Toll Brothers, Inc.
For the period ended Jul 31, 2025. Filed Aug 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Aug 28, 2025
TOL$152.19-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended July 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flow provided by operating activities: | ||
| Net income | $899,771 | $1,095,786 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 60,277 | 55,428 |
| Stock-based compensation | 27,110 | 25,951 |
| (Income) loss from unconsolidated entities | (1,734) | 13,799 |
| Distributions of earnings from unconsolidated entities | 26,312 | 31,452 |
| Deferred tax provision | 15,510 | 12,035 |
| Impairment charges and write-offs | 56,634 | 46,465 |
| Gain on sale of assets | — | (5,042) |
| Other - net | 549 | (1,572) |
| Changes in operating assets and liabilities: | ||
| Inventory | (902,805) | (952,043) |
| Origination of mortgage loans | (1,817,128) | (1,450,854) |
| Sale of mortgage loans | 1,825,165 | 1,427,645 |
| Receivables, prepaid expenses, and other assets | (12,159) | (12,759) |
| Current income taxes – net | 28,971 | (47,038) |
| Customer deposits – net | (9,078) | (41,989) |
| Accounts payable and accrued expenses | 114,986 | 130,392 |
| Net cash provided by operating activities | 312,381 | 327,656 |
| Cash flow used in investing activities: | ||
| Purchase of property, construction, and office equipment – net | (58,363) | (55,453) |
| Investments in unconsolidated entities | (250,377) | (134,480) |
| Return of investments in unconsolidated entities | 64,935 | 74,317 |
| Net increase in cash from consolidation of joint ventures | 5,348 | — |
| Other – net | (1,712) | (418) |
| Net cash used in investing activities | (240,169) | (116,034) |
| Cash flow used in financing activities: | ||
| Proceeds from issuance of senior notes | 498,180 | — |
| Proceeds from loans payable | 3,459,151 | 2,768,938 |
| Debt issuance costs | (13,095) | (193) |
| Principal payments of loans payable | (3,560,059) | (2,865,849) |
| Redemption of senior notes | (350,020) | — |
| Proceeds related to sales to land bank programs | 22,071 | — |
| Payments related to repurchases from land bank programs | (62,292) | — |
| Payments related to stock-based benefit plans – net | (21,272) | (1,859) |
| Purchase of treasury stock and excise tax payment | (404,296) | (423,559) |
| Dividends paid | (73,303) | (70,334) |
| Receipts related to noncontrolling interest – net | 579 | 167 |
| Net cash used in financing activities | (504,356) | (592,689) |
| Net decrease in cash, cash equivalents, and restricted cash | (432,144) | (381,067) |
| Cash, cash equivalents, and restricted cash, beginning of period | 1,370,435 | 1,344,341 |
| Cash, cash equivalents, and restricted cash, end of period | $938,291 | $963,274 |
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