SEC FORM 3

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ziegler Gregg L.

(Last)

(First)

(Middle)

1140 VIRGINIA DRIVE

(Street)

FORT WASHINGTON

19034

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/01/2025

3. Issuer Name and Ticker or Trading Symbol
Toll Brothers, Inc. [ TOL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	15,626	D
Common Stock	140.7853	I	401(k) Plan
Common Stock	219.913	I	IRA
Common Stock	109.956	I	Roth IRA
Common Stock	40.685	I	Spouse

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Options (Right to Buy)	12/18/2018⁽¹⁾	12/18/2027	Common Stock	2,555	$47.84	D
Stock Options (Right to Buy)	12/18/2020⁽²⁾	12/18/2029	Common Stock	5,166	$39.51	D
Stock Options (Right to Buy)	12/19/2023⁽³⁾	12/19/2032	Common Stock	2,804	$50.11	D
Stock Options (Right to Buy)	12/20/2019⁽⁴⁾	12/20/2028	Common Stock	4,500	$32.42	D
Stock Options (Right to Buy)	12/20/2022⁽⁵⁾	12/20/2031	Common Stock	2,156	$67.15	D
Restricted Stock Units	12/01/2023⁽⁶⁾	12/01/2026	Common Stock	3,293	$0	D
Restricted Stock Units	12/01/2025⁽⁷⁾	12/01/2028	Common Stock	2,222	$0	D
Restricted Stock Units	12/01/2022⁽⁸⁾	12/01/2025	Common Stock	2,346	$0	D
Restricted Stock Units	12/01/2024⁽⁹⁾	12/01/2027	Common Stock	2,449	$0	D
Restricted Stock Units	01/31/2025⁽¹⁰⁾	01/31/2026	Common Stock	4,897	$0	D

Explanation of Responses:

1. Vested 25% on 12/18/2018, 2019, 2020 and 2021. Exercisable as of vesting date.

2. Vested 25% on 12/18/2020, 2021, 2022 and 2023. Exercisable as of vesting date.

3. Vesting 25% on 12/19/2023, 2024, 2025 and 2026. Exercisable as of vesting date.

4. Vested 25% on 12/20/2019, 2020, 2021 and 2022. Exercisable as of vesting date.

5. Vesting 25% on 12/20/2022, 2023, 2024 and 2025. Exercisable as of vesting date.

6. These restricted stock units vest 25% on each of December 1, 2023, 2024, 2025 and 2026. Settlement of 100% of these shares will be on December 1, 2026.

7. These restricted stock units vest 25% on each of December 1, 2025, 2026, 2027 and 2028. Settlement of 100% of these shares will be on December 1, 2028.

8. These restricted stock units vest 25% on each of December 1, 2022, 2023, 2024 and 2025. Settlement of 100% of these shares will be on December 1, 2025.

9. These restricted stock units vest 25% on each of December 1, 2024, 2025, 2026 and 2027. Settlement of 100% of these shares will be on December 1, 2027.

10. These restricted stock units vest 50% on each of January 31, 2025 and 2026. Settlement of 100% of these shares will be on January 31, 2026.

	/s/ Michael J. Grubb, attorney-in-fact	11/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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