Toll Brothers, Inc. (TOL) Cash Flow Statement
Where TOL’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $1.11B +10.1% vs FY2024
- Capital expenditures
- $86.2M 0.8% of revenue
- Free cash flow
- $1.03B 9.4% margin
- Returned to shareholders
- $748.1M 73% of free cash flow
- Change in cash
- −$31.5M cash at year-end $1.34B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TOL operating cash flow, capex and free cash flow
TOL cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $148.8MFY2016 | $1.11BFY2025 | +25.0%/yr | |
| Capital expenditures | $28.4MFY2016 | $86.2MFY2025 | +13.1%/yr | |
| Free cash flow | $120.3MFY2016 | $1.03BFY2025 | +26.9%/yr | |
| Free cash flow margin | 2.3%FY2016 | 9.4%FY2025 | +7.0 pts | |
| Operating cash flow / net income | 0.39FY2016 | 0.83FY2025 | +0.44 | |
| Stock-based compensation | $26.7MFY2016 | $30.8MFY2025 | +1.6%/yr | |
| Dividends paid | $38.6MFY2016 | $97.1MFY2025 | +10.8%/yr | |
| Share buybacks (net) | $392.8MFY2016 | $651.0MFY2025 | +5.8%/yr | |
| Capex / revenue | 0.5%FY2016 | 0.8%FY2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOL cash flow by activity
TOL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TOL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.35B | $1.57B | $1.37B | $1.29B | $833.6M | $446.6M | $590.0M | $748.2M | $535.5M | $382.1M |
| Depreciation & amortization | $82.1M | $81.2M | $76.5M | $76.8M | $76.2M | $68.9M | $72.1M | $25.3M | $25.4M | $23.1M |
| Stock-based compensation | $30.8M | $29.6M | $24.8M | $21.1M | $23.2M | $24.3M | $26.2M | $28.3M | $28.5M | $26.7M |
| Change in working capital | −$569.2M | −$642.3M | −$45.9M | −$404.1M | $345.2M | $314.6M | −$318.9M | −$176.1M | $45.6M | −$154.6M |
| Other non-cash items | $222.2M | −$29.5M | −$161.0M | $6.5M | $24.9M | $153.7M | $68.2M | −$23.2M | $324.8M | −$128.5M |
| Cash from operating activities | $1.11B | $1.01B | $1.27B | $986.8M | $1.30B | $1.01B | $437.7M | $602.4M | $959.7M | $148.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$86.2M | −$73.6M | −$73.0M | −$71.7M | −$66.9M | −$109.6M | −$87.0M | −$28.2M | −$28.9M | −$28.4M |
| Investments (net) | — | −$167.6M | −$103.7M | −$110.0M | −$18.4M | −$24.2M | $56.6M | $27.5M | $18.0M | $10.0M |
| Acquisitions & other investing | −$223.8M | $73.6M | $26.0M | $28.5M | $81.1M | −$44.0M | −$45.5M | $82.0M | $3.1M | $26.6M |
| Cash from investing activities | −$310.0M | −$167.6M | −$150.6M | −$153.2M | −$4.2M | −$177.8M | −$75.9M | $81.3M | −$7.7M | $8.2M |
| Financing activities | ||||||||||
| Dividends paid | −$97.1M | −$93.4M | −$91.1M | −$88.9M | −$76.6M | −$56.6M | −$63.6M | −$61.7M | −$38.6M | −$38.6M |
| Share repurchases & issuance (net) | −$651.0M | −$627.1M | −$561.6M | −$542.7M | −$378.3M | −$634.1M | −$233.5M | −$503.2M | −$290.9M | −$392.8M |
| Net borrowing (repayment) | −$53.5M | −$100.1M | −$560.3M | −$461.4M | −$561.2M | −$85.8M | $400.0M | $400.0M | $455.5M | $2.44B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$32.3M | $4.1M | $42.9M | −$26.5M | $5.0M | $23.1M | −$361.4M | −$49.4M | −$998.9M | −$2.45B |
| Cash from financing activities | −$833.9M | −$816.5M | −$1.17B | −$1.12B | −$1.01B | −$753.3M | −$258.5M | −$214.3M | −$872.9M | −$442.3M |
| Summary | ||||||||||
| Net change in cash | −$31.5M | $26.1M | −$54.2M | −$285.9M | $287.8M | $77.0M | $103.2M | $469.4M | $79.1M | −$285.3M |
| Cash at end of period | $1.34B | $1.37B | $1.34B | $1.40B | $1.68B | $1.40B | $1.32B | $1.18B | $712.8M | $633.7M |
| Free cash flow | $1.03B | $936.5M | $1.19B | $915.1M | $1.24B | $898.6M | $350.7M | $574.2M | $930.8M | $120.3M |
| Free cash flow margin | 9.4% | 8.6% | 11.9% | 8.9% | 14.1% | 12.7% | 4.9% | 8.0% | 16.0% | 2.3% |
| Capex / revenue | 0.8% | 0.7% | 0.7% | 0.7% | 0.8% | 1.5% | 1.2% | 0.4% | 0.5% | 0.5% |
| Operating cash flow / net income | 0.83 | 0.64 | 0.92 | 0.77 | 1.56 | 2.26 | 0.74 | 0.81 | 1.79 | 0.39 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $280.1M | $260.6M | $210.9M | $446.7M | $369.6M | $352.4M | $177.7M | $475.4M | $374.6M | $481.6M | $239.6M | $445.5M |
| Depreciation & amortization | $20.9M | $17.3M | $16.2M | $21.8M | $22.3M | $20.8M | $17.2M | $25.8M | $20.1M | $19.1M | $16.1M | $22.2M |
| Stock-based compensation | $4.4M | $4.5M | $18.8M | $3.7M | $4.3M | $4.8M | $18.0M | $3.6M | $3.8M | $3.9M | $18.2M | $3.5M |
| Change in working capital | −$124.8M | −$202.8M | −$230.1M | $210.9M | −$88.7M | $73.7M | −$765.1M | $281.2M | −$255.9M | −$96.4M | −$595.5M | $102.3M |
| Other non-cash items | $69.7M | $54.9M | −$8.6M | $116.9M | $62.8M | −$88.9M | $131.4M | −$103.4M | $32.9M | $50.8M | $14.5M | $17.8M |
| Cash from operating activities | $250.3M | $134.4M | $7.3M | $800.0M | $370.3M | $362.8M | −$420.8M | $682.5M | $175.6M | $459.0M | −$307.0M | $591.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$30.7M | −$24.5M | −$18.9M | −$27.8M | −$25.4M | −$15.6M | −$17.3M | −$18.2M | −$25.8M | −$16.1M | −$13.6M | −$18.9M |
| Investments (net) | — | — | — | — | −$52.4M | −$68.3M | −$119.5M | −$51.6M | −$15.3M | −$41.3M | −$59.4M | −$15.1M |
| Acquisitions & other investing | $4.2M | −$20.4M | $206.5M | −$42.0M | $25.4M | $15.6M | $17.3M | $18.2M | $25.8M | $16.1M | $13.6M | $17.0M |
| Cash from investing activities | −$26.5M | −$44.9M | $187.7M | −$69.9M | −$52.4M | −$68.3M | −$119.5M | −$51.6M | −$15.3M | −$41.3M | −$59.4M | −$17.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$24.1M | −$24.4M | −$25.0M | −$23.8M | −$24.3M | −$24.6M | −$24.4M | −$23.1M | −$23.3M | −$23.8M | −$23.3M | −$22.0M |
| Share repurchases & issuance (net) | −$204.9M | −$179.6M | −$50.4M | −$268.8M | −$177.3M | −$181.2M | −$23.7M | −$203.5M | −$243.5M | −$180.0M | −$56,000 | −$322.3M |
| Net borrowing (repayment) | −$33.1M | $33.0M | −$182.1M | −$100.8M | $126.5M | $27.3M | −$106.5M | −$3.2M | −$19.2M | — | — | $30.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.6M | −$23.1M | $223,000 | $63.8M | −$66.2M | −$7.3M | −$22.5M | $6.0M | $1.5M | $73.6M | −$154.7M | $1.1M |
| Cash from financing activities | −$265.7M | −$194.1M | −$257.3M | −$329.5M | −$141.3M | −$185.9M | −$177.2M | −$223.8M | −$284.4M | −$130.2M | −$178.0M | −$312.8M |
| Summary | ||||||||||||
| Net change in cash | −$41.9M | −$104.5M | −$62.3M | $400.6M | $176.6M | $108.7M | −$717.4M | $407.2M | −$124.2M | $287.5M | −$544.4M | $261.6M |
| Cash at end of period | $1.13B | $1.17B | $1.28B | $1.34B | $938.3M | $761.7M | $653.0M | $1.37B | $963.3M | $1.09B | $800.0M | $1.34B |
| Free cash flow | $219.6M | $110.0M | −$11.6M | $772.2M | $344.9M | $347.3M | −$438.1M | $664.3M | $149.9M | $442.9M | −$320.6M | $572.5M |
| Free cash flow margin | 8.3% | 4.3% | −0.5% | 22.6% | 11.7% | 12.7% | −23.6% | 19.9% | 5.5% | 15.6% | −16.5% | 19.0% |
| Capex / revenue | 1.2% | 1.0% | 0.9% | 0.8% | 0.9% | 0.6% | 0.9% | 0.5% | 0.9% | 0.6% | 0.7% | 0.6% |
| Operating cash flow / net income | 0.89 | 0.52 | 0.03 | 1.79 | 1.00 | 1.03 | −2.37 | 1.44 | 0.47 | 0.95 | −1.28 | 1.33 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TOL cash generation
In fiscal 2025 (ended October 31, 2025), Toll Brothers generated $1.1 billion of cash from operations (up 10.1%) and spent $86.2 million on capital expenditures, leaving free cash flow of $1.0 billion, 9.4% of revenue. It returned $748.1 million to shareholders through dividends ($97.1 million) and net share buybacks ($651.0 million). Cash and equivalents fell by $31.5 million over the year.
Related: TOL income statement, TOL balance sheet, TOL dividend history. See the TOL stock overview for the latest quote and news.
TOL cash flow FAQ
What is Toll Brothers's free cash flow?
Toll Brothers's free cash flow was $1.0 billion in fiscal 2025: $1.1 billion of operating cash flow minus $86.2 million of capital expenditures It was $936.5 million a year earlier..
How much cash does Toll Brothers generate from operations?
Toll Brothers generated $1.1 billion of cash from operating activities in fiscal 2025, 0.83 times its net income of $1.3 billion.
How much does Toll Brothers spend on capital expenditures?
Toll Brothers spent $86.2 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $73.6 million the year before.
How much stock does Toll Brothers buy back?
Toll Brothers spent $651.0 million on net share repurchases in fiscal 2025.
How much does Toll Brothers pay in dividends?
Toll Brothers paid $97.1 million in dividends in fiscal 2025, 9.5% of free cash flow.