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    SEC Form 11-K filed by Toro Company

    6/27/25 12:15:41 PM ET
    $TTC
    Tools/Hardware
    Consumer Discretionary
    Get the next $TTC alert in real time by email
    11-K 1 ttc0626202511k.htm 11-K Document








    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C.  20549
    FORM 11-K
    (Mark One)
    ☒      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the fiscal year ended December 31, 2024
     
    OR
     
    ☐        TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from _____________ to _____________
     
    Commission file number: 1-8649
     
    A. Full title of the plan and address of the plan, if different from that of the issuer named below:
    The Toro Company Retirement Plan
     
    B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
    The Toro Company
    8111 Lyndale Avenue South
    Bloomington, MN 55420-1196












    THE TORO COMPANY RETIREMENT PLAN
    Table of Contents
    DescriptionPage Number
    Report of Independent Registered Public Accounting Firm CBIZ CPAs P.C.
    1
    Report of Independent Registered Public Accounting Firm KPMG LLP
    2
    Statements of Net Assets Available for Benefits
    3
    Statements of Changes in Net Assets Available for Benefits
    4
    Notes to Financial Statements
    5
    Schedule H, line 4i - Schedule of Assets (Held at End of Year)
    10
    Signatures
    11
    Exhibit Index
    12



    Report of Independent Registered Public Accounting Firm

    To the Plan Participants and Plan Administrator of
    The Toro Company Retirement Plan:

    Opinion on the Financial Statements
    We have audited the accompanying statement of net assets available for benefits of the Toro Company Retirement Plan (the “Plan”) as of December 31, 2024, the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
    Basis for Opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
    We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
    Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
    Accompanying Supplemental Information
    The supplemental information in the accompanying Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
    /s/ CBIZ CPAs, P.C.
    We have served as the Plan's auditor since 2024.
    West Conshohocken, Pennsylvania
    June 27, 2025



    Report of Independent Registered Public Accounting Firm

    To the Plan Participants and Plan Administrator
    The Toro Company Retirement Plan:

    Opinion on the Financial Statements
    We have audited the accompanying statement of net assets available for benefits of The Toro Company Retirement Plan (the Plan) as of December 31, 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023, and the changes in net assets available for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
    Basis for Opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
    We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
    /s/ KPMG LLP
    We have not been able to determine the specific year that we began serving as the Plan’s auditor; however, we are aware that we served as the Plan’s auditor from at least 1993 to 2024.
    Des Moines, Iowa
    June 27, 2025



    THE TORO COMPANY RETIREMENT PLAN
    Statements of Net Assets Available for Benefits

    December 3120242023
    ASSETS
    Assets held by trustee, at fair value 
    Investments at fair value$1,352,617,779 $1,349,968,359 
    Receivables:
    Employer contribution receivable5,937,959 16,725,965 
    Employee contribution receivable1,160,000 750,000 
    Dividends receivable on The Toro Company Common Stock1,029,019 1,157,062 
    Notes receivable from participants1,694 18,673 
    Other receivable due to investments in transit74,233 101,394 
    Total receivables8,202,905 18,753,094 
    Net assets available for benefits$1,360,820,684 $1,368,721,453 

    See accompanying Notes to Financial Statements.
    3


    THE TORO COMPANY RETIREMENT PLAN
    Statements of Changes in Net Assets Available for Benefits

    Fiscal Years Ended December 3120242023
    Investment income:
    Net appreciation in the fair value of investments$87,484,522 $91,077,449 
    Interest and dividends10,925,701 9,020,870 
    Net investment income98,410,223 100,098,319 
    Contributions:
    Employer cash contributions26,558,574 37,839,463 
    Employee contributions46,936,728 45,977,334 
    Rollover contributions6,370,227 5,304,788 
    Total contributions79,865,529 89,121,585 
    Deductions from net assets:
    Benefit payments(185,859,786)(142,012,163)
    Administrative and other(316,735)(368,296)
    Total deductions from net assets(186,176,521)(142,380,459)
    Net (decrease) increase in net assets available for benefits(7,900,769)46,839,445 
    Net assets available for benefits:
    Beginning of year1,368,721,453 1,321,882,008 
    End of year$1,360,820,684 $1,368,721,453 

    See accompanying Notes to Financial Statements.
    4


    THE TORO COMPANY RETIREMENT PLAN
    Notes to Financial Statements

    1Summary Description of Plan
    The following description of The Toro Company Retirement Plan (the "Plan") is provided for general information purposes only. The description applies to each of the years for which financial statements are presented. Current and former employees (the "Participants") of The Toro Company (the "Company" or the "Plan Administrator") and its related companies that adopt the Plan should refer to the Plan document, amended and restated effective January 1, 2016, and subsequent amendments and the Summary Plan Description for a more complete description of the Plan's provisions.
    General
    The Plan is a defined contribution plan formed for the purpose of providing retirement benefits to Participants. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). There is a profit-sharing portion and an employee stock ownership plan ("ESOP") portion of the Plan. The portions of Participant accounts that do not hold the Company's Common Stock are included in the profit-sharing portion of the Plan. The portions of Participant accounts that hold the Company's common stock, par value $1.00 per share ("Common Stock"), are included in the ESOP portion of the Plan.
    Eligibility for Participation in Plan
    Current employees of the Company are eligible to contribute to the Plan through their salary reduction contributions after they have completed 30 consecutive days of employment. Once eligible, employees become automatically enrolled to make salary reduction contributions and become Participants, unless they affirmatively elect otherwise.
    Contributions and Vesting
    Upon becoming eligible to contribute to the Plan, Participants are automatically enrolled to contribute four percent of their pre-tax compensation to the Plan through salary reduction contributions. However, Participants may affirmatively elect otherwise, either not to contribute to the Plan, to contribute at a different pre-tax rate, or to contribute on an after-tax basis with a Roth option. Participants who are automatically enrolled are automatically covered by an escalation provision that increases their rate of pre-tax contribution by one percent each calendar year, not to exceed 15 percent of the Participant's pre-tax compensation, beginning on the first payday on or after the first day of June, unless the Participant affirmatively elects otherwise. The Plan states that total contributions, including both pre-tax contributions and after-tax contributions, as applicable, cannot exceed 50 percent of a Participant's compensation. Participants can elect to contribute on a pre-tax, or after-tax basis under the Roth option, at a rate of their choosing, ranging from one percent to 50 percent of their compensation, in one percent increments, subject to contribution limits set by federal tax law and published by the United States Internal Revenue Service (“IRS”). Participants are immediately 100 percent vested in their own salary reduction contributions.
    The Company makes matching contributions to the Plan with respect to a Participant's salary reduction contributions. These matching contributions are equal to 100 percent of a Participant's salary reduction contributions, including catch-up contributions, not to exceed four percent of the Participant's eligible compensation. Such matching contributions vest in full upon completion of two years of vesting service, which is defined as a Plan year in which a Participant is credited with at least one hour of service. Contributions from Plan participants and the matching contributions from the Employer are recorded in the year in which participant compensation is earned.
    Participants may also be eligible for discretionary annual contributions that may be made by the Company to the Plan on their behalf, which could include contributions in cash or contributions to the ESOP portion of the Plan in the form of Common Stock. Participants are eligible to receive discretionary annual contributions in a given year, if applicable, if they have already met the eligibility requirements to be a Participant in the Plan, were employed by the Company on the last day of the respective Plan year, and have completed 1,000 hours of service during the respective Plan year.
    Discretionary annual contributions made by the Company in cash are invested based on a Participant's selection of investment options, and thus could be included in either the profit-sharing portion of the Plan or the ESOP portion of the Plan depending on the Participant's investment elections. To the extent that a discretionary annual cash contribution is made by the Company for a Plan year, it is allocated among eligible Participants based on each Participant's eligible compensation for the Plan year, plus the Participant's eligible compensation above the Social Security taxable wage base. Discretionary annual cash contributions of $5.4 million and $16.2 million, respectively, were recorded by the Company on behalf of Participants related to the Plan year ended December 31, 2024, paid in 2025, and December 31, 2023, paid in 2024. To the extent that a discretionary annual contribution is made by the Company for a Plan year in the form of Common Stock, it is allocated based on the Participant's eligible compensation for the Plan year. The Company did not make ESOP contributions in the form of Common St
    5


    ock during the Plan years ended December 31, 2024 and 2023. Discretionary annual contributions made by the Company, including both contributions in cash and in the form of Common Stock, and earnings attributable thereto, vest at a rate of 20 percent after one year of vesting service, with an additional 20 percent vesting each year of vesting service thereafter until the Participant is 100 percent vested.
    Rollovers
    Participants may make rollover contributions to the Plan representing distributions from other qualified retirement plans. Participants are allowed to subsequently withdraw or transfer such amounts that they previously rolled into the Plan. Transfers of Participants’ interests are made by Fidelity Management Trust Company, acting as the trustee of the Plan ("Trustee"), and are recorded when paid or transferred, respectively.
    Investment of Participant Accounts
    Participants may choose to have their accounts, including those initially invested in Common Stock, invested in any of the investment options made available under the Plan or in Common Stock, subject to certain limitations. No more than 25 percent of a Participant's contributions, and contributions made by the Company on their behalf, may be invested in Common Stock. Reallocations of investments in a Participant’s account cannot be made to Common Stock if more than 25 percent of the Participant’s account is invested in Common Stock. All contributions to the Plan are made to a trust that holds all of the assets of the Plan.
    Forfeiture
    Upon a Participant's termination of service due to resignation, discharge, or retirement prior to the Plan's retirement age of 65, the unvested portion of such Participant's account balance is forfeited. During the years ended December 31, 2024 and 2023, forfeited non-vested contributions and earnings attributable thereto, including matching contributions and discretionary annual contributions, as applicable, totaled $0.8 million and $0.5 million, respectively. Forfeited amounts are used to offset future Company contributions to the Plan.
    Payment of Benefits
    Upon a Participant's termination of service due to death, disability, resignation, discharge, or retirement, such Participant, or a designated beneficiary in the event of termination of service due to death or disability, is eligible to receive distribution payments in the form of a lump-sum payment or in installments in an amount equal to the value of such Participant's vested interest in the Plan. Participants may request hardship withdrawals under IRS guidelines in the event of a defined financial hardship which cannot be reasonably met from other resources of the Participant. In addition, at age 59½, Participants are able to take in-service withdrawals in an amount equal to the value of the Participant's vested interest in the Plan. To the extent an account is invested in Common Stock, a withdrawal or distribution can be in the form of Common Stock or cash. Benefit payments are made by the Trustee and are recorded when paid or transferred, respectively.
    Termination Rights
    Although the Company has not expressed any intention to do so, the Company has the right under the Plan to discontinue contributions to the Plan at any time and may also terminate the Plan at any time subject to the provisions set forth in ERISA. In the event of termination of the Plan, Participant account balances would become fully vested and would be distributed to Participants.
    2Summary of Significant Accounting Policies
    Basis of Presentation
    The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") and are presented on the accrual basis of accounting.
    Accounting Estimates
    The preparation of the financial statements and any supplemental information in conformity with U.S. GAAP requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
    Risks and Uncertainties
    The Plan has investments in a variety of investment funds that, in general, are exposed to various risks, such as interest rate and credit risk, as well as overall market volatility. Due to the level of risk associated with certain investments, it is reasonably
    6


    possible that changes in the values of the investments will occur in the near term and that such changes could materially affect the value of the Participants' account balances and the amounts reported in the financial statements.
    Valuation of Investments and Income Recognition
    The Plan's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Refer to Note 3, Fair Value Measurement, for additional information regarding the fair value measurements of the Plan's investments. Purchases and sales of all investments are recorded on a trade-date basis. Net appreciation, or depreciation, includes the Plan's gains, or losses, respectively, on investments bought and sold, as well as held during the year and is reflected in the financial statements. Interest is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.
    Concentrations of Risk
    As of December 31, 2024 and 2023, approximately 16 percent and 23 percent of the investments of the Plan, respectively, were invested in Common Stock. As a result of this concentration, net assets available for benefits are particularly sensitive to changes in the fair value of investments in Common Stock. The underlying value of the Common Stock is entirely dependent upon the performance of the Company and the market’s evaluation of such performance and other factors.
    Notes Receivable from Participants
    In general, the Plan does not permit loans to Participants from their individual accounts. However, outstanding Participant loans transferred into the Plan as a result of a plan merger with, and into, the Plan remain outstanding in accordance with the existing terms of the promissory notes and plan loan policies in effect immediately before the merger. Participant loans are recorded as notes receivable from participants on the financial statements. Such Participant loans are valued at the unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis and related fees are recorded as administrative expense when incurred. No allowance for current expected credit losses has been recorded on the outstanding Participant loan balance as of December 31, 2024 or 2023.
    Indirect Investments in Fully Benefit-Responsive Investment Contracts
    The Plan indirectly invests in fully benefit-responsive investment contracts and security-backed contracts through the Plan's investment in the Vanguard Retirement Savings Trust IV, held as of December 31, 2024 and 2023. An investment contract is a contract issued by a financial institution to provide a consistent return to the buyer of the contract for a specified period of time. A security-backed contract has similar characteristics as a traditional investment contract and is comprised of two parts: the first part is a fixed-income security or portfolio of fixed-income securities; the second part is a contract value guarantee provided by a third party. Investments in the Vanguard Retirement Savings Trust IV were recorded at a fair value of $43.1 million and $50.0 million as of December 31, 2024 and 2023, respectively. Investments in the Vanguard Retirement Savings Trust IV are categorized as common collective trust funds for the years ended December 31, 2024 and 2023 in Note 3, Fair Value Measurement. The yield earned by the Vanguard Retirement Savings Trust IV was approximately three percent as of December 31, 2024 and 2023.
    Administrative Expenses
    Administrative costs of the Plan are shared by the Company and Participants, depending upon the type of administrative cost, and are recorded when the expense has been incurred. Investment management fees are netted against investment income.
    3Fair Value Measurement
    The Plan categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows:
    Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
    Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
    Level 3: Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability.
    The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
    7


    The Plan's investments in mutual funds, money market funds, and Common Stock are classified as Level 1 assets in the fair value hierarchy. Mutual funds and investments in Common Stock are valued based on the unadjusted closing market price reported on the active market on which the individual securities are traded. Money market funds are open-end, actively traded mutual funds that are registered with the Securities and Exchange Commission and are valued at the daily closing price as reported by the fund. Investments held within the self-directed brokerage account are classified as Level 1 assets in the fair value hierarchy and primarily consist of mutual funds and common stocks that are valued based on the unadjusted closing market price reported on the active market on which the individual securities are traded. The Plan's investments in common collective trust funds are classified as Level 2 assets in the fair value hierarchy. Common collective trust funds have the characteristics of a structure similar to a mutual fund and are valued based on the readily determinable quoted market price that each fund publishes at the end of each day. While the underlying assets in a common collective trust fund are actively traded on an exchange, the funds themselves are not and, therefore, are classified as Level 2 assets in the fair value hierarchy.
    The Plan's assets measured at fair value as of December 31, 2024 and 2023 are summarized below:
    2024TotalLevel 1Level 2Level 3
    Mutual funds$75,061,339 $75,061,339 $— $— 
    Common collective trust funds1,013,826,271 — 1,013,826,271 — 
    Money market funds23,836,612 23,836,612 — — 
    Self-directed brokerage22,971,773 22,971,773 — — 
    The Toro Company Common Stock216,921,784 216,921,784 — — 
    Investments at fair value$1,352,617,779 $338,791,508 $1,013,826,271 $— 
    2023TotalLevel 1Level 2Level 3
    Mutual funds$75,255,452 $75,255,452 $— $— 
    Common collective trust funds927,238,238 — 927,238,238 — 
    Money market funds20,357,170 20,357,170 — — 
    Self-directed brokerage18,585,761 18,585,761 — — 
    The Toro Company Common Stock308,531,738 308,531,738 — — 
    Investments at fair value$1,349,968,359 $422,730,121 $927,238,238 $— 

    8


    4Party-in-Interest Transactions
    As of December 31, 2024, the Trustee and the Company are parties-in-interest with respect to the Plan. The Plan’s investments are held by the Trustee, and some of the investment funds available to Participants include investment funds under a self-directed brokerage account and money market funds managed by the Trustee. Transactions between the Plan and the Trustee are exempt from being considered as "prohibited transactions" under ERISA Section 408(b). The Plan had no prohibited transactions with parties-in-interest during 2024 and 2023.
    Transactions involving Common Stock qualify as party-in-interest transactions that are exempt from the prohibited transaction rules under ERISA. At December 31, 2024 and 2023, the Plan held 2,707,945 and 3,214,060 shares of Common Stock, respectively, with a cost basis of approximately $68.4 million and $74.3 million, respectively. During the years ended December 31, 2024 and 2023, the Plan recorded dividend income on shares of Common Stock of $4.4 million and $4.7 million, respectively.
    5Plan Tax Status
    The Plan Administrator received a favorable determination letter dated November 1, 2017 from the IRS stating that the Plan constitutes a qualified plan under Section 401(a) of the United States Internal Revenue Code ("IRC") and that the trust created under the Plan is exempt from federal income tax under Section 501(a) of the IRC. The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.
    U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability, or asset, if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2024, there are no uncertain tax positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
    6Subsequent Events
    The Company evaluated all subsequent events through June 27, 2025, the date that the financial statements were available to be issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements.
    9


    THE TORO COMPANY RETIREMENT PLAN
    Schedule H, line 4i - Schedule of Assets (Held at End of Year)

    EIN 41-0580470 Plan #203

    December 31, 2024

    Identity of Issue, Borrower, Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity ValueCostCurrent Value
    T. Rowe Price International Discovery Fund I ClassMutual Fund**$14,378,929 
    Vanguard Explorer Fund Admiral SharesMutual Fund**$24,589,636 
    PIMCO International Bond Fund (Unhedged) Institutional ClassMutual Fund**$2,241,042 
    PGIM Total Return Bond Fund Class R6Mutual Fund**$11,063,370 
    American Beacon Small Cap Value Fund Class R6Mutual Fund**$22,788,362 
    Northern Trust Collective Aggregate Bond Index FundCommon Collective Trust**$13,977,395 
    Northern Trust Collective S&P 500 Index FundCommon Collective Trust**$275,521,015 
    Northern Trust Collective Russell 2000 Index FundCommon Collective Trust**$13,096,659 
    Northern Trust Collective S&P 400 Index FundCommon Collective Trust**$61,812,959 
    Great Gray Europacific Growth Trust Class R2Common Collective Trust**$29,164,497 
    Vanguard Retirement Savings Trust IVCommon Collective Trust**$43,058,793 
    Vanguard Target Retirement Income Trust ICommon Collective Trust**$8,213,243 
    Vanguard Target 2020Common Collective Trust**$18,239,892 
    Vanguard Target 2025Common Collective Trust**$68,803,478 
    Vanguard Target 2030Common Collective Trust**$96,912,037 
    Vanguard Target 2035Common Collective Trust**$98,889,690 
    Vanguard Target 2040Common Collective Trust**$80,114,290 
    Vanguard Target 2045Common Collective Trust**$71,902,732 
    Vanguard Target 2050Common Collective Trust**$53,196,535 
    Vanguard Target 2055Common Collective Trust**$44,026,096 
    Vanguard Target 2060Common Collective Trust**$22,593,443 
    Vanguard Target 2065Common Collective Trust**$13,919,015 
    Vanguard Target 2070Common Collective Trust**$384,502 
    *Fidelity Treasury Only Money MarketMoney Market Fund**$23,836,612 
    *Fidelity Brokerage LinkPooled Brokerage Account**$22,971,773 
    *The Toro CompanyThe Toro Company Common Stock**$216,921,784 
    *Participant Loan FundNotes receivable from participants***—$1,694 
    *Other receivable due to investments in transitOther receivable due to investments in transit **$74,233 
    Total$1,352,693,706 
    *    Party-in-interest as defined by ERISA.
    **    Cost information is not required for Participant-directed investments and therefore is not included.
    ***    Two loans outstanding with 0 - 5 year terms, maturing no later than September 2025, with interest rates of 4.25% - 5.00%.

    See accompanying Report of Independent Registered Public Accounting Firm.
    10


    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


    The Toro Company Retirement Plan

    Date: June 27, 2025/s/ Angela C. Drake
    Angela C. Drake
    Vice President, Chief Financial Officer of The Toro Company (duly authorized officer, principal financial officer, and principal accounting officer)

    11


    Exhibit Index
    Exhibit NumberDescription
    23.1
    Consent of Independent Registered Public Accounting Firm - CBIZ CPAs P.C.
    23.2
    Consent of Independent Registered Public Accounting Firm - KPMG LLP.

    12
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    • Group VP, Golf, Grounds & Irr Funk Edric C bought $4,939 worth of shares (67 units at $73.53) (SEC Form 4)

      4 - TORO CO (0000737758) (Issuer)

      3/13/25 7:42:48 AM ET
      $TTC
      Tools/Hardware
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    • Group VP, Golf, Grounds & Irr Funk Edric C bought $3,084 worth of shares (40 units at $77.10), increasing direct ownership by 12% to 361 units (SEC Form 4)

      4 - TORO CO (0000737758) (Issuer)

      3/11/25 7:43:13 PM ET
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    • SEC Form 11-K filed by Toro Company

      11-K - TORO CO (0000737758) (Filer)

      6/27/25 12:15:41 PM ET
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    • SEC Form 10-Q filed by Toro Company

      10-Q - TORO CO (0000737758) (Filer)

      6/5/25 12:06:49 PM ET
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    • Toro Company filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - TORO CO (0000737758) (Filer)

      6/5/25 8:33:58 AM ET
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    • Simpson Manufacturing Co. Announces the Appointment of Angela Drake to its Board of Directors

      PLEASANTON, Calif., Jan. 3, 2025 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced the Company's Board of Directors (the "Board") has appointed Angela Drake as an independent director of the Company, effective on January 1, 2025. The Board has also appointed Ms. Drake to serve on its Audit and Finance and Compensation and Leadership Development Committees. "I am very pleased to welcome Ms. Drake to our Board given her extensive experience in financial leade

      1/3/25 8:30:00 AM ET
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    • Renee J. Peterson to Retire as The Toro Company's Chief Financial Officer

      Angela C. Drake elected Chief Financial Officer succeeding Peterson The Toro Company (NYSE:TTC) today announced that Renee J. Peterson, vice president and chief financial officer, plans to retire in July 2023. Angela C. Drake, who currently serves as TTC's vice president, finance will succeed Peterson as vice president and chief financial officer, effective March 10, 2023. Peterson will continue to serve the organization as vice president, finance to assist with the transition in the coming months and provide ongoing leadership for key enterprise and finance initiatives. "Throughout her tenure, Renee's leadership and strategic insight has helped The Toro Company achieve sustainable growth

      2/14/23 4:30:00 PM ET
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      Tools/Hardware
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    • The Toro Company Declares Regular Quarterly Cash Dividend

      BLOOMINGTON, Minn.--(BUSINESS WIRE)--The Toro Company (NYSE: TTC) today announced that its board of directors has declared a regular quarterly cash dividend of $0.2625 per share, a 5 percent increase from its previous quarterly dividend rate of $0.25 per share. This dividend is payable on January 13, 2021, to shareholders of record on December 22, 2020. About The Toro Company The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With sales of

      12/1/20 4:15:00 PM ET
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    • VP, Technology Svendsen Kurt D exercised 6,000 shares at a strike of $38.82 and sold $425,969 worth of shares (6,000 units at $70.99) (SEC Form 4)

      4 - TORO CO (0000737758) (Issuer)

      6/27/25 1:26:25 PM ET
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      Tools/Hardware
      Consumer Discretionary
    • Chairman & CEO Olson Richard M exercised 44,400 shares at a strike of $38.82 and covered exercise/tax liability with 31,611 shares, increasing direct ownership by 59% to 34,312 units (SEC Form 4)

      4 - TORO CO (0000737758) (Issuer)

      6/23/25 3:26:17 PM ET
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      Tools/Hardware
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    • VP, GC & Corp Secretary Totsky Joanna M. exercised 4,770 shares at a strike of $69.47 and covered exercise/tax liability with 2,128 shares, increasing direct ownership by 112% to 5,012 units (SEC Form 4)

      4 - TORO CO (0000737758) (Issuer)

      6/23/25 3:24:41 PM ET
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    • The Toro Company Releases 2024 Sustainability Impact Report

      Advancing sustainability through innovation, operational efficiency and community investment to drive measurable progress across strategic priorities The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, today released its Sustainability Impact Report for fiscal 2024, highlighting key achievements and progress made towards its strategic priorities of accelerating profitable growth, achieving operational excellence and empowering people. The report builds on the company's longstanding commitment to helping customers enrich the beauty, productivity and sustainability of the land. The full report can be found at www.thetorocompany.com/sustainability

      6/11/25 8:30:00 AM ET
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      Tools/Hardware
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    • The Toro Company Reports Results for the Second Quarter of Fiscal 2025

      Highlighted by Professional Segment Growth and Profitability Improvement Second-quarter net sales of $1.32 billion, down slightly from the same period of fiscal 2024 Second-quarter reported diluted EPS of $1.37, compared to $1.38 in the same period of fiscal 2024 Second-quarter *adjusted diluted EPS of $1.42, up from $1.40 in the same period of fiscal 2024 Company updates full year fiscal 2025 guidance The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal second quarter ended May 2, 2025. "Our second-quarter results demonstrate the resilience and agility of The Toro Company and commitment of ou

      6/5/25 8:30:00 AM ET
      $TTC
      Tools/Hardware
      Consumer Discretionary
    • The Toro Company Declares Regular Quarterly Cash Dividend

      The Toro Company (NYSE:TTC) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.38 per share of TTC's common stock. This dividend is payable on July 11, 2025, to shareholders of record at the close of business on June 17, 2025. About The Toro Company The Toro Company (NYSE:TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company's global presence extends to more than 125

      5/20/25 4:32:00 PM ET
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      Consumer Discretionary

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    • Toro downgraded by Northland Capital with a new price target

      Northland Capital downgraded Toro from Outperform to Market Perform and set a new price target of $80.00 from $100.00 previously

      6/6/25 9:40:13 AM ET
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      Tools/Hardware
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    • Toro upgraded by Northland Capital with a new price target

      Northland Capital upgraded Toro from Market Perform to Outperform and set a new price target of $100.00

      2/24/25 10:07:58 AM ET
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      Tools/Hardware
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    • Toro downgraded by DA Davidson with a new price target

      DA Davidson downgraded Toro from Buy to Neutral and set a new price target of $87.00 from $110.00 previously

      12/5/23 8:09:04 AM ET
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    • The Toro Company Reports Results for the Second Quarter of Fiscal 2025

      Highlighted by Professional Segment Growth and Profitability Improvement Second-quarter net sales of $1.32 billion, down slightly from the same period of fiscal 2024 Second-quarter reported diluted EPS of $1.37, compared to $1.38 in the same period of fiscal 2024 Second-quarter *adjusted diluted EPS of $1.42, up from $1.40 in the same period of fiscal 2024 Company updates full year fiscal 2025 guidance The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal second quarter ended May 2, 2025. "Our second-quarter results demonstrate the resilience and agility of The Toro Company and commitment of ou

      6/5/25 8:30:00 AM ET
      $TTC
      Tools/Hardware
      Consumer Discretionary
    • The Toro Company Declares Regular Quarterly Cash Dividend

      The Toro Company (NYSE:TTC) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.38 per share of TTC's common stock. This dividend is payable on July 11, 2025, to shareholders of record at the close of business on June 17, 2025. About The Toro Company The Toro Company (NYSE:TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company's global presence extends to more than 125

      5/20/25 4:32:00 PM ET
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      Tools/Hardware
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    • The Toro Company to Announce Fiscal 2025 Second Quarter Results

      The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, announced today that it will release its fiscal 2025 second quarter results on Thursday, June 5, at approximately 7:30 a.m. CT. The full text of The Toro Company's earnings release will be available at that time at www.thetorocompany.com/invest. The company will also hold an earnings conference call at 10 a.m. CT that day. A live, listen-only webcast of the earnings conference call will be available at www.thetorocompany.com/invest. Visitors are encouraged to go to the website in advance of the call to register, and download and install any necessary audio software. A replay will be available o

      5/14/25 8:00:00 AM ET
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    • Amendment: SEC Form SC 13G/A filed by Toro Company

      SC 13G/A - TORO CO (0000737758) (Subject)

      11/14/24 1:22:38 PM ET
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    • SEC Form SC 13G/A filed by Toro Company (Amendment)

      SC 13G/A - TORO CO (0000737758) (Subject)

      2/14/24 4:06:37 PM ET
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    • SEC Form SC 13G filed by Toro Company

      SC 13G - TORO CO (0000737758) (Subject)

      2/14/24 10:02:59 AM ET
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