Filing Flows › Toll Brothers (TOL) › Q2 FY26 › vs Q1 FY26
Toll Brothers (TOL) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Toll Brothers's revenue rose $386M (+18%) from $2.1B in Q1 FY26 to $2.5B in Q2 FY26. The biggest changes: Home sales +$657M (+35%); Land sales and other −$272M (-94%); Management Fee −$425K (-29%). Operating margin 13.7% against 10.2% (+3.5 pts).
Toll Brothers, Q2 FY26: revenue $2.5B (-8% year over year), operating margin 13.7%, net earnings $261M, operating cash flow $134M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 13.7% | 10.2% | +3.5 pts |
| Net margin | 10.3% | 9.8% | +0.5 pts |
| Free cash flow margin | 4.3% | -0.5% | +4.9 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Home sales | $2.5B | $1.9B | $657M | +35% |
| Land sales and other | $18.8M | $291M | −$272M | -94% |
| Management Fee | $1.0M | $1.5M | −$425K | -29% |
| Revenue | $2.5B | $2.1B | $386M | +18% |
| Operating profit | $347M | $219M | $128M | +58% |
| Costs & expenses | $2.2B | $1.9B | $258M | +13% |
| Pre-tax earnings | $350M | $274M | $76.7M | +28% |
| Cost of revenue | $1.9B | $1.7B | $258M | +15% |
| SG&A | $258M | $258M | $317K | +0.1% |
| Net earnings | $261M | $211M | $49.6M | +24% |
| Income tax | $89.8M | $62.6M | $27.1M | +43% |
| Depreciation & amortization | $17.3M | $16.2M | $1.0M | +6% |
| Share-based compensation | $4.5M | $18.8M | −$14.3M | -76% |
| Working capital & other | $148M | $239M | −$90.8M | -38% |
| Operating cash flow | $134M | $7.3M | $127M | 18× |
| Free cash flow (OCF − capex) | $110M | −$11.6M | $122M | — |
| Capital expenditures | $24.5M | $18.9M | $5.6M | +30% |
Questions
How much did Toll Brothers's revenue grow quarter over quarter in Q2 FY26?
Toll Brothers's revenue rose $386M (+18%) from $2.1B in Q1 FY26 to $2.5B in Q2 FY26.
What drove Toll Brothers's revenue change in Q2 FY26?
Home sales +$657M (+35%); Land sales and other −$272M (-94%); Management Fee −$425K (-29%).