Toro Co

Toro designs, builds and markets equipment and irrigation systems for maintaining grass and grounds, clearing snow and installing underground utilities. Products range from golf course mowers and sprinkler systems to riding mowers for landscaping contractors, snowplows, drills and trenchers that lay pipe and cable underground, drip irrigation for farms, and lawn mowers and snow throwers for homeowners. Brands include Toro, Ditch Witch, eXmark, BOSS, Ventrac, Hayter and Lawn-Boy. Toro says it is the only company offering both equipment and irrigation to golf courses.

Most products are sold to distributors and dealers, who resell or rent them to golf courses, sports fields, contractors, farms and local governments. Some go directly to governments, rental companies and large retailers, and homeowner products reach buyers through mass retailers, home centers and online. In the fiscal year ended October 31, 2025, net sales were $4.51 billion. The Professional segment brought in about 80% and Residential about 19%. Equipment made up 90.2% of sales and irrigation 9.8%, and the US accounted for 80.5%.

On December 8, 2025, Toro acquired Tornado Infrastructure Equipment, a Calgary-based maker of hydrovac excavation equipment (digging with pressurized water and suction), for C$279.3 million, funded with borrowing. New products, those introduced in the current or previous two fiscal years, have historically made up a significant share of sales.

• In Q3 FY2026 (ended Jul 31, 2026), revenue was $1.23B, up 8.4% from a year earlier, and net income was $77.0M (+43.9%).
• For fiscal 2025, revenue was $4.51B (-1.6% year over year; +5.9% a year from FY2020 to FY2025) with a 7% net margin.

• Over FY2021–FY2025: $1.04B in buybacks and $680.6M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +8.7% a year over 5 years (FY2020–FY2025).
• Dividends took 47.8% of earnings and 26.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed -9.4% from Dec 10, 2021 to Aug 27, 2026.

Rank among 1514 US companies

Market value at each year end

Toro’s market value went from $6.05B at the end of 2016 to $9.92B on Oct 28, 2026, up 64%; since the end of 2025 it is up 29%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($14K) and 14 sales ($14.2M).

Large shareholders (13G filings)

ETFs with the most weight in TTC

1. Weather can make or break a season. Demand for snow throwers, plows, mowers and irrigation follows the weather. A light snow season or unusual spring can cut sales; Toro says weather, worsened by climate change, has hurt demand before.
2. Tornado deal adds debt and integration risk. Toro borrowed to pay for Tornado Infrastructure Equipment, and total debt was $962 million as of July 31, 2026. Delays combining the businesses could erode expected benefits, and disappointing deals can force write-downs.
3. Dealers' stocking decisions swing sales. Most products go through distributors, dealers and big retailers. If they trim inventory, change relationships or struggle financially, Toro's sales can fall even when end demand holds. Buyers' access to credit matters too.
4. Reliance on golf and construction markets. About 80% of sales come from the Professional segment, which Toro says depends on the golf, grounds, irrigation and construction markets. A slowdown in any of these could cut orders.
5. Homeowner sales hinge on retailers and promotions. Residential products, about 19% of sales, depend on shelf space at mass retailers and home centers, homeowner confidence and big promotional events. Losing placement or a weak promotion can hurt results.
6. Tariffs and rising costs can squeeze margins. Higher costs for commodities, components and parts have squeezed Toro's profit margins before. Toro's annual report also warns that new and future tariffs could materially hurt results by raising costs or reducing demand.

• Sep 21, 2026 Executive or board change
• Sep 3, 2026 Quarterly results released
• Jul 22, 2026 Executive or board change; Investor presentation or announcement
• Jun 4, 2026 Quarterly results released
• Mar 20, 2026 Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Other company announcement
• Mar 5, 2026 Quarterly results released
• Dec 17, 2025 Quarterly results released
• Dec 9, 2025 Acquisition or sale of assets completed; Investor presentation or announcement; Other company announcement

Toro has raised its modest dividend for at least 9 straight years through fiscal 2025. Dividends per share grew from $1.00 in fiscal 2020 to $1.52 in fiscal 2025, about 8.7% a year. The fiscal 2025 dividend used 47.8% of earnings and 26.1% of free cash flow (cash left after running and investing in the business). The yield was 1.49% as of October 28, 2026, so the appeal is dividend growth rather than high income. Toro spent $1.04 billion on buybacks (repurchasing its own shares) in fiscal 2021 to 2025, more than the $681 million it paid in dividends; the share count fell 9.4% from December 2021 to August 2026.

The shares have fallen sharply in downturns: 65.2% in the 2008 financial crisis, taking 14 months to recover from the low; 34.1% in the 2020 COVID crash, recovering by September 2020; and 26.7% in the first half of 2022. Single stocks carry more risk than diversified funds.