Toll Brothers, Inc. filed its Annual Report for Fiscal Year Ending October 31, 2024, on December 20, 2024. The report confirmed the company's record financial performance, including $10.6 billion in home sales revenues and $15.01 diluted earnings per share.
The annual report detailed the company's strategic evolution, emphasizing its balanced build-to-order and spec home production, which now accounts for roughly half of its sales. This shift, along with capital-efficient land strategies, contributed to a 23.1% return on beginning equity.
Toll Brothers also highlighted its disciplined capital allocation, generating $1.0 billion in operating cash flow and returning $720 million to stockholders through share repurchases and dividends in fiscal 2024. The company reduced its outstanding share count by nearly 5% during the year.
The report underscored the company's nationwide platform, operating in over 60 markets across 24 states, and its diverse product offerings ranging from $300,000 to over $5 million. The Design Studios generated over $1 billion in sales, providing accretive, high-margin revenue.
Toll Brothers' land strategy has evolved to control approximately 74,700 lots, with 55% held under options, reducing capital intensity while supporting growth. This approach has allowed the company to nearly triple its business based on revenues over the past decade with less debt.
The company remains optimistic about the long-term outlook for the new home market, supported by favorable demographics, a structural undersupply of homes, and the financial strength of its affluent customer base, with 28% of buyers paying all cash in Q4 FY2024.
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