TOST on NYSE

Toast, Inc.

Cloud-based restaurant software company

Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$6.2BRevenue, fiscal 2025⁴

$342.0MNet income, fiscal 2025⁴

2012Founded¹

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TickerTOST on NYSE¹
IndustryServices-Computer Processing & Data Preparation¹
HeadquartersBoston¹
Websitepos.toasttab.com
Legal formDelaware corporation¹
Business address333 Summer Street, Boston, Ma 02210⁵
Filer categoryLarge accelerated filer⁵

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Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

25.9%Gross margin⁴

4.7%Operating margin⁴

5.6%Net margin⁴

24.1%Revenue growth, 2025⁴

16.1%Return on equity⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Technology Service brought in 82% of the revenue Toast, Inc. broke down this way in fiscal 2025.

Technology Service$5.0B⁴82%up 24% from 2024
License$936.0M⁴15%up 33% from 2024
Product and Professional Services$180.0M⁴3%down 10% from 2024

Products and services by year

Products and services	2023	2024	2025
Technology Service	$3.2B	$4.1B	$5.0B
License	$500.0M	$706.0M	$936.0M
Product and Professional Services	$176.0M	$201.0M	$180.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costs

Cost of revenue74¢$4.6B
Research and development6¢$374.0M
Other costs14¢$873.0M
Income tax0¢$4.0M
Profit6¢$342.0M

Out of $6.2B in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Share buybacks16¢$107.0M
Kept or used elsewhere84¢$554.0M

Out of $661.0M of cash from operations.⁴

Financial statements

Revenue⁸⁹¹⁰¹¹⁴$6.2B in 2025+825% since 2019

Gross profit⁸⁹¹⁰¹¹⁴$1.6B in 2025+2469% since 2019

Operating income⁸⁹¹⁰¹¹⁴$292.0M in 2025

Net income⁸⁹¹⁰¹¹⁴$342.0M in 2025

Every line of the income statement in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenue	$6.2B	$5.0B	$3.9B
Amortization of acquired intangible assets	$5.0M	$5.0M	$5.0M
Total costs of revenue	$4.6B	$3.8B	$3.0B
Gross profit	$1.6B	$1.2B	$834.0M
Sales and marketing	$571.0M	$470.0M	$401.0M
Research and development	$374.0M	$351.0M	$358.0M
General and administrative	$344.0M	$307.0M	$362.0M
Restructuring expenses	$12.0M	$46.0M	$0
Total operating expenses	$1.3B	$1.2B	$1.1B
Income (loss) from operations	$292.0M	$16.0M	-$287.0M
Interest income, net	$51.0M	$42.0M	$37.0M
Change in fair value of warrant liability	$3.0M	-$49.0M	$3.0M
Other income, net	$0	$13.0M	$3.0M
Income (loss) before income taxes	$346.0M	$22.0M	-$244.0M
Income tax (expense) benefit	-$4.0M	-$3.0M	-$2.0M
Net income (loss)	$342.0M	$19.0M	-$246.0M
Basic (in dollars per share)	$0.59	$0.03	-$0.46
Diluted (in dollars per share)	$0.56	$0.03	-$0.47
Basic (in shares)	582.0M shares	559.0M shares	532.0M shares
Diluted (in shares)	607.0M shares	591.0M shares	533.0M shares

Total assets⁸⁹¹⁰¹¹⁴$3.1B in 2025+305% since 2020

Total liabilities⁸⁹¹⁰¹¹⁴$1.0B in 2025+157% since 2020

Shareholders’ equity⁸⁹¹⁰¹¹⁴$2.1B in 2025

Cash⁸⁹¹⁰¹¹⁴$1.4B in 2025+1680% since 2018

Long-term debt⁸$0 in 2021

Every line of the balance sheet in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$1.4B	$903.0M	$605.0M
Marketable securities	$638.0M	$514.0M
Accounts receivable, net	$127.0M	$115.0M
Inventories, net	$114.0M	$118.0M
Other current assets	$437.0M	$325.0M
Total current assets	$2.7B	$2.0B
Property and equipment, net	$105.0M	$98.0M
Operating lease right-of-use assets	$27.0M	$25.0M
Intangible assets, net	$14.0M	$20.0M
Goodwill	$113.0M	$113.0M	$113.0M
Restricted cash	$71.0M	$59.0M	$55.0M
Other non-current assets	$146.0M	$118.0M
Total non-current assets	$476.0M	$433.0M
Total assets	$3.1B	$2.4B
Accounts payable	$47.0M	$37.0M
Deferred revenue	$68.0M	$59.0M
Accrued expenses and other current liabilities	$854.0M	$715.0M
Total current liabilities	$969.0M	$811.0M
Warrants to purchase common stock	$19.0M	$22.0M
Operating lease liabilities, non-current	$20.0M	$24.0M
Other long-term liabilities	$13.0M	$6.0M
Total liabilities	$1.0B	$863.0M
Preferred Stock - par value $0.000001; 100 million shares authorized, no shares issued or outstanding	$0	$0
Common stock, $0.000001 par value: Class A - 7,000 million shares authorized; 523 million and 491 million issued and outstanding as of December 31, 2025 and 2024, respectively; Class B - 700 million shares authorized; 66 million and 81 million issued and outstanding as of December 31, 2025 and 2024, respectively	$0	$0
Accumulated other comprehensive income (loss)	$2.0M	-$1.0M
Additional paid-in capital	$3.4B	$3.1B
Accumulated deficit	-$1.3B	-$1.6B
Total stockholders equity	$2.1B	$1.5B	$1.2B
Total liabilities and stockholders equity	$3.1B	$2.4B
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, authorized (in shares)	100.0M shares	100.0M shares
Preferred stock, issued (in shares)	0 shares	0 shares
Preferred stock, outstanding (in shares)	0 shares	0 shares

Cash from operations⁸⁹¹⁰¹¹⁴$661.0M in 2025

Capital spending⁸⁹$16.0M in 2022+78% since 2019

Free cash flow⁸⁹¹⁰¹¹-$172.0M in 2022+27% since 2019

Share buybacks¹¹⁴$107.0M in 2025

Every line of the cash flow in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$342.0M	$19.0M	-$246.0M
Depreciation and amortization	$64.0M	$46.0M	$32.0M
Stock-based compensation expense	$242.0M	$253.0M	$277.0M
Amortization of deferred contract acquisition costs	$99.0M	$82.0M	$62.0M
Change in fair value of warrant liability	-$3.0M	$49.0M	-$3.0M
Credit loss expense	$91.0M	$70.0M	$64.0M
Stock-based charitable contribution expense	$6.0M	$5.0M	$10.0M
Asset impairments	$3.0M	$5.0M	$15.0M
Gain on warrant extinguishment	$0	-$14.0M	$0
Other non-cash items	$8.0M	-$7.0M	-$17.0M
Accounts receivable, net	-$33.0M	-$72.0M	-$3.0M
Other current assets	-$52.0M	-$15.0M	-$12.0M
Deferred contract acquisition costs	-$147.0M	-$130.0M	-$107.0M
Inventories, net	$4.0M	$0	-$7.0M
Accounts payable	$11.0M	$5.0M	$1.0M
Accrued expenses and other current liabilities	$21.0M	$48.0M	$81.0M
Deferred revenue	$6.0M	$23.0M	-$5.0M
Operating lease right-of-use assets and operating lease liabilities, net	-$6.0M	-$4.0M	$1.0M
Other assets and liabilities	$5.0M	-$3.0M	-$8.0M
Net cash provided by operating activities	$661.0M	$360.0M	$135.0M
Cash paid for acquisition, net of cash acquired	$0	$0	-$9.0M
Capital expenditures	-$53.0M	-$54.0M	-$42.0M
Purchases of marketable securities	-$633.0M	-$473.0M	-$623.0M
Proceeds from the sale of marketable securities	$178.0M	$126.0M	$35.0M
Maturities of marketable securities	$336.0M	$362.0M	$556.0M
Other investing activities	$0	$0	-$3.0M
Net cash (used in) investing activities	-$172.0M	-$39.0M	-$86.0M
Payments of issuance costs of the revolving credit facility	-$3.0M	$0	$0
Proceeds from issuance of common stock	$81.0M	$99.0M	$36.0M
Change in customer funds obligations, net	$36.0M	$36.0M	$27.0M
Warrant repurchase	$0	-$61.0M	$0
Repurchases of Class A common stock	-$107.0M	-$56.0M	$0
Net cash provided by financing activities	$7.0M	$18.0M	$63.0M
Effect of exchange rate changes on cash and cash equivalents and restricted cash	$2.0M	-$1.0M	$0
Net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash	$498.0M	$338.0M	$112.0M
Stock-based compensation included in capitalized software	$12.0M	$14.0M	$13.0M
Cash paid for amounts included in the measurement of lease liabilities	$15.0M	$14.0M	$14.0M
Right-of-use assets obtained in exchange for new operating lease liabilities / (reduction) of lease liabilities from lease terminations and modifications	$10.0M	$1.0M	-$40.0M
Issuance of common stock upon exercise of common stock warrants	$0	$17.0M	$1.0M

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The story

Toast's founders—Steve Fredette, Aman Narang, and Jonathan Grimm—initially created a consumer app centered for mobile payments, customer loyalty, promotions, and social aspects that integrated with restaurants’ existing POS systems.

In February 2020, Toast received $400 million in a round of Series F funding including Bessemer Venture Partners and TPG, at a valuation of $4.9 billion. As of June 2024, Toast is used in approximately 120,000 US restaurants.

In April 2020, Toast laid off 50% of its workforce due to the COVID-19 pandemic and its economic impact on the restaurant industry.

In November 2020, Toast had a secondary sale that valued the company at around $8 billion, despite laying off half of its employees in April. On September 22, 2021, Toast went public with an initial public offering under the stock symbol TOST. The company offered shares at $40 initially, with a market capitalization of roughly $20 billion, making it one of 2021's largest American IPOs.

In February 2023, it was announced that Toast had acquired Delphi Display Systems, a Costa Mesa-headquartered producer of digital display solutions and drive-thru technology for fast-food restaurants.

Toast headquarters were located at Landmark Center from 2015 until June 2023. The company moved into its new headquarters on Summer Street in the Seaport District in early 2024.

From Wikipedia’s article on Toast, Inc., shared under CC BY-SA 4.0.⁶

Products and brands

First launched in 2012, Toast's restaurant management system operates on the Android operating system and includes four devices: Flex (a terminal available in single-screen, guest-facing and kitchen displays), Tap (a three-in-one payment processing device that supports contactless payments), Toast Hub, and receipt printer.

The company started supporting reservations in April 2023, entering into competition with OpenTable and Resy.