托尔兄弟 2025年度报告

ANNUAL REPORT2025 Toll Brothers Company Overview INDUSTRY-LEADING COMPANY AND BRAND FINANCIAL SUMMARY •America’s Luxury Home Builder•Founded in 1967•NYSE-listed (TOL) since 1986•Fortune 500 Company•4th largest U.S. home builder by revenues•National Builder of the Year,Buildermagazine•Two-time Builder of the Year,Professional Buildermagazine•#1 Home Builder on 2026Fortunemagazine World’s Most AdmiredCompanies™ list*•Company’s Chairman and CEO Douglas C. Yearley, Jr. was named oneof 25 Top CEOs byBarron’smagazine in 2024 LUXURY HOMES AND COMMUNITIES •National presence in over 60 markets across the United States•Selling from 446 communities•Delivered approx. 11,300 homes in FY 2025•Average delivered home price of $960,200•Control 76,100 home sites (57% optioned/43% owned)•High-volume production of highly personalized homes•Affluent customer base: home buyers added an average ofapproximately $202,000 in lot premiums and structural and designoptions to their homes in FY 2025•39 Design Studio locations nationwide•Diverse Product Lines:oLuxury move-up homesoMillennial-focused luxury first-time homesoActive-adult and second homesoMaster-planned communities; resort-style golf and country clublivingoToll Brothers City Living: luxury mid- and high-rise urban for-salecommunities FINANCIAL AND MANAGEMENT STRENGTH •Liquidity of $3.45 billion: $1.26 billion in cash and $2.19 billion availableunder our $2.35 billion, 22-bank revolving credit facility•Debt-to-capital ratio of 26.0%; net debt-to-capital ratio†of 15.3%•Focus on driving return on equity through more capital-efficient landbuying, product optimization, and other strategies•Seasoned executive management team: average 20-year tenure withToll Brothers JANUARY 2026 DEAR SHAREHOLDER Fiscal 2025 was another strong year for Toll Brothers.We delivered 11,292 homes,the most in our history, at an average price of $960,000, generating a record $10.8billion in home sales revenues. In a difficult sales environment, we executed well andachieved an adjusted gross margin*of 27.3% for the year, which is a testament both tothe strength of our brand and our strategy of balancing pace and price. Our selling,general and administrative expenses were 9.5% of home sales revenues for the year –the third consecutive year they have been under 10%. As a result, we earned $13.49per diluted share in fiscal 2025, compared to adjusted earnings†of $13.82 in fiscal2024. In fiscal 2025, we also grew our community count by 9%, continued to producestrong operating cash flows of $1.1 billion, returned approximately $750 million tostockholders through share repurchases and dividends, and generated a return onbeginning equity of 17.6%. These results underscore the resilience of our businessmodel and the strength of our affluent customer base. Our sharp focus on growth and efficiency – both in our operations and in our landacquisition and development strategy – will remain key to our continued success.Since fiscal 2020, we have increased home sales revenue by a compound annualgrowth rate of 9.3%, driven in large part by our ability to increase community count –from 317 selling communities on October 31, 2020 to 446 at the end of fiscal 2025. Infiscal 2026, we expect to increase our community count by another 8 – 10%. Thisgrowth, in turn, has been enabled by our strategy of broadening our geographies,product lines and price points, as well as our shift to a more balanced portfolio of build-to-order and spec homes, all of which have significantly widened our addressablemarket and allowed us to pursue a broader range of market opportunities. In addition,these strategies have helped us bring down construction cycle times, improve inventoryturns, and gain efficiencies in the land development and construction processes. Ourspec strategy has also allowed us to appeal to buyers who need to move quickly but stillwant a home that reflects their personal style. By selling many of our spec homes duringthe early stages of construction, many of our customers can still choose their finishes atthe Toll Brothers Design Studio, giving us an important competitive advantage overmost spec homes. While we have broadened our market by strategically diversifying our business,we have continued to refine the qualities that set us apart as America’s luxuryhome builder.This includes our premium brand, reputation for quality, prestigiouslocations at the corner of Main & Main, distinctive architecture, unrivaled choice, and anextraordinary customer experience. These features are key differentiators for ouraffluent customers, a segment of the housing market that has proven to be remarkablyresilient. According to data recently published by the National Association of Realtors,the median age of a first-time homebuyer is at an all-time high of 40, the median age ofall buyers is now almost 60 and just one in five sales is to a first-time buyer. This meansthat the vast majority of sales in the market are to move-up or move-d