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Toast TOST

Toast is a software platform built for restaurants, providing an operating system that supports online ordering, payments, inventory management, capital access, and payroll.

Ticker
TOST
Headquarters
Boston, Massachusetts
CEO
Aman Narang
IPO year
2021
Sector
Point of Sale Software and Processing
Website
toasttab.com
Management
Team & leadership ↗

Notes & Takes

"Awesome company. Dominating the point of sale software space in restaurants and now taking share in enterprise and retail. Founder led, Aman Narang. Biggest competitor is Square, run by Jack Dorsey. Their software has made online food checkout way easier for consumers and restaurants alike.

I feel like a market cap of $12 billion or less is a must buy in 2026 should it sell off."

Commentary: January 2026

Company Financials

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Quarterly Headlines

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Toast Q2 2026

Jun 30, 2026

  • ARR grew 25% to $2.4 billion
  • Net income of $154 million and adjusted EBITDA of $221 million
  • Added 9,500 net new locations in Q2
  • Gross payment volume increased 22% to $60 billion
  • Subscription services and financial tech solutions gross profit grew 31%
  • Diluted earnings per share $0.26 in Q2 vs. $0.13 same period last year
  • Net cash provided by operating activities was $144 million and FCF was $130 mill
  • Full year guide of $2.3 bill in subscription services gross profit up 24% YoY and adjusted EBITDA in the range of $805 to $825 million

Toast Q1 2026

Mar 31, 2026

  • ARR was $2.2 billion up up 26%
  • Added 7,000 new locations
  • Net income was $126 million with adjusted EBITDA of $179 million
  • Repurchased 14 million shares for $378 million YTD through May 2026
  • GAAP operating margin of 21%
  • GPV increased 22% YoY
  • Diluted EPS of $0.20
  • Net cash provided by operating activities of $132 million
  • Full year adjusted EBITDA guide of $790 to $810 mill

Toast Q4 2025

Dec 31, 2025

  • ARR was $2 billion up 26%
  • Total locations increased over 22% to 164,000
  • Gross payment volume increased 22%
  • Income from operations was $85 million up 162% with net income of $101 mill
  • Cash provided by operating activities was $194 million with FCF of $178 million
  • New enterprise client of MTY Group will onboard 1000 new Papa Murphy locations
  • $1.9 billion in cash with no debt
  • $661 mill in cash from operations for full year 2025 with capital expenditures of $53 million

Toast Q3 2025

Sep 30, 2025

  • Added 7,500 net new locations for a total of 156,000 locations globally
  • Our most recent launches of Toast IQ and Toast Advertising are helping customers increase revenue and operate more efficiently
  • Gross payment volume up 24%
  • ARR increased 30%
  • Net income of $105 million vs. $56 million last year
  • Net cash provided by operating activities of $165 million in Q3
  • Guiding for $610 million in adjusted EBITDA for full year 2025
  • Today 95% of our ARR comes from our core SMB and mid market restaurant customers in the U.S.

Toast Q2 2025

Jun 30, 2025

  • Added 8500 locations in Q2
  • Net income of $80 million up 471%
  • Gross payment volume increased 23%
  • First customer in Australia expanding its geographic footprint beyond the UK, Ireland and Canada
  • New customer Firehouse subs with 1300 locations - expanding aggressively in enterprise
  • $1.2 billion in cash and no debt
  • $223 million in cash provided by operating activities for Q2
  • $25 million in capex spend the first 6 months

Toast Q1 2025

Mar 31, 2025

  • Added 6000 new locations
  • Booked Applebees, Toast’s largest deal in company history
  • Net income of $56 million
  • Total locations increased 25% YoY to 140,000
  • Net cash provided by operating activities was $79 million and FCF was $69 million
  • Toast introduced Toast IQ which helps restaurants with menu upsells, AI marketing
  • Booked Top Golf

Toast Q4 2024

Dec 31, 2024

  • 4th quarter net income of $33 million
  • Delivered first year of GAAP profitability
  • ARR was $1.6 billion up 34% YoY
  • Total locations increased 26%
  • Gross payment volume increased 25%
  • Net cash provided by operating activities was $147 million

Toast Q3 2024

Sep 30, 2024

  • Net income was $56 million vs net loss of $31 million YoY up 80%
  • This fall we launched new products like branded mobile app and SMS marketing
  • Today we serve 127,000 locations
  • Gross payment volume increased 24% YoY to $41 billion
  • Total locations increased 28% YoY to 127,000
  • Net cash provided by operating activities of $109 million vs. $47 million YoY

Toast Q2 2024

Jun 30, 2024

  • Net income was $14 million vs. a net loss of $98 million YoY
  • We are building momentum internationally and across new verticals like **food and beverage **
  • Gross payment volume increased 26% YoY to $40 billion
  • Total locations increased 29% YoY to 120,000 locations
  • Net cash provided by operating activities of $124 million vs. $50 million YoY
  • Showing continued momentum with larger customers signing up Sonnys BBQ, Uno, Hwy 55 and PPX Hospitality Group

Toast Q1 2024

Mar 31, 2024

  • First quarter net loss of $83 million
  • We are building operating leverage as we scale
  • Gross payment volume increased 30% YoY to $34 billion
  • Total locations increased 32% YoY to 112,000
  • Net cash used in operating activities of - $20 million vs. - $55 million YoY