Toll Brothers reported a robust Q4 2024 with meaningful top-line and margin outperformance driven by a favorable mix, strong demand from affluent buyers, and disciplined cost control. Revenue of $3.334B in Q4 (YoY +10.37%, QoQ +22.20%) yielded net income of $475.4M and EPS of $4.63, with a Q4 gross margin of 27.9% (beat guidance by 40 bps). For the full year, Toll delivered 10,813 homes (record), generating $10.6B in home sales revenue and net income of $1.57B ($15.01 per diluted share). The company continues to emphasize its strategic blend of spec and build-to-order (BTO) homes, a broad geographic footprint, and high-end product differentiation, which underpin an ROE above 20% for the past three years and substantial free cash flow generation. Management maintained a constructive 2025 outlook, guiding deliveries of 11.2k–11.6k with a 27.25% full-year gross margin, while signaling active capital allocation (approximately $500M anticipated in share repurchases) and a target of 440–450 communities. Key drivers include retained pricing power via periodic base-price increases, moderated incentives as the spring selling season begins, a land strategy focused on owned vs. option mix, and continued strength in cash generation amid a high-equity, cash-rich buyer base. Risks include mortgage-rate volatility, policy shifts, and regional inventory dynamics, though Toll asserts resilience through its affluent buyer base and diversified mix.