Toast, Inc. TOST
Our mission is to empower the restaurant community to delight their guests, do what they love, and thrive.
Toast, Inc., which we refer to as Toast, we, or the Company, is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. We provide a comprehensive platform of software-as-a-service, or SaaS, products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail.
Restaurants and food and beverage retailers are highly diverse and complex and generally operate with low margins, high employee turnover, highly perishable products, and complex regulations. At the same time, these businesses operate in a dynamic environment with changing input costs, labor constraints, evolving consumer preferences, and the imperative to utilize technology and data to innovate. What was once primarily an on-site experience with antiquated solutions is now becoming an omnichannel experience with operators employing technology to enable a range of additional service models, including curbside pick-up, delivery, wholesale, and catering.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.15B | $4.96B | $3.87B | $2.73B | $1.71B | $823.0M | $665.0M | — |
| Cost of revenue | $4.56B | $3.77B | $3.03B | $2.22B | $1.39B | $683.0M | $603.0M | — |
| Gross profit | $1.59B | $1.19B | $834.0M | $511.0M | $314.0M | $140.0M | $62.0M | — |
| R&D | $374.0M | $351.0M | $358.0M | $282.0M | $163.0M | $109.0M | $64.0M | — |
| SG&A | $344.0M | $307.0M | $362.0M | $294.0M | $189.0M | $113.0M | $83.0M | — |
| Total operating expenses | $1.30B | $1.17B | $1.12B | $895.0M | $542.0M | $360.0M | $275.0M | — |
| Operating income | $292.0M | $16.0M | -$287.0M | -$384.0M | -$228.0M | -$220.0M | -$213.0M | — |
| Interest expense | $51.0M | $42.0M | $37.0M | $11.0M | $12.0M | $12.0M | $0 | — |
| Pre-tax income | $346.0M | $22.0M | -$244.0M | -$277.0M | -$490.0M | -$248.0M | -$212.0M | — |
| Income tax | $4.0M | $3.0M | $2.0M | $2.0M | $3.0M | $0 | $3.0M | — |
| Net income | $342.0M | $19.0M | -$246.0M | -$275.0M | -$487.0M | -$248.0M | -$209.0M | — |
| EPS, basic | 0.59 | 0.03 | -0.46 | -0.54 | -1.68 | -1.25 | -1.08 | — |
| EPS, diluted | 0.56 | 0.03 | -0.47 | -0.72 | -1.68 | -1.25 | -1.08 | — |
| Shares, diluted (wtd. avg.) | $607.0M | $591.0M | $533.0M | $512.0M | $290.0M | $200.0M | $194.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.35B | $903.0M | $605.0M | $635.0M | $851.0M | $594.0M | $159.0M | $76.0M |
| Short-term investments | — | — | $519.0M | $474.0M | $457.0M | $0 | — | — |
| Receivables | $127.0M | $115.0M | $69.0M | $77.0M | $55.0M | $33.0M | — | — |
| Inventory | $114.0M | $118.0M | $118.0M | $110.0M | $42.0M | $19.0M | — | — |
| Total current assets | $2.67B | $1.98B | $1.57B | $1.41B | $1.49B | $673.0M | — | — |
| Property, plant and equipment | $105.0M | $98.0M | $75.0M | $61.0M | $41.0M | $44.0M | — | — |
| Goodwill | $113.0M | $113.0M | $113.0M | $107.0M | $74.0M | $36.0M | $36.0M | — |
| Other intangibles | $14.0M | $20.0M | $26.0M | $29.0M | $16.0M | $7.0M | — | — |
| Total assets | $3.15B | $2.41B | $1.96B | $1.76B | $1.74B | $776.0M | — | — |
| Accounts payable | $47.0M | $37.0M | $32.0M | $30.0M | $40.0M | $30.0M | — | — |
| Total current liabilities | $969.0M | $811.0M | $663.0M | $496.0M | $352.0M | $136.0M | — | — |
| Long-term debt | — | — | — | — | $0 | $172.0M | — | — |
| Total liabilities | $1.02B | $863.0M | $764.0M | $663.0M | $644.0M | $398.0M | — | — |
| Retained earnings | -$1.26B | -$1.60B | -$1.62B | -$1.38B | -$1.10B | -$616.0M | — | — |
| Total equity | $2.12B | $1.54B | $1.19B | $1.10B | $1.09B | -$471.0M | -$330.0M | -$158.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $661.0M | $360.0M | $135.0M | -$156.0M | $2.0M | -$125.0M | -$126.0M | — |
| Depreciation and amortisation | $64.0M | $46.0M | $32.0M | $24.0M | $21.0M | $27.0M | $7.0M | — |
| Stock-based compensation | $242.0M | $253.0M | $277.0M | $228.0M | $140.0M | $86.0M | $34.0M | — |
| Capital expenditure | $53.0M | $54.0M | $42.0M | $33.0M | $19.0M | $28.0M | $9.0M | — |
| Investing cash flow | -$172.0M | -$39.0M | -$86.0M | -$98.0M | -$503.0M | -$36.0M | -$47.0M | — |
| Financing cash flow | $7.0M | $18.0M | $63.0M | $38.0M | $759.0M | $594.0M | $256.0M | — |
| Buybacks | $107.0M | $56.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001650164-26-000098.
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