Toll Brothers Reports $10B Revenue, $1.2B Net Income for FY24

TL;DR

Toll Brothers crushed FY24 with $10B revenue & $1.2B profit. Balance sheet looks solid.

AI Summary

Toll Brothers, Inc. filed its 10-K for the fiscal year ending October 31, 2024, reporting total revenues of $10.00 billion and net income of $1.22 billion. The company's balance sheet shows total assets of $12.18 billion and total liabilities of $9.15 billion. Toll Brothers operates as a luxury home builder and has a significant presence in the real estate and construction sector.

Why It Matters

This filing provides a comprehensive overview of Toll Brothers' financial performance and position, crucial for investors and analysts assessing the health of the homebuilding industry and the company's strategic direction.

Risk Assessment

Risk Level: medium — The company operates in the cyclical homebuilding industry, which is sensitive to economic conditions, interest rates, and consumer confidence.

Key Numbers

• $10.00B — Total Revenues (Represents the company's top-line performance for the fiscal year 2024.)
• $1.22B — Net Income (Indicates the company's profitability for the fiscal year 2024.)
• $12.18B — Total Assets (Shows the total resources owned by the company as of October 31, 2024.)
• $9.15B — Total Liabilities (Represents the company's total obligations as of October 31, 2024.)

Key Players & Entities

• Toll Brothers, Inc. (company) — Filer of the 10-K
• 2024-10-31 (date) — Fiscal year end
• $10.00 billion (dollar_amount) — Total revenues for FY24
• $1.22 billion (dollar_amount) — Net income for FY24
• $12.18 billion (dollar_amount) — Total assets as of FY24 end
• $9.15 billion (dollar_amount) — Total liabilities as of FY24 end

FAQ

Key Financial Figures

• $6.47 billion — to our home buyers. We had a backlog of $6.47 billion (5,996 homes) at October 31, 2024; we e
• $500,000 — es Delivered in Fiscal 2024 Less than $500,000 11% $500,000 to $750,000 31% $750,000
• $750,000 — 4 Less than $500,000 11% $500,000 to $750,000 31% $750,000 to $1,000,000 25% $1,000
• $1,000,000 — $500,000 to $750,000 31% $750,000 to $1,000,000 25% $1,000,000 to 2,000,000 27% More
• $2,000,000 — $1,000,000 to 2,000,000 27% More than $2,000,000 6% Of the homes delivered in fiscal 2
• $48.1 million — in San Antonio, Texas for approximately $48.1 million in cash. The assets acquired, which con
• $6.10 billion — nd future communities was approximately $6.10 billion (including $26.8 million of land to be
• $26.8 million — approximately $6.10 billion (including $26.8 million of land to be acquired from joint ventu
• $549.2 million — urchase contracts, we paid or deposited $549.2 million. If we acquire all 5 of these land p
• $5.55 billion — e will be required to pay an additional $5.55 billion. The purchases of these land parcels ar

Filing Documents

• tol-20241031.htm (10-K) — 2883KB
• tol-2024x1031x10kxex446.htm (EX-4.46) — 50KB
• directorrsuagreement_fy202.htm (EX-10.21) — 24KB
• a2023-03_insidertradingpol.htm (EX-19.1) — 52KB
• tol-20241031x10xkxex21.htm (EX-21) — 237KB
• tol-20241031x10kxex22.htm (EX-22) — 76KB
• tol-20241031x10kxex23.htm (EX-23) — 6KB
• tol-20241031x10qxex3101.htm (EX-31.1) — 9KB
• tol-20241031x10qxex3102.htm (EX-31.2) — 8KB
• tol-20241031x10qxex3201.htm (EX-32.1) — 4KB
• tol-20241031x10qxex3202.htm (EX-32.2) — 4KB
• ex97tbclawbackpolicy_10-20.htm (EX-97) — 25KB
• tol-20241031_g1.jpg (GRAPHIC) — 90KB
• tollbrothers_alhbxblacka.jpg (GRAPHIC) — 112KB
• 0000794170-24-000051.txt ( ) — 16801KB
• tol-20241031.xsd (EX-101.SCH) — 107KB
• tol-20241031_cal.xml (EX-101.CAL) — 87KB
• tol-20241031_def.xml (EX-101.DEF) — 673KB
• tol-20241031_lab.xml (EX-101.LAB) — 1105KB
• tol-20241031_pre.xml (EX-101.PRE) — 938KB
• tol-20241031_htm.xml (XML) — 2897KB

BUSINESS

ITEM 1. BUSINESS 1

RISK FACTORS

ITEM 1A. RISK FACTORS 11

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 20

CYBERSECURITY

ITEM 1C. CYBERSECURITY 20

PROPERTIES

ITEM 2. PROPERTIES 21

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 21

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 21 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22

[RESERVED]

ITEM 6. [RESERVED] 23

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 43

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 43

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 44

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 44

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 44 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 45

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 46

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 46

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS; DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS; DIRECTOR INDEPENDENCE 46

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 46 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 47

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 54

SIGNATURES

SIGNATURES 55 PART I

BUSINESS

ITEM 1. BUSINESS Toll Brothers, Inc., a corporation incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. When this report uses the words "we," "us," "our," and the "Company," it refers to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending October 31. General We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. In recent years, we have pursued a strategy of broadening our product lines, price points and geographic footprint, as well as increasing the number of quick move-in (or "spec") homes that we sell relative to our traditional build-to-order homes. We cater to luxury first-time, move-up, empty-nester (move-down), active-adult and second-home buyers in the United States, as well as urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living . We also design, build, market, and sell high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living ("City Living"). At October 31, 2024, we were operating in 24 states and in the District of Columbia. In the five years ended October 31, 2024, we delivered 49,407 homes from 986 communities, including 10,813 homes from 527 communities in fiscal 2024. At October 31, 2024, we had 1,041 communities in various stages of planning, development or operations containing approximately 74,700 home sites that we owned or controlled through options. At fiscal year-end, were were selling from 408 of these communities. Backlog consists of homes under contract but not yet delivered to our home buyers. We had a backlog of $6.47 billion (5,996 homes) at October 31, 2024; we expect to deliver approximately 97% of these homes in fiscal 2