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Toll Brothers
Toll Brothers (TOL) investor relations material
Toll Brothers Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary18 Feb, 2026
Executive summary
Q1 results met or exceeded guidance, with 1,899 homes delivered and $1.85B in homebuilding revenue, and net income rising to $210.9M ($2.19 per diluted share), up from $177.7M ($1.75 per share) year-over-year.
Net contracts were flat in units but up 3% in dollars year-over-year, with average sales price increasing to $1,033,000.
Leadership transition announced: Karl Mistry to become CEO on March 30, with Douglas Yearley moving to executive chairman.
Maintained a national footprint with over 60 markets and 445 communities, positioning for further expansion.
Focused on capital efficiency, shareholder returns, and operational improvements, including increased land optioning and share repurchases.
Financial highlights
Adjusted gross margin was 26.5% in Q1, with SG&A margin at 13.9%, both better than guidance.
FY 2025 revenue reached $10.84B, up from $10.56B in FY 2024; Q1 2026 revenue was $1.90B, down 5% year-over-year.
Net debt to capital ratio improved to 14.2% from 21.1% a year ago; liquidity at $3.4B, including $1.2B cash.
24% of buyers paid all cash; loan-to-value for financed buyers was 70%.
EBITDA for FY 2025 was $1.99B; Q1 2026 EBITDA was $310M.
Outlook and guidance
Q2 deliveries projected at 2,400–2,500 homes, average price $975K–$985K; full-year deliveries 10,300–10,700 homes, average price $970K–$990K.
Adjusted gross margin guidance: 25.5% for Q2, 26.0% for full year; SG&A expected at 10.7% for Q2, 10.25% for full year.
Community count expected to grow 8%-10% by year-end, targeting 480–490 communities.
Industry fundamentals remain strong, with constrained supply, aging housing stock, and favorable demographics supporting demand.
$650M in targeted share repurchases for the year, mostly in H2.
Future impact of Apartment Living exit
Explain 'Other Income' guidance variability
Backlog decline despite stable contracts?
Spec strategy if demand softens
Homebuilding innovation challenges
Land opportunities in strong regions
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Next Toll Brothers earnings date
Q2 202620 May, 2026
Toll Brothers
Next Toll Brothers earnings date
Q2 202620 May, 2026
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Frequently asked questions
Toll Brothers, Inc., designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities throughout the United States. The company offers luxury single-family homes designed with architectural distinction for leisure-time pursuits, including golf and boating. It also offers high-rise condominium buildings in urban neighborhoods; as well as residences in suburban planned developments and active adult communities. In addition, the company provides home warranty services to buyers; and sells home furnishings through a network of independent furniture stores. Toll Brothers, Inc is based in Fort Washington, Pennsylvania.
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