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Toll Brothers (TOL) Tops Q2 EPS by 15c

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May 19, 2026 4:31 PM EDT

Toll Brothers (NYSE: TOL) reported Q2 EPS of $2.72, $0.15 better than the analyst estimate of $2.57. Revenue for the quarter came in at $2.53 billion versus the consensus estimate of $2.42 billion.

Third Quarter and FY 2026 Financial Guidance:
Third Quarter Full Fiscal Year
Deliveries2,600 - 2,700 units 10,400 - 10,700 units
Average Delivered Price per Home$965,000 -$985,000 $985,000 -$1,000,000
Adjusted Home Sales Gross Margin25.25% 26.10%
SG&A, as a Percentage of Home Sales Revenues10.0% 10.10%
Period-End Community Count475 480 - 490
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other$5 million $120 million
Tax Rate26.0% 25.5%

Financial Highlights for the three months ended April 30, 2026 and 2025 (unaudited):
2026 2025
Net Income$260.6 million, or $2.72 per share diluted $352.4 million, or $3.50 per share diluted
Pre-Tax Income$350.4 million $477.5 million
Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues$32.5 million $9.8 million
Home Sales Revenues$2.51 billion and 2,491 units $2.71 billion and 2,899 units
Net Signed Contracts$2.81 billion and 2,834 units $2.60 billion and 2,650 units
Net Signed Contracts per Community6.3 units 6.4 units
Quarter-End Backlog$6.32 billion and 5,394 units $6.84 billion and 6,063 units
Average Price per Home in Backlog$1,171,800 $1,128,100
Home Sales Gross Margin23.9% 26.0%
Adjusted Home Sales Gross Margin26.2% 27.5%
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues1.1% 1.1%
SG&A, as a percentage of Home Sales Revenues10.3% 9.5%
Income from Operations$346.6 million, or 13.7% of total revenues $449.7 million, or 16.4% of total revenues
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other$9.3 million $29.0 million
Other Pre-Tax Impairments:
Included in Land Sales and Other Cost of Revenues$2.3 million $— million
Included in Income (loss) from Unconsolidated Entities$13.5 million $— million
Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog2.9% 2.8%
Quarterly Cancellations as a Percentage of Signed Contracts in Quarter4.8% 6.2%

Financial Highlights for the six months ended April 30, 2026 and 2025 (unaudited):
2026 2025
Net Income$471.5 million, or $4.91 per share diluted $530.2 million, or $5.24 per share diluted
Pre-Tax Income$623.9 million $698.9 million
Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues$44.2 million $26.2 million
Home Sales Revenues$4.37 billion and 4,390 units $4.55 billion and 4,890 units
Net Signed Contracts$5.19 billion and 5,137 units $4.91 billion and 4,957 units
Home Sales Gross Margin24.2% 25.6%
Adjusted Home Sales Gross Margin26.3% 27.3%
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues1.1% 1.1%
SG&A, as a percentage of Home Sales Revenues11.8% 10.9%
Income from Operations$565.7 million, or 12.1% of total revenues $668.8 million, or 14.5% of total revenues
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other$81.3 million $31.5 million
Other Pre-Tax Impairments:
Included in Land Sales and Other Cost of Revenues$3.7 million $1.8 million
Included in Other Income - Net$— million $4.4 million
Included in Income (loss) from Unconsolidated Entities$57.8 million $— million

For earnings history and earnings-related data on Toll Brothers (TOL) click here.


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