Toll Brothers, Inc.TOL

Toll Brothers, Inc. Earnings Per Share Disclosure

10-KFiled Dec 19, 20251 min read
Earnings Per Share Information
Information pertaining to the calculation of earnings per share for each of the fiscal years ended October 31, 2025, 2024, and 2023, is as follows (amounts in thousands):
202520242023
Numerator:
Net income as reported$1,346,486 $1,571,195 $1,372,071 
Denominator:
Basic weighted-average shares98,978 103,653 110,020 
Common stock equivalents (1)
801 1,037 988 
Diluted weighted-average shares99,779 104,690 111,008 
Other information:
Weighted-average number of antidilutive options and restricted stock units (2)
65 39 200 
Shares issued under stock incentive and employee stock purchase plans430 910 2,026 
(1)Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued upon the conversion of restricted stock units under our equity award programs.
(2)Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the New York Stock Exchange for the period.

Historical Timeline

Fiscal YearFiled
2025Dec 19, 2025Showing above
2024Dec 20, 2024
2023Dec 21, 2023
2022Dec 19, 2022
2021Dec 17, 2021
2020Dec 22, 2020
2019Dec 26, 2019
2018Dec 20, 2018
2017Dec 21, 2017

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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