Afternoon, welcome to The Toro Company's 2026 Annual Meeting of Stockholders. I'm Rick Olson, Chairman and CEO. I'm joined by Angie Drake, our Vice President and Chief Financial Officer, and Joanna Totsky, our Vice President, General Counsel, and Corporate Secretary. Thank you for joining us today, and thank you for your continued support of The Toro Company. During fiscal 2025, we demonstrated the resilience and strength of our core businesses and continued to leverage technology advancements across the enterprise to accelerate new product development. Our innovative product lineup and disciplined execution by our team of talented employees and best-in-class channel partners helped us deliver record free cash flow of $578 million.
With the improvement in cash flow, we returned $441 million to stockholders, including a 6% increase in our regular dividend payout and $290 million in stock repurchases. Additionally, due to the overachievement of our AMP initiative, we are increasing our run rate savings goal to $125 million by fiscal 2027, up from the original target of $100 million. We entered fiscal 2026 with confidence and optimism. The steps we are taking to enhance our customers' performance and increase our efficiency will strengthen our competitive advantage and drive continued profitable growth. In addition, we are being proactive and purposeful as we maintain a disciplined approach to capital allocation, balance sheet flexibility, and strong cash flow.
Together with our strategic focus on key growth markets and operational improvements, these actions give us confidence that The Toro Company is positioned to deliver significant value to all our stakeholders for many years to come. With that, I would like to note that the rules of conduct for voting for today's meeting can be found under Meeting Materials, together with the proxy statement for the meeting and our 2025 annual report. I now call our 2026 Annual Meeting of Stockholders to order, and the polls are open. They will remain open until after the presentation of all matters to be submitted to a vote of our stockholders. If you are a stockholder who has joined the meeting using your control number, you may vote during this time using the Vote Here button.
If you previously voted, you do not need to vote again unless you wish to change your vote. Following introductions and formal meeting matters, we will answer questions pertaining to the meeting that were submitted through the meeting platform before or during the meeting. I would now like to introduce the current members of our board of directors who are joining us today and participating in listen-only mode. Gary Ellis, Retired Executive Vice President of Medtronic and our Lead Independent Director. Dianne Craig, Retired President of Lincoln at Ford Motor Company. Eric Hansotia, Chairman, President and Chief Executive Officer of AGCO Corporation. Jeff Harmening, Chairman and Chief Executive Officer of General Mills and the Chair of our Finance Committee. Chris Koch, Chairman, President and Chief Executive Officer of Carlisle Companies Incorporated, and Chair of our Nominating and Governance Committee. Joyce Mullen, President and Chief Executive Officer of Insight Enterprises.
Joc O'Rourke, Retired President and Chief Executive Officer of The Mosaic Company and Chair of our Compensation and Human Resources Committee. Jill Pemberton, Chief Financial Officer, North America of LVMH Moët Hennessy Louis Vuitton, and Chair of our Audit Committee. Next, I would like to introduce Kevin Slama, the representative from KPMG, our independent registered public accounting firm, who is participating today. Kevin will be available at the end of the meeting to answer questions submitted through the meeting platform and relevant for KPMG. Finally, I would like to introduce our Inspector of Election for the meeting, Anthony Carretta, an agent of Broadridge Financial Solutions. I will now ask Joanna to conduct the formal meeting matters.
Thank you, Rick. Our first order of business is to establish proof of notice of the meeting. I confirm that we have received an affidavit of distribution establishing that notice of our meeting was duly given to each stockholder entitled to vote as determined by being a stockholder of record at the close of business on January 20, 2026, the record date. Our next order of business is to confirm that a sufficient number of shares of our common stock are represented today to constitute a quorum for the purpose of transacting business at this meeting. Our Inspector of Election confirmed that a sufficient number of shares of our common stock is represented today, and therefore we have a quorum.
Because notice of this meeting was duly given and a quorum is present, this meeting is convened for the purpose of transacting such business as may properly come before it. The first proposal before our stockholders is the election of three directors. The nominees for election to a three-year term ending at our 2029 annual meeting are Dianne C. Craig, Eric P. Hansotia, and D. Christian Koch. We did not receive any other nominations for director. The second proposal is the ratification of KPMG as our independent registered public accounting firm for our fiscal year ending on October 31st, 2026. The third proposal is the approval on an advisory basis of the executive compensation of our named executive officers. The fourth proposal is the approval of The Toro Company 2026 Equity Plan.
The fifth proposal is the approval of an amendment to the company's restated certificate of incorporation to eliminate and limit the liability of officers as provided under Delaware law. The sixth and final proposal is approval of an amendment to the company's restated certificate of incorporation to change the par value of all capital stock from $1 to $0.01 per share. With regard to the proposals being submitted to a vote at The Toro Company's stockholders today, the board of directors recommended a vote in favor of each director nominee and a vote in favor of proposals two, three, four, five, and six. In a moment, we'll close the polls. If you have not yet voted and wish to vote, please do so now. You can vote by clicking the Vote Here button.
You do not need to vote if you have previously voted and you do not wish to change your vote. I will now pause briefly so voting can conclude. The polls for this meeting are now closed, and we'll move to the preliminary voting results. I am pleased to announce that prior to the meeting, our inspector of election informed us of the preliminary voting tabulation and that pending the final tabulation of votes, all of our director nominees have been elected. Additionally, proposals two, three, four, five, and six have been approved. Final tabulations for each of these votes will be completed and disclosed in our required Form 8-K to be filed with the Securities and Exchange Commission. I will now turn the meeting back to Rick.
Thank you, Joanna. This concludes our 2026 annual meeting of stockholders, and the meeting is adjourned. We will now answer questions relevant to the meeting which were submitted through the online meeting platform. There will be a brief pause as we transition to the question and answer portion of the meeting.
Thank you. As there are no questions, Rick, we may conclude the meeting.
Thank you, Joanna. On behalf of The Toro Company, I'd like to thank you, our stockholders for joining us today and for your continued support. Have a great day. The meeting has now concluded. Thank you for joining, and have a pleasant day. My muscle memory is