TOST

MKT CAP:$17B

Toast, Inc.

Market Cap

$17B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$27.92-$6.10 (-17.93%)

Apr 23, 2026

Company Details

Toast, Inc. operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to ord...

CEO

Aman Narang

IPO Date

Sep 22, 2021

Website

www.toasttab.com

Key Metrics TTM

Revenue

$6.2B

+24.1% YoY

Net Income

$342M

EPS (Diluted)

$0.54

Free Cash Flow

$608M

Revenue / Share

$10.14

Gross Margin

25.8%

Operating Margin

4.8%

Net Margin

5.6%

FCF Margin

9.9%

P/S

2.8x

P/E

49.6x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 18, 2026

$6.2B+24.1%EPS $0.56

Q4 2025

Feb 18, 2026

$1.6B+22.0%EPS $0.16

Q3 2025

Nov 4, 2025

$1.6B+25.1%EPS $0.16

Q2 2025

Aug 5, 2025

$1.6B+24.8%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$535M	$89M	-$101M
Q2 22	$675M	$113M	-$99M
Q3 22	$752M	$151M	-$85M
Q4 22	$768M	$158M	-$99M
Q1 23	$819M	$174M	-$92M
Q2 23	$978M	$208M	-$80M
Q3 23	$1.0B	$226M	-$59M
Q4 23	$1.0B	$226M	-$56M
Q1 24	$1.1B	$249M	-$56M
Q2 24	$1.2B	$286M	$5M
Q3 24	$1.3B	$322M	$34M
Q4 24	$1.3B	$333M	$32M
Q1 25	$1.3B	$346M	$43M
Q2 25	$1.6B	$392M	$80M
Q3 25	$1.6B	$432M	$84M
Q4 25	$1.6B	$420M	$89M

Valuation

Quarter	P/S	P/E
Q1 22	5.0x	—
Q2 22	3.4x	—
Q3 22	3.5x	—
Q4 22	3.5x	—
Q1 23	3.1x	—
Q2 23	3.6x	—
Q3 23	2.8x	—
Q4 23	2.6x	—
Q1 24	3.3x	—
Q2 24	3.3x	—
Q3 24	3.5x	—
Q4 24	4.2x	1104.5x
Q1 25	3.7x	121.8x
Q2 25	4.6x	114.7x
Q3 25	3.7x	78.9x
Q4 25	3.5x	62.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$47M	-$50M
Q2 22	-$21M	-$30M
Q3 22	-$69M	-$80M
Q4 22	-$19M	-$29M
Q1 23	-$55M	-$65M
Q2 23	$50M	$39M
Q3 23	$48M	$38M
Q4 23	$92M	$81M
Q1 24	-$20M	-$33M
Q2 24	$124M	$108M
Q3 24	$109M	$97M
Q4 24	$147M	$134M
Q1 25	$79M	$69M
Q2 25	$223M	$208M
Q3 25	$165M	$153M
Q4 25	$194M	$178M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$9M
Q3 22	$11M
Q4 22	$10M
Q1 23	$10M
Q2 23	$11M
Q3 23	$10M
Q4 23	$11M
Q1 24	$13M
Q2 24	$16M
Q3 24	$12M
Q4 24	$13M
Q1 25	$10M
Q2 25	$15M
Q3 25	$12M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+89.7%	+121.6%
Q2 22	+58.5%	+62.3%
Q3 22	+54.7%	+54.7%
Q4 22	+49.2%	+37.1%
Q1 23	+53.1%	+43.2%
Q2 23	+44.9%	+36.7%
Q3 23	+37.2%	+30.3%
Q4 23	+34.9%	+26.0%
Q1 24	+31.3%	+24.1%
Q2 24	+27.0%	+16.9%
Q3 24	+26.5%	+16.5%
Q4 24	+29.2%	+19.6%
Q1 25	+24.4%	+14.4%
Q2 25	+24.8%	+18.8%
Q3 25	+25.1%	+21.9%
Q4 25	+22.0%	+18.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$53M	9.9%
Q2 22	$57M	8.4%
Q3 22	$57M	7.6%
Q4 22	$71M	9.2%
Q1 23	$63M	7.7%
Q2 23	$72M	7.4%
Q3 23	$81M	7.8%
Q4 23	$71M	6.9%
Q1 24	$66M	6.1%
Q2 24	$67M	5.4%
Q3 24	$65M	5.0%
Q4 24	$60M	4.5%
Q1 25	$60M	4.5%
Q2 25	$60M	3.9%
Q3 25	$66M	4.0%
Q4 25	$56M	3.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$62M	$57M	$71M
Q2 22	$67M	$68M	$77M
Q3 22	$74M	$78M	$84M
Q4 22	$79M	$91M	$87M
Q1 23	$85M	$82M	$99M
Q2 23	$92M	$96M	$100M
Q3 23	$87M	$98M	$100M
Q4 23	$94M	$86M	$102M
Q1 24	$83M	$74M	$107M
Q2 24	$87M	$75M	$115M
Q3 24	$89M	$80M	$119M
Q4 24	$93M	$78M	$130M
Q1 25	$84M	$79M	$133M
Q2 25	$91M	$79M	$141M
Q3 25	$102M	$102M	$144M
Q4 25	$95M	$84M	$153M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	89.7%	-17.8%	72.0
Q2 22	58.5%	-13.8%	44.7
Q3 22	54.7%	-10.5%	44.2
Q4 22	49.2%	-12.1%	37.1
Q1 23	53.1%	-10.5%	42.6
Q2 23	44.9%	-7.4%	37.5
Q3 23	37.2%	-4.9%	32.3
Q4 23	34.9%	-4.4%	30.5
Q1 24	31.3%	-0.4%	30.9
Q2 24	27.0%	1.7%	28.7
Q3 24	26.5%	3.5%	30.0
Q4 24	29.2%	3.2%	32.4
Q1 25	24.4%	5.2%	29.5
Q2 25	24.8%	6.3%	31.1
Q3 25	25.1%	7.2%	32.3
Q4 25	22.0%	6.5%	28.5

Rule of 40

Revenue Segments

Quarter	License	Product	Professional Services	Technology Service
Q1 22	$63M	$29M	$5M	$438M
Q2 22	$76M	$30M	$7M	$562M
Q3 22	$90M	$27M	$7M	$628M
Q4 22	$94M	$27M	$7M	$640M
Q1 23	$107M	$31M	$8M	$673M
Q2 23	$121M	$41M	$8M	$808M
Q3 23	$131M	$34M	$11M	$856M
Q4 23	$141M	—	—	$852M
Q1 24	$151M	—	—	$873M
Q2 24	$166M	—	—	$1.0B
Q3 24	$189M	—	—	$1.1B
Q1 25	$209M	—	—	$1.1B
Q2 25	$227M	—	—	$1.3B
Q3 25	$244M	—	—	$1.3B
Q4 25	$256M	—	—	$1.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$757M	$453M	$1.2B
Q2 22	$697M	$482M	$1.2B
Q3 22	$644M	$409M	$1.1B
Q4 22	$547M	$474M	$1.0B
Q1 23	$451M	$499M	$950M
Q2 23	$488M	$502M	$990M
Q3 23	$514M	$516M	$1.0B
Q4 23	$605M	$519M	$1.1B
Q1 24	$578M	$537M	$1.1B
Q2 24	$691M	$528M	$1.2B
Q3 24	$761M	$511M	$1.3B
Q4 24	$903M	$514M	$1.4B
Q1 25	$1.0B	$484M	$1.5B
Q2 25	$1.2B	$508M	$1.7B
Q3 25	$1.4B	$500M	$1.9B
Q4 25	$1.4B	$638M	$2.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	507M	+0.2%	+9.9%
Q2 22	510M	+0.5%	+2.0%
Q3 22	514M	+0.8%	+2.2%
Q4 22	519M	+0.9%	+2.5%
Q1 23	525M	+1.2%	+3.5%
Q2 23	529M	+0.8%	+3.8%
Q3 23	536M	+1.3%	+4.3%
Q4 23	541M	+0.9%	+4.3%
Q1 24	547M	+1.1%	+4.2%
Q2 24	587M	+7.3%	+11.0%
Q3 24	590M	+0.5%	+10.1%
Q4 24	600M	+1.7%	+10.9%
Q1 25	603M	+0.5%	+10.2%
Q2 25	605M	+0.3%	+3.1%
Q3 25	609M	+0.7%	+3.2%
Q4 25	607M	-0.3%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$168.7K	3K
Q2 22	$212.8K	3K
Q3 22	$237.1K	3K
Q4 22	$170.7K	5K
Q1 23	$182.0K	5K
Q2 23	$217.3K	5K
Q3 23	$229.3K	5K
Q4 23	$188.4K	6K
Q1 24	$195.5K	6K
Q2 24	$225.8K	6K
Q3 24	$237.3K	6K
Q4 24	$234.7K	6K
Q1 25	$234.6K	6K
Q2 25	$271.9K	6K
Q3 25	$286.5K	6K
Q4 25	$251.2K	7K

Revenue / Employee