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Toll Brothers cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$220M in Q3 FY26 · $1.1B over twelve months

Operating cash flow$250M
Capital spending−$30.7M
Free cash flow+$220M
Cash / net income0.9×

Analysis

In Q3 FY26, Toll Brothers generated $250M of operating cash flow and spent $30.7M on capital projects, leaving free cash flow of $220M. That is $125M less than in Q3 FY25 ($345M).

Over the twelve months to Jul 31, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($682M), other financing ($263M), capital spending ($102M); besides operations, cash came from other investing ($148M); the cash balance rose by $192M.

Operating cash flow was $250M against net income of $280M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$329M, payables +$193M, impairments +$27.8M.

Free cash flow

Toll Brothers: free cash flow by quarterToll Brothers: free cash flow by quarter$664MQ4 FY24−$438MQ1 FY25$347MQ2 FY25$345MQ3 FY25$772MQ4 FY25−$11.6MQ1 FY26$110MQ2 FY26$220MQ3 FY26
Operating cash flow less capital spending.
Toll Brothers: operating cash flow against capital spendingToll Brothers: operating cash flow against capital spendingOperating cash flowCapital spending$683M$18.2MQ4 FY24−$421M$17.3MQ1 FY25$363M$15.6MQ2 FY25$370M$25.4MQ3 FY25$800M$27.8MQ4 FY25$7.3M$18.9MQ1 FY26$134M$24.5MQ2 FY26$250M$30.7MQ3 FY26
Latest (Q3 FY26): Operating cash flow $250M, Capital spending $30.7M.

Capital allocation, year by year

Toll Brothers: where the cash came from (up) and went (down), by fiscal yearToll Brothers: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY21: Operating cash flow $1.3BFY21: Net borrowing −$294MFY21: Asset sales $80.4MFY21: Capital spending −$66.9MFY21: Buybacks −$378MFY21: Dividends −$76.6M$1.4BFY21FY22: Operating cash flow $987MFY22: Net borrowing −$461MFY22: Asset sales $28.3MFY22: Capital spending −$71.7MFY22: Buybacks −$543MFY22: Dividends −$88.9M$1.0BFY22FY23: Operating cash flow $1.3BFY23: Net borrowing −$400MFY23: Asset sales $26.0MFY23: Capital spending −$73.0MFY23: Buybacks −$562MFY23: Dividends −$91.1M$1.3BFY23FY24: Operating cash flow $1.0BFY24: Asset sales $1.1MFY24: Capital spending −$73.6MFY24: Buybacks −$627MFY24: Dividends −$93.4M$1.0BFY24FY25: Operating cash flow $1.1BFY25: Net borrowing $148MFY25: Capital spending −$86.2MFY25: Buybacks −$651MFY25: Dividends −$97.1M$1.3BFY25
Over these 5 years operating cash flow totalled $5.7B; the largest uses were buybacks ($2.8B) and net borrowing ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B
Due within a year$258M

Toll Brothers funds itself: free cash flow was $1.1B over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet ($258M due within a year, 4.1× covered by cash).

Toll Brothers: debt maturities by year (FY25)Toll Brothers: debt maturities by year (FY25)$258MYear 1$508MYear 2$411MYear 3$13.4MYear 4$1.1BYear 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

Toll Brothers: sources (+) and uses (−) of cash, Q3 FY26Toll Brothers: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$250MBuybacks−$205MCash drawn (+) / kept (−)$41.9MCapital spending−$30.7MDividends−$24.1MNet borrowing (+) / repaid (−)−$23.5MOther financing−$13.3MOther investing$4.2MPartners$47K
Toll Brothers: sources (+) and uses (−) of cash, TTM to Q3 FY26Toll Brothers: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$1.2BBuybacks−$682MOther financing−$263MCash drawn (+) / kept (−)−$192MOther investing$148MCapital spending−$102MDividends−$97.3MPartners−$4.3M

From profit to cash

Toll Brothers: net income to operating cash flow, Q3 FY26Toll Brothers: net income to operating cash flow, Q3 FY26Net income$280MDepreciation & amortization$20.9MStock-based pay$4.4MImpairments$27.8MOther non-cash$199KInventory−$329MPayables$193MDeferred revenue−$818KOperating cash flow$250M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$250M−$30.7M−$205M−$24.1M−$23.5M$41.9M$220M
Q2 FY26$134M−$24.5M−$180M−$24.4M$23.4M$105M$110M
Q1 FY26$7.3M−$18.9M−$50.4M−$25.0M−$182M$62.3M−$11.6M
Q4 FY25$800M−$27.8M−$247M−$23.8M—−$401M$772M
Q3 FY25$370M−$25.4M−$199M−$24.3M−$34.6M−$177M$345M
Q2 FY25$363M−$15.6M−$181M−$24.6M$40.2M−$109M$347M
Q1 FY25−$421M−$17.3M−$23.7M−$24.4M−$107M$717M−$438M
Q4 FY24$683M−$18.2M−$204M−$23.1M—−$407M$664M

Toll Brothers: income statement and cash flow

Toll Brothers, Q3 FY26: revenue $2.7B (-10% year over year), operating margin 13.5%. The chart follows the revenue to costs, profit and cash.

Toll Brothers: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.