Logo

TOST

Toast, Inc.

TOST

Toast, Inc. • NYSE
$34.19 ▲ 1.92% (+0.65)
Market Cap $20.10 B
52w High $49.66
52w Low $28.12
Dividend Yield 0%
P/E 77.69
Volume 3.31M
Outstanding Shares 588.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.633B ▲ $348M ▲ $105M ▲ 6.43% ▲ $0.18 ▲ $117M ▲
Q2-2025 $1.55B ▲ $312M ▲ $80M ▲ 5.161% ▲ $0.14 ▲ $97M ▲
Q1-2025 $1.337B ▼ $303M ▲ $56M ▲ 4.188% ▲ $0.097 ▲ $69M ▲
Q4-2024 $1.338B ▲ $301M ▲ $32M ▼ 2.392% ▼ $0.056 ▼ $43M ▼
Q3-2024 $1.305B $288M $56M 4.291% $0.09 $46M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.857B ▲ $2.971B ▲ $957M ▲ $2.014B ▲
Q2-2025 $1.702B ▲ $2.767B ▲ $949M ▲ $1.818B ▲
Q1-2025 $1.489B ▲ $2.564B ▲ $891M ▼ $1.673B ▲
Q4-2024 $1.417B ▲ $2.463B ▲ $918M ▲ $1.545B ▲
Q3-2024 $1.272B $2.227B $807M $1.42B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $105M ▲ $165M ▼ $-4M ▲ $19M ▲ $163M ▼ $153M ▼
Q2-2025 $80M ▲ $223M ▲ $-38M ▼ $-22M ▼ $189M ▲ $208M ▲
Q1-2025 $56M ▲ $79M ▼ $22M ▲ $73M ▲ $174M ▲ $69M ▼
Q4-2024 $32M ▼ $147M ▲ $-15M ▼ $11M ▲ $141M ▲ $134M ▲
Q3-2024 $56M $109M $9M $-40M $80M $97M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $370.00M ▲$210.00M ▼$230.00M ▲$240.00M ▲
Technology Service
Technology Service
 $2.11Bn ▲$1.08Bn ▼$1.28Bn ▲$1.34Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Toast’s revenue has grown rapidly over the past several years, and the company has now crossed the line from meaningful losses into slight profitability. Gross profit has scaled well as the business has grown, showing that the underlying unit economics are improving. Operating results have moved from sizable negative margins to roughly breakeven to modestly positive, which suggests better cost control and improving efficiency as the platform scales. Net results have similarly shifted from deep red to just barely positive, indicating the business is exiting its heavy investment phase and entering a more sustainable earnings profile, though profitability is still early and not yet deeply established.

Balance Sheet

Balance Sheet The balance sheet looks relatively strong for a young, fast‑growing software and payments platform. Total assets have grown steadily, supported by a solid cash position. Debt is very low, which reduces financial risk and gives the company flexibility if conditions worsen. Shareholder equity has moved from negative to clearly positive, reflecting the cumulative improvement in results and capital base since going public. Overall, Toast appears to be operating from a position of financial strength with a clean, lightly levered balance sheet.

Cash Flow

Cash Flow Toast’s cash generation has improved meaningfully. Operating cash flow has shifted from negative to clearly positive, showing that the core business is now funding itself rather than relying on outside capital. Free cash flow has been positive for the last couple of years, even after funding ongoing investments in hardware, software, and infrastructure. Capital spending remains modest relative to the size of the business, which supports the ability to continue generating excess cash if operations remain stable. The main watchpoint is how durable this positive cash profile is as Toast continues to invest in growth and new products.

Competitive Edge

Competitive Edge Toast holds a strong niche in restaurant technology by offering a deeply integrated platform that combines software, hardware, and payments specifically built for restaurants. Its focus on one vertical allows it to solve operational pain points more completely than many generalist providers. Once installed, the system is tightly woven into daily restaurant operations, which makes switching to another provider disruptive and costly—this creates a meaningful barrier to customer churn. The growing base of restaurant locations using Toast also generates valuable data, which feeds back into better products and AI tools, strengthening its competitive edge. Key risks are continued competition from larger generalist players and the need to maintain high service levels to avoid customer frustration in a mission‑critical environment.

Innovation and R&D

Innovation and R&D Innovation is a central part of Toast’s strategy. The company develops most of its technology in‑house, from handheld devices to kitchen systems, online ordering, payroll, and marketing tools. Newer AI features under the ToastIQ brand aim to help restaurants increase sales, streamline operations, and understand guest feedback more intelligently. Toast is also embedding more financial services directly into its platform, such as payments and small‑business lending, which can deepen customer relationships but also adds regulatory and credit risk. Looking ahead, expansion into AI‑driven automation, larger restaurant groups, adjacent food and beverage segments, and international markets will test Toast’s ability to keep innovating quickly while maintaining product quality and reliability.

Summary

Toast has evolved from a fast‑growing but unprofitable restaurant tech company into one that is now close to, and slightly over, the break‑even line on both earnings and cash flow. The balance sheet is solid, with good liquidity and very little debt, giving it room to keep investing. Its competitive position is anchored in a purpose‑built, all‑in‑one restaurant platform that is hard to rip out once installed, and strengthened by growing data and AI capabilities. The main opportunities lie in further product innovation, deeper penetration of existing customers, entry into larger and international accounts, and expanded financial services. The main risks are execution—keeping service levels high while scaling—and rising competition from both specialist and broad‑based payment and software providers. Overall, Toast appears to be transitioning from a high‑burn, build‑out phase into a more balanced model that combines growth with increasing financial discipline, though it is still early in its profitability journey.

NEWS

November 19, 2025 · 4:05 PM UTC

Toast Announces Participation at UBS Conference

Read more

November 18, 2025 · 8:00 AM UTC

Toast Data: How Reservation and Full-Service Restaurant Dining Trends Shifted In the Last Year

Read more

November 4, 2025 · 4:05 PM UTC

Toast Announces Third Quarter 2025 Financial Results

Read more

November 3, 2025 · 8:00 AM UTC

Toast and Uber Announce Strategic Partnership to Help Restaurants Drive Guest Demand

Read more

October 31, 2025 · 10:24 AM UTC

Huntress Welcomes Chris Comparato, Former CEO of Toast, to Its Board

Read more