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Toll Brothers, Inc. (TOL) is a luxury homebuilder specializing in designing, building, marketing, and selling residential properties across the United States. The company caters to a diverse range of buyers, including luxury first-time, move-up, empty-nester, active-adult, and second-home buyers. In addition to its for-sale homes, TOL develops for-rent apartment communities and high-density urban condominiums, while also engaging in land development and operating various supporting subsidiaries.
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Residential Homebuilding - Designs, builds, and sells luxury single-family detached and attached homes, master-planned communities, and urban low-, mid-, and high-rise properties for diverse buyer segments, including first-time, move-up, and active-adult buyers.
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For-Rent Properties - Develops and operates urban and suburban apartment communities under the Toll Brothers Apartment Living® and Toll Brothers Campus Living® brands, with approximately 21,300 planned or completed units as of October 31, 2024.
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High-Density Urban Condominiums - Designs, builds, markets, and sells high-rise urban luxury condominiums through Toll Brothers City Living®, often in partnership with joint ventures.
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Land Development - Develops master-planned and golf course communities, while also operating lumber distribution, house component assembly, and manufacturing operations in select regions.
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Subsidiary Services - Provides integrated services through its subsidiaries, including architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscaping services to support its homebuilding operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Douglas C. Yearley, Jr. ExecutiveBoard | Chairman of the Board and CEO | None | Joined TOL in 1990; became CEO in 2010 and Chairman in 2018. Recognized as one of Barron's top 25 CEOs in 2024. | View Report → |
Martin P. Connor Executive | SVP and CFO | Director at Univest Financial Corporation | Joined TOL in 2008; became CFO in 2010. Brings extensive financial expertise and leadership experience. | |
Robert Parahus Executive | President and COO | None | Joined TOL in 1986; became President and COO in 2021. Previously served as EVP and Co-COO, overseeing eastern region operations. | |
Christine N. Garvey Board | Board Member | None | Joined TOL's Board in 2009. Chair of the Audit and Risk Committee. Brings expertise in real estate and banking. | |
Derek T. Kan Board | Board Member | VP of Operations at Shopify; USPS Board of Governors | Joined TOL's Board in 2021. Former Chief Business Officer at Deliverr and Deputy Director of the White House OMB. | |
John A. McLean Board | Board Member | Trustee at The Gateway to Leadership Foundation | Joined TOL's Board in 2016. Chair of the Compensation Committee. Retired Senior Managing Director at New York Life Investment Management LLC. | |
Judith A. Reinsdorf Board | Board Member | Board Member at EnPro Industries, Inc. and Nurix Therapeutics, Inc.; Trustee at University of Rochester | Joined TOL's Board in 2023. Former EVP and General Counsel at Johnson Controls and Tyco International. Brings expertise in governance and legal matters. | |
Karen H. Grimes Board | Board Member | Board Member at Tegna Inc. and Corteva, Inc. | Joined TOL's Board in 2019. Brings financial acumen, investment expertise, and risk management experience. | |
Katherine M. Sandstrom Board | Board Member | Chair of Healthpeak Properties; Board Member at EastGroup Properties and Urban Edge Properties | Joined TOL's Board in 2023. Former Senior Managing Director at Heitman LLC. Brings over 20 years of real estate finance and investment experience. | |
Paul E. Shapiro Board | Board Member | Chairman of Q Capital Holdings LLC | Joined TOL's Board in 1993. Chair of the Governance Committee. Extensive experience in corporate governance and legal matters. | |
Scott D. Stowell Board | Board Member | President and CEO of Capital Thirteen LLC; Board Member at Fannie Mae and Pacific Mutual Holding Company | Joined TOL's Board in 2021. Former CEO of Standard Pacific Homes. Brings expertise in real estate and homebuilding. | |
Stephen F. East Board | Board Member | Board Member at Sezzle Inc. | Joined TOL's Board in 2020. Chair of the Public Debt and Equity Securities Committee. Extensive experience in homebuilding and building products sectors. | |
Wendell E. Pritchett Board | Board Member | Board Member at Clarivate plc, 26North BDC, Inc.; Chair of College Unbound Board of Trustees | Joined TOL's Board in 2018. James S. Riepe Presidential Professor of Law and Education at the University of Pennsylvania Carey Law School. |
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The company has indicated that the spring selling season has shown mixed results, with some markets experiencing softness while others remain strong. How does management plan to adjust its pricing and incentives strategy across different markets to balance pace and price, and what impact could this have on your gross margin guidance?
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There has been a significant increase in inventory, particularly construction in progress, resulting from having more specs under construction at a further stage of completion. Given the potential risks associated with higher inventory levels in a mixed demand environment, how is the company managing these risks to avoid potential impairments or margin erosion?
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SG&A expenses as a percentage of revenue were higher than anticipated in the first quarter due to both higher selling expenses and lower-than-expected homebuilding revenues. What specific measures is the company taking to control SG&A costs, and how confident is management in achieving SG&A leverage in the second half as projected?
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With certain markets such as Jacksonville, Tampa, San Antonio, Phoenix, Reno, Salt Lake City, and Portland experiencing softness, though recent improvements are noted in some areas , how is the company adjusting its land acquisition and development strategy in these regions to mitigate potential risks, and could this impact your community count growth targets?
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Management mentioned that approximately 30% of the land bank is still priced at pre-COVID levels, which could impact cost basis and profitability. How does the company plan to leverage this advantage to enhance margins, and are there any concerns about the suitability or marketability of these land holdings in the current environment?
Recent developments and announcements about TOL.
8-K Filings
8-K Filing
·5 days agoFinancial ExhibitsBylaw ChangesShareholder VoteView full 8-K filing →At its March 11, 2025 Annual Meeting, stockholders approved an amendment lowering the director removal threshold from 66‑2/3% to a simple majority vote, signaling enhanced board accountability. Details in the definitive proxy statement.