TOLNYSEOperative BuildersUS GAAP · USD

Toll Brothers, Inc.

Toll Brothers, Inc. designs, builds, markets, sells, and arranges financing for luxury residential communities in the United States. Its portfolio includes detached homes, attached homes, master-planned communities, urban low-, mid-, and high-rise communities, and select for-rent apartment and student housing projects through joint ventures.

Kysy yhtiöstä
Liikevaihto11,0mrd USD
+1,1 %v/v
Liikevoitto (EBIT)1 721milj. USD
−15,7 %v/v
EBIT-marginaali15,7%
−3,1 %-yks.v/v
Nettotulos1 346milj. USD
−14,3 %v/v
Vapaa kassavirta1 026milj. USD
+9,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

0,02,55,07,510,012,5mrd USD2020: 7,1 mrd USD2020: EBIT 0,55 mrd USD20202021: 8,8 mrd USD2021: EBIT 1,0 mrd USD20212022: 10,3 mrd USD2022: EBIT 1,5 mrd USD20222023: 10,0 mrd USD2023: EBIT 1,7 mrd USD20232024: 10,8 mrd USD2024: EBIT 2,0 mrd USD20242025: 11,0 mrd USD2025: EBIT 1,7 mrd USD202511,01,7
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Luxury for-sale homes80 %

Detached, attached, and urban luxury homes sold to homebuyers.

Quick move-in homes10 %

Spec homes built before sale to shorten delivery timing.

Land and community development5 %

Master-planned communities, land development, and site preparation.

Financial and ancillary services3 %

Mortgage, title, insurance, smart home, and related services.

For-rent multifamily and student housing2 %

Apartment Living and Campus Living projects held through joint ventures.

Tuotteet

Raportoitu · osuus liikevaihdosta
98,9%FY2025100 %
  • Home Building98,9 %
  • Land1,1 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Toll Brothers serves affluent U.S. homebuyers seeking luxury new construction, including first-time buyers, move-up buyers, empty-nesters, active-adult buyers, and second-home purchasers. It also sells urban luxury condominiums and participates in for-rent apartment and student housing projects through joint ventures. Demand is driven by buyers who value design, community amenities, location, and the ability to customize or quickly occupy a home.

Luxury first-time buyers

Buyers entering the luxury market who want new construction, design options, and financing support.

Move-up buyers

Households purchasing larger or newer homes in Toll Brothers communities.

Empty-nester and active-adult buyers

Older buyers seeking lower-maintenance homes and amenity-rich communities.

Second-home buyers

Customers purchasing homes in select markets for seasonal or occasional use.

Urban luxury condo buyers

Buyers of high-density condominium product in metropolitan areas.

Joint-venture multifamily users

Residents and institutional partners in apartment and student housing projects.

Strategia

Toll Brothers focuses on broadening its luxury product mix, price points, and geographic footprint while increasing the share of quick move-in homes. It also uses owned and controlled land, community development, and integrated services such as mortgage and title to support sales and customer conversion. The company has also been reducing exposure to multifamily development while retaining select interests over time.

Expand luxury product breadth and price pointsKeskipitkä aikaväli

A wider offering helps reach more buyer segments and markets.

Increase quick move-in home mixLyhyt aikaväli

Spec homes can shorten the sales-to-delivery cycle and improve flexibility.

Maintain land pipeline and community countKeskipitkä aikaväli

Controlled land and active communities support future deliveries.

Monetize and exit multifamily developmentLyhyt aikaväli

Reduces exposure to a non-core business and frees capital.

Maantiede

The company operates across 24 states and the District of Columbia, with five reporting regions: North, Mid-Atlantic, South, Mountain, and Pacific. Its footprint is concentrated in major U.S. housing markets, with operations generally located in the Northeast, Mid-Atlantic, Southeast, Southwest, Mountain West, and West Coast. Geography matters because local land supply, permitting, labor availability, and buyer demand vary materially by region.

Riskit

The business is exposed to housing demand swings, land and construction cost inflation, labor shortages, and permitting or municipal delays that can lengthen build cycles. It also faces financing, interest-rate, subcontractor, brand, and technology/security risks that can affect sales, margins, and execution. Because the company relies on large inventory positions and long development cycles, changes in market conditions can quickly affect community performance and backlog conversion.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Housing demand sensitivity1Land and construction cost inflation2Labor shortages and subcontractor dependence3Interest-rate and financing risk4IT and data security failures5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Housing demand sensitivityVaikutus: KorkeaTodennäköisyys: Korkea

    Luxury home sales depend on buyer confidence, affordability, and mortgage rates.

    KohdistuuNew home ordersCancellationsBacklog conversion
  2. Land and construction cost inflationVaikutus: KorkeaTodennäköisyys: Korkea

    The company capitalizes land and construction costs into inventory, so higher costs can reduce recoverability.

    Kohdistuu: Inventory valuation and gross margin

  3. Labor shortages and subcontractor dependenceVaikutus: KorkeaTodennäköisyys: Korkea

    Homebuilding relies heavily on third-party contractors and skilled trades.

    KohdistuuConstruction cycle timingQualityWarranty claims
  4. Interest-rate and financing riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Homebuyer demand and the company's own debt costs are sensitive to credit conditions.

    KohdistuuSales paceRefinancingLiquidity flexibility
  5. IT and data security failuresVaikutus: KeskitasoTodennäköisyys: Matala

    Sales, customer data, and operational records depend on functioning systems and third-party providers.

    KohdistuuOperationsReputationCustomer trust

Kirjanpito

Harkinnanvaraiset erät
Inventory valuation and impairment

Land and development costs are capitalized and must be written down if not recoverable.

Vaikutus: Can materially affect earnings and asset values

Revenue recognition on home deliveries

Revenue is tied to the timing of closings and deliveries rather than contract signing.

Vaikutus: Creates quarterly volatility and backlog-related visibility

Warranty and self-insurance reserves

Estimated future repair and claim costs depend on historical experience and project quality.

Vaikutus: Affects cost of sales and liabilities

Investments in unconsolidated entities

Joint ventures require judgment on carrying value and equity-method results.

Vaikutus: Can affect earnings and balance sheet carrying amounts

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026