TOST FY 2025 Earnings Report — Toast, Inc. Revenue & Financial Results | Market Cap Arena

Toast, Inc.TOST

FY 2025 Earnings

Reported February 18, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$6.2B	—	$5.0B	—	24.1%
Op. Income	$305M	—	$16M	—	1806.3%
Gross Margin	25.8%	—	24.0%	—	1.8pp
Net Margin	5.6%	—	0.4%	—	5.2pp
EPS (Diluted)	$0.56	—	$0.03	—	1639.1%
Free Cash Flow	$608M	—	$306M	—	98.7%

Revenue Flow

Item	Amount
REVENUE	$6.2B
Cost of Revenue	$4.6B
GROSS PROFIT	$1.6B
R&D Expenses	$371M
Selling & Marketing	$571M
General & Administrative	$344M
SG&A Expenses	$915M
Other Expenses	-$6M
Operating Expenses	$1.3B
Cost & Expenses	$5.8B
OPERATING INCOME	$305M
Interest Income	$51M
Interest Expense	$0
Other Income/Expenses	$41M
INCOME BEFORE TAX	$346M
Income Tax Expense	$4M
Net Income from Continuing Ops	$342M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$342M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$342M
D&A	$67M
EBIT	$305M
EBITDA	$372M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$6.2B
Cost of Revenue	$4.6B
GROSS PROFIT	$1.6B
R&D Expenses	$371M
Selling & Marketing	$571M
General & Administrative	$344M
SG&A Expenses	$915M
Other Expenses	-$6M
Operating Expenses	$1.3B
Cost & Expenses	$5.8B
OPERATING INCOME	$305M
Interest Income	$51M
Interest Expense	$0
Other Income/Expenses	$41M
INCOME BEFORE TAX	$346M
Income Tax Expense	$4M
Net Income from Continuing Ops	$342M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$342M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$342M
D&A	$67M
EBIT	$305M
EBITDA	$372M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$342M
Depreciation & Amortization	$67M
Stock-Based Compensation	$242M
Deferred Income Tax	$0
Other Non-Cash Items	$201M
Change in Working Capital	-$191M
OPERATING CASH FLOW	$661M
Capital Expenditure	-$53M
Acquisitions (Net)	$0
Purchases of Investments	-$633M
Sales/Maturities of Investments	$514M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$172M
Net Debt Issuance	$33M
Common Stock Repurchased	-$107M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	$7M
FREE CASH FLOW	$608M
Net Change in Cash	$450M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$638M
Net Receivables	$127M
Inventory	$114M
Other Current Assets	$437M
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$132M
Goodwill	$113M
Intangible Assets	$14M
Long-Term Investments	$71M
Tax Assets	$0
Other Non-Current Assets	$146M
TOTAL NON-CURRENT ASSETS	$476M
TOTAL ASSETS	$3.1B
Account Payables	$47M
Short-Term Debt	$0
Deferred Revenue	$68M
Other Current Liabilities	$854M
TOTAL CURRENT LIABILITIES	$969M
Long-Term Debt	$20M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$12M
TOTAL NON-CURRENT LIABILITIES	$52M
TOTAL LIABILITIES	$1.0B
Common Stock	$0
Additional Paid-In Capital	$3.4B
Retained Earnings	-$1.3B
Treasury Stock	$0
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$40M
Net Debt	-$1.3B