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Toll Brothers, Inc.

Q2 FY26Household Durables

Toll Brothers, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹138

Market cap₹13.1K Cr

P/E10.5

Updated29 May 2026

Read4 min read

Toll Brothers, Inc. Q2 FY26 key numbers

Revenue: Average delivered price forecast raised to between $985,000 and $1 million, with a $12,500 increase at the midpoint.

As stated in Toll Brothers, Inc.'s Q2 FY26 earnings call transcript · published 29 May 2026. Reported figures, not investment advice.

The short version

- Projected fiscal 2026 deliveries increased slightly, now expected between 10,400 and 10,700 homes (up 100 homes at the low end). - Fiscal 2026 full-year guidance raised: projected deliveries between 10,400 and 10,700 homes, with an average price of $985,000 to $1 million.

From Toll Brothers, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Projected fiscal 2026 deliveries increased slightly, now expected between 10,400 and 10,700 homes (up 100 homes at the low end).
Average delivered price forecast raised to between $985,000 and $1 million, with a $12,500 increase at the midpoint.
Full-year adjusted gross margin guidance improved by 10 basis points to 26.1%.
Community count expected to grow 8%-10% annually, with 480-490 communities by fiscal year-end 2026 and plans to maintain this growth in 2027 and beyond.
Land ownership/control sufficient to support this growth strategy.
Net agreements increased 7% year-over-year, reflecting successful execution of growth plans.

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Profitability & Margins

Fiscal 2026 full-year guidance raised: projected deliveries between 10,400 and 10,700 homes, with an average price of $985,000 to $1 million.
Full-year adjusted gross margin guidance increased by 10 basis points to 26.1%, with Q3 margin at 25.25% and Q4 expected at 26.3%.
SG&A margin guidance improved by 15 basis points to 10.1% for the full year.
Earnings per share (EPS) of $2.72 reported for Q2, beating midpoint guidance by $0.18.
Company confident in their ability to maintain margins and sales pace despite market challenges.
Strong backlog: Approximately 4,100 of 5,400 homes expected to close in the back half of 2026, supporting delivery and revenue guidance.

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Capital Expenditure Plans

Capex planned

Toll Brothers emphasizes continued investment in future growth through disciplined capital allocation.
The company maintains substantial liquidity with $3.3 billion available, supporting ongoing investments.
Strategic acquisitions remain a focus, exemplified by the recent acquisition of Buffington Homes in Northwest Arkansas, adding ~1,500 lots and enhancing local expertise.
The company plans community count growth at 8%-10% annually, supported by land ownership/control sufficient to sustain expansion.
Moderate land banking is practiced (20%-30% of lots), balancing margin and returns, often utilizing seller financing or favorable structures.
Investment in design studios continues to enhance customer experience and drive high-margin finish selections.

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Fundraising & Capital Structure

The company ended Q2 2026 with approximately $3.3 billion of liquidity, including $1.1 billion in cash and $2.2 billion availability on its revolving credit facility.
The net debt-to-capital ratio was 15.4%, down from 19.8% a year ago, indicating a strong balance sheet with low leverage.
The company emphasizes maintaining a healthy balance sheet with ample liquidity and significant operating cash flows.

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Order Book & Pipeline

The backlog consists of about 5,400 homes.
Approximately 4,100 homes from the backlog are expected to close in the second half of fiscal 2026.
This implies roughly 2,000 spec homes need to be sold and settled in the back half to meet guidance.
Sales pace has been consistent throughout the quarter and into early May, with April being the strongest month.
Buyer conversions are taking longer due to consumer confidence but remain stable at the current price points.

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What the Q2 FY26 call signalled

1 of 3 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

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Frequently Asked Questions

What were Toll Brothers, Inc. Q2 FY26 results?

- Projected fiscal 2026 deliveries increased slightly, now expected between 10,400 and 10,700 homes (up 100 homes at the low end). - Fiscal 2026 full-year guidance raised: projected deliveries between 10,400 and 10,700 homes, with an average price of $985,000 to $1 million.

What is Toll Brothers, Inc. share price analysis?

Toll Brothers, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 10.5 with a market cap of $13,083. Investors should review the full earnings analysis for detailed insights.

Is Toll Brothers, Inc. planning capital expenditure?

- Toll Brothers emphasizes continued investment in future growth through disciplined capital allocation.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.