Toll Brothers Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results exceeded guidance with strong margins and robust sales, driven by affluent buyers and expansion into new markets. Full-year guidance was raised, margins remain healthy, and capital returns continue, supported by a strong balance sheet.
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Q1 results exceeded guidance with higher revenue, margins, and EPS, driven by strong luxury segment performance and disciplined spec/build-to-order mix. Guidance for FY26 remains robust, with continued community growth and capital efficiency, despite modest demand gains and regional variability.
Fiscal Year 2025
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Delivered record home sales and strong margins in 2025, with conservative 2026 guidance reflecting a cautious market outlook. Exiting the multifamily business, the company will focus on core home building and shareholder returns, supported by robust liquidity and disciplined land strategy.
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Record Q3 revenues and earnings were driven by higher average sales prices and strong margins, despite a softer market and increased incentives. Guidance for FY25 remains robust, with continued community growth, disciplined capital allocation, and a CFO transition planned.
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Record Q2 revenue and earnings exceeded guidance, driven by strong luxury home sales and disciplined cost control. Despite softer demand and increased incentives, full-year guidance is reaffirmed, with robust margins, healthy cash flow, and increased share repurchase plans.
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Q1 FY25 saw 1,991 home deliveries and $1.84B in revenue, with adjusted gross margin at 26.9%. Despite mixed market conditions and some regional softness, full-year guidance for deliveries, pricing, and margins is maintained, supported by a strong land position and affluent buyer base.
Fiscal Year 2024
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Q4 and FY24 saw record revenues, strong margins, and robust contract growth despite market headwinds. FY25 guidance projects continued growth in deliveries and community count, with a focus on capital efficiency and affluent buyers.
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Record Q3 revenues and home deliveries were driven by strong demand, operational efficiency, and a balanced mix of spec and build-to-order homes. Guidance for full-year deliveries, average price, and gross margin was raised, with robust cash flow supporting increased share repurchases and dividends.