Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2352.3%
Neutral1943.2%
Bearish24.5%
1 unmapped firm rating excluded from the percentages.
Toll Brothers, Inc. · TOL · FY2025 Q3 · Calendar Q3 2025
Toll Brothers: Strong Margin, Softer Deliveries, Guidance Maintained
The quarter supports a mixed view: strong luxury pricing, margins, cash resources, and community expansion provide evidence of operating resilience, while lower deliveries and greater reliance on spec homes argue against treating demand as uniformly strong.
Reported After market closeNYSEConsumer Cyclical
$12.44B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.73
Consensus $3.60
EPS surprise
+3.6%
Reported versus consensus
Reported revenue
$2.95B
Consensus $2.86B
Revenue surprise
+3.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.6%
Event window
SPY move
-0.3%
Same window
Abnormal move
-0.3%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+6.4%
Up to 20 sessions
TOLSPY benchmark
Ask FN2 about TOL FY2025 Q3
Transcript, numbers and history already loaded
Why did TOL fall 0.6% after beating EPS estimates in FY2025 Q3?What changed in TOL's guidance and outlook in FY2025 Q3?Give me the bull and bear case for TOL after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis shows a larger role for spec homes, with the mix at roughly 50% of production, alongside lower deliveries and a full-year outlook of about 11,200 homes. Management maintained FY2025 guidance and planned further community openings.
Guidance delta
Management maintained FY2025 guidance, including adjusted gross margin of 27.25%, EPS of $13.75, and a 440–450 community-count target.
Key takeaways
- Q3 revenue was $2.9 billion and earnings were $3.73 per diluted share; adjusted gross margin was 27.5% and beat guidance.
- Deliveries declined, with full-year deliveries projected at about 11,200 homes.
- Spec homes reached roughly 50% of the build mix, supporting faster cycle times and higher margins but increasing reliance on spec demand.
- Management highlighted strong liquidity, disciplined land acquisition, and continued community expansion.
Management priorities
- Increase spec starts and manage a roughly 50% spec-to-build mix
- Open 20–30 communities in Q4 while targeting 440–450 communities by year-end
- Preserve margins through disciplined land acquisitions, construction efficiency, and luxury pricing
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$133.13Current
$50Low
$141.34Average
$198High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Underweight | Underweight | Maintain | Oct 6, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 25, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Aug 28, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 21, 2026 |
| UBS | Buy | Buy | Maintain | Aug 20, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 20, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 11, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | Apr 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 23, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 19, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Feb 19, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Feb 18, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jan 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 10, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Sep 5, 2025 |
| Argus Research | Buy | Buy | Maintain | Sep 5, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Aug 25, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 8, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 24, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 23, 2023 |
| Keybanc | Underweight | Upgrade | Sep 19, 2022 | |
| BTIG | Neutral | Sell | Upgrade | Jun 28, 2021 |
| Susquehanna | Neutral | Positive | Downgrade | Oct 14, 2019 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Aug 13, 2019 |
| Mizuho | Neutral | Buy | Downgrade | Jan 23, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 18, 2018 |
| Maxim Group | Buy | Buy | Maintain | May 23, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| BTIG Research | Neutral | Neutral | Maintain | Feb 8, 2017 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Aug 24, 2016 |
| Buckingham Research | Buy | Buy | Maintain | Aug 24, 2016 |
| Zelman | Hold | Buy | Downgrade | Apr 20, 2016 |
| JMP Securities | Market Perform | Outperform | Downgrade | Jan 25, 2016 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Oct 13, 2015 |
| Sterne Agee CRT | Neutral | Underperform | Upgrade | May 18, 2015 |
| Sterne Agee | Neutral | Underperform | Upgrade | May 18, 2015 |
| Compass Point | Neutral | Neutral | Maintain | Feb 26, 2014 |
| MKM Partners | Buy | Neutral | Upgrade | Jun 4, 2013 |
| ISI Group | Buy | Neutral | Upgrade | Jan 7, 2013 |
| Stifel Nicolaus | Hold | Sell | Upgrade | Jan 3, 2013 |
| Stifel | Hold | Sell | Upgrade | Jan 3, 2013 |
| Topeka | Hold | Hold | Maintain | Dec 7, 2012 |
| Williams Capital | Hold | Hold | Maintain | Dec 5, 2012 |
| FBN Securities | Underperform | Sector Perform | Downgrade | Jul 6, 2012 |
| Williams Financial | Hold | Hold | Maintain | Mar 12, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $133.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $175 | $133.86 | +31.5% | Oct 8, 2026 |
| Melius Research | Analyst unavailable | $179 | $135.38 | +34.5% | Oct 6, 2026 |
| Morgan Stanley | Adam Kramer | $159 | $134.82 | +19.4% | Oct 1, 2026 |
| Evercore ISI | Analyst unavailable | $184 | $135.91 | +38.2% | Sep 25, 2026 |
| Evercore ISI | Analyst unavailable | $191 | $148.58 | +43.5% | Aug 20, 2026 |
| UBS | Analyst unavailable | $195 | $148.58 | +46.5% | Aug 20, 2026 |
| Barclays | Matthew Bouley | $122 | $148.15 | -8.4% | Jul 14, 2026 |
| Argus Research | Analyst unavailable | $170 | $138.88 | +27.7% | Jun 2, 2026 |
| UBS | Analyst unavailable | $187 | $132.86 | +40.5% | May 21, 2026 |
| RBC Capital | Analyst unavailable | $158 | $132.82 | +18.7% | May 21, 2026 |
| Evercore ISI | Analyst unavailable | $185 | $132.63 | +39.0% | May 21, 2026 |
| Truist Financial | Jonathan Bettenhausen | $170 | $139.47 | +27.7% | Apr 16, 2026 |
| Truist Financial | Jonathan Bettenhausen | $190 | $153.66 | +42.7% | Mar 3, 2026 |
| RBC Capital | Mike Dahl | $161 | $160.42 | +20.9% | Feb 19, 2026 |
| UBS | John Lovallo | $198 | $161.93 | +48.7% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $174 | $161.94 | +30.7% | Feb 19, 2026 |
| Oppenheimer | Analyst unavailable | $180 | $160 | +35.2% | Feb 19, 2026 |
| Wells Fargo | Sam Reid | $185 | $160 | +39.0% | Feb 19, 2026 |
| Oppenheimer | Analyst unavailable | $177 | $157.08 | +33.0% | Feb 10, 2026 |
| Wells Fargo | Sam Reid | $170 | $148.81 | +27.7% | Jan 14, 2026 |
| Goldman Sachs | Analyst unavailable | $156 | $146.93 | +17.2% | Jan 13, 2026 |
| Goldman Sachs | Susan Maklari | $140 | $138.55 | +5.2% | Dec 10, 2025 |
| RBC Capital | Mike Dahl | $144 | $135.21 | +8.2% | Dec 10, 2025 |
| Barclays | Matthew Bouley | $110 | $132.9 | -17.4% | Dec 10, 2025 |
| UBS | Analyst unavailable | $181 | $132.9 | +36.0% | Dec 10, 2025 |
| UBS | John Lovallo | $183 | $134.45 | +37.5% | Dec 9, 2025 |
| UBS | Analyst unavailable | $161 | $142.71 | +20.9% | Dec 4, 2025 |
| Evercore ISI | Analyst unavailable | $160 | $140.74 | +20.2% | Oct 7, 2025 |
| Oppenheimer | Tyler Batory | $155 | $106.38 | +16.4% | May 15, 2025 |
| Wedbush | Jay McCanless | $175 | $149.02 | +31.5% | Oct 25, 2024 |
| RBC Capital | Mike Dahl | $143 | $141.03 | +7.4% | Aug 22, 2024 |
| Barclays | Matthew Bouley | $116 | $133.86 | -12.9% | Aug 20, 2024 |
| Evercore ISI | Stephen Kim | $180 | $123.15 | +35.2% | Jul 15, 2024 |
| Needham | Ryan MacDonald | $77 | $119.24 | -42.2% | Jun 17, 2024 |
| Goldman Sachs | Susan Maklari | $124 | $119.32 | -6.9% | Jun 17, 2024 |
| Argus Research | Chris Graja | $140 | $120.25 | +5.2% | Jun 6, 2024 |
| Barclays | Matthew Bouley | $118 | $122.91 | -11.4% | May 28, 2024 |
| Wolfe Research | Truman Patterson | $135 | $119.56 | +1.4% | May 23, 2024 |
| RBC Capital | Mike Dahl | $300 | $120.55 | +125.3% | May 23, 2024 |
| UBS | John Lovallo | $154 | $119.2 | +15.7% | May 22, 2024 |
| UBS | John Lovallo | $140 | $120.21 | +5.2% | May 22, 2024 |
| Wells Fargo | Deepa Raghavan | $150 | $127.38 | +12.7% | May 15, 2024 |
| Oppenheimer | Tyler Batory | $157 | $126.53 | +17.9% | Mar 21, 2024 |
| Raymond James | Buck Home | $120 | $102.36 | -9.9% | Feb 20, 2024 |
| Wolfe Research | Truman Patterson | $118 | $102.16 | -11.4% | Jan 8, 2024 |
| Wedbush | Jay McCanless | $82 | $86.88 | -38.4% | Dec 5, 2023 |
| Raymond James | Buck Horne | $100 | $75.93 | -24.9% | Aug 22, 2023 |
| Credit Suisse | Dan Oppenheim | $73 | $67.38 | -45.2% | May 31, 2023 |
| RBC Capital | Analyst unavailable | $49 | $49.5 | -63.2% | Dec 8, 2022 |
| Barclays | Analyst unavailable | $50 | $49.5 | -62.4% | Dec 8, 2022 |
| J.P. Morgan | Analyst unavailable | $58 | $45.6 | -56.4% | Nov 22, 2022 |
| UBS | Analyst unavailable | $59 | $44.38 | -55.7% | Jun 16, 2022 |
| Credit Suisse | Daniel Oppenheim | $63 | $45.8 | -52.7% | Apr 8, 2022 |
| Wells Fargo | Deepa Raghavan | $82 | $71.6 | -38.4% | Dec 13, 2021 |
| Janney Montgomery | Tyler Batory | $91 | $72.23 | -31.6% | Dec 9, 2021 |
| Goldman Sachs | Susan Maklari | $60 | $72.23 | -54.9% | Dec 9, 2021 |
| Wedbush | Jay McCanless | $73 | $72.23 | -45.2% | Dec 9, 2021 |
Track every rating change on TOL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationToll Brothers, Inc. (TOL) stands as a prominent luxury homebuilder operating across the United States. The company, along with its various divisions, specializes in the design, construction, marketing, sale, and financing of upscale detached and attached residences within master-planned communities. Its operations are structured into two main divisions: Traditional Home Building and City Living. The latter specifically focuses on developing, constructing, and selling condominiums. Beyond its core homebuilding activities, Toll Brothers diversifies its portfolio by developing and managing golf courses and country clubs, acquiring and divesting land, and constructing, operating, and leasing apartment complexes.…
Historical context
All TOL earningsConsumer Cyclical peers this season
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Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-11T10:20:44.086528+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T10:20:44.083592+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.