Top Bucket AI

Business Description

The Toro Company is an American manufacturer of equipment for turf and landscape maintenance, snow and ice management, underground utility construction, and irrigation. Headquartered in Bloomington, Minnesota, the company serves commercial, agricultural, public sector, and residential customers worldwide. It is well known for its professional-grade mowers, snowplows, and precision irrigation systems.

Financial Statements

In thousands, USD

	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	4,510,400	4,583,800	4,553,200	4,514,700
Cost of Sales	3,005,600	3,034,500	2,975,600	3,010,100
Gross Profit	1,504,800	1,549,300	1,577,600	1,504,600
Selling, General & Administrative Expenses	1,013,800	1,016,000	995,600	928,900
Other Operating Expenses	81,100	—	151,300	—
Operating Profit	409,900	533,300	430,700	575,700
Interest Expense	(59,100)	(61,900)	(58,700)	(35,700)
Non-Operating Income	26,800	41,400	28,500	12,500
Total Non-Operating Income	(32,300)	(20,500)	(30,200)	(23,200)
Income Before Provision for Income Taxes	377,600	512,800	400,500	552,500
Provision for Income Taxes	61,500	93,900	70,800	109,200
Consolidated Net Income	316,100	418,900	329,700	443,300
Net Income Attributable to Common Shareholders	316,100	418,900	329,700	443,300
Basic EPS	3.18	4.04	3.16	4.23
Diluted EPS	3.17	4.01	3.13	4.20
Basic Weighted Average Shares Outstanding	99,500	103,800	104,400	104,800
Diluted Weighted Average Shares Outstanding	99,800	104,400	105,300	105,600
Shares Outstanding	97,888	101,472	103,843	103,970

	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	341,000	199,500	193,100	188,200
Total Cash and Cash Equivalents	341,000	199,500	193,100	188,200
Accounts Receivable	332,300	410,900	349,500	290,000
Other Receivables	45,900	48,800	57,900	42,700
Total Trade Receivables	378,200	459,700	407,400	332,700
Inventories	920,800	1,038,900	1,087,800	1,051,100
Other Current Assets	65,100	66,800	110,500	103,400
Total Current Assets	1,705,100	1,764,900	1,798,800	1,675,400
Net Property, Plant & Equipment	730,500	759,300	767,000	647,800
Net Intangible Assets	390,300	498,700	540,100	585,800
Goodwill	450,900	450,300	450,800	583,300
Long-Term Investments	41,000	49,200	50,600	39,300
Other Long-Term Assets	121,000	60,400	37,000	24,400
Total Assets	3,438,800	3,582,800	3,644,300	3,556,000
Accounts Payable	367,600	452,700	430,000	578,700
Accrued Expenses	525,500	493,000	499,100	469,200
Current Portion of Long-Term Debt	—	10,000	—	—
Current Portion of Leases	19,300	20,300	19,500	15,700
Other Current Liabilities	83,100	76,400	65,700	81,700
Total Current Liabilities	912,400	976,000	948,600	1,063,600
Long-Term Debt	921,500	911,800	1,031,500	990,800
Leases	100,300	99,100	112,100	63,600
Other Long-Term Liabilities	51,300	44,000	41,200	86,300
Total Long-Term Liabilities	1,073,100	1,054,900	1,184,800	1,140,700
Total Liabilities	1,985,500	2,030,900	2,133,400	2,204,300
Common Stock	97,900	101,500	103,800	104,000
Accumulated Other Comprehensive Income	(35,100)	(46,000)	(37,000)	(33,100)
Retained Earnings	1,390,500	1,496,400	1,444,100	1,280,800
Total Common Shareholders' Equity	1,453,300	1,551,900	1,510,900	1,351,700
Total Shareholders' Equity	1,453,300	1,551,900	1,510,900	1,351,700
Total Liabilities and Shareholders' Equity	3,438,800	3,582,800	3,644,300	3,556,000

	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	316,100	418,900	329,700	443,300
Depreciation & Amortization	142,900	128,200	119,200	108,800
Share-Based Compensation Expense	19,000	23,000	19,400	22,100
Other Adjustments	36,300	(29,400)	91,900	(31,100)
Changes in Trade Receivables	83,200	(53,100)	(71,600)	(19,300)
Changes in Inventories	109,300	27,500	(26,700)	(285,900)
Changes in Accounts Payable	(86,600)	24,300	(149,900)	66,300
Changes in Other Operating Activities	41,800	30,500	(5,200)	(7,000)
Cash from Operating Activities	662,000	569,900	306,800	297,200
Capital Expenditure	(83,700)	(103,500)	(149,500)	(143,500)
Proceeds from Sale of Property, Plant & Equipment	800	300	400	200
Payments for Business Acquisitions	(4,200)	(800)	(21,000)	(409,600)
Proceeds from Business Divestments	9,700	40,000	5,300	4,600
Other Investing Activities	—	4,300	7,100	—
Cash from Investing Activities	(77,400)	(59,700)	(157,700)	(548,300)
Issuance of Long-Term Debt	1,040,000	465,000	555,000	300,000
Repayments of Long-Term Debt	(1,040,000)	(575,000)	(515,000)	—
Net Issuance / (Repayments) of Long-Term Debt	0	(110,000)	40,000	300,000
Issuance of Common Shares	2,100	9,100	19,700	10,300
Repurchases of Common Shares	(292,900)	(249,400)	(63,800)	(142,400)
Net Issuance / (Repurchases) of Common Shares	(290,800)	(240,300)	(44,100)	(132,100)
Common Share Dividends Paid	(151,100)	(149,500)	(141,900)	(125,700)
Other Financing Activities	(4,200)	(5,300)	(1,500)	—
Cash from Financing Activities	(446,100)	(505,100)	(147,500)	42,200
Effect of Exchange Rate Changes on Cash and Cash Equivalents	3,000	1,300	3,300	(8,500)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	141,500	6,400	4,900	(217,400)

Key Metrics & Ratios

Metric	Value
Market Cap	$7.32B
P/E	23.57x
P/S	1.62x
EV/EBITDA	14.50x
Return on Equity	21.0%
Return on Invested Capital	15.3%
Current Ratio	1.87x
Dividend Yield	2.0%
Free Cash Flow Margin	12.8%

Margins

Gross margin

33.4%

Operating margin

9.1%

Net margin

7.0%

Quarterly Trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q2 2026	$1.42B	+8.1%	13.7%	$195M
Q1 2026	$1.04B	+4.2%	8.4%	$87M
Q4 2025	$1.07B	-0.9%	8.7%	$92M
Q3 2025	$1.13B	-2.2%	5.7%	$65M
Q2 2025	$1.32B	—	13.3%	$175M
Q1 2025	$995M	—	7.8%	$78M
Q4 2024	$1.08B	—	10.1%	$109M
Q3 2024	$1.16B	—	12.8%	$148M

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The Toro Company financials