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Toll Brothers (TOL) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 28, 2026 · Toll Brothers (TOL) Q3 FY26 earnings results →

Q3 FY26 Revenue down 10% year over year to $2.7B · 11¢ of every $1 of revenue kept as net profit · operating margin 13.5%

Toll Brothers made $2.7B in Q3 FY26 (-10% Y/Y): Home sales $2.7B, Land sales and other $6.3M, Management Fee $953K. Operating margin 13.5%, net earnings $280M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 28, 2026.

Revenue$2.7B
Year over year-10%
Operating margin13.5%
Net earnings$280M
Operating cash flow$250M

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Toll Brothers Q3 FY26 revenue breakdown: Sankey diagram of revenue (Home sales, Land sales and other, Management Fee), costs, profit and cash flow
Toll Brothers Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.7B in Q3 FY26, down 10% year over year and up 5% from the previous quarter. Home sales was the largest line at 100% of revenue. Home sales lost $0.23B year over year (down 8%), 80% of the total change.

Operating profit was $0.36B, a 13.5% margin (down 3.1 points year over year). Total costs fell 6% while revenue fell 10%. Net earnings were $0.28B, down 24% year over year. The effective tax rate was 25.2%.

Operating cash flow was $0.25B (down 32% year over year), 89% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items used $0.06B. Capital expenditures of $0.03B left free cash flow of $0.22B.

Quarterly history

Toll Brothers revenue by quarterToll Brothers revenue by quarter$3.3BQ4 FY24$2.7BQ2 FY25$2.9BQ3 FY25$3.4BQ4 FY25$2.1BQ1 FY26$2.5BQ2 FY26$2.7BQ3 FY26
Toll Brothers net earnings by quarterToll Brothers net earnings by quarter$475MQ4 FY24$352MQ2 FY25$369MQ3 FY25$448MQ4 FY25$211MQ1 FY26$261MQ2 FY26$280MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 28, 2026$2.7B-10%13.5%$280M$250M
Q2 FY2610-QMay 29, 2026$2.5B-8%13.7%$261M$134M
Q1 FY2610-QFeb 27, 2026$2.1B+15%10.2%$211M$7.3M
Q4 FY2510-KDec 19, 2025$3.4B+3%16.5%$448M$800M
Q3 FY2510-QAug 28, 2025$2.9B+8%16.6%$369M$370M
Q2 FY2510-QMay 29, 2025$2.7B-4%16.4%$352M$363M
Q4 FY2410-KDec 20, 2024$3.3B+10%18.3%$475M$683M

Charts

Toll Brothers: revenue growth, year over year and quarter over quarterToll Brothers: revenue growth, year over year and quarter over quarterY/YQ/Q+10%Q4 FY24-4%-18%Q2 FY25+8%+8%Q3 FY25+3%+16%Q4 FY25+15%-37%Q1 FY26-8%+18%Q2 FY26-10%+5%Q3 FY26
Latest (Q3 FY26): Y/Y -10%, Q/Q +5%.
Toll Brothers: where the cash came from (+) and went (−), TTM to Q3 FY26Toll Brothers: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$1.2BBuybacks−$682MOther financing−$263MCash drawn (+) / kept (−)−$192MOther investing$148MCapital spending−$102MDividends−$97.3MPartners−$4.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Toll Brothers: profit against cash, quarter by quarterToll Brothers: profit against cash, quarter by quarterNet incomeOperating cash flow$475M$683MQ4 FY24$178M−$421MQ1 FY25$352M$363MQ2 FY25$370M$370MQ3 FY25$447M$800MQ4 FY25$211M$7.3MQ1 FY26$261M$134MQ2 FY26$280M$250MQ3 FY26
Latest (Q3 FY26): Net income $280M, Operating cash flow $250M.
Toll Brothers: diluted shares by fiscal yearToll Brothers: diluted shares by fiscal year131MFY20126MFY21118MFY22111MFY23105MFY24100MFY25
-24.0% since FY20: buybacks shrank the count.
Toll Brothers: long-term debt falling due (FY25)Toll Brothers: long-term debt falling due (FY25)$258M2026$508M2027$411M2028$13.4M2029$1.1B2030
Cash $1.3B, short-term investments —, long-term debt — at 2025-10-31.
Toll Brothers in its industry: growth against margin (15 companies, SIC 1531)Toll Brothers in its industry: growth against margin (15 companies, SIC 1531)revenue growth, year over year →↑ operating marginmedian -8%median 8%DHIPHMNVRECGKBHMHODFHCCSTri Pointe Homes, Inc.HOVBZHGRBKLGIHSDHCTOL (-10%, 14%)
Operative Builders; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Toll Brothers

Toll Brothers, Inc., a corporation incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. When this report uses the words “we,” “us,” “our,” and the “Company,” it refers to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending October 31. We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. In recent years, we have pursued a strategy of broadening our product lines, price points and geographic footprint, as well as increasing the number of quick move-in (or “spec”) homes that we sell relative to our traditional build-to-order homes.

In its own words, from its 10-K, filed Dec 19, 2025.

Toll Brothers against its Operative Builders peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median -8%. Operating margin: 13.5% against the peers' median 8.8%.

CompanyQuarterRevenueY/YOp. margin
TOL Toll BrothersQ3 FY26$2.7B-10%13.5%
DHI Horton D RQ4 FY26$9.4B-3%10.8%
PHM PultegroupQ3 2026$4.0B-10%15.7%
NVR NVRQ3 2026$2.4B-8%13.9%
ECG Everus Construction GroupQ3 2026$1.4B+40%8.8%
KBH KB HomeQ3 FY26$1.3B-20%6.3%
MHO M/I HomesQ3 2026$1.1B-5%7.7%
DFH Dream Finders HomesQ3 2026$996M+3%1.3%
CCS Century CommunitiesQ3 2026$864M-12%1.8%

Source: Toll Brothers 10-Q on SEC EDGAR · CIK 794170 · Operative Builders

Guidance and outlook

Toll Brothers Tax rate: guidance against what was reportedToll Brothers Tax rate: guidance against what was reportedguided rangereported (above / within / below)Q3 FY2526.0%FY2524.8%Q4 FY2524.6%FY26Q1 FY2622.9%Q2 FY2625.6%Q3 FY2625.2%Q4 FY26
Met or beat 8 of 8 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns TOL and who is buying

Largest holders of TOL (13F)Largest holders of TOL (13F)BlackRock$1.6BVanguard Group$1.2BCapital World Investors$865MGreenhaven Associates$756MVanguard Capital Management LLC$707MVanguard Portfolio Management LLC$688MFMR LLC$677MState Street$578MDimensional Fund Advisors LP$512MGeode Capital Management, LLC$410M
Funds' net buying of TOL by quarter (13F)Funds' net buying of TOL by quarter (13F)$340M2024-09$21.7M2024-12$160M2025-03−$183M2025-06−$348M2025-09$13.1M2025-12−$190M2026-03$373M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TOL

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Toll Brothers（TOL）财报

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