Quarter ended April 30, 2026 (fiscal Q2).
| Closings | 2,491 (↓14%) |
| Revenue | $2.51B (↓7%) |
| Gross margin | 23.9% |
| Orders | 2,834 (↑7%) |
From the call
“We held two finished specs per community at second quarter end versus 2.8 at the end of fiscal 2025.”
Toll sells specs early so buyers still visit the design studio. Its specs now earn margins close to its build-to-order homes, about 30% adjusted.
Source: Toll Brothers 8-K and earnings call.
