Toll Brothers, Inc.

Toll Brothers, Inc. (NYSE: TOL) operates as a luxury residential homebuilder and real estate developer with a comprehensive business model spanning design, construction, marketing, and financing of residential properties across the United States. The company maintains its website at www.tollbrothers.com and employs approximately 4,900 full-time employees as of October 2025.

The company's core business centers on designing and building luxury residential communities, including single-family detached homes, attached homes, master-planned communities, and urban high-rise condominiums. Toll Brothers operates through five geographic segments: North, Mid-Atlantic, South, Mountain, and Pacific, collectively operating in 24 states and the District of Columbia. The company delivered 11,292 homes in fiscal 2025 from 446 selling communities, with a backlog of 4,647 homes valued at $5.49 billion.

Toll Brothers caters to diverse buyer demographics including first-time luxury purchasers, move-up buyers, empty-nesters, active-adults aged 55 and older, and second-home buyers. The company offers homes across multiple price points, with fiscal 2025 deliveries ranging from under $500,000 to over $2,000,000 in base sales price. Approximately 54 percent of fiscal 2025 deliveries were spec homes, representing the company's strategic shift toward increased inventory of homes started without signed contracts to compete with existing home inventory.

Beyond residential for-sale homes, Toll Brothers develops and operates rental apartment and student housing communities through joint ventures under the Toll Brothers Apartment Living and Toll Brothers Campus Living brands. However, in September 2025, the company announced its intention to exit the multifamily development business, agreeing to sell approximately half its portfolio and its operating platform to Kennedy Wilson for approximately $380 million.

The company operates vertically integrated subsidiaries providing architectural, engineering, mortgage financing, title, land development, insurance, smart home technology, and landscaping services. Toll Brothers Mortgage Company provided financing for 43.4 percent of the company's home closings in fiscal 2025, funding $2.64 billion in mortgage loans. The company maintains substantial land control of approximately 76,100 home sites across 1,137 communities in various development stages, with approximately 57 percent controlled through options rather than outright ownership, reflecting the company's capital-efficient land acquisition strategy.