Filing Flows › Toro (TTC) › Q2 FY26 › vs Q1 FY26
Toro (TTC) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Toro's revenue rose $388M (+37%) from $1.0B in Q1 FY26 to $1.4B in Q2 FY26. The biggest changes: Equipment +$370M (+40%); Irrigation +$18.7M (+18%). Gross margin 33.9% against 32.5% (+1.4 pts).
Toro, Q2 FY26: revenue $1.4B (+8% year over year), operating margin 13.7%, net earnings $145M, operating cash flow $267M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 33.9% | 32.5% | +1.4 pts |
| Operating margin | 13.7% | 8.4% | +5.3 pts |
| Net margin | 10.2% | 6.6% | +3.7 pts |
| Free cash flow margin | 17.6% | 1.4% | +16.2 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Equipment | $1.3B | $934M | $370M | +40% |
| Irrigation | $121M | $102M | $18.7M | +18% |
| Revenue | $1.4B | $1.0B | $388M | +37% |
| Gross profit | $483M | $336M | $146M | +43% |
| Cost of revenue | $942M | $700M | $242M | +35% |
| Operating profit | $195M | $87.1M | $108M | +124% |
| Operating expenses | $288M | $249M | $38.3M | +15% |
| Pre-tax earnings | $183M | $86.9M | $96.5M | +111% |
| Other expense, net | $11.6M | $200K | $11.4M | 58× |
| Net earnings | $145M | $67.9M | $77.5M | +114% |
| Income tax | $38.0M | $19.0M | $19.0M | +100% |
| Depreciation & amortization | $37.8M | $34.2M | $3.6M | +11% |
| Share-based compensation | $6.6M | $5.9M | $700K | +12% |
| Working capital & other | $77.6M | −$81.9M | $160M | — |
| Operating cash flow | $267M | $26.1M | $241M | +925% |
| Free cash flow (OCF − capex) | $251M | $14.6M | $236M | 17× |
| Capital expenditures | $16.5M | $11.5M | $5.0M | +43% |
Questions
How much did Toro's revenue grow quarter over quarter in Q2 FY26?
Toro's revenue rose $388M (+37%) from $1.0B in Q1 FY26 to $1.4B in Q2 FY26.
What drove Toro's revenue change in Q2 FY26?
Equipment +$370M (+40%); Irrigation +$18.7M (+18%).