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Toll Brothers TOL Land and Land Improvements — Inventory write-down

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Other financials

Income statement

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Revenue$2.5B-7.6%
Gross profit$604.9M-14.3%
Operating income$346.6M-22.9%
Net income$260.6M-26.1%
EPS (diluted)$2.72-22.3%

Balance sheet

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Cash & equivalents$1.2B+53.9%
Total debt$139.8M+8.1%
Total equity$8.5B+6.6%
Total assets$14.5B+2.4%

Cash flow

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Operating cash flow$134.5M-62.9%
CapEx$24.5M+56.9%
Free cash flow$110.0M-68.3%

Valuation

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Market cap$14.55B+34.0%
Enterprise value$13.52B+32.0%
P/E11.3×+3.4×
P/S1.3×+0.3×

Profitability

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Gross margin24.2%-2.0pp
Operating margin14.6%-2.0pp
Net margin11.7%-1.3pp
FCF margin11%+4.2pp

Returns & leverage

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Return on equity15.7%-2.4pp
Debt / equity0.0×

Where this comes from

Reported directly by Toll Brothers in its filing.

Tagged under the XBRL concept us-gaap:InventoryWriteDown.

The official record: Toll Brothers’s 10-Q, filed May 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Toll Brothers's land and land improvements — inventory write-down?
Toll Brothers (TOL) reported land and land improvements — inventory write-down of $2.3M in Q1 2026.
What is the long-term trend for Toll Brothers's land and land improvements — inventory write-down?
Over 3 years (2022 to 2025), Toll Brothers's land and land improvements — inventory write-down has grown at a 58.0% compound annual growth rate (CAGR), from $6.8M to $26.84M.
What does land and land improvements — inventory write-down mean?
The reduction in the recorded value of land and development assets because they are now worth less than what the company originally paid for them.
How do you interpret land and land improvements — inventory write-down?
An increase suggests deteriorating market conditions or poor land acquisition strategy, while a decrease or absence of write-downs indicates stable asset values and effective project management.
How does land and land improvements — inventory write-down compare across companies?
Peers in the homebuilding sector report similar impairments under 'Inventory Impairments' or 'Write-downs of Real Estate Assets', with higher volatility typically observed during cyclical housing market corrections.