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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
The Toro Company (TTC) investor relations material
The Toro Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Dec, 2025
Executive summary
Fourth-quarter and full-year results exceeded expectations, driven by strong performance in the professional and underground construction segments, with consolidated net sales of $4.51 billion and adjusted EPS of $4.20.
Record free cash flow of $578 million was achieved, primarily from net working capital improvements, with a conversion rate of 146%.
$441 million was returned to shareholders through dividends and share repurchases.
The AMP productivity initiative target was raised to $125 million in run-rate savings by 2026/2027, with $80–$86 million realized to date.
Strategic acquisitions, including Tornado Infrastructure Equipment and ProKASRO Services USA, expanded the underground construction portfolio and positioned the company for long-term growth.
Financial highlights
Q4 consolidated net sales were $1.07 billion (down 0.9% year-over-year); full-year net sales were $4.51 billion (down 1.6%–2% year-over-year).
Q4 adjusted gross margin was 34.5% (up from 32.3%); full-year adjusted gross margin was 34.1% (up from 33.9%).
Q4 adjusted EPS was $0.91 (down from $0.95 prior year); full-year adjusted EPS was $4.20 (up from $4.17 prior year).
Record free cash flow of $578 million, with a conversion rate of 146%.
ROIC increased to 17.0% from 16.6% in the prior year.
Outlook and guidance
Fiscal 2026 net sales are expected to grow 2%–5%, with professional segment sales up mid-single digits and residential segment sales down low to mid-single digits.
Adjusted diluted EPS guidance for fiscal 2026 is $4.35–$4.50, with free cash flow conversion expected to be at least 110%.
Professional segment earnings margin guidance: 18.5%–19.5%; residential segment: 6%–8%.
Quarterly dividend raised to $0.39, with an additional 6 million shares authorized for repurchase.
Tornado Infrastructure Equipment acquisition expected to add about 2% to net sales and be modestly accretive to adjusted EPS.
AMP program savings exceed F26 goal. What's next
F26 tariff headwinds are $100M. Mitigation plan
Residential segment sales decline. Strategy for growth
Detail AMP initiative's future margin impact
Strategy for Residential segment recovery
Risks in FY26 homeowner market outlook?
Source of additional $25M AMP savings
Tornado acquisition's 2026 operating margin impact
Confidence in 2026 tariff mitigation efforts?
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Next The Toro Company earnings date
Q1 20265 Mar, 2026
Next The Toro Company earnings date
Q1 20265 Mar, 2026
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Frequently asked questions
The Toro Company engages in the designing, manufacturing, marketing, and selling professional and residential equipment worldwide. It offers turf maintenance equipment, including walk power mowers, riding mowers, utility vehicles and zero radius turning mowers; snow removal products comprising single stage and two stage snowthrowers; grounds care equipment consisting of aerators, spreaders, sprayers, overseeders, pedestrian edgers and walk behind blowers; and residential irrigation products comprising golf rotors and sprays. The Toro Company was founded in 1914 and is headquartered in Bloomington, Minnesota.
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