Toll Brothers (TOL) 10-Q 28 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 31, 2025	Feb. 26, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2025
Document Transition Report	false
Entity File Number	001-09186
Entity Registrant Name	Toll Brothers, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2416878
Entity Address, Address Line One	1140 Virginia Drive
Entity Address, City or Town	Fort Washington
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19034
City Area Code	215
Local Phone Number	938-8000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,437,000
Entity Central Index Key	0000794170
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jan. 31, 2025	Oct. 31, 2024
ASSETS
Cash and cash equivalents		$ 574,834	$ 1,303,039
Inventory		10,677,502	9,712,925
Property, construction, and office equipment – net		455,208	453,007
Receivables, prepaid expenses, and other assets	[1]	595,692	590,611
Mortgage loans held for sale – at fair value		99,620	191,242
Customer deposits held in escrow		112,671	109,691
Investments in unconsolidated entities	[1]	1,106,576	1,007,417
Total assets		13,622,103	13,367,932
Liabilities
Loans payable		1,058,765	1,085,817
Senior notes		1,597,316	1,597,102
Mortgage company loan facility		89,958	150,000
Customer deposits		518,200	488,690
Accounts payable		650,714	492,213
Accrued expenses		1,830,701	1,752,848
Income taxes payable		64,955	114,547
Total liabilities		5,810,609	5,681,217
Stockholders’ equity
Preferred Stock, Value, Issued		0	0
Common Stock, Value, Issued		1,129	1,129
Additional paid-in capital		674,492	694,713
Retained earnings		8,307,555	8,153,356
Treasury stock, at cost —12,969 and 13,149 shares at January 31, 2025 and October 31, 2024, respectively		(1,217,942)	(1,209,547)
Accumulated other comprehensive income ("AOCI")		30,372	31,277
Total stockholders’ equity		7,795,606	7,670,928
Noncontrolling interest		15,888	15,787
Total equity		7,811,494	7,686,715
Total liabilities and stockholders' equity		$ 13,622,103	$ 13,367,932
[1]As of January 31, 2025 and October 31, 2024, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $106.1 million and $105.3 million, respectively, of assets related to consolidated variable interest entities (“VIEs”). See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Preferred stock, issued (in shares)	0	0
Common stock, issued (in shares)	112,937	112,937
Treasury stock, common, shares, issued (in shares)	12,969	13,149
Assets	$ 13,622,103	$ 13,367,932
Variable Interest Entity
Assets	$ 106,100	$ 105,300

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Revenues:	$ 1,859,131	$ 1,947,848
Cost of revenues:	1,399,586	1,409,387
Selling, general and administrative	240,414	230,046
Income from operations	219,131	308,415
Other:
Loss from unconsolidated entities	(8,743)	(9,172)
Other income – net	10,994	11,918
Income before income taxes	221,382	311,161
Income tax provision	43,679	71,603
Net income	177,703	239,558
Other comprehensive loss – net of tax	(905)	(3,898)
Total comprehensive income	$ 176,798	$ 235,660
Per share:
Basic earnings (in dollars per share)	$ 1.76	$ 2.28
Diluted earnings (in dollars per share)	$ 1.75	$ 2.25
Weighted-average number of shares:
Basic (in shares)	100,830	105,122
Diluted (in shares)	101,830	106,265
Home sales
Revenues:	$ 1,840,776	$ 1,931,836
Cost of revenues:	1,381,480	1,399,226
Land sales and other
Revenues:	18,355	16,012
Cost of revenues:	$ 18,106	$ 10,161

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	AOCI	Non-controlling Interest
Beginning balance at Oct. 31, 2023	$ 6,813,202	$ 1,129	$ 698,548	$ 6,675,719	$ (619,150)	$ 40,910	$ 16,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	239,558			239,558
Purchase of treasury stock	(56)				(56)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	(9,283)		(30,857)		21,574
Stock-based compensation	18,250		18,250
Dividends declared	(22,456)			(22,456)
Other comprehensive loss	(3,898)					(3,898)
Loss attributable to non-controlling interest	(202)						(202)
Capital contributions – net	530						530
Ending balance at Jan. 31, 2024	7,035,645	1,129	685,941	6,892,821	(597,632)	37,012	16,374
Beginning balance at Oct. 31, 2024	7,686,715	1,129	694,713	8,153,356	(1,209,547)	31,277	15,787
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	177,703			177,703
Purchase of treasury stock	(23,748)				(23,748)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	(22,890)		(38,243)		15,353
Stock-based compensation	18,022		18,022
Dividends declared	(23,504)			(23,504)
Other comprehensive loss	(905)					(905)
Loss attributable to non-controlling interest	(258)						(258)
Capital contributions – net	359						359
Ending balance at Jan. 31, 2025	$ 7,811,494	$ 1,129	$ 674,492	$ 8,307,555	$ (1,217,942)	$ 30,372	$ 15,888

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Cash flow used in operating activities:
Net income	$ 177,703	$ 239,558
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	17,165	16,143
Stock-based compensation	18,022	18,250
Loss from unconsolidated entities	8,743	9,172
Distributions of earnings from unconsolidated entities	4,810	2,737
Deferred tax provision	1,535	1,895
Impairment charges and write-offs	22,705	1,471
Other - net	1,196	(751)
Changes in operating assets and liabilities:
Inventory	(832,230)	(499,047)
Origination of mortgage loans	(430,692)	(364,600)
Sale of mortgage loans	523,092	405,112
Receivables, prepaid expenses, and other assets	(1,488)	(21,587)
Current income taxes – net	(50,822)	(12,655)
Customer deposits – net	26,530	(14,722)
Accounts payable and accrued expenses	92,956	(87,958)
Net cash used in operating activities	(420,775)	(306,982)
Cash flow used in investing activities:
Purchase of property, construction, and office equipment – net	(17,325)	(13,581)
Investments in unconsolidated entities	(118,747)	(58,925)
Return of investments in unconsolidated entities	18,428	13,142
Other – net	(1,813)	0
Net cash used in investing activities	(119,457)	(59,364)
Cash flow used in financing activities:
Proceeds from loans payable	823,131	744,565
Principal payments of loans payable	(929,660)	(890,178)
Payments related to stock-based benefit plans – net	(22,887)	(9,279)
Purchase of treasury stock and excise tax payment	(23,748)	(56)
Dividends paid	(24,414)	(23,264)
Receipts related to noncontrolling interest – net	386	167
Net cash used in financing activities	(177,192)	(178,045)
Net decrease in cash, cash equivalents, and restricted cash	(717,424)	(544,391)
Cash, cash equivalents, and restricted cash, beginning of period	1,370,435	1,344,341
Cash, cash equivalents, and restricted cash, end of period	$ 653,011	$ 799,950

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jan. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. Our unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The October 31, 2024 balance sheet amounts and disclosures have been derived from our October 31, 2024 audited financial statements. Since the condensed consolidated financial statements do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements, they should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 (“2024 Form 10-K”). In the opinion of management, the unaudited condensed consolidated financial statements include all recurring adjustments necessary to present fairly our financial position as of January 31, 2025; the results of our operations and changes in equity for the three-month periods ended January 31, 2025 and 2024; and our cash flows for the three-month periods ended January 31, 2025 and 2024. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in accordance with GAAP requires estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates and assumptions may prove to be incorrect for a variety of reasons, whether as a result of the risks and uncertainties our business is subject to or for other reasons. In times of economic disruption when uncertainty regarding future economic conditions is heightened, our estimates and assumptions are subject to greater variability. Actual results could differ from the estimates and assumptions we make, and such differences may be material. Revenue Recognition Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states where we build, we may not be able to complete certain outdoor features prior to the closing of the home. To the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of January 31, 2025, the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $518.2 million and $488.7 million at January 31, 2025 and October 31, 2024, respectively. Of the outstanding customer deposits held as of October 31, 2024, we recognized $120.2 million in home sales revenues during the three months ended January 31, 2025. Of the outstanding customer deposits held as of October 31, 2023, we recognized $137.2 million in home sales revenues during the three months ended January 31, 2024. Land sales and other revenues: Our revenues from land sales and other generally consist of: (1) land sales to joint ventures in which we retain an interest; (2) lot sales to third-party builders within our master-planned communities; (3) bulk lot sales to third parties of land we have decided no longer meets our development criteria; (4) sales of land parcels to third parties (typically because there is a superior economic use of the property); and (5) sales of commercial and retail properties generally located at our high-rise urban luxury condominium projects. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. For land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Forfeited customer deposits are recognized in “Home sales revenues” in our Condensed Consolidated Statements of Operations and Comprehensive Income in the period in which the customer defaults on or cancels the contract and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may offer our home buyers sales incentives. These incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 will be effective for our fiscal year ending October 31, 2025 and for interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. We are currently evaluating the impact this standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 will be effective for our fiscal year ending October 31, 2026 and may be applied either retrospectively or prospectively. We are currently evaluating the impact this standard will have on our disclosures. In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of material climate-related risks; activities to mitigate or adapt to such risks; governance and management of such risks; and material greenhouse gas (GHG) emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosures in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. On March 15, 2024, a federal appellate court imposed a temporary stay pending judicial review of these new rules and on April 4, 2024, the SEC voluntarily stayed implementation pending completion of the judicial review. We are currently awaiting the outcome of the litigation or other actions the SEC may take with respect to this rule. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 will be effective for our fiscal year 2028. The amendments in this update are to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact this standard will have on our disclosures.

Inventory

Inventory	3 Months Ended
	Jan. 31, 2025
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory at January 31, 2025 and October 31, 2024 were (amounts in thousands): January 31, October 31, Land deposits and costs of future communities $ 734,671 $ 620,040 Land and land development costs 2,587,654 2,532,221 Land and land development costs associated with homes under construction 3,956,943 3,617,266 Total land and land development costs 7,279,268 6,769,527 Homes under construction 2,901,900 2,458,541 Model homes (1) 496,334 484,857 $ 10,677,502 $ 9,712,925 (1) Includes the allocated land and land development costs associated with each of our model homes in operation. The following table provides a summary of the composition of our inventory based on community status at January 31, 2025 and October 31, 2024 (amounts in thousands): January 31, October 31, Land controlled for future communities $ 234,777 $ 200,166 Land owned for future communities 692,121 353,030 Operating communities 9,750,604 9,159,729 $ 10,677,502 $ 9,712,925 Operating communities include communities offering homes for sale; communities that have sold all available home sites but have not completed delivery of the homes; and communities preparing to open for sale. The carrying value attributable to operating communities includes the cost of homes under construction, land and land development costs, the carrying cost of home sites in current and future phases of these communities, and the carrying cost of model homes. Backlog consists of homes under contract but not yet delivered to our home buyers (“backlog”). The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, included in home sales cost of revenues, are shown in the table below (amounts in thousands): Three months ended January 31, 2025 2024 Land controlled for future communities $ 3,957 $ 1,471 Operating communities 12,460 — $ 16,417 $ 1,471 We recognized $1.8 million of impairment charges on land held for sale included in land sales and other cost of revenues during the three-month period ended January 31, 2025. No impairment charges were recognized in land sales and other cost of revenues during the three-month period ended January 31, 2024. See Note 13, “Commitments and Contingencies,” for information regarding land purchase commitments. At January 31, 2025, we evaluated our land purchase contracts, including those to acquire land for apartment developments, to determine whether any of the selling entities were variable interest entities (“VIEs”) and, if they were, whether we were the primary beneficiary of any of them. Under these land purchase contracts, we do not possess legal title to the land; our maximum exposure to loss is generally limited to deposits paid to the sellers and predevelopment costs incurred; and the creditors of the sellers generally have no recourse against us. At January 31, 2025, we determined that 309 land purchase contracts, with an aggregate purchase price of $6.11 billion, on which we had made aggregate deposits totaling $614.8 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2024, we determined that 297 land purchase contracts, with an aggregate purchase price of $5.59 billion, on which we had made aggregate deposits totaling $522.1 million, were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts. However, at January 31, 2025 and October 31, 2024, certain contracts were accrued as we concluded we were economically compelled to purchase the land. See Note 6, “Accrued Expenses,” for information regarding liabilities related to consolidated inventory not owned. Interest incurred, capitalized, and expensed, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Interest capitalized, beginning of period $ 179,797 $ 190,550 Interest incurred 34,203 33,960 Interest expensed to home sales cost of revenues (20,076) (23,579) Interest expensed to land sales and other cost of revenues (15) (294) Interest capitalized on investments in unconsolidated entities (1,703) (2,489) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 111 142 Interest capitalized, end of period $ 192,317 $ 198,290

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Jan. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We have investments in various unconsolidated entities and our ownership interest in these investments ranges from 2.5% to 50%. These entities are structured as joint ventures and either: (i) develop land for the joint venture participants and for sale to outside builders (“Land Development Joint Ventures”); (ii) develop for-sale homes (“Home Building Joint Ventures”); or (iii) develop luxury for-rent residential apartments and single family homes, commercial space, and a hotel (“Rental Property Joint Ventures”). The table below provides information as of January 31, 2025, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Other Total Number of unconsolidated entities 18 3 38 2 61 Investment in unconsolidated entities (1) $ 481,386 $ 66,604 $ 551,695 $ 6,891 $ 1,106,576 Number of unconsolidated entities with funding commitments by the Company 8 1 14 1 24 Company’s remaining funding commitment to unconsolidated entities (2) $ 291,639 $ 10,772 $ 60,811 $ 7,108 $ 370,330 (1) Our total investment includes $126.0 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $255.0 million as of January 31, 2025, inclusive of our investment in these joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50% . (2) Our remaining funding commitment includes approximately $108.5 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2024, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Other Total Number of unconsolidated entities 16 2 40 2 60 Investment in unconsolidated entities (1) $ 388,550 $ 58,403 $ 549,195 $ 11,269 $ 1,007,417 Number of unconsolidated entities with funding commitments by the Company 6 — 20 1 27 Company’s remaining funding commitment to unconsolidated entities (2) $ 242,966 $ — $ 65,444 $ 4,427 $ 312,837 (1) Our total investment includes $158.0 million related to eight unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $369.8 million as of October 31, 2024, inclusive of our investment in joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50% . (2) Our remaining funding commitment includes approximately $109.6 million related to our unconsolidated joint venture-related variable interests in VIEs. Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at January 31, 2025, regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 13 2 36 51 Aggregate loan commitments $ 864,589 $ 161,650 $ 3,421,298 $ 4,447,537 Amounts borrowed under loan commitments $ 478,401 $ 21,222 $ 2,759,096 $ 3,258,719 The table below provides information at October 31, 2024, regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 11 1 38 50 Aggregate loan commitments $ 639,589 $ 98,150 $ 3,538,148 $ 4,275,887 Amounts borrowed under loan commitments $ 381,614 $ 47,903 $ 2,751,201 $ 3,180,718 More specific and/or recent information regarding our investments in, advances to, and future commitments to these entities is provided below. New Joint Ventures There were no new joint ventures entered into during the three months ended January 31, 2024. The table below provides information on joint ventures entered into during the three-months ended January 31, 2025 ($ amounts in thousands): Land Development Joint Ventures Home Building Number of unconsolidated joint ventures entered into during the period 2 1 Investment balance at January 31, 2025 $ 62,266 $ 6,697 Results of Operations and Intra-entity Transactions From time to time, certain of our land development and rental property joint ventures sell assets to unrelated parties or to our joint venture partners. In the three-month period ended January 31, 2025, one of our Rental Property Joint Ventures sold its assets and we recognized our proportionate share of the gains of $2.7 million in “Income (loss) from unconsolidated entities” on our Condensed Consolidated Statements of Operations and Comprehensive Income. No similar transactions occurred in the three-month period ended January 31, 2024. In addition, in the three-month period ended January 31, 2025, we sold our ownership interest in one of our Rental Property Joint Ventures and recognized a gain of $2.7 million, which is included in “Income (loss) from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. No similar transactions occurred in the three-month period ended January 31, 2024. In the three-month periods ended January 31, 2025 and 2024, we purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $17.2 million and $26.9 million, respectively. Our share of income from the lots we acquired was insignificant in each period. In our normal course of business, we may contribute land to certain of our joint ventures in exchange for an ownership interest. In the three-month period ended January 31, 2025, we sold land to unconsolidated entities, which principally involved a land sale to a Home Building Joint Venture, for $17.2 million. This amount is included in “Land sales and other revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income and was sold at our land basis. No similar land sales to unconsolidated entities occurred in the three-month periods ended January 31, 2024. Guarantees The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we have guaranteed portions of the debt of unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity or its partners. In some instances, we and our joint venture partner have provided joint and several guarantees in connection with loans to unconsolidated entities. In these situations, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, we are not always successful. In addition, if the joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, we may be liable for more than our proportionate share. We believe that, as of January 31, 2025, in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay all or a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture. Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands): January 31, October 31, Loan commitments in the aggregate $ 2,978,200 $ 3,031,500 Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) $ 599,900 $ 646,900 Debt obligations borrowed in the aggregate $ 2,160,400 $ 2,204,300 Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed $ 523,400 $ 560,400 Estimated fair value of guarantees provided by us related to debt and other obligations $ 18,400 $ 17,400 Terms of guarantees 1 month - 4.9 years 1 month - 3.0 years (1) At January 31, 2025 and October 31, 2024, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million and $102.3 million related to our unconsolidated joint venture VIEs. The maximum exposure estimates presented above do not take into account any recoveries from the underlying collateral or any reimbursement from our partners, nor do they include any potential exposures related to project completion guarantees or the indemnities noted above, which are not estimable. We have not made payments under any of the outstanding guarantees, nor have we been called upon to do so. Variable Interest Entities We have both unconsolidated and consolidated joint venture-related variable interests in VIEs. Information regarding our involvement in unconsolidated joint-venture related variable interests in VIEs has been disclosed throughout information presented above. The table below provides information as of January 31, 2025 and October 31, 2024, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands): Balance Sheet Classification January 31, October 31, Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates 5 5 Carrying value of consolidated VIEs assets Receivables, prepaid expenses and other assets and Investments in unconsolidated entities $ 106,100 $ 105,300 Our partners’ interests in consolidated VIEs Noncontrolling interest $ 9,900 $ 9,800 Our ownership interest in the above consolidated Joint Venture VIEs ranges from 75% to 98%. The income/losses generated from such joint ventures were not material. As shown above, we are the primary beneficiary of certain VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be funded to the joint ventures prior to the admission of any additional investor at a future date, we will fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. For other VIEs, we are not the primary beneficiary because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIE’s other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all partners. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and other partners.

Receivables, Prepaid Expenses,

Receivables, Prepaid Expenses, and Other Assets	3 Months Ended
	Jan. 31, 2025
Receivables, Prepaid Expenses And Other Assets [Abstract]
Receivables, Prepaid Expenses, and Other Assets	Receivables, Prepaid Expenses, and Other Assets Receivables, prepaid expenses, and other assets at January 31, 2025 and October 31, 2024, consisted of the following (amounts in thousands): January 31, 2025 October 31, 2024 Expected recoveries from insurance carriers and others $ 105,276 $ 109,569 Improvement cost receivables 36,423 41,173 Escrow cash held by our wholly owned captive title company 74,135 62,048 Properties held for rental apartment and commercial development 119,253 116,802 Prepaid expenses 41,139 40,432 Right-of-use assets 107,427 108,311 Derivative assets 11,859 18,398 Other 100,180 93,878 $ 595,692 $ 590,611

Loans Payable, Senior Notes, an

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities	3 Months Ended
	Jan. 31, 2025
Debt Disclosure [Abstract]
Loans Payable, Senior Notes, and Mortgage Company Loan Facilities	Loans Payable, Senior Notes, and Mortgage Company Loan Facilities Loans Payable At January 31, 2025 and October 31, 2024, loans payable consisted of the following (amounts in thousands): January 31, October 31, Senior unsecured term loan $ 650,000 $ 650,000 Loans payable – other 410,655 437,969 Deferred issuance costs (1,890) (2,152) $ 1,058,765 $ 1,085,817 Senior Unsecured Term Loan At January 31, 2025, we were party to a $650.0 million senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks of which $487.5 million was scheduled to mature on February 14, 2028, $101.6 million was scheduled to mature on November 1, 2025 and the remaining $60.9 million was scheduled to mature on November 1, 2026. As of such date, there were no payments required before these stated maturity dates. Under the Term Loan Facility, we may select interest rates equal to (i) SOFR plus an applicable margin, (ii) the base rate (as defined in the agreement) plus an applicable margin, or (iii) the federal funds/Euro rate (as defined in the agreement) plus an applicable margin, in each case, based on our leverage ratio. At January 31, 2025, the interest rate on the Term Loan Facility was 5.24% per annum. Toll Brothers, Inc. and substantially all of its 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Revolving Credit Facility described below. On February 7, 2025, we entered into an amendment to the Term Loan Facility to extend the maturity date of all $650.0 million of outstanding term loans to February 7, 2030. All other provisions of the Term Loan Facility remained unchanged. In November 2020, we entered into five interest rate swap transactions to hedge $400.0 million of the Term Loan Facility through October 2025. The interest rate swaps effectively fix the interest cost on the $400.0 million at 0.369% plus the spread set forth in the pricing schedule in the Term Loan Facility, which was 0.90% as of January 31, 2025. These interest rate swaps were designated as cash flow hedges. Revolving Credit Facility At January 31, 2025, we had a $1.96 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of banks that was scheduled to mature on February 14, 2028. The Revolving Credit Facility provided us with a committed borrowing capacity of $1.96 billion, which we had the ability to increase up to $3.00 billion with the consent of lenders. Under the Revolving Credit Facility, up to 100% of the commitment is available for letters of credit. Toll Brothers, Inc. and substantially all of its 100%-owned home building subsidiaries are guarantors of the borrower’s obligations under the Revolving Credit Facility. Both our Revolving Credit Facility and Term Loan Facility require us to maintain certain financial covenants, which include not exceeding a defined maximum leverage ratio and maintaining a minimum tangible net worth. In addition, our ability to repurchase our common stock and pay cash dividends is limited by these agreements. However, during the three months ended January 31, 2025, these limitations did not meaningfully restrict our ability to pay cash dividends or repurchase stock. We were in compliance with all covenants and requirements as of January 31, 2025. At January 31, 2025, we had no outstanding borrowings under the Revolving Credit Facility and had approximately $182.7 million of outstanding letters of credit that were issued under the Revolving Credit Facility. At January 31, 2025, the interest rate on outstanding borrowings under the Revolving Credit Facility would have been 5.54% per annum. On February 7, 2025, we increased the total amount of revolving loans and commitments available under the Revolving Credit Facility from $1.96 billion to $2.35 billion and extended the maturity date to February 7, 2030. All other provisions of the Revolving Credit Facility remained unchanged. Loans Payable – Other “Loans payable – other” primarily represents purchase money mortgages on properties we acquired that the seller had financed, project-level financing, and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. At January 31, 2025, the weighted-average interest rate on “Loans payable – other” was 5.54% per annum. Senior Notes At January 31, 2025, we had four issues of senior notes outstanding with an aggregate principal amount of $1.60 billion. Mortgage Company Loan Facilities During fiscal 2023 and until December 2023, our wholly-owned mortgage subsidiary, Toll Brothers Mortgage Company (“TBMC”), was party to a mortgage warehousing facility that contained substantially the same terms as those described in the paragraph below.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jan. 31, 2025
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses at January 31, 2025 and October 31, 2024 consisted of the following (amounts in thousands): January 31, October 31, Land, land development, and construction $ 328,298 $ 356,613 Liabilities related to consolidated inventory not owned 527,191 388,778 Compensation and employee benefits 172,071 208,394 Escrow liability associated with our wholly owned captive title company 74,125 62,038 Self-insurance 236,026 242,306 Warranty 189,374 189,258 Lease liabilities 127,207 128,588 Deferred income 50,693 51,138 Interest 31,954 29,669 Commitments to unconsolidated entities 44,550 38,661 Other 49,212 57,405 $ 1,830,701 $ 1,752,848 The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): Three months ended January 31, 2025 2024 Balance, beginning of period $ 189,258 $ 206,171 Additions – homes closed during the period 8,142 5,822 Change in accruals for homes closed in prior years – net 3,224 2,801 Charges incurred (11,250) (11,874) Balance, end of period $ 189,374 $ 202,920

Income Taxes

Income Taxes	3 Months Ended
	Jan. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax provisions of $43.7 million and $71.6 million for the three months ended January 31, 2025 and 2024, respectively. The effective tax rate was 19.7% for the three months ended January 31, 2025, compared to 23.0% for the three months ended January 31, 2024. The income tax provisions for all periods included the provision for state income taxes, interest accrued on anticipated tax assessments, excess tax benefits related to stock-based compensation, and other permanent differences. We are subject to state tax in the jurisdictions in which we operate. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. Based on our estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on our tax strategies, we estimate that our state income tax rate for the full fiscal year 2025 will be approximately 5.6%. Our state income tax rate for the full fiscal year 2024 was 6.3%. At January 31, 2025, we had $20.8 million of gross unrecognized tax benefits, including interest and penalties. If these unrecognized tax benefits were to reverse in the future, they would have a beneficial impact on our effective tax rate at that time. During the next 12 months, it is reasonably possible that our unrecognized tax benefits will change, but we are not able to provide a range of such change. The possible changes would be principally due to the expiration of tax statutes, settlements with taxing jurisdictions, increases due to new tax positions taken, and the accrual of estimated interest and penalties.

Stock-Based Benefit Plans

Stock-Based Benefit Plans	3 Months Ended
	Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock-Based Benefit Plans	Stock-Based Benefit Plans We grant various types of restricted stock units to our employees and our non-employee directors. We also previously granted stock options to certain of our employees and non-employee directors, but discontinued this practice in fiscal year 2023. Additionally, we have an employee stock purchase plan that allows employees to purchase our stock at a discount. Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): Three months ended January 31, 2025 2024 Total stock-based compensation expense recognized $ 18,022 $ 18,250 Income tax benefit recognized $ 4,554 $ 4,210 At January 31, 2025 and October 31, 2024, the aggregate unamortized value of unvested stock-based compensation awards was approximately $36.1 million and $21.8 million, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jan. 31, 2025
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Stock Repurchase Program From time to time, our Board of Directors has renewed its authorization to repurchase up to 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity awards and other employee benefit plans. Most recently, on December 13, 2023, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock and terminated, effective the same date, the existing authorization that had been in effect since May 17, 2022. The Board of Directors did not fix any expiration date for this repurchase program. The table below provides, for the periods indicated, information about our share repurchase programs: Three months ended January 31, 2025 2024 Number of shares purchased (in thousands) 187 1 Average price per share (1) $ 127.02 $ 88.70 Remaining authorization at January 31 (in thousands) 14,900 20,000 (1) Average price per share includes costs associated with the purchases, including the excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022, as applicable. Cash Dividends During the three month periods ended January 31, 2025 and 2024, we declared and paid cash dividends of $0.23 and $0.21 per share, respectively, to our shareholders. Accumulated Other Comprehensive Income The changes in each component of accumulated other comprehensive income (“AOCI”), for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Employee Retirement Plans Beginning balance $ 1,018 $ 3,080 Losses (gains) reclassified from AOCI to net income (1) 205 (113) Less: Tax (benefit) expense (2) (52) 29 Net losses (gains) reclassified from AOCI to net income 153 (84) Other comprehensive income (loss) – net of tax 153 (84) Ending balance $ 1,171 $ 2,996 Derivative Instruments Beginning balance $ 30,259 $ 37,830 Gains (losses) on derivative instruments 667 (3,568) Less: Tax (expense) benefit (168) 905 Net gains (losses) on derivative instruments 499 (2,663) Gains reclassified from AOCI to net income (3) (2,083) (1,543) Less: Tax expense (2) 526 392 Net gains reclassified from AOCI to net income (1,557) (1,151) Other comprehensive loss – net of tax (1,058) (3,814) Ending balance $ 29,201 $ 34,016 Total AOCI ending balance $ 30,372 $ 37,012 (1) Reclassified to “Other income – net” (2) Reclassified to “Income tax provision” (3) Reclassified to “Cost of revenues – home sales”

Earnings per Share Information

Earnings per Share Information	3 Months Ended
	Jan. 31, 2025
Earnings Per Share [Abstract]
Earnings per Share Information	Earnings per Share Information The table below provides, for the periods indicated, information pertaining to the calculation of earnings per share, common stock equivalents, weighted-average number of antidilutive options and restricted stock units, and shares issued (amounts in thousands): Three months ended January 31, 2025 2024 Numerator: Net income as reported $ 177,703 $ 239,558 Denominator: Basic weighted-average shares 100,830 105,122 Common stock equivalents (1) 1,000 1,143 Diluted weighted-average shares 101,830 106,265 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 130 137 Shares issued under stock incentive and employee stock purchase plans 367 520 (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.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Jan. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): Fair value Financial Instrument Fair value January 31, 2025 October 31, 2024 Mortgage Loans Held for Sale Level 2 $ 99,620 $ 191,242 Forward Loan Commitments — Mortgage Loans Held for Sale Level 2 $ 177 $ 2,152 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 100 $ (962) Forward Loan Commitments — IRLCs Level 2 $ (100) $ 962 Interest Rate Swap Contracts Level 2 $ 11,582 $ 15,283 At January 31, 2025 and October 31, 2024, the carrying value of cash and cash equivalents, escrow cash held by our wholly owned captive title company, and customer deposits held in escrow approximated fair value. The fair values of the interest rate swap contracts are included in “Receivables, prepaid expenses and other assets” in our Condensed Consolidated Balance Sheets and are determined using widely accepted valuation techniques including discounted cash flow analysis based on the expected cash flows of each swap contract. Although the Company has determined that the significant inputs, such as interest yield curve and discount rate, used to value its interest rate swap contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of January 31, 2025 and October 31, 2024, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate swap contract positions and have determined that the credit valuation adjustments were not significant to the overall valuation of our interest rate swap contracts. As a result, we have determined that our interest rate swap contracts valuations in their entirety are classified in Level 2 of the fair value hierarchy. Mortgage Loans Held for Sale At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans and commitments using the market approach to determine fair value. The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): Aggregate unpaid Fair value Fair value At January 31, 2025 $ 100,933 $ 99,620 $ (1,313) At October 31, 2024 $ 193,333 $ 191,242 $ (2,091) Inventory We recognize inventory impairment charges and land impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory was determined using Level 3 criteria. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. In determining the fair value related to land impairments, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. We record land impairments related to land parcels we plan to sell to third parties within land sales and other cost of revenues. See Note 1, “Significant Accounting Policies – Inventory,” in our 2024 Form 10-K for additional information regarding our methodology for determining fair value. Impairments on operating communities were not significant during the three months ended January 31, 2025 and 2024 and, accordingly, we did not disclose the ranges of certain quantitative unobservable inputs utilized in determining the fair value of such impaired operating communities. Debt The table below provides, as of the dates indicated, the book value, excluding any bond discounts, premiums, and deferred issuance costs, and estimated fair value of our debt (amounts in thousands): January 31, 2025 October 31, 2024 Fair value Book value Estimated Book value Estimated Loans payable (1) Level 2 $ 1,060,655 $ 1,044,079 $ 1,087,969 $ 1,069,577 Senior notes (2) Level 1 1,600,000 1,570,932 1,600,000 1,572,580 Mortgage company loan facility (3) Level 2 89,958 89,958 150,000 150,000 $ 2,750,613 $ 2,704,969 $ 2,837,969 $ 2,792,157 (1) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. (2) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (3) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.

Other Income _ Net

Other Income – Net	3 Months Ended
	Jan. 31, 2025
Other Income and Expenses [Abstract]
Other Income – Net	Other Income – Net The table below provides the significant components of “Other income – net” (amounts in thousands): Three months ended January 31, 2025 2024 Interest income $ 8,969 $ 10,468 (Loss) income from ancillary businesses (879) 840 Management fee income earned by home building operations 799 1,149 Other 2,105 (539) Total other income – net $ 10,994 $ 11,918 Income (loss) from ancillary businesses is generated by our mortgage, title, landscaping, smart home technology, apartment living, city living, and golf course and country club operations. The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): Three months ended January 31, 2025 2024 Revenues $ 36,783 $ 32,300 Expenses $ 37,662 $ 31,460 In the three-month period ending January 31, 2025, we recognized $4.4 million of net write-offs related to previously incurred costs that we believed not to be recoverable in our apartment rental development business operations. No similar amounts were recognized in the three-month period ended January 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made and that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition. Land Purchase Contracts Generally, our agreements to acquire land parcels do not require us to purchase those land parcels, although we, in some cases, forfeit any deposit balance outstanding if and when we terminate an agreement. Information regarding our land purchase contracts, as of the dates indicated, is provided in the table below (amounts in thousands): January 31, 2025 October 31, 2024 Aggregate purchase price: Unrelated parties $ 6,600,087 $ 6,073,847 Unconsolidated entities that the Company has investments in 68,864 26,783 Total $ 6,668,951 $ 6,100,630 Deposits against aggregate purchase price $ 657,015 $ 549,195 Additional cash required to acquire land 6,011,936 5,551,435 Total $ 6,668,951 $ 6,100,630 Amount of additional cash required to acquire land included in accrued expenses $ 520,863 $ 382,277 In addition, we expect to purchase approximately 10,600 additional home sites over a number of years from several joint ventures in which we have interests; the purchase prices of these home sites will be determined at a future date. At January 31, 2025, we also had purchase contracts to acquire land for apartment developments of approximately $216.5 million, of which we had outstanding deposits in the amount of $9.7 million. We intend to acquire and develop these projects in joint ventures with unrelated parties in the future. We have additional land parcels under option that have been excluded from the aggregate purchase price since we do not believe that we will complete the purchase of these land parcels and no additional funds will be required from us to terminate these contracts. Investments in Unconsolidated Entities At January 31, 2025, we had investments in a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 3, “Investments in Unconsolidated Entities,” for more information regarding our commitments to these entities. Surety Bonds and Letters of Credit At January 31, 2025, we had outstanding surety bonds amounting to $821.3 million, primarily related to our obligations to governmental entities to construct improvements in our communities. We have an additional $340.5 million of surety bonds outstanding that guarantee other obligations. Although significant construction and development activities have been completed related to these improvements, the bonds are generally not released until all construction and development activities are completed and acceptance by the counterparty is received. The aggregate amount of surety bonds outstanding is in excess of the estimated cost of the remaining work to be performed. We do not believe that it is probable that any outstanding bonds will be drawn upon. At January 31, 2025, we had outstanding letters of credit of $182.7 million under our Revolving Credit Facility. These letters of credit were issued to secure various financial obligations, including insurance policy deductibles and other claims, land deposits, and security to complete improvements in communities in which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. At January 31, 2025, we had provided financial guarantees of $35.4 million related to fronted letters of credit to secure obligations related to certain of our insurance policy deductibles and other claims. Backlog At January 31, 2025, we had agreements of sale outstanding to deliver 6,312 homes with an aggregate sales value of $6.94 billion. Mortgage Commitments Our mortgage subsidiary provides mortgage financing for a portion of our home closings. For those home buyers to whom our mortgage subsidiary provides mortgages, we determine whether the home buyer qualifies for the mortgage based upon information provided by the home buyer and other sources. For those home buyers who qualify, our mortgage subsidiary provides the home buyer with a mortgage commitment that specifies the terms and conditions of a proposed mortgage loan based upon then-current market conditions. Prior to the actual closing of the home and funding of the mortgage, the home buyer will lock in an interest rate based upon the terms of the commitment. At the time of rate lock, our mortgage subsidiary agrees to sell the proposed mortgage loan to one of several outside recognized mortgage financing institutions (“investors”) that is willing to honor the terms and conditions, including interest rate, committed to the home buyer. We believe that these investors have adequate financial resources to honor their commitments to our mortgage subsidiary. Mortgage loans are sold to investors with limited recourse provisions derived from industry-standard representations and warranties in the relevant agreements. These representations and warranties primarily involve the absence of misrepresentations by the borrower or other parties, the appropriate underwriting of the loan and in some cases, a required minimum number of payments to be made by the borrower. The Company generally does not retain any other continuing interest related to mortgage loans sold in the secondary market. Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): January 31, 2025 October 31, 2024 Aggregate mortgage loan commitments: IRLCs $ 301,303 $ 168,829 Non-IRLCs 1,620,471 1,668,455 Total $ 1,921,774 $ 1,837,284 Investor commitments to purchase: IRLCs $ 301,303 $ 168,829 Mortgage loans held for sale 91,093 182,834 Total $ 392,396 $ 351,663

Information on Segments

Information on Segments	3 Months Ended
	Jan. 31, 2025
Segment Reporting [Abstract]
Information on Segments	Information on Segments We operate in the following five geographic segments, with operations generally located in the states listed below: • The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania; • The Mid-Atlantic region: Georgia, Maryland, North Carolina, Tennessee and Virginia; • The South region: Florida, South Carolina and Texas; • The Mountain region: Arizona, Colorado, Idaho, Nevada and Utah; • The Pacific region: California, Oregon and Washington. Our geographic reporting segments are consistent with how our chief operating decision makers are assessing operating performance and allocating capital. Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Revenues: North $ 254,712 $ 272,657 Mid-Atlantic 236,240 264,154 South 506,273 532,886 Mountain 556,704 453,381 Pacific 287,164 408,991 Total home building 1,841,093 1,932,069 Corporate and other (317) (233) 1,840,776 1,931,836 Land sales and other revenues (1) 18,355 16,012 Total consolidated $ 1,859,131 $ 1,947,848 Income (loss) before income taxes: North $ 28,193 $ 33,021 Mid-Atlantic 33,430 49,518 South 90,416 98,430 Mountain 80,739 80,164 Pacific 38,113 103,653 Total home building 270,891 364,786 Corporate and other (49,509) (53,625) Total consolidated $ 221,382 $ 311,161 (1) Land sales and other revenues by segment has been provided in the table below. “Corporate and other” is comprised principally of general corporate expenses such as our executive offices; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including our apartment rental development business and our high-rise urban luxury condominium operations, and income from our Rental Property Joint Ventures and Other Joint Ventures. Land sales and other revenues for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 North $ 17,155 $ — Mid-Atlantic 256 7,796 South 837 3,639 Mountain — 4,577 Pacific 107 — Total home building 18,355 16,012 Corporate and other — — Total consolidated $ 18,355 $ 16,012 “Corporate and other” is comprised principally of activities from our apartment rental development business. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): January 31, October 31, North $ 1,492,110 $ 1,425,738 Mid-Atlantic 1,578,671 1,444,951 South 2,908,206 2,514,446 Mountain 3,119,991 2,950,806 Pacific 2,542,290 2,266,829 Total home building 11,641,268 10,602,770 Corporate and other 1,980,835 2,765,162 Total consolidated $ 13,622,103 $ 13,367,932 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, manufacturing facilities, our apartment rental development and high-rise urban luxury condominium operations, and our mortgage and title subsidiaries. The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are included in home sales cost of revenues, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 North $ 205 $ 495 Mid-Atlantic 3,767 192 South 4,359 80 Mountain 7,494 674 Pacific 592 30 Total consolidated $ 16,417 $ 1,471

Supplemental Disclosure to Cond

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows	3 Months Ended
	Jan. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows	Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands): Three months ended January 31, 2025 2024 Cash flow information: Income tax paid – net $ 92,840 $ 81,636 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net $ 157,586 $ 26,759 Transfer of inventory to investment in unconsolidated entities $ 5,048 $ — Unrealized loss on derivatives $ (3,701) $ (8,769) Miscellaneous non-cash changes in investments in unconsolidated entities - net $ 5,670 $ 1,143 At January 31, 2025 2024 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 574,834 $ 754,793 Restricted cash included in receivables, prepaid expenses, and other assets 78,177 45,157 Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows $ 653,011 $ 799,950

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Pay vs Performance Disclosure
Net income	$ 177,703	$ 239,558

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Jan. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates and assumptions may prove to be incorrect for a variety of reasons, whether as a result of the risks and uncertainties our business is subject to or for other reasons. In times of economic disruption when uncertainty regarding future economic conditions is heightened, our estimates and assumptions are subject to greater variability. Actual results could differ from the estimates and assumptions we make, and such differences may be material.
Revenue Recognition	Revenue Recognition Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states where we build, we may not be able to complete certain outdoor features prior to the closing of the home. To the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of January 31, 2025, the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $518.2 million and $488.7 million at January 31, 2025 and October 31, 2024, respectively. Of the outstanding customer deposits held as of October 31, 2024, we recognized $120.2 million in home sales revenues during the three months ended January 31, 2025. Of the outstanding customer deposits held as of October 31, 2023, we recognized $137.2 million in home sales revenues during the three months ended January 31, 2024. Land sales and other revenues: Our revenues from land sales and other generally consist of: (1) land sales to joint ventures in which we retain an interest; (2) lot sales to third-party builders within our master-planned communities; (3) bulk lot sales to third parties of land we have decided no longer meets our development criteria; (4) sales of land parcels to third parties (typically because there is a superior economic use of the property); and (5) sales of commercial and retail properties generally located at our high-rise urban luxury condominium projects. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. For land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Forfeited customer deposits are recognized in “Home sales revenues” in our Condensed Consolidated Statements of Operations and Comprehensive Income in the period in which the customer defaults on or cancels the contract and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may offer our home buyers sales incentives. These incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 will be effective for our fiscal year ending October 31, 2025 and for interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. We are currently evaluating the impact this standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 will be effective for our fiscal year ending October 31, 2026 and may be applied either retrospectively or prospectively. We are currently evaluating the impact this standard will have on our disclosures. In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of material climate-related risks; activities to mitigate or adapt to such risks; governance and management of such risks; and material greenhouse gas (GHG) emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosures in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. On March 15, 2024, a federal appellate court imposed a temporary stay pending judicial review of these new rules and on April 4, 2024, the SEC voluntarily stayed implementation pending completion of the judicial review. We are currently awaiting the outcome of the litigation or other actions the SEC may take with respect to this rule. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 will be effective for our fiscal year 2028. The amendments in this update are to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact this standard will have on our disclosures.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jan. 31, 2025
Inventory Disclosure [Abstract]
Schedule of Inventory	Major components of inventory at January 31, 2025 and October 31, 2024 were (amounts in thousands): January 31, October 31, Land deposits and costs of future communities $ 734,671 $ 620,040 Land and land development costs 2,587,654 2,532,221 Land and land development costs associated with homes under construction 3,956,943 3,617,266 Total land and land development costs 7,279,268 6,769,527 Homes under construction 2,901,900 2,458,541 Model homes (1) 496,334 484,857 $ 10,677,502 $ 9,712,925 (1) Includes the allocated land and land development costs associated with each of our model homes in operation. The following table provides a summary of the composition of our inventory based on community status at January 31, 2025 and October 31, 2024 (amounts in thousands): January 31, October 31, Land controlled for future communities $ 234,777 $ 200,166 Land owned for future communities 692,121 353,030 Operating communities 9,750,604 9,159,729 $ 10,677,502 $ 9,712,925
Schedule of Inventory Impairment Charges	The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, included in home sales cost of revenues, are shown in the table below (amounts in thousands): Three months ended January 31, 2025 2024 Land controlled for future communities $ 3,957 $ 1,471 Operating communities 12,460 — $ 16,417 $ 1,471
Schedule of Interest Incurred, Capitalized and Expensed	Interest incurred, capitalized, and expensed, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Interest capitalized, beginning of period $ 179,797 $ 190,550 Interest incurred 34,203 33,960 Interest expensed to home sales cost of revenues (20,076) (23,579) Interest expensed to land sales and other cost of revenues (15) (294) Interest capitalized on investments in unconsolidated entities (1,703) (2,489) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 111 142 Interest capitalized, end of period $ 192,317 $ 198,290

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Jan. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Joint Venture Information	The table below provides information as of January 31, 2025, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Other Total Number of unconsolidated entities 18 3 38 2 61 Investment in unconsolidated entities (1) $ 481,386 $ 66,604 $ 551,695 $ 6,891 $ 1,106,576 Number of unconsolidated entities with funding commitments by the Company 8 1 14 1 24 Company’s remaining funding commitment to unconsolidated entities (2) $ 291,639 $ 10,772 $ 60,811 $ 7,108 $ 370,330 (1) Our total investment includes $126.0 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $255.0 million as of January 31, 2025, inclusive of our investment in these joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50% . (2) Our remaining funding commitment includes approximately $108.5 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2024, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Other Total Number of unconsolidated entities 16 2 40 2 60 Investment in unconsolidated entities (1) $ 388,550 $ 58,403 $ 549,195 $ 11,269 $ 1,007,417 Number of unconsolidated entities with funding commitments by the Company 6 — 20 1 27 Company’s remaining funding commitment to unconsolidated entities (2) $ 242,966 $ — $ 65,444 $ 4,427 $ 312,837 (1) Our total investment includes $158.0 million related to eight unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $369.8 million as of October 31, 2024, inclusive of our investment in joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50% . (2) Our remaining funding commitment includes approximately $109.6 million related to our unconsolidated joint venture-related variable interests in VIEs.
Schedule of Joint Ventures Borrowing information	Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at January 31, 2025, regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 13 2 36 51 Aggregate loan commitments $ 864,589 $ 161,650 $ 3,421,298 $ 4,447,537 Amounts borrowed under loan commitments $ 478,401 $ 21,222 $ 2,759,096 $ 3,258,719 The table below provides information at October 31, 2024, regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 11 1 38 50 Aggregate loan commitments $ 639,589 $ 98,150 $ 3,538,148 $ 4,275,887 Amounts borrowed under loan commitments $ 381,614 $ 47,903 $ 2,751,201 $ 3,180,718
Schedule of New Joint Venture Formations	The table below provides information on joint ventures entered into during the three-months ended January 31, 2025 ($ amounts in thousands): Land Development Joint Ventures Home Building Number of unconsolidated joint ventures entered into during the period 2 1 Investment balance at January 31, 2025 $ 62,266 $ 6,697
Schedule of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees	Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands): January 31, October 31, Loan commitments in the aggregate $ 2,978,200 $ 3,031,500 Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) $ 599,900 $ 646,900 Debt obligations borrowed in the aggregate $ 2,160,400 $ 2,204,300 Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed $ 523,400 $ 560,400 Estimated fair value of guarantees provided by us related to debt and other obligations $ 18,400 $ 17,400 Terms of guarantees 1 month - 4.9 years 1 month - 3.0 years (1) At January 31, 2025 and October 31, 2024, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million and $102.3 million related to our unconsolidated joint venture VIEs.
Schedule of Consolidated Joint Venture Related Variable Interest Entities	The table below provides information as of January 31, 2025 and October 31, 2024, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands): Balance Sheet Classification January 31, October 31, Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates 5 5 Carrying value of consolidated VIEs assets Receivables, prepaid expenses and other assets and Investments in unconsolidated entities $ 106,100 $ 105,300 Our partners’ interests in consolidated VIEs Noncontrolling interest $ 9,900 $ 9,800

Receivables, Prepaid Expenses_2

Receivables, Prepaid Expenses, and Other Assets (Tables)	3 Months Ended
	Jan. 31, 2025
Receivables, Prepaid Expenses And Other Assets [Abstract]
Schedule of Receivables, Prepaid Expenses, and Other Assets	Receivables, prepaid expenses, and other assets at January 31, 2025 and October 31, 2024, consisted of the following (amounts in thousands): January 31, 2025 October 31, 2024 Expected recoveries from insurance carriers and others $ 105,276 $ 109,569 Improvement cost receivables 36,423 41,173 Escrow cash held by our wholly owned captive title company 74,135 62,048 Properties held for rental apartment and commercial development 119,253 116,802 Prepaid expenses 41,139 40,432 Right-of-use assets 107,427 108,311 Derivative assets 11,859 18,398 Other 100,180 93,878 $ 595,692 $ 590,611

Loans Payable, Senior Notes, _2

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities (Tables)	3 Months Ended
	Jan. 31, 2025
Debt Disclosure [Abstract]
Schedule of Loans Payable	At January 31, 2025 and October 31, 2024, loans payable consisted of the following (amounts in thousands): January 31, October 31, Senior unsecured term loan $ 650,000 $ 650,000 Loans payable – other 410,655 437,969 Deferred issuance costs (1,890) (2,152) $ 1,058,765 $ 1,085,817

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jan. 31, 2025
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses at January 31, 2025 and October 31, 2024 consisted of the following (amounts in thousands): January 31, October 31, Land, land development, and construction $ 328,298 $ 356,613 Liabilities related to consolidated inventory not owned 527,191 388,778 Compensation and employee benefits 172,071 208,394 Escrow liability associated with our wholly owned captive title company 74,125 62,038 Self-insurance 236,026 242,306 Warranty 189,374 189,258 Lease liabilities 127,207 128,588 Deferred income 50,693 51,138 Interest 31,954 29,669 Commitments to unconsolidated entities 44,550 38,661 Other 49,212 57,405 $ 1,830,701 $ 1,752,848
Changes in the Warranty Accrual	The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): Three months ended January 31, 2025 2024 Balance, beginning of period $ 189,258 $ 206,171 Additions – homes closed during the period 8,142 5,822 Change in accruals for homes closed in prior years – net 3,224 2,801 Charges incurred (11,250) (11,874) Balance, end of period $ 189,374 $ 202,920

Stock-Based Benefit Plans (Tabl

Stock-Based Benefit Plans (Tables)	3 Months Ended
	Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense and Income Tax Benefit Recognized	Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): Three months ended January 31, 2025 2024 Total stock-based compensation expense recognized $ 18,022 $ 18,250 Income tax benefit recognized $ 4,554 $ 4,210

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Jan. 31, 2025
Equity [Abstract]
Share Repurchase Program	The table below provides, for the periods indicated, information about our share repurchase programs: Three months ended January 31, 2025 2024 Number of shares purchased (in thousands) 187 1 Average price per share (1) $ 127.02 $ 88.70 Remaining authorization at January 31 (in thousands) 14,900 20,000 (1) Average price per share includes costs associated with the purchases, including the excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022, as applicable.
Accumulated Other Comprehensive Income (“AOCI”)	The changes in each component of accumulated other comprehensive income (“AOCI”), for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Employee Retirement Plans Beginning balance $ 1,018 $ 3,080 Losses (gains) reclassified from AOCI to net income (1) 205 (113) Less: Tax (benefit) expense (2) (52) 29 Net losses (gains) reclassified from AOCI to net income 153 (84) Other comprehensive income (loss) – net of tax 153 (84) Ending balance $ 1,171 $ 2,996 Derivative Instruments Beginning balance $ 30,259 $ 37,830 Gains (losses) on derivative instruments 667 (3,568) Less: Tax (expense) benefit (168) 905 Net gains (losses) on derivative instruments 499 (2,663) Gains reclassified from AOCI to net income (3) (2,083) (1,543) Less: Tax expense (2) 526 392 Net gains reclassified from AOCI to net income (1,557) (1,151) Other comprehensive loss – net of tax (1,058) (3,814) Ending balance $ 29,201 $ 34,016 Total AOCI ending balance $ 30,372 $ 37,012 (1) Reclassified to “Other income – net” (2) Reclassified to “Income tax provision” (3) Reclassified to “Cost of revenues – home sales”

Earnings per Share Information

Earnings per Share Information (Tables)	3 Months Ended
	Jan. 31, 2025
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The table below provides, for the periods indicated, information pertaining to the calculation of earnings per share, common stock equivalents, weighted-average number of antidilutive options and restricted stock units, and shares issued (amounts in thousands): Three months ended January 31, 2025 2024 Numerator: Net income as reported $ 177,703 $ 239,558 Denominator: Basic weighted-average shares 100,830 105,122 Common stock equivalents (1) 1,000 1,143 Diluted weighted-average shares 101,830 106,265 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 130 137 Shares issued under stock incentive and employee stock purchase plans 367 520 (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.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Jan. 31, 2025
Fair Value Disclosures [Abstract]
Schedule of Assets and (Liabilities), Measured at Fair Value on a Recurring Basis	The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): Fair value Financial Instrument Fair value January 31, 2025 October 31, 2024 Mortgage Loans Held for Sale Level 2 $ 99,620 $ 191,242 Forward Loan Commitments — Mortgage Loans Held for Sale Level 2 $ 177 $ 2,152 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 100 $ (962) Forward Loan Commitments — IRLCs Level 2 $ (100) $ 962 Interest Rate Swap Contracts Level 2 $ 11,582 $ 15,283
Schedule of Aggregate Unpaid Principal and Fair Value of Mortgage Loans Held for Sale	The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): Aggregate unpaid Fair value Fair value At January 31, 2025 $ 100,933 $ 99,620 $ (1,313) At October 31, 2024 $ 193,333 $ 191,242 $ (2,091)
Schedule of Book Value and Estimated Fair Value of the Company's Debt	The table below provides, as of the dates indicated, the book value, excluding any bond discounts, premiums, and deferred issuance costs, and estimated fair value of our debt (amounts in thousands): January 31, 2025 October 31, 2024 Fair value Book value Estimated Book value Estimated Loans payable (1) Level 2 $ 1,060,655 $ 1,044,079 $ 1,087,969 $ 1,069,577 Senior notes (2) Level 1 1,600,000 1,570,932 1,600,000 1,572,580 Mortgage company loan facility (3) Level 2 89,958 89,958 150,000 150,000 $ 2,750,613 $ 2,704,969 $ 2,837,969 $ 2,792,157 (1) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. (2) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (3) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.

Other Income _ Net (Tables)

Other Income – Net (Tables)	3 Months Ended
	Jan. 31, 2025
Other Income and Expenses [Abstract]
Schedule of Other Income - Net	The table below provides the significant components of “Other income – net” (amounts in thousands): Three months ended January 31, 2025 2024 Interest income $ 8,969 $ 10,468 (Loss) income from ancillary businesses (879) 840 Management fee income earned by home building operations 799 1,149 Other 2,105 (539) Total other income – net $ 10,994 $ 11,918
Schedule of Revenues and Expenses of Non-Core Ancillary Businesses	The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): Three months ended January 31, 2025 2024 Revenues $ 36,783 $ 32,300 Expenses $ 37,662 $ 31,460

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Schedule of Company Land Purchase Commitments	Information regarding our land purchase contracts, as of the dates indicated, is provided in the table below (amounts in thousands): January 31, 2025 October 31, 2024 Aggregate purchase price: Unrelated parties $ 6,600,087 $ 6,073,847 Unconsolidated entities that the Company has investments in 68,864 26,783 Total $ 6,668,951 $ 6,100,630 Deposits against aggregate purchase price $ 657,015 $ 549,195 Additional cash required to acquire land 6,011,936 5,551,435 Total $ 6,668,951 $ 6,100,630 Amount of additional cash required to acquire land included in accrued expenses $ 520,863 $ 382,277
Schedule of Company Mortgage Commitments	Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): January 31, 2025 October 31, 2024 Aggregate mortgage loan commitments: IRLCs $ 301,303 $ 168,829 Non-IRLCs 1,620,471 1,668,455 Total $ 1,921,774 $ 1,837,284 Investor commitments to purchase: IRLCs $ 301,303 $ 168,829 Mortgage loans held for sale 91,093 182,834 Total $ 392,396 $ 351,663

Information on Segments (Tables

Information on Segments (Tables)	3 Months Ended
	Jan. 31, 2025
Segment Reporting [Abstract]
Schedule of Revenue and Income (Loss) Before Income Taxes and Total Assets	Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 Revenues: North $ 254,712 $ 272,657 Mid-Atlantic 236,240 264,154 South 506,273 532,886 Mountain 556,704 453,381 Pacific 287,164 408,991 Total home building 1,841,093 1,932,069 Corporate and other (317) (233) 1,840,776 1,931,836 Land sales and other revenues (1) 18,355 16,012 Total consolidated $ 1,859,131 $ 1,947,848 Income (loss) before income taxes: North $ 28,193 $ 33,021 Mid-Atlantic 33,430 49,518 South 90,416 98,430 Mountain 80,739 80,164 Pacific 38,113 103,653 Total home building 270,891 364,786 Corporate and other (49,509) (53,625) Total consolidated $ 221,382 $ 311,161 (1) Land sales and other revenues by segment has been provided in the table below. “Corporate and other” is comprised principally of general corporate expenses such as our executive offices; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including our apartment rental development business and our high-rise urban luxury condominium operations, and income from our Rental Property Joint Ventures and Other Joint Ventures. Land sales and other revenues for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 North $ 17,155 $ — Mid-Atlantic 256 7,796 South 837 3,639 Mountain — 4,577 Pacific 107 — Total home building 18,355 16,012 Corporate and other — — Total consolidated $ 18,355 $ 16,012 “Corporate and other” is comprised principally of activities from our apartment rental development business. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): January 31, October 31, North $ 1,492,110 $ 1,425,738 Mid-Atlantic 1,578,671 1,444,951 South 2,908,206 2,514,446 Mountain 3,119,991 2,950,806 Pacific 2,542,290 2,266,829 Total home building 11,641,268 10,602,770 Corporate and other 1,980,835 2,765,162 Total consolidated $ 13,622,103 $ 13,367,932
Schedule of Inventory Impairment by Segment	The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are included in home sales cost of revenues, were as follows (amounts in thousands): Three months ended January 31, 2025 2024 North $ 205 $ 495 Mid-Atlantic 3,767 192 South 4,359 80 Mountain 7,494 674 Pacific 592 30 Total consolidated $ 16,417 $ 1,471

Supplemental Disclosure to Co_2

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Jan. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows	The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands): Three months ended January 31, 2025 2024 Cash flow information: Income tax paid – net $ 92,840 $ 81,636 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net $ 157,586 $ 26,759 Transfer of inventory to investment in unconsolidated entities $ 5,048 $ — Unrealized loss on derivatives $ (3,701) $ (8,769) Miscellaneous non-cash changes in investments in unconsolidated entities - net $ 5,670 $ 1,143 At January 31, 2025 2024 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 574,834 $ 754,793 Restricted cash included in receivables, prepaid expenses, and other assets 78,177 45,157 Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows $ 653,011 $ 799,950

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities consisting of customer deposits	$ 518,200		$ 488,690
Home sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities, revenue recognized	$ 120,200	$ 137,200

Inventory - Schedule of Compone

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Schedule of inventory [Line Items]
Land deposits and costs of future communities	$ 734,671	$ 620,040
Land and land development costs	2,587,654	2,532,221
Land and land development costs associated with homes under construction	3,956,943	3,617,266
Total land and land development costs	7,279,268	6,769,527
Homes under construction	2,901,900	2,458,541
Model homes	496,334	484,857
Inventory	10,677,502	9,712,925
Land controlled for future communities
Schedule of inventory [Line Items]
Inventory	234,777	200,166
Land owned for future communities
Schedule of inventory [Line Items]
Inventory	692,121	353,030
Operating communities
Schedule of inventory [Line Items]
Inventory	$ 9,750,604	$ 9,159,729

Inventory - Schedule of Invento

Inventory - Schedule of Inventory Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Schedule of inventory [Line Items]
Inventory write-down	$ 16,417	$ 1,471
Land controlled for future communities
Schedule of inventory [Line Items]
Inventory write-down	3,957	1,471
Operating communities
Schedule of inventory [Line Items]
Inventory write-down	$ 12,460	$ 0

Inventory - Narrative (Details)

Inventory - Narrative (Details)	3 Months Ended
	Jan. 31, 2025 USD ($) contract	Jan. 31, 2024 USD ($)	Oct. 31, 2024 USD ($) contract
Variable Interest Entity [Line Items]
Inventory write-down	$ 16,417,000	$ 1,471,000
Total	6,668,951,000		$ 6,100,630,000
Unrelated parties
Variable Interest Entity [Line Items]
Total	6,600,087,000		6,073,847,000
Land Parcel Purchase Commitment
Variable Interest Entity [Line Items]
Deposits against aggregate purchase price	$ 657,015,000		$ 549,195,000
Variable Interest Entities ("VIEs")
Variable Interest Entity [Line Items]
Number of determined land purchase contracts | contract	309		297
Variable Interest Entities ("VIEs") | Unrelated parties
Variable Interest Entity [Line Items]
Total	$ 6,110,000,000		$ 5,590,000,000
Variable Interest Entities ("VIEs") | Land Parcel Purchase Commitment
Variable Interest Entity [Line Items]
Deposits against aggregate purchase price	$ 614,800,000		$ 522,100,000
Land and Land Improvements
Variable Interest Entity [Line Items]
Inventory write-down		$ 0

Inventory - Schedule of Interes

Inventory - Schedule of Interest Incurred, Capitalized and Expensed (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	$ 179,797	$ 190,550
Interest incurred	34,203	33,960
Interest capitalized on investments in unconsolidated entities	(1,703)	(2,489)
Previously capitalized interest on investments in unconsolidated entities transferred to inventory	111	142
Interest capitalized, end of period	192,317	198,290
Home sales
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest expensed to cost of revenues	(20,076)	(23,579)
Land sales and other
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest expensed to cost of revenues	$ (15)	$ (294)

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investment realized gain on sale of ownership interest	$ 2,700,000	$ 0
Rental Joint Ventures, Including Trusts I and II
Schedule of Equity Method Investments [Line Items]
Equity method investment realized gain (loss) on disposal	2,700,000	0
Land sales earnings, net	17,200,000	0
Equity Method Investee | Land Development Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenues	$ 17,200,000	$ 26,900,000
Minimum | Co Venture | Rental Joint Ventures, Including Trusts I and II
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	2.50%
Maximum | Co Venture | Rental Joint Ventures, Including Trusts I and II
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	50%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Joint Ventures (Details) $ in Thousands		Jan. 31, 2025 USD ($) joint_venture	Oct. 31, 2024 USD ($) joint_venture
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		61	60
Investment in unconsolidated entities	[1]	$ 1,106,576	$ 1,007,417
Number of unconsolidated entities with funding commitments by the Company | joint_venture		24	27
Company's remaining funding commitment to unconsolidated entities		$ 370,330	$ 312,837
Land Development Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		18	16
Investment in unconsolidated entities		$ 481,386	$ 388,550
Number of unconsolidated entities with funding commitments by the Company | joint_venture		8	6
Land Development Joint Ventures | Commitment to Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Company's remaining funding commitment to unconsolidated entities		$ 291,639	$ 242,966
Home Building Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		3	2
Investment in unconsolidated entities		$ 66,604	$ 58,403
Number of unconsolidated entities with funding commitments by the Company | joint_venture		1	0
Home Building Joint Ventures | Commitment to Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Company's remaining funding commitment to unconsolidated entities		$ 10,772	$ 0
Rental Property Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		38	40
Investment in unconsolidated entities		$ 551,695	$ 549,195
Number of unconsolidated entities with funding commitments by the Company | joint_venture		14	20
Rental Property Joint Ventures | Commitment to Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Company's remaining funding commitment to unconsolidated entities		$ 60,811	$ 65,444
Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		2	2
Investment in unconsolidated entities		$ 6,891	$ 11,269
Number of unconsolidated entities with funding commitments by the Company | joint_venture		1	1
Other Joint Ventures | Commitment to Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Company's remaining funding commitment to unconsolidated entities		$ 7,108	$ 4,427
Variable Interest Entity
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities | joint_venture		7	8
Investment in unconsolidated entities		$ 126,000	$ 158,000
Company's remaining funding commitment to unconsolidated entities		$ 108,500	$ 109,600
Variable Interest Entity | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest		25%	25%
Variable Interest Entity | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest		50%	50%
Variable Interest Entity | Commitment to Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Company's remaining funding commitment to unconsolidated entities		$ 255,000	$ 369,800
[1]As of January 31, 2025 and October 31, 2024, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $106.1 million and $105.3 million, respectively, of assets related to consolidated variable interest entities (“VIEs”). See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Debt Financing (Details) $ in Thousands	Jan. 31, 2025 USD ($) joint_venture	Oct. 31, 2024 USD ($) joint_venture
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with debt financing | joint_venture	51	50
Aggregate loan commitments	$ 4,447,537	$ 4,275,887
Amounts borrowed under loan commitments	$ 3,258,719	$ 3,180,718
Land Development Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with debt financing | joint_venture	13	11
Aggregate loan commitments	$ 864,589	$ 639,589
Amounts borrowed under loan commitments	$ 478,401	$ 381,614
Home Building Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with debt financing | joint_venture	2	1
Aggregate loan commitments	$ 161,650	$ 98,150
Amounts borrowed under loan commitments	$ 21,222	$ 47,903
Rental Property Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with debt financing | joint_venture	36	38
Aggregate loan commitments	$ 3,421,298	$ 3,538,148
Amounts borrowed under loan commitments	$ 2,759,096	$ 2,751,201

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - New Joint Ventures (Details) $ in Thousands		3 Months Ended
		Jan. 31, 2025 USD ($) joint_venture	Jan. 31, 2024 joint_venture	Oct. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	[1]	$ 1,106,576		$ 1,007,417
Land Development Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities		481,386		388,550
Home Building Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities		$ 66,604		$ 58,403
Newly Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_venture			0
Newly Joint Ventures | Land Development Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_venture		2
Investment in unconsolidated entities		$ 62,266
Newly Joint Ventures | Home Building Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_venture		1
Investment in unconsolidated entities		$ 6,697
[1]As of January 31, 2025 and October 31, 2024, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $106.1 million and $105.3 million, respectively, of assets related to consolidated variable interest entities (“VIEs”). See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jan. 31, 2025	Oct. 31, 2024
Schedule of Equity Method Investments [Line Items]
Aggregate loan commitments	$ 4,447,537	$ 4,275,887
Debt obligations borrowed in the aggregate	3,258,719	3,180,718
Variable Interest Entity
Schedule of Equity Method Investments [Line Items]
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed	20,600	102,300
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Estimated fair value of guarantees provided by us related to debt and other obligations	18,400	17,400
Indirect Guarantee of Indebtedness | Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Aggregate loan commitments	2,978,200	3,031,500
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed	599,900	646,900
Debt obligations borrowed in the aggregate	2,160,400	2,204,300
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$ 523,400	$ 560,400
Indirect Guarantee of Indebtedness | Equity Method Investee | Minimum
Schedule of Equity Method Investments [Line Items]
Terms of guarantees	1 month	1 month
Indirect Guarantee of Indebtedness | Equity Method Investee | Maximum
Schedule of Equity Method Investments [Line Items]
Terms of guarantees	4 years 10 months 24 days	3 years

Investments in Unconsolidated_8

Investments in Unconsolidated Entities - Variable Interest Entities (Details) $ in Thousands	Jan. 31, 2025 USD ($) joint_venture	Oct. 31, 2024 USD ($) joint_venture
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Number of unconsolidated entities | joint_venture	61	60
Carrying value of consolidated VIEs assets	$ 13,622,103	$ 13,367,932
Variable Interest Entity
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Number of unconsolidated entities | joint_venture	5	5
Carrying value of consolidated VIEs assets	$ 106,100	$ 105,300
Our partners’ interests in consolidated VIEs	$ 9,900	$ 9,800
Variable Interest Entity | Minimum
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Ownership interest	75%	75%
Variable Interest Entity | Maximum
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Ownership interest	98%	98%

Receivables, Prepaid Expenses_3

Receivables, Prepaid Expenses, and Other Assets (Details) - USD ($) $ in Thousands		Jan. 31, 2025	Oct. 31, 2024
Receivables, Prepaid Expenses And Other Assets [Abstract]
Expected recoveries from insurance carriers and others		$ 105,276	$ 109,569
Improvement cost receivables		36,423	41,173
Escrow cash held by our wholly owned captive title company		74,135	62,048
Properties held for rental apartment and commercial development		119,253	116,802
Prepaid expenses		41,139	40,432
Right-of-use assets		107,427	108,311
Derivative assets		11,859	18,398
Other		100,180	93,878
Receivables, prepaid expenses and other assets	[1]	$ 595,692	$ 590,611
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Receivables, prepaid expenses and other assets	Receivables, prepaid expenses and other assets
[1]As of January 31, 2025 and October 31, 2024, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $106.1 million and $105.3 million, respectively, of assets related to consolidated variable interest entities (“VIEs”). See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.

Loans Payable, Senior Notes, _3

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Loans Payable (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Debt Instrument [Line Items]
Loans payable – other	$ 410,655	$ 437,969
Deferred issuance costs	(1,890)	(2,152)
Loans payable	1,058,765	1,085,817
Senior unsecured term loan
Debt Instrument [Line Items]
Senior unsecured term loan	$ 650,000	$ 650,000

Loans Payable, Senior Notes, _4

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Senior Unsecured Term Loan (Details)	3 Months Ended
	Jan. 31, 2025 USD ($)	Feb. 07, 2025 USD ($)	Oct. 31, 2024 USD ($)	Nov. 30, 2020 USD ($) swap
Debt Instrument [Line Items]
Aggregate loan commitments	$ 4,447,537,000		$ 4,275,887,000
Line of Credit | Term Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Aggregate loan commitments		$ 650,000,000
Senior Unsecured Term Loan Due February 14 2028
Debt Instrument [Line Items]
Repayments of debt	$ 0
Guarantor Subsidiaries | Toll Brothers
Debt Instrument [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
Senior Unsecured Term Loan Due November 1 2026
Debt Instrument [Line Items]
Senior unsecured term loan	$ 650,000,000
Debt Instrument, interest rate at period end	5.24%
Senior Unsecured Term Loan Due November 1 2026 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Senior unsecured term loan	$ 60,900,000
Senior Unsecured Term Loan Due February 14 2028
Debt Instrument [Line Items]
Senior unsecured term loan	487,500,000
Senior Unsecured Term Loan Due November 1 2025 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Senior unsecured term loan	101,600,000
Senior unsecured term loan
Debt Instrument [Line Items]
Senior unsecured term loan	$ 650,000,000		$ 650,000,000
Senior unsecured term loan | Interest Rate Swap
Debt Instrument [Line Items]
Senior unsecured term loan				$ 400,000,000
Number of interest rate derivatives held | swap				5
Derivative fixed interest rate				0.369%
Fixed interest rate spread	0.90%

Loans Payable, Senior Notes, _5

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Feb. 07, 2025	Jan. 31, 2025	Oct. 31, 2024
Line of Credit Facility [Line Items]
Aggregate loan commitments		$ 4,447,537	$ 4,275,887
Debt obligations borrowed in the aggregate		$ 3,258,719	$ 3,180,718
Guarantor Subsidiaries | Toll Brothers
Line of Credit Facility [Line Items]
Noncontrolling interest, ownership percentage by parent		100%
Feb 2023 Revolving Credit Facility Extension Agreement
Line of Credit Facility [Line Items]
Debt obligations borrowed in the aggregate		$ 0
Outstanding letter of credit		$ 182,700
Debt Instrument, interest rate at period end		5.54%
Feb 2030 Revolving Credit Facility Extension Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Aggregate loan commitments	$ 2,350,000
Feb 2028 Revolving Credit Facility Extension Agreement
Line of Credit Facility [Line Items]
Aggregate loan commitments		$ 1,960,000
Optional maximum capacity		$ 3,000,000
Commitment percentage relating to letter of credit		100%

Loans Payable, Senior Notes, _6

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Loan Payable - Other (Details)	Jan. 31, 2025
Loans Payable
Debt Instrument [Line Items]
Weighted average interest rate	5.54%

Loans Payable, Senior Notes, _7

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Senior Notes (Details) $ in Millions	Jan. 31, 2025 USD ($) debtIssuance
Debt Instrument [Line Items]
Number of issuances of senior debt | debtIssuance	4
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount | $	$ 1,600

Loans Payable, Senior Notes, _8

Loans Payable, Senior Notes, and Mortgage Company Loan Facilities - Mortgage Company Loan Facilities (Details) - USD ($) $ in Thousands	Dec. 05, 2023	Jan. 31, 2025	Oct. 31, 2024
Line of Credit Facility [Line Items]
Aggregate loan commitments		$ 4,447,537	$ 4,275,887
Mortgage company loan facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 75,000
Aggregate loan commitments	$ 150,000
Interest rate		6.09%
Mortgage company loan facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	1.75%
Mortgage company loan facility | Secured Overnight Financing Rate Floor
Line of Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	2.50%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024	Jan. 31, 2024	Oct. 31, 2023
Accrued Expenses [Line Items]
Land, land development, and construction	$ 328,298	$ 356,613
Liabilities related to consolidated inventory not owned	527,191	388,778
Compensation and employee benefits	172,071	208,394
Escrow liability associated with our wholly owned captive title company	74,125	62,038
Self-insurance	236,026	242,306
Warranty	189,374	189,258	$ 202,920	$ 206,171
Lease liabilities	$ 127,207	$ 128,588
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses, total	Accrued expenses, total
Deferred income	$ 50,693	$ 51,138
Interest	31,954	29,669
Other	49,212	57,405
Accrued expenses, total	1,830,701	1,752,848
Affiliated Entity
Accrued Expenses [Line Items]
Commitments to unconsolidated entities	$ 44,550	$ 38,661

Accrued Expenses - Changes in W

Accrued Expenses - Changes in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 189,258	$ 206,171
Additions – homes closed during the period	8,142	5,822
Charges incurred	(11,250)	(11,874)
Balance, end of year	189,374	202,920
Warranty Change, Homes Closed in Prior Period, Other
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Change in accruals for homes closed in prior years – net	$ 3,224	$ 2,801

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income tax provision	$ 43,679	$ 71,603
Effective tax rate	19.70%	23%
State income tax rate	5.60%		6.30%
Gross unrecognized tax benefits	$ 20,800

Stock-Based Benefit Plans - Sto

Stock-Based Benefit Plans - Stock-based Compensation Expense and Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense recognized	$ 18,022	$ 18,250
Income tax benefit recognized	$ 4,554	$ 4,210

Stock-Based Benefit Plans - Nar

Stock-Based Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2025	Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]
Unvested stock-based compensation awards	$ 36.1	$ 21.8

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - $ / shares	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Dec. 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)	20,000,000
Common stock, dividends, declared and paid (in dollars per share)	$ 0.23	$ 0.21
Dec 2023 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)			20,000,000

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - $ / shares shares in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Equity [Abstract]
Number of shares purchased (in thousands)	187	1
Average price per share	$ 127.02	$ 88.70
Remaining authorization at January 31 (in thousands)	14,900	20,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (“AOCI”) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 7,686,715	$ 6,813,202
Other comprehensive income (loss) – net of tax	(905)	(3,898)
Ending balance	7,811,494	7,035,645
AOCI Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Ending balance	30,372	37,012
Employee Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,018	3,080
Losses (gains) reclassified from AOCI to net income	205	(113)
Less: Tax (benefit) expense	(52)	29
Net losses (gains) reclassified from AOCI to net income	153	(84)
Other comprehensive income (loss) – net of tax	153	(84)
Ending balance	1,171	2,996
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	30,259	37,830
Gains (losses) on derivative instruments	667	(3,568)
Less: Tax (expense) benefit	(168)	905
Net gains (losses) on derivative instruments	499	(2,663)
Gains reclassified from AOCI to net income	(2,083)	(1,543)
Less: Tax expense	526	392
Net gains reclassified from AOCI to net income	(1,557)	(1,151)
Other comprehensive income (loss) – net of tax	(1,058)	(3,814)
Ending balance	$ 29,201	$ 34,016

Earnings per Share Informatio_2

Earnings per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Numerator:
Net income as reported	$ 177,703	$ 239,558
Denominator:
Basic weighted-average shares (in shares)	100,830	105,122
Common stock equivalents (in shares)	1,000	1,143
Diluted weighted-average shares (in shares)	101,830	106,265
Shares issued under stock incentive and employee stock purchase plans (in shares)	367	520
Restricted Stock Units RSU And Employee Stock Option Member
Denominator:
Weighted-average number of antidilutive options and restricted stock units (in shares)	130	137

Fair Value Disclosures - Schedu

Fair Value Disclosures - Schedule of Assets and (Liabilities), Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Level 2 - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Forward Contracts | Mortgage Loans Held for Sale
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative asset	$ 177	$ 2,152
Interest Rate Swap
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative asset	11,582	15,283
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale
Summary of assets and (liabilities), measured at fair value on a recurring basis
Mortgage Loans Held for Sale	99,620	191,242
Interest Rate Lock Commitments | Forward Contracts
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative asset		962
Derivative liability	(100)
Interest Rate Lock Commitments
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative asset	$ 100
Derivative liability		$ (962)

Fair Value Disclosures - Sche_2

Fair Value Disclosures - Schedule of Aggregate Unpaid Principal and Fair Value of Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Aggregate unpaid principal and fair value of mortgage loans held for sale
Fair value	$ 99,620	$ 191,242
Fair Value, Recurring | Level 2 | Mortgage Loans Held for Sale | Mortgage Loans Held for Sale
Aggregate unpaid principal and fair value of mortgage loans held for sale
Aggregate unpaid principal balance	100,933	193,333
Fair value	99,620	191,242
Fair value greater (less) than principal balance	$ (1,313)	$ (2,091)

Fair Value Disclosures - Sche_3

Fair Value Disclosures - Schedule of Book Value and Estimated Fair Value of the Company's Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Book value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	$ 2,750,613	$ 2,837,969
Book value | Level 2 | Loans payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	1,060,655	1,087,969
Book value | Level 2 | Mortgage company loan facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	89,958	150,000
Book value | Level 1 | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	1,600,000	1,600,000
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	2,704,969	2,792,157
Estimated fair value | Level 2 | Loans payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	1,044,079	1,069,577
Estimated fair value | Level 2 | Mortgage company loan facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	89,958	150,000
Estimated fair value | Level 1 | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, debt	$ 1,570,932	$ 1,572,580

Other Income _ Net - Significan

Other Income – Net - Significant Components Of Other Income - Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Other Nonoperating Income By Component [Line Items]
Interest income	$ 8,969	$ 10,468
(Loss) income from ancillary businesses	(879)	840
Management fee income earned by home building operations	1,859,131	1,947,848
Other	2,105	(539)
Total other income – net	10,994	11,918
Management Fee
Other Nonoperating Income By Component [Line Items]
Management fee income earned by home building operations	$ 799	$ 1,149

Other Income _ Net - Revenues a

Other Income – Net - Revenues and Expenses for our Ancillary Businesses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Revenues and expenses of non-core ancillary businesses
Revenues	$ 36,783	$ 32,300
Expenses	$ 37,662	$ 31,460

Other Income _ Net - Narrative

Other Income – Net - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Other Nonoperating Income By Component [Line Items]
Impairment charges and write-offs	$ 22,705,000	$ 1,471,000
Income from ancillary businesses, net	(879,000)	840,000
Apartment living
Other Nonoperating Income By Component [Line Items]
Impairment charges and write-offs	4,400,000	0
Apartment Living, City Living and Gibraltar
Other Nonoperating Income By Component [Line Items]
Income from ancillary businesses, net	$ 7,100,000	$ 7,600,000

Commitments and Contingencies -

Commitments and Contingencies - Land Purchase Commitments (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Aggregate purchase price:
Aggregate purchase price, total	$ 6,668,951	$ 6,100,630
Unrelated parties
Aggregate purchase price:
Aggregate purchase price, total	6,600,087	6,073,847
Unconsolidated entities that the Company has investments in
Aggregate purchase price:
Aggregate purchase price, total	68,864	26,783
Land Parcel Purchase Commitment
Aggregate purchase price:
Deposits against aggregate purchase price	657,015	549,195
Additional cash required to acquire land	6,011,936	5,551,435
Amount of additional cash required to acquire land included in accrued expenses	$ 520,863	$ 382,277

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitments Narrative (Details) $ in Thousands	Jan. 31, 2025 USD ($) homeSite	Oct. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Land purchase commitment amount	$ 6,668,951	$ 6,100,630
Land for Apartment Development Purchase Commitment
Long-term Purchase Commitment [Line Items]
Land purchase commitment amount	216,500
Deposits against aggregate purchase price	$ 9,700
Land Development Joint Ventures | Commitment To Acquire Home Sites
Long-term Purchase Commitment [Line Items]
Land purchase commitments | homeSite	10,600

Commitments and Contingencies_3

Commitments and Contingencies - Surety Bonds and Letters of Credit and Backlog (Details) $ in Thousands	Jan. 31, 2025 USD ($) home
Backlog Information
Number of homes to be delivered | home	6,312
Aggregate sales value of outstanding homes to be delivered	$ 6,940,000
Feb 2023 Revolving Credit Facility Extension Agreement
Loss Contingencies [Line Items]
Outstanding letter of credit	182,700
Surety Bond Construction Improvements
Loss Contingencies [Line Items]
Surety bonds outstanding amount	821,300
Surety Bond Other Obligations
Loss Contingencies [Line Items]
Additional outstanding surety bonds	340,500
Financial Guarantee
Loss Contingencies [Line Items]
Surety bonds outstanding amount	$ 35,400

Commitments and Contingencies_4

Commitments and Contingencies - Mortgage Commitments (Details) - Mortgage Commitments - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Aggregate mortgage loan commitments:
Total	$ 1,921,774	$ 1,837,284
Investor commitments to purchase:
Total	392,396	351,663
IRLCs
Aggregate mortgage loan commitments:
Total	301,303	168,829
Investor commitments to purchase:
Total	301,303	168,829
Non-IRLCs
Aggregate mortgage loan commitments:
Total	1,620,471	1,668,455
Mortgage loans held for sale
Investor commitments to purchase:
Total	$ 91,093	$ 182,834

Information on Segments - Narra

Information on Segments - Narrative (Details)	3 Months Ended
	Jan. 31, 2025 USD ($) segment	Jan. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of geographic segments | segment	5
Inventory write-down	$ 16,417,000	$ 1,471,000
Land and Land Improvements
Segment Reporting Information [Line Items]
Inventory write-down		$ 0
Land and Land Improvements | South
Segment Reporting Information [Line Items]
Inventory write-down	$ 1,800,000

Information on Segments (Detail

Information on Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024
Revenues
Revenues:	$ 1,859,131	$ 1,947,848
Income (loss) before income taxes:
Total consolidated	221,382	311,161
Total assets
Carrying value of consolidated VIEs assets	13,622,103		$ 13,367,932
Inventory write-down	16,417	1,471
Corporate and Other
Revenues
Revenues:	(317)	(233)
Income (loss) before income taxes:
Total consolidated	(49,509)	(53,625)
Total assets
Carrying value of consolidated VIEs assets	1,980,835		2,765,162
Total home building | Operating Segments
Revenues
Revenues:	1,841,093	1,932,069
Income (loss) before income taxes:
Total consolidated	270,891	364,786
Total assets
Carrying value of consolidated VIEs assets	11,641,268		10,602,770
Inventory write-down	16,417	1,471
North | Total home building
Revenues
Revenues:	254,712	272,657
Income (loss) before income taxes:
Total consolidated	28,193	33,021
Total assets
Carrying value of consolidated VIEs assets	1,492,110		1,425,738
Inventory write-down	205	495
Mid-Atlantic | Total home building
Revenues
Revenues:	236,240	264,154
Income (loss) before income taxes:
Total consolidated	33,430	49,518
Total assets
Carrying value of consolidated VIEs assets	1,578,671		1,444,951
Inventory write-down	3,767	192
South | Total home building
Revenues
Revenues:	506,273	532,886
Income (loss) before income taxes:
Total consolidated	90,416	98,430
Total assets
Carrying value of consolidated VIEs assets	2,908,206		2,514,446
Inventory write-down	4,359	80
Mountain | Total home building
Revenues
Revenues:	556,704	453,381
Income (loss) before income taxes:
Total consolidated	80,739	80,164
Total assets
Carrying value of consolidated VIEs assets	3,119,991		2,950,806
Inventory write-down	7,494	674
Pacific | Total home building
Revenues
Revenues:	287,164	408,991
Income (loss) before income taxes:
Total consolidated	38,113	103,653
Total assets
Carrying value of consolidated VIEs assets	2,542,290		$ 2,266,829
Inventory write-down	592	30
Home sales
Revenues
Revenues:	1,840,776	1,931,836
Land sales and other
Revenues
Revenues:	18,355	16,012
Land sales and other | Total home building
Revenues
Revenues:	18,355	16,012
Land sales and other | North
Revenues
Revenues:	17,155	0
Land sales and other | Mid-Atlantic
Revenues
Revenues:	256	7,796
Land sales and other | South
Revenues
Revenues:	837	3,639
Land sales and other | Mountain
Revenues
Revenues:	0	4,577
Land sales and other | Pacific
Revenues
Revenues:	107	0
Land sales and other | Corporate and other
Revenues
Revenues:	$ 0	$ 0

Supplemental Disclosure to Co_3

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024	Oct. 31, 2023
Cash flow information:
Income tax paid – net	$ 92,840	$ 81,636
Noncash activity:
Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net	157,586	26,759
Transfer of inventory to investment in unconsolidated entities	5,048	0
Unrealized loss on derivatives	(3,701)	(8,769)
Miscellaneous non-cash changes in investments in unconsolidated entities - net	5,670	1,143
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	574,834	754,793	$ 1,303,039
Restricted cash included in receivables, prepaid expenses, and other assets	78,177	45,157
Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows	$ 653,011	$ 799,950	$ 1,370,435	$ 1,344,341