Toll Brothers is a luxury residential real estate developer and homebuilder operating across multiple states that designs, constructs, and sells luxury single-family and attached homes, master-planned communities, and urban high-rise condominiums to affluent homebuyers including first-time luxury buyers, move-up buyers, empty-nesters, and second-home purchasers. The company generates revenue primarily through home sales, with supplementary income from in-house mortgage financing, ancillary services such as architectural design and land development, and joint venture investments in rental properties. Toll Brothers operates through a development model where it acts as general contractor overseeing subcontractors, maintains a large portfolio of operating communities and homes approved for development, and strategically controls land through a mix of owned properties and options to manage capital requirements.