FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL) announced robust financial results for the fourth quarter of fiscal year 2024, showcasing growth in revenues, home deliveries, and contracts.
The company posted a net income of $475.4 million, translating to $4.63 per diluted share, up from $445.5 million and $4.11 per share in the same period last year. Pre-tax income rose to $621.1 million, while home sales revenues increased 10%, reaching $3.26 billion. Deliveries climbed 25% to 3,431 homes. Additionally, net signed contract value surged 32% to $2.66 billion, representing 2,658 contracted homes, up 30% year-over-year.
Despite a slight decline in backlog value to $6.47 billion, the company maintained strong gross margins. Adjusted home sales gross margin was 27.9%, and SG&A expenses improved slightly, accounting for 8.3% of home sales revenue.
For the full fiscal year, Toll Brothers delivered record home sales revenues of $10.56 billion, a 7% increase from the prior year. Net income reached $1.57 billion, or $15.01 per diluted share, with contracts increasing 27% in both units and value.
Douglas C. Yearley, Jr., chairman and CEO, stated, “Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing production, widening geographies, and expanding price points.”
Yearley highlighted the strong demand seen since fiscal 2025 began, setting an optimistic outlook for the spring selling season. Toll Brothers ended the year with 408 selling communities, a 10% increase, and controlled 74,700 lots, positioning the company for sustained growth through 2026.
Over the fiscal year, the company returned approximately $720 million to shareholders through share repurchases and dividends, reflecting its strong cash flow and commitment to enhancing shareholder value. With $1.3 billion in cash and an additional $1.77 billion available under a credit facility, Toll Brothers remains well-capitalized for future investments in land and communities.
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