Toll Brothers, Inc. company profile

Overview

Toll Brothers, Inc. is a U.S. luxury homebuilder that began doing business through predecessor entities in 1967. The company designs, builds, markets, sells, and arranges financing for luxury residential communities, with offerings that include single-family detached and attached homes, master-planned communities, and urban low-, mid-, and high-rise developments. It also operates related businesses in areas such as mortgage, title, land development, insurance, smart home technology, landscaping, and for-rent apartment communities.[1]

Toll Brothers operates across 24 states and the District of Columbia, and its homebuilding business is organized into five geographic regions: North, Mid-Atlantic, South, Mountain, and Pacific. Its communities are generally located in affluent suburban areas near major transit routes and highways, while its broader platform also includes urban condominium and rental offerings.[5]

The company says its mission is to provide customers with the home of their dreams. As indicators of scale, Toll Brothers generated $10.85 billion of revenue in fiscal 2024 and employed approximately 4,900 full-time people at October 31, 2024. Over the five years ended October 31, 2024, it delivered 49,407 homes from 986 communities, and it had 1,041 communities in planning, development, or operations at year-end.

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Products & services

Toll Brothers’ core products are luxury for-sale residential communities in several formats: single-family detached homes, attached homes, master-planned communities, resort-style golf communities, and urban low-, mid-, and high-rise communities. Detached communities typically offer several home plans with multiple structural options and exterior styles, while attached communities generally offer one- to four-story homes and may include shared amenities such as clubhouses, playing fields, swimming pools, and tennis courts. The company also offers age-restricted active-adult products with features such as single-story living and first-floor primary bedroom suites, alongside amenity packages that can include golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers.[12]

Within those homes, Toll Brothers sells a broad menu of paid upgrades and finish selections. Its option set includes structural additions such as home offices, fitness rooms, multi-generational living suites, finished basements, and indoor/outdoor living areas, as well as interior choices covering flooring, wall tile, plumbing, cabinets, fixtures, appliances, lighting, and home-automation and security technologies. The company has also expanded its spec-home offering—homes started without a signed buyer contract—which represented about 49% of deliveries in fiscal 2024; those homes can still be sold during construction, allowing many buyers to choose finishing options through design studios. Toll Brothers also performs substantial site-development work for its communities, including planning home size/style/price mix and installing roads, underground utilities, recreational amenities, and entrance features.[16]

Beyond for-sale homes, Toll Brothers markets high-density, high-rise urban luxury condominiums through Toll Brothers City Living and, at October 31, 2024, was developing two such urban luxury communities with joint-venture partners. It also develops for-rent apartment projects under Toll Brothers Apartment Living and Toll Brothers Campus Living; at October 31, 2024, it or its joint ventures controlled 67 apartment parcels totaling about 21,300 planned or operating units. Supporting services include mortgage, title, insurance, smart home technology, landscaping, land development, and in-house architectural and engineering operations, plus component manufacturing through Toll Integrated Systems, which makes open wall panels, roof and floor trusses, and certain interior and exterior millwork. The mortgage subsidiary, Toll Brothers Mortgage Company, provides loan qualification and mortgage commitments for homebuyers and financed 4,114 settlements in fiscal 2024, equal to a 38.0% gross capture rate and $2.13 billion of loan volume. Home sales remained the dominant product line in fiscal 2024, at $10.56 billion of $10.85 billion total revenue.

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Geographic presence

Toll Brothers is headquartered in Fort Washington, Pennsylvania and reports a wholly U.S. operating footprint; as of October 31, 2025, it was active in 24 states and the District of Columbia.[26][27] The company organizes its homebuilding business into five geographic segments: North (Connecticut, Delaware, Massachusetts, Michigan, New Jersey, New York, and Pennsylvania), Mid-Atlantic (Georgia, Maryland, North Carolina, Tennessee, and Virginia), South (Florida, South Carolina, and Texas), Mountain (Arizona, Colorado, Idaho, Nevada, and Utah), and Pacific (California, Oregon, and Washington).[28] It reports revenue and operating performance on this U.S. regional basis rather than by country.[34]

At October 31, 2025, Toll Brothers had 500 operating communities, of which 446 were offering homes for sale. The largest community footprints were in the South (177 operating communities, 153 selling) and Mountain (124 operating, 115 selling) segments, followed by Mid-Atlantic (73/68), North (67/55), and Pacific (59/55).[35][36] Its communities were spread across major metro markets including Boston, the New York metro area, Philadelphia, the Washington, D.C. suburbs in Virginia and Maryland, Raleigh/Charlotte/Wilmington, Atlanta, multiple Florida markets, Dallas/Houston/Austin/San Antonio, Denver/Colorado Springs/Fort Collins, Phoenix, Las Vegas/Reno, Boise/Coeur d’Alene, Salt Lake City/St. George, Southern and Northern California markets, Seattle/Spokane/Clark County, and Portland.[37]

In fiscal 2025, home sales revenue was geographically weighted toward the Mountain segment at $2.92 billion (about 27% of homebuilding revenue) and the South at $2.71 billion (about 25%), followed by the Pacific at $2.12 billion (about 19.6%), the North at $1.66 billion (about 15.3%), and the Mid-Atlantic at $1.43 billion (about 13.2%).

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Business segments

Toll Brothers’ official reportable segments are five geographic home-building segments, which management uses to assess performance and allocate capital: North (Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York, and Pennsylvania), Mid-Atlantic (Georgia, Maryland, North Carolina, Tennessee, and Virginia), South (Florida, South Carolina, and Texas), Mountain (Arizona, Colorado, Idaho, Nevada, and Utah), and Pacific (California, Oregon, and Washington).[58] Based on fiscal 2024 segment revenue, the approximate contribution to consolidated revenue was South 25.7%, Mountain 23.9%, Pacific 21.0%, North 13.7%, and Mid-Atlantic 13.1%.[64]

A second, broader revenue view is home building versus non-home-building activity: fiscal 2024 home building revenue was about 97.4% of consolidated revenue, while land sales and other revenue was about 2.6%.[64] The company does not separately report financial services or other ancillary operations as stand-alone reportable segments in the segment note; instead, “Corporate and other” principally includes corporate overhead, interest income, income from certain ancillary businesses such as apartment rental development and high-rise urban luxury condominium operations, and income from rental-property and other joint ventures.

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Company history

Toll Brothers began in 1967, when brothers Robert I. Toll and Bruce E. Toll founded the company in southeastern Pennsylvania and built their first two homes. The business later incorporated in Delaware in May 1986, after having operated through predecessor entities since 1967, and it became a public company that year on the New York Stock Exchange.[67]

By 1990, Toll Brothers had expanded from the Philadelphia area to a footprint stretching from Baltimore to Boston, and in the early 1990s it began evolving from a regional builder into a national one through expansion into California and Texas.[69] In the 2000s, it broadened its business model with the 2003 launch of Toll Brothers City Living, entered the Orlando market through the acquisition of Landstar Homes’ Central Florida division in 2005, and made its Manhattan debut in 2006 with the One Ten Third high-rise project.[70]

The company’s leadership and geographic reach continued to change in the 2010s. In 2010, Douglas C. Yearley, Jr. was elected chief executive officer while Robert I. Toll remained executive chairman.[73] Toll Brothers then expanded through acquisitions including CamWest in Seattle in 2011 and Shapell Homes in California, announced in 2013 and closed in 2014.[74] In 2018, Robert I. Toll stepped down as executive chairman and Yearley was elected chairman, marking a further leadership transition.

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Toll Brothers, Inc.