Jul 2026 (Q3 FY26) — Aug 19, 2026
Toll Brothers Q3 FY26 — Solid Performance with Increased Orders and Raised Share Repurchase Guidance
Read the full callToll Brothers (TOL) earnings
- Jul 2026
- Jul 2026 (Q3 FY26)
- Oct 2025
Toll Brothers earnings: last reported Wed, 19 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,659 | −9.7% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 13.5 | −3.0 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 280 | −24.2% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
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 |
10 of Toll Brothers, Inc.'s 97 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 94 more targets are in the full ledger.
Claimed
- Delivered 2,662 homes and generated $2.6 billion of home sales revenue, exceeding the midpoint of guidance.
- Adjusted gross margin was 25.6%, 35 basis points better than guidance.
- Net signed contracts increased 5% compared to Q3 FY25.
- Increased projected stock repurchases for FY26 to $700 million, up from $650 million.
- Ended Q3 with $3.3 billion of liquidity, including $1.1 billion cash and $2.2 billion revolver availability.
Qualified
- Overall sales environment remained subdued with low consumer confidence and elevated mortgage rates weighing on demand.
- Challenging markets included Atlanta, Seattle, Portland, San Francisco, and Texas.
- Average price of contracts signed in the quarter was approximately $1.003 million, down from $1.03 million in Q3 FY25.
Price
$133.7 −0.18% · −$0.24
Performance −0.4% 1Y
1Y: $134.3 on 15 Oct 2025 → $133.7. High $166.12 (13 Feb 2026), low $124.14 (19 May 2026).
- Previous close
- $133.94
- 52-week range
- $124.14 – $166.12
- One year
- −0.48%
Overview
- Symbol
- TOL
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
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 |
Claimed
- Delivered 2,662 homes and generated $2.6 billion of home sales revenue, exceeding the midpoint of guidance.
- Adjusted gross margin was 25.6%, 35 basis points better than guidance.
- Net signed contracts increased 5% compared to Q3 FY25.
- Increased projected stock repurchases for FY26 to $700 million, up from $650 million.
- Ended Q3 with $3.3 billion of liquidity, including $1.1 billion cash and $2.2 billion revolver availability.
Qualified
- Overall sales environment remained subdued with low consumer confidence and elevated mortgage rates weighing on demand.
- Challenging markets included Atlanta, Seattle, Portland, San Francisco, and Texas.
- Average price of contracts signed in the quarter was approximately $1.003 million, down from $1.03 million in Q3 FY25.
The full ledger
Open Toll Brothers, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 97 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q2 FY26) — May 20, 2026
Toll Brothers Q2 FY26 — Strong Performance, Raised Full-Year Guidance, and Strategic M&A
Read the full callEvery analysed call
Toll Brothers earnings calls (TOL)
Financials
What the filings say
Net profit, year on year: −24% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,333 | 1,859 | 2,739 | 2,945 | 3,423 | 2,146 | 2,531 | 2,659 |
| Operating profit | 611 | 219 | 450 | 488 | 564 | 219 | 347 | 359 |
| Operating margin | 18.3% | 11.8% | 16.4% | 16.6% | 16.5% | 10.2% | 13.7% | 13.5% |
| Net profit | 475 | 178 | 352 | 370 | 447 | 211 | 261 | 280 |
| EPS ($ per share) | 4.67 | 1.76 | 3.53 | 3.76 | 4.62 | 2.20 | 2.74 | 2.98 |
| Line item | Oct 2018 | Oct 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 5,162 | 4,774 | 5,164 | 4,970 | 6,167 | 6,676 | 8,153 | 8,575 |
| Total liabilities | 5,476 | 5,709 | 6,138 | 6,197 | 6,267 | 5,714 | 5,681 | 6,234 |
| Fixed assets | 193 | 273 | 316 | 310 | 288 | 324 | 453 | 273 |
| Total assets | 10,245 | 10,828 | 11,066 | 11,538 | 12,289 | 12,527 | 13,368 | 14,520 |
| Line item | Oct 2018 | Oct 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 588 | 438 | 1,008 | 1,303 | 987 | 1,266 | 1,010 | 1,112 |
| Cash from investing | — | -76 | -178 | -4 | -153 | -151 | -168 | -310 |
| Cash from financing | — | -259 | -753 | -1,011 | -1,120 | -1,170 | -816 | -834 |
| Net cash flow | — | 103 | 77 | 288 | -286 | -54 | 26 | -31 |
| Capital expenditure | -28 | -87 | -110 | -67 | -72 | -73 | -74 | -86 |
| Free cash flow | 560 | 351 | 899 | 1,236 | 915 | 1,193 | 937 | 1,026 |
TOL revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| South | — | — | — | — | — | 22% | 26% | 25% | — |
| Mountain | — | — | — | — | — | 22% | 22% | 23% | — |
| Pacific | — | — | — | — | — | 18% | 19% | 21% | — |
| North | — | — | — | — | — | 13% | 16% | 17% | — |
| Mid Atlantic | — | — | — | — | — | 11% | 16% | 14% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TOL operating KPIs by quarter
| KPI | Apr 2026 Q2 FY26 | Jul 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|
| Homes delivered | 2,491In the quarter, we delivered 2,491 homes at an average price of $1,009,000, generating $2.5 billion of homebuilding revenue or approximately $110 million above the midpoint of our guidance.Source: earnings call transcript | 2,662We delivered 2,662 homes and generated $2.6 billion of home sales revenue, exceeding the midpoint of our guidance in both units and dollars.Source: earnings call transcript | +6.9% |
| Average delivered price | $1.009MIn the quarter, we delivered 2,491 homes at an average price of $1,009,000, generating $2.5 billion of homebuilding revenue or approximately $110 million above the midpoint of our guidance.Source: earnings call transcript | ~$996KThe average delivered price of homes in the quarter was approximately $996,000, above the high end of our guidance range and driven primarily by mix, including a greater-than-expected proportion of luxury move-up and Pacific deliveries.Source: earnings call transcript | — |
| Net signed contracts | 2,834In addition, we signed 2,834 net agreements in the quarter, for [ $2.8 billion ], up 7% in units and 8% in dollars.Source: earnings call transcript | 2,508We signed 2,508 net agreements in the quarter for $2.5 billion, up 5% in units and 4% in dollars.Source: earnings call transcript | -11.5% |
| Selling communities | 459At quarter end, we were selling from 459 communities versus 421 1 year earlier and 386 just 2 years ago.Source: earnings call transcript | 471At quarter end, we were selling from 471 communities versus 420 at the end of the third quarter of fiscal 2025.Source: earnings call transcript | +2.6% |
| Average price of contracts signed | $990.6KThe average price of contracts signed in the quarter was approximately [ $990,600 ], up 1% compared to the second quarter of fiscal 2025.Source: earnings call transcript | ~$1.003MThe average price of contracts signed in the quarter was approximately $1.003 million versus $1.03 million in the third quarter of fiscal 2025.Source: earnings call transcript | — |
| Cancellation rate as a percentage of beginning quarter backlog | 2.9%Our cancellation rate was 2.9% of beginning quarter backlog as compared to 2.8% in the prior year period.Source: earnings call transcript | 2.6%Our cancellation rate was 2.6% of beginning quarter backlog as compared to 3.2% in the prior year period.Source: earnings call transcript | -0.3 pt |
| Cancellation rate as a percentage of signed contracts | 4.8%As a percentage of signed contracts in the second quarter cancellation rate was 4.8% versus 6.2% in last year's second quarter.Source: earnings call transcript | 5.4%As a percentage of signed contracts in the third quarter, cancellation rate was 5.4% versus 7.5% in last year's third quarter.Source: earnings call transcript | +0.6 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2025 · share of revenue
- Mountain 26% ↑ 5 pt
- Pacific 23% ↓ 1 pt
- South 20% ↓ 3 pt
- North 17% ↑ 5 pt
- Mid Atlantic 14% ↓ 6 pt
As TOL cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
46 filings between Dec 1, 2025 and Sep 24, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$26.05M
9 sales by 5 insiders
Compensation
not trading decisions- 2
- Award — granted as compensation
- 22
- Option exercise — converted options into shares
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Yearley Douglas C. Jr. | — | $23.74M | Jun 18, 2026 |
| Parahus Robert | — | $1.12M | Jun 18, 2026 |
| SHAPIRO PAUL E | — | $581.6K | Jan 15, 2026 |
| McLean John A | — | $354.9K | Mar 4, 2026 |
| East Stephen F. | — | $248.5K | Sep 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 24, 2026 | East Stephen F. Director | Sale | 800 | $108.8K |
| Jun 18, 2026 | Parahus Robert President & COO | Sale | 7,500 | $1.12M |
| Jun 18, 2026 | Yearley Douglas C. Jr. Executive Chairman | Sale | 77,957 | $12.21M |
| Jun 18, 2026 | Yearley Douglas C. Jr. Executive Chairman | Option exercise | 77,957 | $2.46M |
| Apr 15, 2026 | East Stephen F. Director | Sale | 1,000 | $139.7K |
| Mar 4, 2026 | McLean John A Director | Sale | 2,313 | $354.9K |
| Mar 4, 2026 | McLean John A Director | Option exercise | 2,313 | $73.1K |
| Feb 27, 2026 | Yearley Douglas C. Jr. Chief Executive Officer | Option exercise | 27,014 | $853.9K |
| Feb 27, 2026 | Yearley Douglas C. Jr. Chief Executive Officer | Sale | 27,014 | $4.30M |
| Feb 24, 2026 | Yearley Douglas C. Jr. Chief Executive Officer | Option exercise | 45,116 | $1.43M |
| Feb 24, 2026 | Yearley Douglas C. Jr. Chief Executive Officer | Sale | 2,103 | $338.7K |
| Feb 24, 2026 | Yearley Douglas C. Jr. Chief Executive Officer | Sale | 43,013 | $6.90M |
| Jan 31, 2026 | Ziegler Gregg L. Chief Financial Officer | Tax withheld | 2,015 | $291.1K |
| Jan 31, 2026 | Ziegler Gregg L. Chief Financial Officer | Option exercise | 4,897 | $0 |
| Jan 19, 2026 | East Stephen F. Director | Option exercise | 1,655 | $0 |
| Jan 19, 2026 | GARVEY CHRISTINE Director | Option exercise | 1,655 | $0 |
| Jan 19, 2026 | Reinsdorf Judith A Director | Option exercise | 1,295 | $0 |
| Jan 19, 2026 | SHAPIRO PAUL E Director | Option exercise | 1,655 | $0 |
| Jan 19, 2026 | Sandstrom Katherine M Director | Option exercise | 1,295 | $0 |
| Jan 19, 2026 | STOWELL SCOTT D Director | Option exercise | 1,521 | $0 |
| Jan 19, 2026 | Pritchett Wendell E. Director | Option exercise | 1,628 | $0 |
| Jan 19, 2026 | McLean John A Director | Option exercise | 1,628 | $0 |
| Jan 19, 2026 | Grimes Karen H. Director | Option exercise | 1,655 | $0 |
| Jan 19, 2026 | Kan Derek T. Director | Option exercise | 1,548 | $0 |
| Jan 15, 2026 | SHAPIRO PAUL E Director | Sale | 3,965 | $581.6K |
| Jan 15, 2026 | SHAPIRO PAUL E Director | Option exercise | 3,965 | $125.3K |
| Jan 9, 2026 | SHAPIRO PAUL E Director | Gift | 73 | $0 |
| Dec 24, 2025 | GARVEY CHRISTINE Director | Gift | 72 | $0 |
| Dec 23, 2025 | GARVEY CHRISTINE Director | Gift | 1,218 | $0 |
| Dec 22, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Gift | 19,577 | $0 |
| Dec 20, 2025 | Parahus Robert President & COO | Tax withheld | 2,039 | $285.0K |
| Dec 20, 2025 | Parahus Robert President & COO | Option exercise | 4,518 | $0 |
| Dec 20, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Tax withheld | 14,681 | $2.05M |
| Dec 20, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Option exercise | 33,887 | $0 |
| Dec 17, 2025 | Parahus Robert President & COO | Tax withheld | 3,079 | $427.0K |
| Dec 17, 2025 | Parahus Robert President & COO | Award | 7,483 | $0 |
| Dec 17, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Tax withheld | 15,409 | $2.14M |
| Dec 17, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Award | 37,915 | $0 |
| Dec 1, 2025 | Parahus Robert President & COO | Option exercise | 7,446 | $0 |
| Dec 1, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Tax withheld | 22,696 | $3.17M |
| Dec 1, 2025 | Grubb Michael J. SVP & Chief Accounting Officer | Tax withheld | 380 | $53.1K |
| Dec 1, 2025 | Ziegler Gregg L. Chief Financial Officer | Tax withheld | 766 | $107.1K |
| Dec 1, 2025 | Ziegler Gregg L. Chief Financial Officer | Option exercise | 2,346 | $0 |
| Dec 1, 2025 | Parahus Robert President & COO | Tax withheld | 3,064 | $428.4K |
| Dec 1, 2025 | Grubb Michael J. SVP & Chief Accounting Officer | Option exercise | 1,415 | $0 |
| Dec 1, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Option exercise | 55,845 | $0 |
| Sep 8, 2025 | Yearley Douglas C. Jr. Chief Executive Officer | Sale | 20,145 | $2.98M |
| Sep 5, 2025 | SHAPIRO PAUL E Director | Sale | 3,812 | $562.8K |
| Sep 5, 2025 | SHAPIRO PAUL E Director | Option exercise | 3,812 | $125.2K |
| Sep 2, 2025 | Pritchett Wendell E. Director | Sale | 2,500 | $346.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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