Quarter ended January 31, 2026 (fiscal Q1).
| Closings | 1,899 (↓5%) |
| Revenue | $1.85B (flat) |
| Gross margin | 24.8% |
| Orders | 2,303 (flat) |
From the call
“Impressively, our average adjusted gross margin in our build-to-order business remained above 30% in the first quarter.”
Toll runs both models on purpose: build-to-order for margin and specs for speed, split about 50/50. Pre-tax income rose 24%.
Source: Toll Brothers 8-K and earnings call.
