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