Toast, Inc. TOST

Technology SIC 7374 - Services-Computer Processing & Data Preparation NAICS Information › Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services derived NYSE

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.

Last close 32.71 2026-10-23
Market cap $18.91B estimated share count
52-week range 22.26 - 39.67

Valuation FY2025 figures against the last close

P/S3.1x
P/E58.4x
P/FCF31.1x
EV/EBITDA53.1x
Dividend yield—
Diluted EPS0.56

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 0.590.03-0.46-0.54-1.68-1.25-1.08—
EPS, diluted 0.560.03-0.47-0.72-1.68-1.25-1.08—
Shares, diluted (wtd. avg.) 607.0M591.0M533.0M512.0M290.0M200.0M194.8M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B 8B Revenue, FY2019: 665M Gross profit, FY2019: 62M Net income, FY2019: -209M Revenue, FY2020: 823M Gross profit, FY2020: 140M Net income, FY2020: -248M Revenue, FY2021: 1.7B Gross profit, FY2021: 314M Net income, FY2021: -487M Revenue, FY2022: 2.7B Gross profit, FY2022: 511M Net income, FY2022: -275M Revenue, FY2023: 3.9B Gross profit, FY2023: 834M Net income, FY2023: -246M Revenue, FY2024: 5B Gross profit, FY2024: 1.2B Net income, FY2024: 19M Revenue, FY2025: 6.2B Gross profit, FY2025: 1.6B Net income, FY2025: 342M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $665.0M $823.0M $1.71B $2.73B $3.87B $4.96B $6.15B
Gross profit — $62.0M $140.0M $314.0M $511.0M $834.0M $1.19B $1.59B
Net income — -$209.0M -$248.0M -$487.0M -$275.0M -$246.0M $19.0M $342.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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