating a record $10.8 billion of home sales revenues, and posted an adjusted gross margin of 27.3%, an SG&A margin of 9.5%, and earnings of $13.49 per diluted share. We grew our community count by 9%, continued to produce strong operating cash flows of $1.1 billion, returned approximately $750 million to stockholders through share repurchases and dividends, and generated a return on beginning equity of 17.6%.”

— Douglas C. Yearley, Jr., Q4 2025 Earnings Press Release

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