TO
TOL
TOL What Toll Brothers promised, and what happened
Guidance
What management said, and what became of it
50 of 60 judged targets kept · 37 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second quarter adjusted gross margin | 25.5% | Jan 2026 | Our adjusted gross margin was 26.2% in the quarter or 70 basis points better than guidance | Achieved |
| Full-year adjusted gross margin | approximately 26.0% | Oct 2025 | We're also increasing our full year adjusted gross margin guidance by 10 basis points to 26.1%, reflecting our outperformance through the first half of the year. | Revised Up |
| First quarter average delivered price | $985,000 to $995,000 | Oct 2025 | While we exceeded the midpoint of our revenue guidance, the average delivered price was below our guidance due primarily to mix as we delivered more lower-priced finished spec homes in the quarter than projected. | Missed |
The full ledger
Open Toll Brothers’s full ledger
A free account opens 5 company ledgers a month. All 97 tracked commitments, with each call’s wording and source.
The rest of the ledger
Pro opens all 97 tracked commitments for Toll Brothers
Above is what the last two calls moved. Pro adds every quarter's revision, the source quote behind each one, and the topics management has stopped answering.