ESG Report

Evironmental, Social and governanceEvironmental, Social and governance

About This Report

We view our ESG program as an important component to the success of our company, and this report represents a key step in providing transparency into our efforts. As a company, we pride ourselves on our ability to serve our employees, trade partners, customers, and the communities in which we operate with care and dedication. We bring those same values in our approach to this ESG initiative.

In April of 2021, we published our inaugural ESG Report, setting forth important information with respect to many ESG issues impacting our company. Our CEO's letter introducing that report is included below and summarizes our views regarding many aspects of ESG. We continue to review our sustainability strategy and engage with our key stakeholders regarding ESG-related matters. We use the Sustainability Accounting Board (SASB) industry-specific standards to help identify topics of relevance for our audience, and with this 2023 update, we present an additional year's worth of data.

We continue to evaluate and look for ways to improve our ESG Report. The U.S. Securities and Exchange Commission issued a sweeping set of proposed rules that would govern how companies manage and disclose risks related to a changing climate, among other required disclosures. This development underscores the dynamic nature of ESG reporting and the evolving expectations of our stakeholders. We intend to evaluate final rules when they become available, as well as any other regulatory developments. We expect the final rule to inform how best to foster continued discussion and engagement with all of our stakeholders around the complex issues surrounding sustainability and broader ESG practices for long-term value creation.

For additional, important information about the data included in this report, click here.

Inquiries regarding our sustainability initiatives can be directed to

From Douglas C. Yearley, Jr., Chairman of the Board & Chief Executive Officer

I am pleased to present this inaugural Toll Brothers Environmental, Social, and Governance (ESG) Report.

Our initial report is about both the present and the future. It includes information on where we at Toll Brothers stand today on many Environmental, Social, and Governance issues. It also sets the framework for the future as the ESG landscape evolves and we fine-tune our data collection priorities and practices. The audience for this report is varied and broad. Stakeholders include our shareholders, financial partners, customers, trade partners, the communities in which we build, society at large, the governmental entities that oversee our sector, and, of course, our employees. In preparing this report, we have solicited the views of various stakeholders and focused on matters deemed to be of significance to them and our business.

Home building is a unique industry, and our opportunity to make an impact is significant. This starts with the tremendous economic influence of our industry as a job-creating engine. Toll Brothers directly employs approximately 4,500 people. The National Association of Home Builders (NAHB) estimates that the average new home generates 2.9 jobs in each community where a house is built. Based on this estimate, we directly and indirectly supported over 24,000 jobs in fiscal year 2020. These jobs, which include employment for plumbers, painters, electricians, carpenters, furniture makers, real estate brokers, site planners, and many others, were more critical than ever, as the nation recovers from historically high unemployment rates caused by the pandemic. We are proud to be part of a bedrock industry that continually refreshes the nation's housing supply while also creating so many good jobs. The communities we develop also contribute to the vibrancy and the tax base of the towns and cities where we build, enhancing the quality of life not only of our buyers but also of the municipalities as a whole. This contribution includes not only the beautiful communities we build but also the contribution and civic participation of our residents and our employees in the areas where we have a presence.

In our communities, we strive to fulfill the aspirations of those seeking a home they love. With our first time, move-up, empty nester, and active-adult new home communities, as well as rental and urban condominium projects, we have a wide variety of product lines to serve the upscale market. And in a nation where the housing shortage is well-documented, our mission is more important than ever—we want to be part of the solution to this major public policy concern.

As an employer, we want to be at the forefront in providing opportunities and growth to all, irrespective of race, ethnicity, religion, sexual orientation, and gender. We are committed to creating an inclusive culture, hiring and advancing diverse talent within our firm, and to expanding educational and professional opportunities for underserved youth. Increasing the diversity of voices at all levels of our organization is a high priority. Ensuring our employees' health and safety, providing an environment where all employees are treated with fairness, dignity, and respect, and having opportunities to grow and thrive is aligned with our values and critical to our success.

Since Toll Brothers was founded in 1967, we have taken seriously our responsibilities to the broader communities in which we build and to the environment. Whether this involves thoughtful land planning, sustainable land stewardship, decreasing our impact on climate change, planting trees, creating parks and hiking trails, supporting local organizations, or reducing water use, energy consumption, and waste production, our goal is to build beautiful communities that enhance both the lives of residents and the environments in which they are built.

I am so proud and honored to be leading this great company. Thank you for your interest and continued support.

Douglas C. Yearley, Jr.

Douglas C. Yearley, Jr.|Chairman and CEO


We believe that sustainability and preservation of the natural environment are important to building exceptional homes and communities.

by the numbers—2022

At Toll Brothers, we are dedicated to minimizing our impact on the environment by embracing responsible land development and planning processes and building homes that more efficiently utilize resources. Some of our fiscal year 2022 highlights include:

924acres of open space preserved
Measured by communities opened.
83Miles of walking/biking trails built83
Measured using site improvement plans by communities opened.
13,800number of trees planted13,800
Measured using site improvement plans by communities opened; excludes trees on home sites
28number of parks built28
Measured using site improvement plans by communities opened; includes pocket parks and tot lots, as well as larger parks.
land use and ecological impacts
IF-HB-160a.1Number of lots and homes delivered on redevelopment sites3959901,264
IF-HB-160a.2Number of lots and homes delivered in regions with High or Extremely High Baseline Water Stress2,2324,7021,474
IF-HB-160a.3Total amount of monetary losses as a result of legal proceedings associated with environmental regulations$0$0$0
IF-HB-160a.4Discussion of process to integrate environmental considerations into site selection, site design, and site development, and constructionClick here
design for resource efficency
IF-HB-410a.1(1) Number of homes that obtained a certified HERS Index Score and (2) average scoreN/A(1) 2,681
(2) 60
(1) 3,422
(2) 60
IF-HB-410a.2Percent of installed water fixtures certified to WaterSense specificationsN/A80%**84%**
IF-HB-410a.3Number of homes delivered certified to a third-party multi-attribute green building standard:
LEED*355 units32 units19 units
Green Globes*434 units444 units
Green by NGBS*87 units
Florida Green Building Coalition43 units55 units
IF-HB-410a.4Description of risks and opportunities related to incorporating resource efficency into home design and description of how benefits are communicated to customersClick here
community impacts of new developments
IF-HB-410b.1Description of how proximity and access to infrastructure, services, and economic centers affect site selection and development decisionsClick here
IF-HB-410b.2Number of lots and homes delivered on infill sites1,400 lots1,374 lots1,763 lots
IF-HB-410b.3Number of homes delivered in compact developments
Multi-family rental units*1,4321,4881,075
Multi-family for-sale units*14025931
IF-HB-410b.3Average density of compact developments
Multi-family rental units/acre*1056581
Multi-family for-sale units/acre*273285256
climate change adaptation
IF-HB-420a.2Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risksClick here
energy efficiency
Number of homes delivered in calendar year that received an energy efficiency tax credit†4,6566,2828,608
Number of Energy Star Appliances delivered in calendar year8,8323,02910,372
sustainable products
Number of units delivered in calendar year with solar panels selected by buyers4881,3391,617
Number of electric car charging options enabled456891913
corporate operational efficiencies
Decrease in marketing projects that generate print18%19%18%
Reduction in transit miles for production/shipping of printed marketing materials
Orders diverted to local vendors309260252
Reduction of transit miles per order2,0002,0002,000
Paper recycled company-wide145.9 tons98.2 tons137.9 tons
*Current tracking includes only those homes built in high-density communities (primarily Apartment Living and City Living units).
**Estimation based on fixture offerings for 2021. For 2022, data is for CY 2022 and includes an updated method of estimation.
†Estimation based on scheduled certifications
For important information regarding the data in this report, click here.


Take Care of Each Other is one of our core company values, and we take it to heart.

Care—it is part of who we are as an organization and intrinsic to the family-like atmosphere we have cultivated since our inception in 1967. That care and dedication extends not just to our employees but to our customers, partners, and the broader communities in which we build.

by the numbers—fy 2022

Small steps, big impact—our collective efforts add up to meaningful results. Some of our FY 2022 highlights include:



Percentage of division leaders who evaluated their Diversity and Inclusion data and presented future focus areas to CEO in 2022




Average employee tenure

employee engagement


Percentage of employees who identified Toll Brothers as a great place to work in 2022 engagement survey

board diversity
Racial/Ethnic minority20%†30%†30%†
employee diversity
Women – Employee40.3%41.0%40.3%
Women – Manager+30.0%30.2%31.5%
Racial/Ethnic minority – Employee21.0%22.5%24.4%
Racial/Ethnic minority – Manager+12.5%13.4%15.7%
Health & Safety
IF-HB-320a.1Total recordable injury rate (TRIR, employees)*2.462.552.28
IF-HB-320a.1Fatality rate (employees)0%0%0%
employee engagement
Average tenure (excludes temporary employees)5.9 years6.3 years6.3 years
employee engagement survey
% that said Toll Brothers is a great place to work86%87%87%
*TRIR = Total Number of Recordable Cases x 200,000 divided by total hours worked by all employees during the year covered
For important information regarding the data included in this report, click here.

our values

Our values are the guiding principles behind our daily actions and decisions. When faced with a choice on how to get work done or how to behave with each other and our customers, we always look to our values.

  • Be the Best
  • |
  • Do the Right Thing
  • |
  • Take Care of Each Other
  • |
  • Delight the Customer
  • |
  • Create Value
  • |
  • Honor Our History
History of giving back

A History of Giving Back

Toll Brothers has a proud legacy and an ongoing mission of contributing to major national and regional charitable organizations.

History of giving back

A History of Giving Back

Toll Brothers has a proud legacy and an ongoing mission of contributing to major national and regional charitable organizations.


Sound corporate governance enables our company to operate with integrity while promoting long-term value creation for our stockholders and other stakeholders.

We are committed to sound corporate governance. This commitment is rooted in the oversight of a capable, independent Board of Directors, strengthened by ongoing dialogue with our stockholders, and guided by policies that enable the success of our strategy and business objectives.

Toll Brothers Corporate HeadquartersToll Brothers Corporate Headquarterstoll brothers corporate headquarters|fort washington, pa
Quote from Douglas C. Yearley

At Toll Brothers, one of our six guiding principles is to Do the Right Thing. This value is reflected in the way we approach corporate governance. Our Board of Directors and management team are committed to sound corporate governance practices and policies that ensure our company operates ethically and with integrity, and that it is managed to maximize the long-term interests of our stakeholders. In short, our approach to corporate governance enables all of us to Do the Right Thing.

Quote from Douglas C. Yearley

douglas c. yearley, jr.|chairman and ceo

About Us

We are driven by high standards ingrained in our corporate culture and honed over more than 50 years.

Every day, we strive to honor our company legacy and maintain the standards that have established Toll Brothers as an industry leader and a luxury brand that stands the test of time.

results rooted in history


Nation's leading builder
of luxury homes


#1 Home Builder on Fortune Magazine's "World's Most Admired Companies®" list for 10 years


Better Business
Bureau rating


Homes delivered
since 2000


Communities opened
for sale since 2000


National presence in over
60 markets in 24 states

IF-HB-000.aNumber of controlled lots63,18280,86776,049
IF-HB-000.bNumber of homes delivered8,4969,98610,515
IF-HB-000.cNumber of active selling communities (FYE)317340348
Average delivered home price$816,500$844,400$923,600
Average price in backlog (FYE)$818,200$992,100$1,095,800
Home sales revenues$6.9B$8.4B$9.7B
Net signed contract value$8.0B$11.5B$9.1B
Number of homes under contract9,93212,4728,255
For important information regarding the data included in this report, click here.
Albert Toll, Bob Toll and Bruce TollAlbert Toll, Bob Toll and Bruce Tollfrom left to right: bob toll, albert toll, bruce toll

Excellence From Day One

Our Story Begins

Toll Brothers is founded by brothers Bob and Bruce Toll in southeastern Pennsylvania. Inspired by their father, a home builder, the brothers build their first two homes


Breaks ground on Yardley Hunt, first large master-planned community concept following the completion of the newly connected I-95 corridor to New York City, transforming Bucks County, PA


Makes first move out of Pennsylvania, entering neighboring New Jersey


Sells 1,000th home

Toll Brothers becomes a public company

Becomes a public company and is listed on the New York Stock Exchange (NYSE: TOL) with revenues of $124.6 million from 15 communities


Enters Delaware

Launches in-house marketing firm, Toll Architecture and Eastern States Engineering (ESE), the engineering, survey, and environmental planning group

Opens first Toll Integrated Systems plant (TIS) in the Philadelphia area to manufacture and supply quality engineered construction components and related services in a factory-controlled environment


Enters Maryland and Massachusetts

Extends into the mortgage industry with Westminster Mortgage, now named TBI Mortgage

Receives first Builder of the Year Award by Professional Builder magazine


Enters Virginia and Connecticut

Opens Westminster Title, a wholly-owned full-service title company

Holds first-ever Toll Brothers Gala fundraiserMost recently, Toll Brothers has supported the American Cancer Society (ACS), a nationwide, community-based health organization, in its mission to free the world from cancer through life-saving research. Through our annual fundraising event, Toll Brothers raised over $10 million for the ACS., initiating a decades-long philanthropic undertaking


Enters New York

Sells 10,000th home


Enters California and North Carolina


Becomes a National Builder with entry into Texas, Florida, and Arizona

Incorporates TBI Smart Home Solutions providing customers security and home control solutions to suit evolving lifestyles


Makes online debut with


Enters Nevada and Illinois

Develops first rental community, Dulles Green apartment community in Herndon, Virginia


Enters Michigan

Develops first Active Adult community, Riviera at Westlake in New Jersey


Enters Colorado


Acquires Hoboken, NJ-based The Manhattan Building Company, spurring the launch of Toll Brothers City Living

Toll Brothers becomes a public company

Opens first Toll Brothers Design Studio in Florida, offering a showroom environment to view and compare personalization options


Begins sponsorship of the Metropolitan Opera Radio broadcasts

Toll Brothers becomes a public company

Naval Square community recognized by the Preservation Alliance for Greater Philadelphia as a recipient of the 2008 Grand Jury Award for Preservation AchievementAmong the protected historic resources at Naval Square were the original wall around the property, the gatehouses, and the viewshed of the principal historic buildings from Grays Ferry Avenue. The interior of the property's most significant structure, Biddle Hall, was creatively adapted to 66 residential units in a manner that allows all the units in the two long wings to have direct exterior access utilizing original openings. The second-floor features bi-level units that take advantage of skylights and monitor windows running the length of each wing. Common areas, such as the original main entry foyer and marble staircase, were retained and restored. In the original rotunda, the domed plaster ceiling and skylight oculus were restored; the space is now used as a gathering place, and multimedia and fitness center.


Christine N. GarveyChristine N. Garvey has been a member of our Board since September 2009. She is a member of the Audit and Risk Committee and the Public Debt and Equity Securities Committee. Ms. Garvey was the Global Head of Corporate Real Estate Services at Deutsche Bank AG from 2001 to 2004. Prior to that, she served as Vice President of Worldwide Real Estate and Workplace Resources at Cisco Systems, Inc. and as Group Executive Vice President at Bank of America. Ms. Garvey has been a member of the board of directors of HCP, Inc. since 2007. She previously served on the boards of directors of ProLogis through May 2017 and Hilton Hotels Corporation through October 2007. joins the Board


Douglas C. Yearley, Jr. named Chief Executive Officer and Bob Toll takes on the role of Executive Chairman


Enters Washington State

Receives second Builder of the Year Award by Professional Builder magazine


Acquires Shapell Industries, transforming the Toll Brothers footprint with a major expansion into coastal California

Establishes Toll Green, a philosophy and commitment to design beautiful homes and communities in ways that reduce environmental impact, provide energy savings and long-lasting value

Initiates a paid day of service for employees


Sells 100,000th home

Named Builder of the Year by Builder magazine


Takes the #1 spot as the “World's Most Admired Company/Home Builders“ by FORTUNE magazine and “America's Most Trusted Builder“ by Lifestory Research

Breaks ground on Terrapin Row in College Park, Maryland, first Toll Brothers Campus Living project

First time certified as a Great Place to Work®


Enters Idaho with the acquisition of Coleman Homes

In the FORTUNE magazine 2016 Survey of the “World's Most Admired Companies®,“ ranked #6 worldwide across all industries in Quality of Products/Services Offered after Apple, Walt Disney, Amazon, Alphabet, and Nordstrom, and before Netflix and Facebook; in the same 2016 survey, again named the “#1 Home Builder Worldwide“

John A. McLeanJohn A. McLean has been a member of our Board since March 2016. He is a member of the Nominating and Corporate Governance Committee. Mr. McLean is a Senior Managing Director of New York Life Investment Management, where he oversees U.S. distribution. Prior to joining New York Life in June 2018, Mr. McLean was the Chief Executive Officer and Distribution Principal for Hartford Funds Distributors, a subsidiary of Hartford Funds, from January 2013 to April 2018. From April 2009 to May 2012, he was the Head of U.S. Retail and Offshore Sales at Eaton Vance Investment Managers. Prior to that time, Mr. McLean held positions of increasing responsibility at MFS Fund Distributors. He serves on the Board of Trustees of Gateway to Leadership. joins the Board

Celebrates 30 years as a public company by ringing bell at New York Stock Exchange (NYSE)


Celebrates 50th anniversary by ringing bell at NYSE

Partners with the Cristo Rey Philadelphia Work-Study ProgramMore than 95 companies in the Greater Philadelphia region participate in the Cristo Rey Philadelphia High School Work-Study Program. These companies are transforming the city one student at a time and are building Philadelphia's workforce of tomorrow.

Receives the ENERGY STAR Certified Homes Market Leader AwardThe ENERGY STAR Certified Homes program presents Market Leader Awards to partners who have made important contributions to energy-efficient construction and environmental protection by building or verifying an outstanding number of ENERGY STAR certified homes, or by sponsoring a local program that supported these activities during the previous year.

Completes first Dow Jones Sustainability Index assessment

Introduces parental leave policy


Wendell E. PritchettWendell E. Pritchett has been a member of our Board since March 2018. He is Provost of the University of Pennsylvania, a position he has held since July 2017. Since 2014, he has been the Presidential Professor of Law and Education at the University of Pennsylvania. From 2014 to 2015, he served as Interim Dean of the University of Pennsylvania School of Law. A professor at the University of Pennsylvania School of Law from 2001 to 2009, Dr. Pritchett also served as Chancellor of Rutgers University-Camden from 2009 to 2014, and in 2008 he served as Deputy Chief of Staff and Director of Policy for Philadelphia Mayor Michael Nutter, who also appointed him to the School Reform Commission, where he served from 2011 to 2014. Dr. Pritchett served as Chair of the Redevelopment Authority of Philadelphia and as President of the Philadelphia Housing Development Corporation from 2008-2011. Prior to that, he spent five years as assistant professor of history at Baruch College of the City University of New York, and in 2007, he chaired the Urban Policy Task Force for then-U.S. Senator Barack Obama's presidential campaign. Dr. Pritchett is a member of the board of directors of WHYY and the Stoneleigh Foundation. joins the Board


Enters Georgia with the acquisition of Sharp Residential and South Carolina with the acquisition of Sabal Homes

Establishes multi-department Environmental, Social, and Governance Committee

Completes first Human Rights Equality Index

Karen H. GrimesKaren H. Grimes has been a member of our Board since March 2019. She is a member of the Audit and Risk Committee. Ms. Grimes held the position of Senior Managing Director, Partner, and Equity Portfolio Manager at Wellington Management Company LLP from January 2008 through December 2018. Prior to joining Wellington Management Company in 1995, she held the position of Director of Research and Equity Analyst at Wilmington Trust Company from 1988 to 1995. Before that, Ms. Grimes was a Portfolio Manager and Equity Analyst at First Atlanta Corporation from 1983 to 1986 and at Butcher and Singer from 1986 to 1988. Ms. Grimes is a member of the Financial Analysts Society of Philadelphia and holds the Chartered Financial Analyst designation. joins the Board

Establishes three Employee Resource Groups (ERGs): Toll Women's Network, Veterans at Toll, and Toll PRIDE


Enters Tennessee with the acquisition of Thrive Residential

Stephen F. EastStephen F. East has been a member of our Board since March 2020. Prior to his retirement in July 2019, he served as a Managing Director and Senior Consumer Analyst at Wells Fargo & Company, heading the equity research team that covered the homebuilding and building products sectors. Prior to joining Wells Fargo, he spent four years with Evercore ISI, an independent research firm, as a Partner and Senior Managing Director heading the firm's housing research efforts, and, prior to that, spent nearly two decades in equity research and investment management at various firms. Mr. East holds the Chartered Financial Analyst designation. joins the Board

The nonprofit Building Talent Foundation (BTF)Founded by the 20 leading residential construction companies in the U.S. in 2019 as a non-profit entity, BTF brings together employers, educators, and all other market players, in regional skills collaborations, to catalyze, accelerate, and synchronize joint projects for building the sector's workforce of the future. is founded by Toll Brothers and other leading residential construction companies in the U.S.

Establishes two additional ERGs: BELIEVE (Black Employees Leading Inclusion, Excellence, Vision, and Education) and MOSAIC (Multicultural Organization Supporting an Inclusive Culture)

Creates the new position of Chief Diversity & Engagement OfficerThe Chief Diversity & Engagement Officer works closely with Human Resources, as well as employees and leaders from across the company, to develop actionable strategies that promote diversity and inclusion and help attract, develop, and retain diverse talent. and establishes the Diversity & Inclusion CouncilCouncil members provide feedback, alternate viewpoints, and advice about the Toll Brothers Diversity & Inclusion plan as well as help raise awareness about diversity and inclusion strategies that Toll Brothers can use to help support its goals. There is one representative from each Employee Resource Group on the Council as well as employees from across the company who are passionate about advancing diversity and inclusion at Toll Brothers.

Opens new corporate headquarters in Fort Washington, Pennsylvania with a host of integrated features that promote ESG priorities•Motion sensors in reservable rooms help conserve energy•Daylight harvesting systems adjust lighting to save energy based on daylight availability•Gender-neutral bathroom availability•Four private Wellness Rooms for lactation, meditation, prayer, and other personal needs•Standing desk and ergonomic chair at every workstation•Reservable treadmill desk•Shared fitness center and basketball court•Public walking trail around the perimeter of campus•Chiropractic services•Automated air circulation with outdoor air replacing indoor air at up to six times the code requirement•Green wall installed in common area to create a natural air filter•LED lighting•Workspaces that encourage collaboration


Publishes Inaugural ESG Report

Scott D. Stowell joins the Board

Derek T. Kan joins the Board

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired Companies™ list.*

PRIDE Employee Resource Group hosts first Pride March to celebrate Pride Month

BELIEVE Employee Resource Group hosts first march in honor of Black History Month and to commemorate the 1965 historic march from Selma to Montgomery, Alabama

Launches Diversity & Inclusion training for all employees and managers

Bob Toll - A Life Fondly Remembered

A Life Fondly Remembered

Robert I. Toll, 1940-2022 | Our founder, mentor, and friend, Bob Toll, leaves behind a legacy of visionary leadership, incomparable life lessons, and generous giving. Learn more on our Bob Toll tribute site.

The Company marks over 150,000 families now living in a Toll Brothers home.

For the first time, Toll Brothers surpasses 10,000 homes delivered in a fiscal year (10,515 homes in fiscal 2022).

Expands presence in Texas with the acquisition of Rialto Homes in San Antonio.

Inquiries and feedback regarding our sustainability initiatives can be directed to

Toll Brothers, Inc. ESG Report | Important Information and Disclaimers

The information presented in this report is non-financial in nature and therefore has not been prepared in accordance with generally accepted accounting principles(GAAP), nor reviewed or evaluated using an established control framework. It has not been independently audited. Information presented, including performance or other metrics, may be based on estimates and assumptions that require a high degree of complex and subjective judgement, and may not necessarily be comparable with that presented by other companies or as calculated pursuant to any third-party standards of sustainability reporting. Inclusion of information in this report is not an indication that we deem such information to be material or important to an understanding of our business or an investment decision with respect to our securities.

Unless expressly stated otherwise, this report covers our owned and operated businesses and does not address the performance, or conduct or operations of our suppliers, contractors, and partners.

This report contains forward-looking statements relating to Toll Brothers operations that are based on management's current expectations, beliefs, estimates, and projections about the homebuilding, land development, real estate, and related industries and other matters. These statements are not guarantees of future conduct, performance or policy and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control, including local, state, and federal regulations and economic conditions that may impact Toll Brothers, Inc.'s financial results or its operational or ESG-related performance. See the forward-looking disclaimer below for a description of these risks, uncertainties, and other factors.

Therefore, the actual conduct of our activities, including the development, implementation, or continuation of any program, policy, or initiative discussed or forecasted in this report, may differ materially in the future. As with any projection or estimate, actual results or numbers may vary. Many of the standards and metrics used in preparing this report continue to evolve and are based on management assumptions believed to be reasonable at the time of preparation but should not be considered guarantees.

Any statements of intention in this report speak only as of the date they first appeared in this report.

Toll Brothers undertakes no obligation to update publicly any statement in this report.

This report contains references to Toll Brothers' website. These references are for readers' convenience only and Toll Brothers is not incorporating by reference any information posted on

As used in this report, the term "Toll Brothers" and such terms as "the company," "the corporation," "our," "its," "we," and "us" may refer to one or more of Toll Brothers' consolidated subsidiaries, affiliates, and in certain instances, our joint ventures. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.


This report contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "can," "could," "might," "should," "likely," "will," and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements related to: the impact of the COVID-19 pandemic on the U.S. economy and on our business; expectations regarding interest rates and inflation; the markets in which we operate or may operate; our strategic objectives and priorities; our land acquisition, land development and capital allocation plans and priorities; housing market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues, in profitability and in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; the rate at which we deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this report are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties and assumptions that are made that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

  • the ongoing effects of the COVID-19 pandemic, which remain highly uncertain, cannot be predicted and will depend upon future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and effectiveness of vaccines, adequate testing and therapeutic treatments and the prevalence of widespread immunity to COVID-19;the effect of general economic conditions, including employment rates, housing starts, interest rate levels, inflation, consumer sentiment, availability of financing for home mortgages, and strength of the U.S. dollar;
  • market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
  • the availability of desirable and reasonably priced land and our ability to control, purchase, hold, and develop such land;
  • access to adequate capital on acceptable terms;
  • geographic concentration of our operations;
  • levels of competition;
  • the price and availability of lumber, other raw materials, home components and labor;
  • the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
  • the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations, and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;
  • risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
  • federal and state tax policies;
  • transportation costs;
  • the effect of land use, environment, and other governmental laws and regulations;
  • legal proceedings or disputes and the adequacy of reserves;
  • risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
  • the effect of potential loss of key management personnel;
  • changes in accounting principles; and
  • risks related to unauthorized access to our computer systems, theft of our and our home buyers' confidential information, or other forms of cyber-attack.

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward–looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

†As of March 7, 2023, the date of the company's most recent shareholder meeting.