Filing Flows › Toll Brothers (TOL) › Q2 FY26 › vs Q2 FY25
Toll Brothers (TOL) Q2 FY26 vs Q2 FY25 (year over year)
Toll Brothers's revenue fell $208M (-8%) from $2.7B in Q2 FY25 to $2.5B in Q2 FY26. The biggest changes: Home sales −$194M (-7%); Land sales and other −$13.9M (-42%); Management Fee +$63K (+6%). Operating margin 13.7% against 16.4% (-2.7 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 13.7% | 16.4% | -2.7 pts |
| Net margin | 10.3% | 12.9% | -2.6 pts |
| Free cash flow margin | 4.3% | 12.7% | -8.3 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Home sales | $2.5B | $2.7B | −$194M | -7% |
| Land sales and other | $18.8M | $32.6M | −$13.9M | -42% |
| Management Fee | $1.0M | $972K | $63K | +6% |
| Revenue | $2.5B | $2.7B | −$208M | -8% |
| Operating profit | $347M | $450M | −$103M | -23% |
| Costs & expenses | $2.2B | $2.3B | −$105M | -5% |
| Pre-tax earnings | $350M | $478M | −$127M | -27% |
| Cost of revenue | $1.9B | $2.0B | −$107M | -5% |
| SG&A | $258M | $256M | $2.5M | +1% |
| Net earnings | $261M | $353M | −$92.1M | -26% |
| Income tax | $89.8M | $125M | −$35.3M | -28% |
| Depreciation & amortization | $17.3M | $20.8M | −$3.5M | -17% |
| Share-based compensation | $4.5M | $4.8M | −$254K | -5% |
| Working capital & other | $148M | $15.4M | $133M | +861% |
| Operating cash flow | $134M | $363M | −$228M | -63% |
| Free cash flow (OCF − capex) | $110M | $347M | −$237M | -68% |
| Capital expenditures | $24.5M | $15.6M | $8.9M | +57% |
Questions
How much did Toll Brothers's revenue grow year over year in Q2 FY26?
Toll Brothers's revenue fell $208M (-8%) from $2.7B in Q2 FY25 to $2.5B in Q2 FY26.
What drove Toll Brothers's revenue change in Q2 FY26?
Home sales −$194M (-7%); Land sales and other −$13.9M (-42%); Management Fee +$63K (+6%).