TORO CO
For the period ended Oct 31, 2025. Filed Dec 17, 2025.
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FY2025 · Filed Dec 17, 2025
TTC$106.85-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Dollars in millions)
| Fiscal Years Ended October 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net earnings | $316.1 | $418.9 | $329.7 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Non-cash income from finance affiliate | (18.7) | (20.8) | (19.2) |
| Distributions from finance affiliate, net | 26.9 | 22.2 | 7.9 |
| Depreciation of property, plant, and equipment | 112.2 | 93.7 | 83.5 |
| Amortization of other intangible assets | 30.7 | 34.5 | 35.7 |
| Stock-based compensation expense | 19.0 | 23.0 | 19.4 |
| Deferred income taxes | (58.7) | (27.9) | (47.9) |
| Non-cash impairment charges | 81.1 | — | 151.3 |
| Other | 5.7 | (2.9) | (0.2) |
| Changes in operating assets and liabilities, net of the effect of acquisitions: | |||
| Receivables, net | 83.2 | (53.1) | (71.6) |
| Inventories, net | 109.3 | 27.5 | (26.7) |
| Other assets | 28.4 | 19.9 | 17.8 |
| Accounts payable | (86.6) | 24.3 | (149.9) |
| Other liabilities | 13.4 | 10.6 | (23.0) |
| Net cash provided by operating activities | 662.0 | 569.9 | 306.8 |
| Cash flows from investing activities: | |||
| Purchases of property, plant, and equipment | (83.7) | (103.5) | (149.5) |
| Proceeds from sales of property, plant, and equipment | 0.8 | 0.3 | 0.4 |
| Proceeds from insurance claim | — | 4.3 | 7.1 |
| Acquisitions, net of cash received | (4.2) | (0.8) | (21.0) |
| Divestitures | 9.7 | 40.0 | 5.3 |
| Net cash used in investing activities | (77.4) | (59.7) | (157.7) |
| Cash flows from financing activities: | |||
| Borrowings under debt arrangements1 | 1,040.0 | 465.0 | 555.0 |
| Repayments under debt arrangements1 | (1,040.0) | (575.0) | (515.0) |
| Proceeds from exercise of stock options | 2.1 | 9.1 | 19.7 |
| Payments of withholding taxes for stock awards | (2.9) | (3.9) | (3.8) |
| Common stock repurchases | (290.0) | (245.5) | (60.0) |
| Dividends paid on common stock | (151.1) | (149.5) | (141.9) |
| Other | (4.2) | (5.3) | (1.5) |
| Net cash used in financing activities | (446.1) | (505.1) | (147.5) |
| Effect of exchange rates on cash and cash equivalents | 3.0 | 1.3 | 3.3 |
| Net increase in cash and cash equivalents | 141.5 | 6.4 | 4.9 |
| Cash and cash equivalents as of the beginning of the fiscal period | 199.5 | 193.1 | 188.2 |
| Cash and cash equivalents as of the end of the fiscal period | $341.0 | $199.5 | $193.1 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the fiscal year for: | |||
| Interest | $62.5 | $63.0 | $61.1 |
| Income taxes | $106.4 | $91.7 | $165.2 |
1 Presentation of prior year revolving credit facility and long-term debt activity has been conformed to the current year presentation. There was no change to net cash used in financing activities.
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