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Toll Brothers (TOL) investor relations material

Toll Brothers Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary20 Aug, 2025

Executive summary

  • Delivered 2,959 homes in Q3 FY25, up 5% year-over-year, with record home sales revenues of $2.88–$2.95 billion, a 6–8% increase.

  • Net income for Q3 FY25 was $369.6 million ($3.73 per diluted share), down 1% year-over-year.

  • Backlog at quarter-end was 5,492 homes valued at $6.38 billion, down 10% in value and 19% in units year-over-year.

  • Net contracts signed in Q3 totaled 2,388 homes for $2.4 billion, units down 4% YoY but value flat due to higher ASP.

  • Maintained a national footprint across 24 states and 60+ markets, positioning for continued growth.

Financial highlights

  • FY 2024 revenue reached $10.56B, up 7% YoY; net income was $1.57B, up 14%; diluted EPS for FY 2024 was $15.01, a 21% increase.

  • Q3 home sales gross margin was 25.6%, down from 27.4% YoY; adjusted gross margin was 27.5%, exceeding guidance.

  • SG&A as a percentage of home sales revenue improved to 8.8% from 9.0% YoY.

  • Cash and equivalents at Q3 end: $852.3M; $2.19B available under revolving credit facility.

  • Book value per share at Q3 end was $83.85, up from $76.87 at FYE 2024.

Outlook and guidance

  • Q4 FY25 guidance: 3,350 deliveries at $970,000–$980,000 average price, adjusted gross margin 27.0%, SG&A 8.3%.

  • Full FY25 guidance: 11,200 deliveries at $950,000–$960,000 average price, adjusted gross margin 27.25%, SG&A 9.4–9.5%.

  • Management expects near-term demand softness due to affordability and economic uncertainty, but long-term fundamentals remain positive.

  • Community count expected at 440–450 by year-end, supporting 8–10% YoY growth.

  • Projected FY EPS: $13.75; return on beginning equity: 18%.

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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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