Toll Brothers, Inc.
For the period ended Oct 31, 2025. Filed Dec 19, 2025.
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FY2025 · Filed Dec 19, 2025
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Consolidated Balance Sheets F-
CONSOLIDATED BALANCE SHEETS
| October 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Cash and cash equivalents | $1,258,997 | $1,303,039 |
| Inventory | 10,678,460 | 9,712,925 |
| Property, construction, and office equipment – net | 273,397 | 453,007 |
| Receivables, prepaid expenses, and other assets (1) | 554,720 | 590,611 |
| Real estate and related assets held for sale | 420,969 | — |
| Mortgage loans held for sale – at fair value | 200,816 | 191,242 |
| Customer deposits held in escrow | 106,612 | 109,691 |
| Investments in unconsolidated entities (1) | 1,025,895 | 1,007,417 |
| $14,519,866 | $13,367,932 | |
| LIABILITIES AND EQUITY | ||
| Liabilities | ||
| Loans payable | $896,388 | $1,085,817 |
| Senior notes | 1,741,525 | 1,597,102 |
| Mortgage company loan facility | 150,000 | 150,000 |
| Customer deposits | 418,897 | 488,690 |
| Accounts payable | 615,771 | 492,213 |
| Accrued expenses | 2,061,919 | 1,752,848 |
| Liabilities related to assets held for sale | 172,186 | — |
| Income taxes payable | 177,116 | 114,547 |
| Total liabilities | 6,233,802 | 5,681,217 |
| Equity | ||
| Stockholders’ equity | ||
| Preferred stock, none issued | — | — |
| Common stock, 102,937 and 112,937 shares issued at October 31, 2025 and 2024, respectively | 1,029 | 1,129 |
| Additional paid-in capital | 687,123 | 694,713 |
| Retained earnings | 8,574,807 | 8,153,356 |
| Treasury stock, at cost — 8,140 and 13,149 shares at October 31, 2025 and 2024, respectively | (1,014,568) | (1,209,547) |
| Accumulated other comprehensive income ("AOCI") | 22,272 | 31,277 |
| Total stockholders’ equity | 8,270,663 | 7,670,928 |
| Noncontrolling interest | 15,401 | 15,787 |
| Total equity | 8,286,064 | 7,686,715 |
| $14,519,866 | $13,367,932 | |
(1)As of October 31, 2025 and 2024, Receivables, prepaid expenses and other assets and Investments in unconsolidated entities include $77.0 million and $105.3 million, respectively, of assets related to consolidated variable interest entities ("VIEs"). See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.
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