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Oct 31, 2025
Toll Brothers Q4 2025 Earnings Report
Toll Brothers reported a modest decline in earnings per share despite higher revenues and strong operational execution in Q4 2025.
Key Takeaways
Toll Brothers delivered higher home sales revenue in Q4 2025 while EPS slightly declined due to a delayed asset sale. The company exceeded guidance on core homebuilding metrics and continued executing its strategy in a choppy housing market.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Toll Brothers expects Q1 2026 deliveries between 1,800 and 1,900 units, with gross margin around 26.25% and improved income from land and JV activity.
Positive Outlook
- Expecting 10,300–10,700 home deliveries in FY 2026
- Q1 deliveries guidance: 1,800–1,900 units
- Average delivered price expected between $970K–$990K for FY 2026
- Anticipated community count growth of 8% to 10% in FY 2026
- Q1 other income expected at $70M
Challenges Ahead
- SG&A projected to rise to 14.2% in Q1 2026
- Adjusted gross margin to decline slightly to 26.00% for FY 2026
- Higher tax rate expected (25.5% for FY)
- Soft demand in certain markets
- Ongoing cautious stance on new land acquisitions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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