Toll Brothers, Inc. TOL
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Dec 20, 2024. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
1 paragraph in Risk Factors of the 10-K filed Dec 19, 2025 with nothing like it in the 10-K filed Dec 20, 2024. Quoted exactly. Paragraphs that were only edited are under 10-K change.
substantial losses from operations. At any particular time, we cannot accurately predict whether housing market conditions will improve, deteriorate or continue as they exist at that time.
Paragraphs in the 10-Q filed Aug 28, 2026 that were not in the one before
New in the latest 10-Q
10 paragraphs in the 10-Q filed Aug 28, 2026 with nothing like them in the 10-Q filed May 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Adjustments to reconcile net income to net cash provided by operating activities:
Read in the 10-Q
Receivables, prepaid expenses, and other assets, including rental and commercial properties 262,493 (12,159)
Read in the 10-Q
Purchase of property, construction, and office equipment – net (74,031) (58,363)
Read in the 10-Q
Proceeds from the sale of ownership interests in unconsolidated entities 219,487 —
Read in the 10-Q
Cash, cash equivalents, and restricted cash, beginning of period 1,338,938 1,370,435
Read in the 10-Q
Show the other 5
Cash, cash equivalents, and restricted cash, end of period $ 1,130,242 $ 938,291
Read in the 10-Q
applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity or its partners.
Read in the 10-Q
In evaluating our performance, we often refer to changes in “mix” as impacting metrics such as average sales price, average delivered price and gross margin. Our business mix consists of both product mix, which includes multiple home types and sizes that are marketed and sold to a broad range of luxury buyers, including move-up, first-time, empty-nester, active-adult, and second-home buyers, as well as geographical mix, which includes over sixty markets across the United States. As a result of the breadth of our products and geographic footprint, we have a wide range of base sales prices for our homes, ranging from under $500,000 to over $4,000,000. “Positive mix” refers to increases in sales or deliveries of higher priced homes, whether along product or geographical lines, while “negative mix” refers to the opposite.
Read in the 10-Q
each contract signed was $1.01 million, as compared to $1.00 million in the prior year period, with the slight increase attributable to mix.
Read in the 10-Q
For the next twelve months, we expect our principal demand for funds will be for inventory additions (in the form of land acquisition, land development, home construction costs, and deposits to control land, which could occur directly or indirectly
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Aug 28, 2026 against Item 1A of the 10-K filed Dec 19, 2025.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:There have been no material changes in our risk factors as previously disclosed in Part I, Item 1A., “Risk Factors” in our 2025 Form 10-K.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Dec 19, 2025 that are in none of the 1 earlier 10-Ks stored, back to Dec 20, 2024
Where each one is used
- substantial portion: In addition to our residential for-sale business, we also develop, operate and/or sell for-rent apartments, which we accomplish mainly through joint ventures. As noted above, we have agreed to sell a substantial portion of our interests in our for-rent joint ventures and intend to entirely exit the business over...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/TOL/export.csv") into a cell.