Toll Brothers
20 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Customers
Mortgage loan investors (secondary market)
earns from · $382.1 millionnamed as a riskOur mortgage subsidiary has commitments from investors to acquire all $382.1 million of these locked-in loans and receivables.Business (Item 1)
Suppliers
Partners and platforms
Land Development Joint Ventures
depends on · $553.4 million investednamed as a riskAt October 31, 2025, we had $553.4 million invested in our Land Development Joint Ventures and funding commitments of $315.5 million to 11 of the Land Development Joint Ventures which will be funded if additional investments in the ventures are required.Business (Item 1)
Rental Property Joint Ventures
$448.5 million of investmentsnamed as a riskExcluding our interests being sold to Kennedy Wilson, at October 31, 2025, we had an aggregate of $448.5 million of investments in 21 Rental Property Joint Ventures.Business (Item 1)
Real estate agents
depends onA significant portion of our sales is also derived from the introduction of customers to our communities by local real estate agents, to whom we pay a real estate agent commission.Business (Item 1)
Other companies
Variable-rate debt
exposed to its price · approximately $8.0 million per yearnamed as a riskBased upon the amount of variable-rate debt outstanding at October 31, 2025, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $8.0 million per year, without consideration of the Company’s interest rate swap transactions.Market risk (Item 7A)
Surety bonds and letters of credit
depends on · $155.9 million and $1.14 billion, respectivelynamed as a riskAt October 31, 2025, we had outstanding letters of credit and surety bonds totaling $155.9 million and $1.14 billion, respectively.Risk factors (Item 1A)
Also named by PHM
Kennedy Wilson
approximately $380 millionOn September 18, 2025, we announced our intention to exit the multifamily development business, beginning with the sale of our interests in approximately half of our portfolio, as well as our operating platform, to Kennedy Wilson for a purchase price of approximately $380 million, as adjusted to reflect investments in certain assets since the September announcement.Business (Item 1)
Toll Brothers Mortgage Company (TBMC)
insures or lends to · 43.4%Our mortgage subsidiary, Toll Brothers Mortgage Company (“TBMC”), provides mortgage financing for a portion of our home closings.Business (Item 1)
Places
California
concentrated innamed as a riskA significant portion of our revenues and income from operations are concentrated in California.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Western United States
operates innamed as a riskThis is a particular concern in the western United States, where some of the most extensive and stringent environmental laws and residential building construction standards in the country have been enacted, and where we have significant business operations.Risk factors (Item 1A)
Hazards
Earthquakes and wildfires in California
operates innamed as a riskThese factors include, but are not limited to: changes in the regulatory and fiscal environment; prolonged economic downturns; high levels of foreclosures; lack of affordability; lack of suitable land for development at reasonable prices; lack of foreign buyer demand; severe weather including drought; natural disasters such as earthquakes and wildfires; the risk of local governments imposing building moratoriums and of state or local governments imposing regulations that increase building costs; environmental incidents; and declining population and/or growth rates and the related reduction in housing demand in this region.Risk factors (Item 1A)
Commodities and inputs
Lumber
exposed to its pricenamed as a riskEnvironmental regulations can also have an adverse impact on the availability and price of certain building components such as lumber.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more
Construction defect insurance
depends onnamed as a riskIn addition, insuring against construction defect and product liability claims has become increasingly difficult due to limited coverage options, high costs, lack of reinsurance options and the exit of insurers from the market.Risk factors (Item 1A)
Regulators
U.S. Environmental Protection Agency
subject tonamed as a riskFrom time to time, the United States Environmental Protection Agency and other federal or state agencies review home builders' compliance with environmental laws and may levy fines and penalties for failure to strictly comply with applicable environmental laws or impose additional requirements for future compliance as a result of past failures.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Laws and programs
Revolving Credit Facility
depends on · $2.35 billion in committed borrowing capacitynamed as a riskOur Revolving Credit Facility, which provides for $2.35 billion in committed borrowing capacity and letters of credit, and our $650.0 million term loan mature in February 2030.Risk factors (Item 1A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
Land option agreements
depends on · approximately $7.54 billionnamed as a riskAt October 31, 2025, the aggregate purchase price of land parcels subject to option and purchase agreements in both operating and future communities was approximately $7.54 billion (including $111.3 million of land to be acquired from joint ventures in which we have invested).Business (Item 1)
California Consumer Privacy Act
subject tonamed as a riskGovernmental regulation affects construction activities as well as sales activities, mortgage lending activities, and other dealings with home buyers, including anti-discrimination laws such as the Fair Housing Act and data privacy laws such as the California Consumer Privacy Act.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
Tariffs on imports from Canada and Mexico
exposed to its pricenamed as a riskChanges in laws, government regulations, or enforcement priorities, such as the imposition of tariffs (in particular on materials imported from Canada or Mexico) or changes in immigration laws and/or their enforcement, could result in higher component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could in turn adversely affect our business.Risk factors (Item 1A)
Fair Housing Act
subject tonamed as a riskGovernmental regulation affects construction activities as well as sales activities, mortgage lending activities, and other dealings with home buyers, including anti-discrimination laws such as the Fair Housing Act and data privacy laws such as the California Consumer Privacy Act.Risk factors (Item 1A)