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- **Revenue Growth**: Q1 net sales of $1.04 billion (+4.2% YoY) driven by snow/ice, underground construction, and Tornado acquisition.
- **EPS Beat**: Adjusted EPS of $0.74 (+14% YoY) exceeded expectations, supported by AMP cost savings ($95M) and net price realization.
- **Guidance Uptick**: FY2026 sales growth raised to 3%–6.5% (vs. 2%–5%), EPS to $4.40–$4.60 (vs. $4.25–$4.45), with free cash flow conversion >120%.
- **Strategic Focus**: AMP program on track for $125M savings, Tornado integration driving underground growth, and autonomous tech expansion addressing labor shortages.
- **Shareholder Return**: $133M returned via dividends and buybacks, with balance sheet strength (leverage 1.5x) enabling disciplined capital allocation.

**【Management Opening Remarks】**
- The Toro Company released Q1 2026 results, highlighting strong execution across both professional and residential segments. The call emphasized strategic priorities, including innovation, operational excellence, and disciplined capital allocation.

**【CEO Summary Section】**
- Q1 net sales reached $1.04 billion, a 4.2% year-over-year increase, driven by snow and ice products, underground construction, and the Tornado acquisition.
- Adjusted EPS of $0.74 exceeded expectations, up 14% from Q1 2025, supported by net price realization and cost savings from the AMP program.
- The AMP program contributed $95 million in cost savings, with a target of $125 million by year-end.
- Free cash flow of $14.6 million reflected seasonal inventory build, yet the company repurchased $95 million in shares, demonstrating commitment to shareholder returns.

**【CFO Financial Commentary】**
- Professional segment net sales grew 4.2% to $824 million, driven by underground construction and Tornado integration. Residential segment sales rose 4.2% to $206 million, benefiting from snow and ice demand.
- Consolidated adjusted operating margin expanded to 9.8%, up from 9.4% in Q1 2025, with both segments exceeding earnings expectations.
- Balance sheet remains strong with a leverage ratio of 1.5x, supporting free cash flow conversion of 22% and $133 million returned to shareholders via dividends and buybacks.
- Updated FY2026 guidance: net sales growth of 3%–6.5% (vs. prior 2%–5%), adjusted EPS of $4.40–$4.60 (vs. prior $4.25–$4.45), and free cash flow conversion >120%.

**【Q&A Key Highlights】**
- **Organic Growth Contribution**: Excluding Tornado, organic sales growth was ~5%, with Tornado adding 1–2%.
- **Snow & Ice Sales**: Snow and ice products accounted for the largest portion of segment growth, with Q1 shipments above 10-year averages, positioning the company for strong second-half preseason fills.
- **International Softness**: Professional segment international sales were softer than expected, but management remains confident in full-year targets due to core business strength.
- **Autonomous Growth**: Toro now offers the broadest range of autonomous turf solutions, with early-stage adoption driven by labor shortages in golf and grounds.
- **M&A Strategy**: Focus on adjacencies in underground construction and technology, with valuations moderating but no immediate large deals expected.


The Toro Company(TTC)-20260305-2026 Q1 Earnings call transcript

- **Record Performance**: Q4 2025 sales of $1.07B and full-year EPS of $4.20 beat expectations, driven by professional segment strength and cost control.
- **Strategic Growth**: $125M AMP savings target by 2026, Tornado acquisition, and Autonomous Mower innovation highlight long-term strategy.
- **Cash Flow Excellence**: $578M free cash flow (146% conversion) enabled $441M shareholder returns, including dividend increase.
- **2026 Outlook**: 2%-5% sales growth, with cautious residential outlook offset by professional segment momentum.
- **Risk Management**: Tariff impact of $100M in 2026, mitigated by productivity and selective pricing.

**【CEO Summary Section】**
- **Q4 2025 Performance**: Reported consolidated net sales of $1.07 billion, exceeding expectations. Professional segment margin rose to 19.2%, driven by underground construction and snow/ice management growth. Full-year net sales reached $4.5 billion, with adjusted EPS of $4.20, beating guidance and prior-year results.
- **Strategic Acquisitions**: Acquired Tornado Infrastructure Equipment to expand underground construction capabilities, targeting long-term growth in vacuum excavation. Autonomous GeoLink Fairway Mower and Toro GrandStand Multi Force products are gaining traction in labor-constrained markets.
- **AMP Productivity Program**: Achieved $86 million in annualized cost savings, with a new target of $125 million by 2026. Actions include facility closures, workforce reduction, and non-core divestitures.
- **Cash Flow & Shareholder Returns**: Generated record free cash flow of $578 million (146% conversion rate). Returned $441 million to shareholders via dividends and buybacks, with a $0.01 dividend increase to $0.39.

**【CFO Financial Commentary】**
- **Q4 Financials**: Adjusted EPS of $0.91, up from $0.95 prior year, driven by professional segment growth offset by higher incentive expenses. Full-year gross margin improved to 34.1%, supported by price realization and productivity.
- **Segment Performance**: Professional segment sales grew 1.9% to $3.62 billion, with 19.4% margin. Residential segment sales declined 14% to $858.4 million, but margin improved to 4.2%.
- **2026 Outlook**: Sales growth of 2%-5%, with professional segment mid-single-digit growth and residential low to mid-single-digit decline. Targeted adjusted gross margin improvement and operating margin expansion.

**【Q&A Highlights】**
- **Sales Guidance**: 2%-5% growth, with Tornado contributing ~200 basis points. Residential cautious due to macro factors, but snow pre-season stocking positive.
- **AMP Program**: $125 million target achievable through supply chain, operational efficiency, and reinvesting 50% of savings in innovation.
- **Tariffs**: 2026 impact ~$100 million, mitigated by productivity and selective pricing. Lead times normalized, reducing inventory risk.
- **Backlog**: Improved $400 million year-over-year to $1.2 billion, reflecting strong demand in golf, grounds, and underground construction.

The Toro Company (TTC) Q4 2025 Earnings Call Transcript

- **Professional Segment Strength**: 6% YoY growth, 250bps margin expansion to 21.3%, driven by underground construction and golf/grounds demand.
- **Residential Challenges**: 28% YoY decline, 1.9% margin (vs. 12.2% prior year), impacted by homeowner caution and inventory liquidation.
- **AMP Productivity Success**: $75M annualized savings (on track for $100M by 2027), 2025 in-year savings $47M reinvested in innovation.
- **Tariff Mitigation**: 2025 incremental cost $45M, 50% offset by pricing and 50% by productivity, targeting margin-neutral by year-end.
- **2026 Outlook**: Residential recovery contingent on interest rates, pro segment growth driven by infrastructure and golf participation.

**【CEO Opening Remarks】**
- Q3 net sales $1.13B (-2.2% YoY), driven by 6% growth in professional segment (underground construction, golf/grounds) offset by 28% decline in residential.
- Adjusted EPS $1.24 vs. $1.18 prior year, beating internal expectations.
- Professional segment margin expanded 250bps to 21.3%, residential margin contracted to 1.9% due to lower volume and promotions.
- 2025 guidance: total sales flat to -3%, adj. EPS $4.15 (low end of range), free cash flow conversion 110%.
- AMP productivity program delivered $75M annualized savings, on track for $100M by 2027.
- Tariff mitigation strategies limiting margin impact, 2025 incremental tariff cost ~$45M.

**【CFO Financial Commentary】**
- GAAP EPS $0.54 (-53% YoY) due to $81M non-cash impairment of Spartan trade name.
- Adj. gross margin 34.4% (-10bps YoY), driven by lower volume and higher material costs.
- SG&A expense rate 20.8% (220bps improvement YoY), benefiting from AMP savings.
- Free cash flow $292M (90% conversion), share buybacks $290M YTD.
- 2025 outlook: professional segment revenue up slightly, residential down mid-teens.

**【COO Operational Update】**
- New product launches: Ventrac 45RC, Attract eDingo, Toro GeoLink Mow.
- Underground construction output improving, golf/grounds orders healthy.
- AMP program driving $47M in-year savings, reinvesting 50% in innovation.
- Inventory management: residential channel inventory down significantly, setting up for 2026 spring.

**【Q&A Highlights】**
- **AMP Progress**: $75M annualized savings, 2027 target $100M. 2025 in-year savings $47M, 50% reinvested in R&D.
- **Tariff Mitigation**: 2025 incremental tariff cost $45M (steel/aluminum 50%, China 30%, Mexico 20%). On track for margin-neutral by year-end.
- **Residential Recovery**: 2026 outlook positive if interest rates stabilize. Dealer inventory down 30% YoY, field inventory at healthy levels.
- **Backlog**: Pro segment backlog reduced to normal levels, underground construction orders extend into 2026.
- **Snow Products**: 2025 snow inventory at normal preseason levels, despite 2 years of low snowfall.

The Toro Company (TTC) Q3 2025 Earnings Call Transcript

- **Q2 Results**: Revenue $1.3B (-2.3% YoY), adj. EPS $1.42 beats expectations. Pro segment (+1% sales, +6% profits) outperforms resi (-11% sales, -44% profits). 
- **Strategic Actions**: $70M AMP savings, Mexico plant closure, USMCA tariff mitigation, $200M share buybacks.
- **FY25 Outlook**: Revenue flat to -3%, adj. EPS $4.15-$4.30 (+1%). Pro margin expansion offsets resi weakness.
- **Key Risks**: Consumer caution in resi, 3% COGS tariff impact, delayed spring recovery.
- **Positive Drivers**: Golf/equipment demand, AMP savings, Underground Construction backlog growth.

**【CEO Summary Section】**
- Q2 revenue of $1.3 billion (-2.3% YoY) driven by weak consumer confidence and delayed spring, partially offset by strong Golf & Grounds and Underground Construction businesses.
- AMP productivity initiative delivered $70M annualized savings (target $100M by 2027), with 10% reduction in salaried workforce.
- Mexico manufacturing rationalization to improve efficiency, with 90%+ residential products USMCA-compliant to avoid tariffs.
- New product launches include BOSS cold front tech, E2500 ultra buggies, and eDingo TX 750, targeting productivity and emissions reduction.
- Guidance: FY25 revenue flat to -3% (pro up, resi down mid-teens), adjusted EPS $4.15-$4.30 (+1% midpoint). 

**【CFO Financial Commentary】**
- Q2 adj. EPS $1.42 (vs. $1.40 exp.), driven by professional segment margin expansion (19.9% vs. 19.0%).
- Professional segment: +1% sales ($1.0B), +6% earnings ($202M), benefiting from golf equipment demand and productivity gains.
- Residential segment: -11% sales ($297M), -44% earnings ($16M), due to lower mower/snow product shipments and cost inflation.
- Gross margin 33.4% (flat YoY), operating margin 13.7% (-0.5ppt YoY). 
- Free cash flow $84.7M, $200M share buybacks YTD, with $49M interest expense and 19% tax rate.
- FY25 outlook: adj. EPS $4.15-$4.30 (+1%), with professional margin expansion offsetting residential margin pressure.

**【Q&A Highlights】**
- **Tariff Mitigation**: 3% COGS impact ($90M FY25), fully offset via price increases, AMP savings, and USMCA compliance. 4Q25 tariffs highest impact.
- **Residential Weakness**: Consumer caution on big-ticket items, trade-downs to entry-level products. May sales recovery offset by April delays.
- **Underground Construction**: +15% backlog, long-term demand from fiber/infrastructure, but Q2 down due to dealer sales and SKU rationalization.
- **Inventory Management**: Residential finished goods up due to delayed spring, but WIP down 1%. Inventory valuation adjustments impacting margins.
- **Capital Allocation**: Share buybacks ($200M YTD) opportunistic, with R&D/M&A first priority.


The Toro Company (TTC) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Resilience**: $995M net sales, with professional segment up 1.6% despite residential headwinds.
- **Margin Expansion**: Professional segment margin +160bps to 16.5%, driving EPS beat.
- **AMP Momentum**: $64M annualized savings, with $7M realized in Q1 and $100M target by FY27.
- **Tariff Mitigation**: <10% COGS exposed to China tariffs, with offset strategies in place.
- **Underground Strength**: Elevated backlog and new ProKASRO acquisition fuel long-term growth.

**【CEO Opening Remarks】**
- Q1 net sales reached $995 million, with professional segment growth (1.6%) offsetting residential decline (-8%).
- Professional segment driven by golf/grounds output (+30%), new contractor-grade mowers, and pricing.
- Residential impacted by elevated snow inventory and Pope divestiture (-$7.5M).
- AMP initiative delivered $64M in annualized savings (Q1: $50M), with reinvestment in innovation.
- FY25 guidance maintained: 0-1% net sales growth, $4.25-$4.40 EPS.

**【CFO Financial Highlights】**
- Adjusted EPS: $0.65 (vs. $0.64 prior year), driven by professional margin expansion (16.5% vs. 14.9%).
- Gross margin: 34.1% (adjusted), stable vs. prior year despite higher costs.
- SG&A: 25.9% of sales, up 30bps due to AMP charges.
- Free cash flow: -$67.7M (seasonal), targeting 100% conversion of net income.
- Balance sheet strong with $1.14B inventory (down 3% YoY).

**【Q&A Key Takeaways】**
1. **AMP Progress**: $7M realized savings in Q1, with $100M target by FY27. Reinvestment prioritized for robotics, AI, and underground tech.
2. **Tariff Impact**: China tariffs (+10%) included in guidance. <10% COGS exposed, with offset via pricing, sourcing, and productivity.
3. **Channel Inventory**: Pro segment healthy, residential snow inventory improving but still elevated. Landscape contractor orders strong for spring.
4. **Underground Growth**: Backlog remains elevated, with new ProKASRO acquisition enhancing trenchless solutions.
5. **Snow Outlook**: Below-average winter reduces pre-season shipments, but contractor cash flow healthy for summer spend.


The Toro Company (TTC)-6 Mar 25-2025 Q1 Earnings call transcript

The Toro Company (TTC) Q4 2024 Earnings Call Transcript

Toro (TTC)-6 Jun 24-2024 Q2 Earnings call transcript

Toro (TTC)-7 Mar 24-2024 Q1 Earnings call transcript

- **Record financials**: FY23 net sales $4.55B (+1% YoY), adjusted EPS $4.21 (+0.2% YoY) despite residential headwinds.
- **Backlog strength**: $2B backlog in high-demand underground and golf equipment, driving 2024 professional segment growth.
- **AMP productivity**: $100M annual savings by 2027, 50% reinvested in innovation; Lowe's partnership to expand residential reach.
- **2024 outlook**: Low single-digit sales growth, adjusted EPS $4.25-$4.35; Q1 sales down low double digits YoY due to tough comp.

**【CEO Summary Section】**
- Full year net sales of $4.55 billion and adjusted EPS of $4.21 exceeded 2022 records, driven by professional segment growth (7%) and strong demand for underground and specialty construction products.
- Q4 net sales $983M (-15.1% YoY), adjusted EPS $0.71 (down from $1.11 YoY) due to lower residential demand and channel destocking.
- Strategic initiatives: AMP productivity program targeting $100M annual savings by 2027; new Lowe's partnership to expand residential reach; $2B backlog in underground and golf equipment.
- 2024 guidance: low single-digit total sales growth, professional segment growth lower than total, residential higher; adjusted EPS $4.25-$4.35.

**【CFO Financial Commentary】**
- FY23: GAAP EPS $3.13, adjusted EPS $4.21 (up 0.2% YoY). Q4: GAAP EPS $0.67 (-40.2% YoY), adjusted EPS $0.71 (-36% YoY).
- Gross margin: 34.7% FY23 (vs 33.4% 2022), Q4 33.6% (vs 34.1% YoY). SG&A 21.8% FY23 (vs 20.5% 2022).
- Free cash flow $164.4M (50% of net earnings), targeting 100% conversion in 2024.
- 2024: CapEx $125M, interest $59M, tax rate 21%. Q1 sales down low double digits YoY, EPS modestly lower than Q4.

**【Q&A Highlights】**
- Lowe's partnership: significant residential growth potential, net benefit offsetting channel destocking; expected to contribute to 2024 residential growth.
- Inventory: Residential field inventory elevated, but improving; underground/backlog businesses at healthy levels.
- AMP program: $100M savings by 2027, 50% reinvested in innovation; onetime costs will be disclosed as program evolves.
- Snow season: light early activity, elevated field inventory from 2023's low snowfall.

Actual											0.64	0.92	0.82	0.64	0.85	1.29	0.92	0.56	0.66	1.25	1.19	1.11	0.98	1.58	0.95	0.71	0.64	1.4	1.18	0.95	0.65	1.42	1.24	0.91	0.74
Forecast											0.5783	1.0067	0.5483	0.516	0.7514	1.1928	0.7823	0.5324	0.6323	1.237	1.1342	1.0817	0.9405	1.5196	1.24	0.5604	0.6575	1.295	1.2291	0.9515	0.6275	1.3952	1.2153	0.8734	0.6477
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+10.67%	-8.61%	+49.55%	+24.03%	+13.12%	+8.15%	+17.60%	+5.18%	+4.38%	+1.05%	+4.92%	+2.62%	+4.20%	+3.97%	-23.39%	+26.70%	-2.66%	+8.11%	-3.99%	-0.16%	+3.59%	+1.78%	+2.03%	+4.19%	+14.25%

Actual	--	--	--	--	--	--	--	--	--	--	767.48M	929.40M	840.97M	840.96M	872.99M	1.15B	976.84M	960.65M	932.65M	1.25B	1.16B	1.17B	1.15B	1.34B	1.08B	983.20M	1.00B	1.35B	1.16B	1.08B	995.00M	1.32B	1.13B	1.07B	1.04B
Forecast	--	--	--	--	--	--	--	--	--	--	788.31M	1.03B	772.58M	772.20M	851.36M	1.13B	954.66M	955.89M	967.82M	1.27B	1.17B	1.18B	1.16B	1.44B	1.22B	973.65M	1.00B	1.34B	1.26B	1.09B	1.00B	1.35B	1.16B	1.05B	1.00B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.64%	-10.00%	+8.85%	+8.90%	+2.54%	+1.86%	+2.32%	+0.50%	-3.63%	-1.80%	-0.72%	-0.29%	-0.80%	-6.85%	-11.57%	+0.98%	-0.16%	+0.41%	-8.11%	-1.26%	-0.99%	-2.53%	-2.49%	+1.75%	+3.57%

TTC

TTC fundamentals

TTC Q1 2026 Earnings

Earnings Call

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TTC

TTC fundamentals

TTC Q1 2026 Earnings

Earnings Call

TTC Earnings Call Summary for Q1/202611:00 AM on Mar 5, 2026

TTC Earnings Call Summary for Q4/202511:00 AM on Dec 17, 2025

TTC Earnings Call Summary for Q3/202511:00 AM on Sep 4, 2025

TTC Earnings Call Summary for Q2/202511:00 AM on Jun 5, 2025

TTC Earnings Call Summary for Q1/202511:00 AM on Mar 6, 2025

You can ask Aime