Toll Brothers, Inc.
For the period ended Oct 31, 2025. Filed Dec 19, 2025.
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FY2025 · Filed Dec 19, 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
Consolidated Statements of Cash Flows F-
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended October 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flow provided by operating activities: | |||
| Net income | $1,346,486 | $1,571,195 | $1,372,071 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 82,085 | 81,201 | 76,473 |
| Stock-based compensation | 30,834 | 29,558 | 24,805 |
| (Income) loss from unconsolidated entities | (19,054) | 23,843 | (50,098) |
| Distributions of earnings from unconsolidated entities | 61,411 | 39,276 | 88,393 |
| Deferred tax provision | 86,739 | (80,330) | 36,239 |
| Impairment charges and write-offs | 100,036 | 72,789 | 69,537 |
| Gain on sale of assets | — | (5,042) | (416) |
| Other - net | 740 | (1,544) | 3,181 |
| Changes in operating assets and liabilities: | |||
| Inventory | (521,182) | (575,734) | (22,212) |
| Origination of mortgage loans | (2,645,984) | (2,137,278) | (1,602,700) |
| Sale of mortgage loans | 2,638,341 | 2,058,780 | 1,681,610 |
| Receivables, prepaid expenses, and other assets | (24,811) | 505 | (135,924) |
| Current income taxes – net | (21,138) | 31,927 | (162,570) |
| Customer deposits – net | (66,714) | (77,189) | (88,285) |
| Accounts payable and accrued expenses | 64,622 | (21,790) | (23,674) |
| Net cash provided by operating activities | 1,112,411 | 1,010,167 | 1,266,430 |
| Cash flow used in investing activities: | |||
| Purchase of property, construction, and office equipment – net | (86,195) | (73,643) | (72,961) |
| Investments in unconsolidated entities | (309,696) | (193,235) | (216,438) |
| Return of investments in unconsolidated entities | 82,188 | 101,363 | 112,749 |
| Proceeds from the sale of assets, including ownership interests in unconsolidated entities | — | 1,139 | 26,049 |
| Net increase in cash from consolidation of joint ventures | 5,348 | — | — |
| Other – net | (1,678) | (3,242) | — |
| Net cash used in investing activities | (310,033) | (167,618) | (150,601) |
| Cash flow used in financing activities: | |||
| Proceeds from issuance of senior notes | 498,180 | — | — |
| Proceeds from loans payable | 4,524,779 | 3,744,727 | 3,079,142 |
| Debt issuance costs | (12,994) | (202) | (5,365) |
| Principal payments of loans payable | (4,687,028) | (3,844,816) | (3,239,418) |
| Redemption of senior notes | (350,020) | — | (400,000) |
| (Payments) proceeds related to stock-based benefit plans – net | (19,923) | 4,131 | 48,269 |
| Proceeds related to sales to land bank programs | 52,070 | — | — |
| Payments related to repurchases from land bank programs | (91,485) | — | — |
| Purchase of treasury stock and excise tax payment | (651,016) | (627,061) | (561,595) |
| Dividends paid | (97,075) | (93,401) | (91,082) |
| Receipts related to noncontrolling interest – net | 637 | 167 | 11 |
| Net cash used in financing activities | (833,875) | (816,455) | (1,170,038) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (31,497) | 26,094 | (54,209) |
| Cash, cash equivalents, and restricted cash, beginning of year | 1,370,435 | 1,344,341 | 1,398,550 |
| Cash, cash equivalents, and restricted cash, end of year | $1,338,938 | $1,370,435 | $1,344,341 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.