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 Its shares trade on NYSE under the symbol TOST.1Wikipedia text CC BY-SA 4.0
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.
Revenue101112135$6.2B in 2025+825% since 2019Gross profit101112135$1.6B in 2025+2469% since 2019Operating income101112135$292.0M in 2025Net income101112135$342.0M in 2025
Revenue141516$1.9B in Q2 FY2026+23% since Q2 FY2025Gross profit141516$516.0M in Q2 FY2026+32% since Q2 FY2025Operating income141516$152.0M in Q2 FY2026+90% since Q2 FY2025Net income141516$154.0M in Q2 FY2026+92% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
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
No quarter-by-quarter statement was filed.
Total assets101112135$3.1B in 2025+305% since 2020Total liabilities101112135$1.0B in 2025+157% since 2020Shareholders’ equity101112135$2.1B in 2025Cash101112135$1.4B in 2025+1680% since 2018Long-term debt10$0 in 2021
Total assets17151614$3.2B in Q2 FY2026+15% since Q2 FY2025Total liabilities17151614$1.1B in Q2 FY2026+20% since Q2 FY2025Shareholders’ equity141516$2.0B in Q2 FY2026+12% since Q2 FY2025Cash141516$1.0B in Q2 FY2026−15% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
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
$1.1B
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
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
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
$1.1B
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 operations101112135$661.0M in 2025Capital spending1011$16.0M in 2022+78% since 2019Free cash flow10111213-$172.0M in 2022+27% since 2019Share buybacks135$107.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
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
Toast, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Toast, Inc.
BlackRockFiled SCHEDULE 13G/A on Toast, Inc., latest Oct 5, 2026 (11 filings since Nov 10, 2021)
Toast Capital LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Toast, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters is located in Boston, Massachusetts, pursuant to an operating lease for approximately 102,000 square feet of office facilities that expires on June 30, 2028, unless earlier terminated pursuant any provision therein. We use our corporate headquarters for administration, sales and marketing, technology and development and professional services. We also lease additional offices in North America, Europe and Asia. We believe that these facilities are generally suitable to meet our current needs. We intend to expand our facilities or add new facilities as we enter new geographic markets, and we believe that suitable additional or alternative space will be available as needed to accommodate any such growth.
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.
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.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
1,078 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 602 insider forms, 85 large holders, 333 other. The latest 20:
409 open-market trades by officers, directors and large owners since October 2021: 5 buys and 404 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Class A common stock, par value of $0.000001 per share
TOST
New York Stock Exchange
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Toast, Inc. names in Item 1A of its 10-K filed Feb 18, 2026: 57 risks under these headings, as written.18
Risks Related to Our Business and Business Development
If we fail to manage our growth effectively and efficiently, we may be unable to execute our business plan, maintain high levels of service and customer satisfaction, or adequately address competitive challenges.
If we do not attract new customers, retain existing customers, and increase our customers’ use of our platform, our business will suffer.
We may not be able to sustain our recent revenue growth in future periods.
We have a limited operating history in an evolving industry at our current scale, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
Our platform includes our payment services, and our ability to attract new customers and retain existing customers depends in part on our ability to offer payment processing services with the desired functionality at an attractive price.
Our operating results depend in significant part on our payment processing services, and the revenue and gross profit we derive from our payment processing activity in a particular period can vary due to a variety of factors.
A majority of our customers are SMBs, which can be more difficult and costly to retain than enterprise customers and are subject to increased impacts of economic fluctuations, which may adversely affect our business and operations.
We rely in part on revenue from subscription contracts, and because we recognize revenue from subscription contracts over the term of the relevant subscription period, downturns or upturns in sales are not immediately reflected in full in our results of operations.
Our future revenue will depend in part on our ability to expand the financial technology services we offer to our customers and increase adoption of those services.
We do not have sufficient history with our subscription or pricing models to accurately predict optimal pricing strategies necessary to attract new customers and retain existing customers.
We are subject to risks associated with certain financial products we offer and our handling of customer funds, including counterparty risk with key partners, the ability of our customers to pay their obligations, and the risk of fraud.
The other 46 risks
Any failure to offer high-quality customer support may adversely affect our relationships with our customers and could adversely affect our business, financial condition, and results of operations.
The long-term potential of our business may be adversely affected if we are unable to expand our business successfully into international markets.
We depend on the experience and expertise of our management team and qualified personnel. Our ability to recruit, retain, and develop talent is critical to our success and growth.
From time to time, we are subject to various legal proceedings that could adversely affect our business, financial condition, or results of operations.
We have closed multiple acquisitions and may acquire or invest in other companies or technologies in the future, which could divert management’s attention, fail to meet our expectations, result in additional dilution to our stockholders, increase expenses, disrupt our operations, or harm our operating results.
Risks Related to Our Technology and Privacy
We use AI in our platform and product offerings, and our success is dependent upon our ability to leverage data, develop competitive products, and manage related risks.
We are responsible for transmitting a high volume of sensitive and personal information through our platform and our success depends upon the security of this platform. Any actual or perceived breach of our system that would result in disclosure of such information could materially impact our business.
Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business and operating results.
Our success depends upon our ability to continually enhance the performance, reliability, and features of our platform.
Defects, errors, or vulnerabilities in our applications, backend systems, hardware, or other technology systems and those of third-party technology providers could harm our reputation and brand and adversely impact our business, financial condition, and results of operations.
Risks Related to Our Financial Condition and Capital Requirements
If we are unable to achieve adequate revenue growth while our expenses increase, we may not consistently maintain or increase profitability in the future.
Unfavorable conditions in the restaurant industry or the global economy could limit our ability to grow our business and materially impact our financial performance.
Our revolving credit facility provides our lenders with a first-priority lien against substantially all of our assets, and contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
We experience elements of seasonal fluctuations in our financial results, which could cause our stock price to fluctuate.
Our failure or perceived failure to achieve our environmental, social, and governance, or ESG, goals or maintain ESG practices that meet evolving stakeholder expectations could adversely affect us.
We rely primarily on third-party insurance policies to insure our operations-related risks. If our insurance coverage does not cover a particular loss or is insufficient for the needs of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition, and results of operations.
Risks Related to Competition, Sales, and Marketing
The markets in which we participate are intensely competitive, and if we do not compete effectively, our operating results could be adversely affected.
Potential changes in competitive landscape, including disintermediation from other participants in the payments chain, could harm our business.
We expend significant resources pursuing sales opportunities, and if we fail to close sales after expending significant time and resources to do so, our business, financial condition, and results of operations could be adversely affected.
Risks Related to Our Partners and Other Third Parties
We rely on third-party payment processors to process and settle payments made by guests, payments made to customers, and payments made on behalf of customers, and if we cannot manage risks related to our relationships with our current or future third-party payment processors, our business, financial condition, and results of operations could be adversely affected.
If we fail to comply with the applicable requirements of payment networks, they could seek to fine us, suspend us, or terminate our registrations. If our customers incur fines or penalties that we cannot collect from them, we may have to bear the cost of such fines or penalties.
The Payment Network Rules, including rules related to the assessment of interchange and other fees, may be influenced by our competitors. Increases in Payment Network fees or new regulations could negatively affect our earnings.
We rely on customers on our platform for many aspects of our business, and any failure by them to maintain their service levels or any changes to their operating costs could adversely affect our business.
We depend upon third parties to manufacture our hardware products and to supply key components necessary to manufacture our hardware products. We do not have long-term agreements with all of our manufacturers and suppliers, and if these manufacturers or suppliers become unwilling or unable to provide an adequate supply of components, we may not be able to find alternative sources in a timely manner and our business would be impacted.
We primarily rely on Amazon Web Services to deliver our services to customers on our platform, and any disruption of or interference with our use of Amazon Web Services could adversely affect our business, financial condition, and results of operations.
We depend on the interoperability of our platform across third-party applications and services that we do not control.
Our partnerships with third parties are an important source of new business for us, and, if those third parties were to reduce their referral of customers to us, our ability to increase our revenue would be adversely affected.
We are subject to extensive and complex rules and regulations, licensing, and examination by various federal, state and local government authorities and government agencies, and a failure to comply with the laws and regulations applicable to us could have a material adverse effect on our business. Further, changes in legislative and regulatory policy affecting payment processing or small business lending could have a material adverse effect on our business.
Our relationship with our bank partner that makes loans to our customers may subject us to regulation as a service provider or a lender, and loans found to be made in violation of applicable law may be unenforceable, which could damage our commercial relationships and adversely affect our business and results of operations.
Our involvement in our payroll, transaction processing services, and other financial technology solutions, could be subject to federal and state money service business or money transmitter registration and licensing requirements that could result in substantial compliance costs, and our business could be adversely affected if we fail to predict how a particular law or regulation should be applied to our business. Failure to comply with anti-money laundering, economic and trade sanctions regulations, the FCPA, and similar laws could subject us to penalties and other adverse consequences.
Our platform regularly collects and stores personal information and, as a result, both domestic and international privacy and data security laws apply. As these laws are enhanced or new laws are introduced, our business could incur additional costs and liabilities and our ability to perform our services and generate revenue could be impacted.
Changes in tax law may adversely affect our financial position and results.
Government regulation of the Internet, mobile devices, and e-commerce is evolving, and unfavorable changes could substantially adversely affect our business, financial condition, and results of operations.
Risks Related to Our Intellectual Property
If we fail to adequately protect our intellectual property rights, our competitive position could be impaired and we may lose valuable assets or revenue and become subject to costly litigation to protect our rights.
We have been, and may in the future be, subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies.
Our platform makes use of open-source software components, and a failure to comply with the terms of the underlying open-source software licenses could negatively affect our ability to sell our products and subject us to possible litigation.
Risks Related to Our Class A Common Stock
The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment.
We cannot predict the effect our dual-class structure may have on the market price of our Class A common stock.
Future sales, or the perception of future sales, by us or our existing stockholders in the public market could cause the market price for our Class A common stock to decline.
You may incur dilution as a result of future equity issuances.
Certain provisions in our charter documents and Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove members of our Board or current management and may adversely affect our stock price.
We do not intend to pay dividends for the foreseeable future.
Our third amended and restated bylaws designate certain specified courts as the sole and exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
General Risk Factors
As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and PCAOB regarding our internal control over financial reporting. If we fail to establish and maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or report them in a timely manner.
We incur significant costs as a result of operating as a public company.
Legal proceedings
We are not currently a party to any litigation or claims that, if determined adversely to us, would have a material adverse effect on our business, operating results, financial condition, or cash flows. We are, from time to time, party to litigation and subject to claims in the ordinary course of business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
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