Toll Brothers, Inc. Q1 2026 Earnings Call Summary

Management attributes strong Q1 performance to a wealthy customer cohort that remains largely insulated from affordability pressures due to home equity growth and stock market appreciation. The company is maintaining a deliberate 50-50 mix between high-margin build-to-order homes and faster-turning spec inventory to optimize both profitability and volume. Operational outperformance in adjusted gross margin in the first quarter was driven primarily by operating efficiency, while a favorable geographic ...