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Toast, Inc.

TOST Technology Software Infrastructure

Toast, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.2 billion, up 24.1% from fiscal 2024.

Revenue
+21.3%
EPS
+62.2%
Free cash flow
+18.3%

Quarter to September 2026, against a year earlier

35.37 0.00 0.00%
Market cap
$20.4B
P/E
37.6×
Fwd P/E
33.1×
Dividend yield
—
F-score
7/9
Altman Z
14.49
Beneish M
−2.91
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2019 →

Insider Decisions last twelve months

Sold, $m 28.61
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 6 5 1 5 1 — 7 10 1 6 2
Insider Ownership 16.51%

Capital & Financial Ratios $m

Size
Market Cap 20,360.00
Revenue ttm 7,152.00
Net income ttm 550.00
Free cash flow ttm 604.00
Net debt Q (1,885.00)
Valuation
P/E 37.55 (above 35: high)
Forward P/E 33.10
Price / sales 2.86
Forward P/S Powerpack
Price / FCF 33.91
Price / book 8.95 (above 6: high)
Financial health
Current ratio Q 2.66 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (5.90)
Growth
Revenue growth Q +21.31% (above 0%: growing)
Operating income growth Q +96.43% (above 0%: growing)
EPS, this year +42.91% (at or above 15%: strong)
EPS, next year A +23.48% (at or above 15%: strong)
Revenue, next year A +21.40% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +29.56% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 3.2×; over the ten years it ranged from 1.9× in 2023 to 8.0× in 2021.
P/S against its own 10 years 20.59%
10-year low 10-year high
P/B against its own 10 years 42.78%
10-year low 10-year high
EV/Sales against its own 10 years 22.30%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,124 1,417 1,991 1,885
Receivables 69 115 127 141
Inventory 118 118 114 244
Other 259 325 437 547
1,570 1,975 2,669 2,817
2023 2024 2025 Q'26
Payables 32 37 47 51
ST’ Debt — — — —
Other — — — —
663 811 969 1,060

Compound Annual Growth %

10y 5y 3y
Sales — 49.53% 31.10%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 41.23% 24.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.37 Actual 0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.24 0.23 Miss by 0.01
Q1 FY26 0.28 0.29 Beat by 0.01
Q2 FY26 0.32 0.34 Beat by 0.02
Q3 FY26 0.37 0.37 Met by 0.00
Q4 FY26 0.34 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.26 0.29 — —
’25 0.09 0.13 0.16 0.16 0.56
’24 (0.15) 0.02 0.07 0.05 0.03
’23 (0.16) (0.19) (0.06) (0.07) (0.47)
’22 (0.05) (0.11) (0.19) (0.19) (0.54)
’21 (0.48) (0.64) (1.05) (0.23) (1.68)
’20 — (0.11) (0.31) (0.12) (1.24)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,630 1,908 1,981 — —
’25 1,337 1,550 1,633 1,633 6,153
’24 1,075 1,242 1,305 1,338 4,960
’23 819 978 1,032 1,036 3,865
’22 535 675 752 769 2,731
’21 282 426 486 511 1,705
’20 — 145 237 243 823
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 132 144 198 — —
’25 79 223 165 194 661
’24 (20) 124 109 147 360
’23 (55) 50 48 92 135
’22 (47) (21) (69) (19) (156)
’21 (5) 56 (18) (31) 2
’20 — — (87) (38) (125)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 115 130 181 — —
’25 69 208 153 178 608
’24 (33) 108 97 134 306
’23 (65) 39 38 81 93
’22 (50) (30) (80) (29) (189)
’21 (13) 52 (22) (34) (17)
’20 — — (128) (32) (161)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.8% a year for ten years.

Implied
17.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 665 823 1,705 2,731 3,865 4,960 6,153 7,152 +44.9% 7,470 8,850 10,377 +19.0%
Gross margin, % — — — 9.32 17.01 18.42 18.71 21.58 23.99 25.89 26.97 +16.6 pt
EBT — — — (212) (248) (490) (277) (244) 22 346 570 n/m
EBT margin, % — — — (31.88) (30.13) (28.74) (10.14) (6.31) 0.44 5.62 7.97 +37.5 pt
Net income — 0 — (209) (248) (487) (275) (246) 19 342 550 n/m
Per share, $
Per share, $ Revenue — — — 3.41 4.12 5.88 5.33 7.27 8.87 10.57 12.35 +20.7%
Earnings — — — (1.07) (1.24) (1.68) (0.54) (0.46) 0.03 0.59 0.94 n/m
Cash flow — — — (0.65) (0.63) 0.01 (0.30) 0.25 0.64 1.14 1.15 n/m
Capex — — — (0.08) (0.18) (0.07) (0.06) (0.08) (0.10) (0.09) (0.11) +2.8%
Free cash flow — — — (0.72) (0.81) (0.06) (0.37) 0.17 0.55 1.04 1.04 n/m
Book value — — — 0.60 1.89 3.76 2.14 2.24 2.76 3.65 3.95 +35.3%
Shares, m — — — 195 200 290 512 532 559 582 582 +20.0%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 911.25 60.19 37.55 138.8
P/S — — — 11.15 11.15 5.90 3.29 2.49 4.11 3.36 2.86 5.9
P/B — — — 0.00 0.00 9.23 8.18 8.05 13.19 9.73 8.95 6.9
EV/Sales — — — 10.83 10.83 5.16 2.92 2.20 3.82 3.04 2.60 5.5
EV/FCF — — — (105.69) (105.69) (517.64) (42.14) 91.22 61.96 30.72 30.79 (83.9)
Cash, $m
Cash, $m Operating cash flow — — — (126) (125) 2 (156) 135 360 661 668 n/m
Capex — — — (15) (36) (19) (33) (42) (54) (53) (64) +23.4%
Free cash flow — — — (141) (161) (17) (189) 93 306 608 604 n/m
Balance, $m
Balance, $m Working capital — — — 89 537 1,133 911 907 1,164 1,700 1,757 +63.6%
Net debt — — — 297 (410) (1,266) (1,021) (1,124) (1,417) (1,991) (1,885) n/m
Shareholders’ equity — — — 116 378 1,091 1,098 1,194 1,545 2,124 2,287 +62.3%
Returns, %
Returns, % ROA — — — (136.72) (46.04) (38.79) (15.73) (13.23) 0.87 12.32 17.33 +149.0 pt
ROIC — — — (32.25) 0.00 0.00 (311.69) (256.25) 7.81 137.22 79.60 +169.5 pt
ROE — — — 52.18 62.14 (157.10) (25.13) (21.47) 1.39 18.64 25.58 (33.5) pt
People
People Employees — — — — 2,200 3,172 4,500 5,500 5,700 6,500 — +24.2%
Revenue/emp, $m — — — 0.00 0.37 0.54 0.61 0.70 0.87 0.95 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Toast sells a cloud-based technology platform for restaurants and food and beverage retailers. Its software, payment services and hardware connect the parts of a business that serve guests with the operations behind the scenes. Customers can use it for dine-in, takeout, delivery, catering and retail.

The point-of-sale system lets staff take orders and payments on fixed terminals or handheld devices, while guests can use self-service kiosks. Kitchen displays and printers bring in-store and online orders together. Multi-location tools let operators manage menus and view performance across their sites.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 6,153 100.00%
Gross margin 25.89%
Operating margin 4.75%
Pre-tax margin 5.62%

Revenue by segment since 2019

Toast, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GPN Global Payments Inc. $25.1B — (loss-making) — (loss-making) +68.63% (above 0%: growing) −94.95% (below 0%: shrinking) −35.83% (below 0%: shrinking) 61.04% 10.15% Compare
MDB MongoDB, Inc. $24.5B 413× 544× +30.50% (above 0%: growing) n/m +94.79% (above 0%: growing) 73.83% 3.68% Compare
IOT Samsara Inc. $24.1B 253× 223× +29.88% (above 0%: growing) n/m +46.50% (above 0%: growing) 77.21% 0.96% Compare
RBRK Rubrik, Inc. $21.9B — (loss-making) — (loss-making) +37.89% (above 0%: growing) n/m +14.13% (above 0%: growing) 78.44% (16.83%) Compare
TOST Toast, Inc. $20.4B 37.6× 33.1× +21.31% (above 0%: growing) +62.17% (above 0%: growing) +18.30% (above 0%: growing) 27.41% 8.33%
GEN Gen Digital Inc. $18.2B 15.3× 16.9× +12.21% (above 0%: growing) +118.86% (above 0%: growing) +201.87% (above 0%: growing) 75.89% 37.03% Compare
FFIV F5, Inc. $17.7B 24.6× 36.4× +13.25% (above 0%: growing) −0.63% (below 0%: shrinking) −52.44% (below 0%: shrinking) 82.24% 23.08% Compare
KSPI Joint Stock Company Kaspi.kz Sponsored ADR $17.4B 8.5× 6.4× +20.70% (above 0%: growing) +5.19% (above 0%: growing) +73.38% (above 0%: growing) 74.32% 0.00% Compare
NTNX Nutanix $16.0B 10.6× 53.4× +15.89% (above 0%: growing) +3,250.00% (above 0%: growing) +33.59% (above 0%: growing) 86.03% 9.24% Compare
Median of peers $20.0B 19.9× 44.9× +25.29% +5.19% +40.05% 76.55% 6.46%

All 183 Software Infrastructure stocks →

From the latest earnings call

Updated

  • CEO Aman Narang said Toast added 8,500 net new locations in Q3 and launched Toast IQ Team to help restaurants schedule staff around expected demand.
  • CFO Elena Gomez raised Toast’s full-year recurring gross profit growth and adjusted EBITDA outlook after Q3, while incoming CFO Michael Senno outlined plans to invest in new markets.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Oct 15, 2026 Resumed Buy 40.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 82.22%
Held by the ten largest 41.89%
Holder Shares Stake Change
BlackRock 48.75m 8.43% +21.58m
Vanguard 47.75m 8.26% +1.69m
Fidelity (FMR) 33.53m 5.80% +1.80m
Capital Group 26.74m 4.63% −4.00m
State Street 16.89m 2.92% +6.74m
JPMorgan Chase 16.84m 2.91% +59.62k
Principal Financial 15.18m 2.63% +7.19m
ValueAct Holdings, L.P. 14.13m 2.45% +1.24m
Morgan Stanley 11.39m 1.97% −266.93k
AllianceBernstein 10.90m 1.89% −7.28m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.68m 10.73m 57.00
2024 11.27m 23.90m 58.00
2023 8.59m 10.90m 29.00
2022 8.21m (14.15m) 29.00
2021 2.48m 97.43m 56.00

Ownership

Directors and executive officers, together 40.60% of the votes
Stephen Fredette 22.50% of the votes
Aman Narang 18.40% of the votes
Jonathan Grimm 10.10% of the votes
Chris Comparato 7.20% of the votes
Capital International Investors 3.70% of the votes
The Vanguard Group 3.20% of the votes
Technology Investment Dining Group, LLC 2.80% of the votes
FMR LLC 2.60% of the votes
BlackRock, Inc. 2.20% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Toast, Inc. (TOST) Latest News

4 Nov

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · MarketBeat transcript
Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · StockStory
Impact 3 · · Business Wire

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks
Impact 3 · · Business Wire

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

15 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Insider Monkey
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Zacks

14 Oct

Impact 4 · · Stocktwits
Impact 3 · · Zacks

9 Oct

Impact 3 · · Zacks

6 Oct

Impact 4 · · Business Wire

2 Oct

Impact 3 · · Zacks

TOST metrics, ten years each

stockrow.com/TOST · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com