Toll Brothers, Inc. reported a revenue of $10.97 billion for the fiscal year ending October 31, 2025, marking a slight increase from $10.85 billion in the previous year. The company’s net income for the period was $1.35 billion, down from $1.57 billion in fiscal 2024. The decline in profitability was attributed to a decrease in land sales and other revenues, which fell from $283.4 million to $124.5 million, largely due to the absence of a significant land sale that had occurred in the prior year. The value of net contracts signed also decreased by 2% to $9.85 billion, reflecting a 3% drop in units to 9,943 homes.
In terms of operational metrics, Toll Brothers delivered 11,292 homes in fiscal 2025, a 4% increase from 10,813 homes in the previous year. The average sales price of homes delivered decreased by 2% to $960,200. The company’s backlog at the end of the fiscal year was valued at $5.49 billion, representing 4,647 homes, down 15% from the previous year’s backlog of $6.47 billion. This decline was attributed to a higher number of deliveries from backlog compared to new additions during the year.
Strategically, Toll Brothers announced its intention to exit the multifamily development business, beginning with the sale of approximately half of its portfolio to Kennedy Wilson for about $380 million. This transaction is expected to be completed in the first half of fiscal 2026. The company also reported an increase in the number of selling communities, rising to 446 from 408 a year earlier, indicating a continued expansion of its geographic footprint.
Operationally, Toll Brothers maintained a workforce of approximately 4,900 employees as of October 31, 2025. The company has focused on increasing the number of spec homes, which accounted for 54% of deliveries in fiscal 2025, up from 49% in fiscal 2024. This shift allows the company to better compete with existing homes in the market, particularly for buyers seeking quicker move-in options. The company continues to monitor market conditions closely and adjust its strategies accordingly, particularly in response to ongoing affordability pressures and economic volatility.
Looking ahead, Toll Brothers remains optimistic about the long-term outlook for the new home market, supported by favorable demographics and a structural undersupply of homes in the U.S. However, the company acknowledges the uncertainty in near-term demand and plans to manage pricing and inventory levels strategically to align with local market conditions.
About Toll Brothers, Inc.
Toll Brothers, Inc. is a leading homebuilder specializing in luxury residential communities across the U.S. It develops, markets, and sells single-family, attached, and high-rise condominiums, serving affluent buyers including first-time, move-up, and active-adult segments. The company also invests in rental apartments and land development, leveraging its extensive land portfolio and strategic joint ventures to deliver high-quality, customizable homes in desirable locations.
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