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Toast, Inc. (TOST) stock

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NYSE: TOST NYSE Application Software Next results ~November 3, 2026

B Fundamentals grade

Toast, Inc. is a cloud-based technology platform built for restaurants and food and beverage retailers. Its Android-based software combines point-of-sale terminals, handheld devices and self-service kiosks with restaurant-grade hardware, a Kitchen Display System, and tools spanning online ordering, delivery, marketing, loyalty, payroll and team management, and back-office functions through xtraCHEF. Toast IQ, an artificial-intelligence assistant, surfaces operational insights. The system runs on Amazon Web Services and connects to more than 200 third-party partners.

Customers range from single-site operators to multi-location and enterprise chains, alongside convenience stores, bottle shops and grocers. Toast earns money from subscription software, integrated payment processing, hardware sold or leased through its Easy Pay arrangement, and financial services such as Toast Capital, which arranges loans via a bank partner that are repaid from a share of daily transactions.

The platform supports dine-in, takeaway, delivery, catering and retail. Toast sells mainly in the United States, where it estimates its restaurant locations account for roughly 20% of the market, and has begun small investments to expand internationally and into retail.

Based on Toast, Inc.'s 10-K filed February 18, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$18

Cash-flow model

Base case. Range ~$14–$23 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 47% below it.

Price used: $33.42, November 2, 2026

Toast, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Toast files

Where Toast stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.80bn, up 23.0% on a year earlier, about the same pace as a quarter earlier. That growth ranks 4 of 23 among the internet and data companies we cover. Free-cash-flow margin held at 8.5%. Operating margin widened to 6.3% from 3.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $17.82 a share, against a share price of $32.21. At that price, our model says the market is pricing in about 32.5% a year of cash-flow growth for five years, close to the 31.9% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Toast, Inc.'s trailing-twelve-month revenue grew 23.0% year on year, with a free-cash-flow margin of 8.5%. Where it stands out: days sales outstanding of 8 days ranks 4 of 162 application software companies we cover. Where it lags: gross margin of 26.7% ranks 144 of 160 application software companies we cover.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$14–$23 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 13.4% while net income grew 117.0%: a 104pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.0% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 1.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $33.42 is 47% above our value per share of $18.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 7 insiders sold $28M of stock over the past 365 days and none bought (81% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 26.7% ranks 144 of 160 application software companies we cover (median 69.8%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.36 against an average estimate of $0.32: beat by 11.4%
Revenue
$1.91bn, up 23.1% on a year earlier
Share reaction
+6.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
non-GAAP subscription services and financial technology solutions gross profit $615m to $625m (third quarter ending September 30, 2026); non-GAAP subscription services and financial technology solutions gross profit growth growth 22% to 24% (third quarter ending September 30, 2026)
Next report
November 3, 2026; average EPS estimate $0.37

Toast's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.5%
  • 1 week+4.0%
  • 1 month+12.2%
  • This year-5.9%
  • 1 year-7.5%
  • 5 years-46.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Operating margin
6.3%
Net margin
7.1%
EPS (TTM, diluted)
$0.81

Growth

Revenue growth
+23.0%
Change in growth rate
−0.4 pts
Share count change
−1.1%

Cash

Free cash flow (TTM)
$576M
FCF margin
8.5%
Stock pay % of revenue
3.4%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Toast, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 33.0% a year of cash-flow growth for five years.That is close to the 31.9% a year revenue growth Toast has delivered.

  • Priced in33.0%
  • Last 12 months23.0%
  • 3 years a year27.1%
  • 5 years a year31.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($33.48, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$18
Price used
$33.48close November 3, 2026
Implied change
▼ 47%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Toast, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($210M, FY2026 Q2 TTM), growing 20% and 19.5% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$23 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Toast, Inc.'s free cash flow after stock-based pay ( $210M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Toast, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$14–$23 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$20–$41 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$18–$24 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Toast, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $7$9$11$14$18$24
8.5% $6$7$9$11$14$18
10% $5$6$7$9$11$14

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$34.71$18.03$18.26$36.45$35.51$33.42
Market value$10.1bn$9.2bn$9.7bn$21.5bn$21.6bn$20.2bn
+ Net debt (− = net cash)−$809m−$547m−$605m−$903m−$1.4bn−$1.0bn
Enterprise value$9.3bn$8.7bn$9.1bn$20.6bn$20.2bn$19.1bn
Multiples
Price / sales 5.9x3.4x2.5x4.3x3.5x3.0x
Price / earnings ———n/m63.0x41.5x
Price / free cash flow ——104.7x70.4x35.5x35.0x
EV / EBITDA ———n/m56.7x39.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Toast's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.4% of total assets over 5 years.

  • Pricing power 7 / 20

    Gross margin has been a median 21.9%, moving by 3.4 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -7.3%; its worst year was -16.8%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 3 of 5 years, at a median 4.0% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (52 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $2.0bn and EPS of $0.37 (range $0.32 to $0.42) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.40 +38% $7.5bn +21%
Next $1.76 +26% $8.9bn +19%

Next year's EPS estimate has moved +4.3% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 2 analysts raised Toast, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Toast, Inc., last 90 days
$1.20 $1.40 $1.60 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.35 Current fiscal year, 60 days ago: $1.39 Current fiscal year, 30 days ago: $1.39 Current fiscal year, 7 days ago: $1.40 Current fiscal year, Now: $1.40 $1.40 Next fiscal year, 90 days ago: $1.69 Next fiscal year, 60 days ago: $1.73 Next fiscal year, 30 days ago: $1.73 Next fiscal year, 7 days ago: $1.76 Next fiscal year, Now: $1.76 $1.76

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.35$1.69
60 days ago $1.39$1.73
30 days ago $1.39$1.73
7 days ago $1.40$1.76
Now $1.40$1.76

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.32 $0.36 +11.4%
Mar 2026 $0.27 $0.29 +6.7%
Dec 2025 $0.24 $0.27 +12.9%
Sept 2025 $0.23 $0.28 +19.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Non-GAAP subscription services and financial technology solutions gross profit full year ending December 31, 2026 $2,325m to $2,355m Non-GAAP Raised
    “Non-GAAP subscription services and financial technology solutions gross profit in the range of $2,325 million to $2,355 million (23%-25% growth compared to 2025, up from 21-23% growth).” source
  • Non-GAAP subscription services and financial technology solutions gross profit growth full year ending December 31, 2026 23% growth to 25% growth Non-GAAP Raised
    “Non-GAAP subscription services and financial technology solutions gross profit in the range of $2,325 million to $2,355 million (23%-25% growth compared to 2025, up from 21-23% growth).” source
  • Adjusted EBITDA full year ending December 31, 2026 $805m to $825m Non-GAAP Raised
    “Adjusted EBITDA in the range of $805 million to $825 million (up from $790 million to $810 million).” source
  • Non-GAAP subscription services and financial technology solutions gross profit third quarter ending September 30, 2026 $615m to $625m Non-GAAP
    “Non-GAAP subscription services and financial technology solutions gross profit in the range of $615 million to $625 million (22-24% growth compared to Q3 2025).” source
  • Non-GAAP subscription services and financial technology solutions gross profit growth third quarter ending September 30, 2026 22% growth to 24% growth Non-GAAP
    “Non-GAAP subscription services and financial technology solutions gross profit in the range of $615 million to $625 million (22-24% growth compared to Q3 2025).” source
  • Adjusted EBITDA third quarter ending September 30, 2026 $210m to $220m Non-GAAP
    “Adjusted EBITDA in the range of $210 million to $220 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Toast, Inc.'s revenue by +20.0% next year and +19.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.0%, weight 69%) and the company's own record (+20.0%, weight 31%) . How the weights are set.

Analyst recommendations

31 analysts, Nov 2026
Buy2168%
Hold1032%
Sell00%

Monthly trend

  1. Nov 20265161031
  2. Oct 20265151030
  3. Sep 2026615930

Counts of recommendations published by analysts covering Toast, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.2%
of tradable shares
Days to cover
4.29
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
5.6%
of shares
Employees
6,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −7.5%

$36.14 on October 31, 2025 to $33.42

ThenNowEffect
Revenue (last 12 months) $5.5bn $6.8bn +23.0%
Net margin 4.1% 7.1% +76.3%
P/E multiple 98.3x 41.5x −57.8%
Share count 610m 603m +1.1%

Biggest factor: p/e multiple.

Last 3 years +91.1%

$17.49 on November 3, 2023 to $33.42

ThenNowEffect
Revenue (last 12 months) $3.3bn $6.8bn +105.1%
P/S multiple 2.7x 3.0x +7.7%
Share count 521m 603m −13.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
TOST−48%+1%+100%−3%−6%
Industry peers (median)−50%+19%+2%−21%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
TOST33%50%67%50%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
TOST−64%−48%−21%−34%−39%
S&P 500−25%−10%−8%−19%−9%

Worst fall since September 22, 2021: 81% from November 2, 2021 to May 11, 2022. Getting back needed a 414% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$22.33 – $39.02
From 52-week high
−14.4%
vs 50-day average
+4.5%
vs 200-day average
+13.9%
Volatility (1 year)
46%
Beta vs S&P 500
0.99

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±9.5%
After a week
7 up, 5 down
typical move ±12.1%
After a month
6 up, 6 down
typical move ±10.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +6.1% +1.6% +6.4% +3.8%
May 7, 2026 −11.5% +0.5% −18.5% −14.9%
February 12, 2026 −2.5% −1.5% −3.4% +0.3%
November 4, 2025 +9.2% −0.8% +5.6% −1.5%
August 5, 2025 −6.8% +0.3% −10.6% −16.6%
May 8, 2025 +14.8% +0.6% +27.2% +22.2%
February 19, 2025 −3.9% −0.2% −10.2% −14.4%
November 7, 2024 +16.6% +1.2% +25.6% +19.2%
August 6, 2024 −5.1% +0.2% +3.5% +0.8%
May 7, 2024 +13.8% +0.1% +15.3% −4.0%
February 15, 2024 +11.3% +0.2% +4.7% +16.7%
November 7, 2023 −12.7% +0.4% −13.8% −11.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Toast, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.44× the last 60 days’ realised volatility .
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TOST Toast, Inc. Grade B $33.64

Own 100 shares, sell the $35.00 call expiring November 27, 2026 (25 days) for $1.50 a share — $150 per contract.

Previous session · Bid $1.50, ask $1.83, quoted Mon 2 Nov, 17:37 New York time with TOST at $33.64. Option prices move with the shares: check the live chain at your broker before trading.

  • If TOST ends below $35.00: you keep your shares and the $150 — 4.5% extra on the position, 65.1% a year at that pace.
  • If it ends above $35.00: your shares are sold at $35.00, a total return of 8.5% including the premium — at or above our value of ~$18.
$286 $0 −$643 Break-even $32.14 Price $33.64 ← Our value ~$18
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$150
Annualised
65.1%
Break-even
$32.14
Max gain
$286
Chance of selling
~45%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $30.00 put and sell the $40.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.64 a share ($64.00 per contract of 100 shares).
  • Worst case at expiry: -12.7%, if the shares fall below $30.00 (-10.8% from today).
  • Best case at expiry: +17.0%, if the shares rise above $40.00 (+18.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $18.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Toast, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Toast, Inc.
$3B $4B $5B $6B $7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.6B Revenue (TTM), FY23 Q4: $3.9B Revenue (TTM), FY24 Q1: $4.1B Revenue (TTM), FY24 Q2: $4.4B Revenue (TTM), FY24 Q3: $4.7B Revenue (TTM), FY24 Q4: $5B Revenue (TTM), FY25 Q1: $5.2B Revenue (TTM), FY25 Q2: $5.5B Revenue (TTM), FY25 Q3: $5.9B Revenue (TTM), FY25 Q4: $6.2B Revenue (TTM), FY26 Q1: $6.4B Revenue (TTM), FY26 Q2: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.6B
FY23 Q4 $3.9B
FY24 Q1 $4.1B
FY24 Q2 $4.4B
FY24 Q3 $4.7B
FY24 Q4 $5B
FY25 Q1 $5.2B
FY25 Q2 $5.5B
FY25 Q3 $5.9B
FY25 Q4 $6.2B
FY26 Q1 $6.4B
FY26 Q2 $6.8B
Revenue growth, TTM YoY Toast, Inc.
20% 30% 40% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 45.4% Revenue growth, TTM YoY, FY23 Q4: 41.6% Revenue growth, TTM YoY, FY24 Q1: 36.7% Revenue growth, TTM YoY, FY24 Q2: 32.2% Revenue growth, TTM YoY, FY24 Q3: 29.5% Revenue growth, TTM YoY, FY24 Q4: 28.3% Revenue growth, TTM YoY, FY25 Q1: 26.7% Revenue growth, TTM YoY, FY25 Q2: 26.1% Revenue growth, TTM YoY, FY25 Q3: 25.8% Revenue growth, TTM YoY, FY25 Q4: 24.1% Revenue growth, TTM YoY, FY26 Q1: 23.4% Revenue growth, TTM YoY, FY26 Q2: 23.0% 23.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 45.4%
FY23 Q4 41.6%
FY24 Q1 36.7%
FY24 Q2 32.2%
FY24 Q3 29.5%
FY24 Q4 28.3%
FY25 Q1 26.7%
FY25 Q2 26.1%
FY25 Q3 25.8%
FY25 Q4 24.1%
FY26 Q1 23.4%
FY26 Q2 23.0%
Operating margin (TTM) Toast, Inc.
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -9.2% Operating margin (TTM), FY23 Q4: -7.4% Operating margin (TTM), FY24 Q1: -6.1% Operating margin (TTM), FY24 Q2: -3.8% Operating margin (TTM), FY24 Q3: -1.6% Operating margin (TTM), FY24 Q4: 0.3% Operating margin (TTM), FY25 Q1: 2.2% Operating margin (TTM), FY25 Q2: 3.4% Operating margin (TTM), FY25 Q3: 4.1% Operating margin (TTM), FY25 Q4: 4.7% Operating margin (TTM), FY26 Q1: 5.6% Operating margin (TTM), FY26 Q2: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -9.2%
FY23 Q4 -7.4%
FY24 Q1 -6.1%
FY24 Q2 -3.8%
FY24 Q3 -1.6%
FY24 Q4 0.3%
FY25 Q1 2.2%
FY25 Q2 3.4%
FY25 Q3 4.1%
FY25 Q4 4.7%
FY26 Q1 5.6%
FY26 Q2 6.3%
FCF margin (TTM) Toast, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.5% FCF margin (TTM), FY23 Q4: 2.4% FCF margin (TTM), FY24 Q1: 2.8% FCF margin (TTM), FY24 Q2: 4.0% FCF margin (TTM), FY24 Q3: 4.9% FCF margin (TTM), FY24 Q4: 6.2% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 9.2% FCF margin (TTM), FY25 Q3: 9.6% FCF margin (TTM), FY25 Q4: 9.9% FCF margin (TTM), FY26 Q1: 10.1% FCF margin (TTM), FY26 Q2: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.5%
FY23 Q4 2.4%
FY24 Q1 2.8%
FY24 Q2 4.0%
FY24 Q3 4.9%
FY24 Q4 6.2%
FY25 Q1 7.8%
FY25 Q2 9.2%
FY25 Q3 9.6%
FY25 Q4 9.9%
FY26 Q1 10.1%
FY26 Q2 8.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Toast took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $6.2B
  2. Other income $54M · 0.9%
  3. Cost of revenue $4.6B · 74.1%
  4. Gross profit $1.6B · 25.9%
  5. Research and development $374M · 6.1%
  6. Selling, general and admin $915M · 14.9%
  7. Operating income $292M · 4.7%
  8. Net income $342M · 5.6%

Shares of revenue. Source: Toast's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 665 823 1,705 2,731 3,865 4,960 6,153 6,804
Gross profit 62 140 314 511 834 1,190 1,593 1,818
EBITDA −206 −193 −207 −360 −255 62 356 482
Operating income −213 −220 −228 −384 −287 16 292 431
Net income −209 −248 −487 −275 −246 19 342 486
Diluted EPS −$1.08 −$1.25 −$1.68 −$0.72 −$0.47 $0.03 $0.56 $0.81
Growth (year on year)
Revenue — +23.8% +107.2% +60.2% +41.5% +28.3% +24.1% +23.0%
EBITDA — — — — — — — +95.1%
Operating income — — — — — — — +128.0%
Net income — — — — — — — +117.0%
Diluted EPS — — — — — — — +119.3%
Margins
Gross margin 9.3% 17.0% 18.4% 18.7% 21.6% 24.0% 25.9% 26.7%
EBITDA margin −31.0% −23.5% −12.1% −13.2% −6.6% 1.3% 5.8% 7.1%
Operating margin −32.0% −26.7% −13.4% −14.1% −7.4% 0.3% 4.7% 6.3%
Net margin −31.4% −30.1% −28.6% −10.1% −6.4% 0.4% 5.6% 7.1%
Free-cash-flow margin −20.3% −18.6% −0.6% −6.3% 2.4% 6.2% 9.9% 8.5%
Cash flow
Cash from operations −126 −125 2 −156 135 360 661 635
Capital spending 9 28 12 16 42 54 53 59
Free cash flow −135 −153 −10 −172 93 306 608 576
Stock-based pay 34 86 140 228 277 253 242 231
Free cash flow after stock pay −169 −239 −150 −400 −184 53 366 345
Balance sheet
Cash 150 582 809 547 605 903 1,353 1,015
Total debt 0 172 0 0 0 0 0 0
Net debt (negative = net cash) −150 −410 −809 −547 −605 −903 −1,353 −1,015
Diluted shares 195m 200m 290m 512m 533m 591m 607m 603m
Returned to shareholders
Buybacks — — — 0 0 56 107 562
Total returned — — — 0 0 56 107 562

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $3.2bn
Short-term assets $2.6bnLonger-term assets $531m
What it owes, and who funded it · $3.2bn
Short-term liabilities $1.1bnLonger-term liabilities $32mShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $32m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Toast, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$562M
Returned to shareholders
98%
of free cash flow
Buybacks, last 3 fiscal years
$163M
Diluted share count
−1.1%
year over year
Total shareholder yield
2.9%
dividends 0.0% + buybacks 2.9% of market value
R&D spending
6.0%
of revenue
Days sales outstanding
8 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated TOST TEAM SSNC PLTR CDNS ADSK Median
Revenue, last 12 months $6.8bn $6.6bn $6.6bn $7.3bn $6.1bn $7.8bn $482m
Revenue growth, last 12 months 23.0% 26.0% 8.6% 87.1% 17.6% 17.9% 12.0%
Revenue growth, 3-year average 27.1% 23.0% 6.8% 50.8% 16.1% 14.3% 11.1%
Revenue growth, latest quarter 23.1% 27.6% 10.3% 95.9% 22.0% 16.1% 11.9%
Gross margin 26.7% 84.8% 48.1% 84.7% — 91.2% 69.2%
Operating margin 6.3% 0.2% 23.6% 45.6% 28.9% 26.2% 1.1%
Operating margin, 3-year average 2.0% −1.7% 23.2% 27.1% 28.6% 23.2% −0.8%
Net margin 7.1% −0.8% 13.2% 50.3% 22.5% 21.1% 2.1%
Cash from operations / revenue 9.3% 20.6% 27.7% 56.2% 32.1% 37.2% 18.2%
Free-cash-flow margin 8.5% 20.1% 26.7% 55.6% 28.8% 36.4% 15.0%
Free-cash-flow margin, 3-year average 7.2% 26.6% 23.3% 46.2% 26.3% 28.1% 16.2%
Stock pay / revenue 3.4% 24.4% 4.1% 13.5% 8.9% 9.1% 9.3%
Change in share count −1.1% −0.6% −2.1% 0.7% 0.3% −1.5% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 23.0% 12.0% 43 of 184
Change in growth rate Growth -0.4pp +0.2pp 112 of 184
Gross margin Profitability 26.7% 69.8% 144 of 160
Operating margin Profitability 6.3% 1.1% 72 of 181
Net margin Profitability 7.1% 2.1% 73 of 185
Free-cash-flow margin Cash generation 8.5% 15.2% 111 of 180
Stock pay as % of revenue Cash generation 3.4% 9.3% 27 of 177
Change in share count Balance sheet -1.1% 1.7% 54 of 163
Days sales outstanding Balance sheet 8 days 57 days 4 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Technology services $5B 81.9% ▲ 24.3%
Licenses $936M 15.2% ▲ 32.6%
Product and Professional Services $180M 2.9% ▼ 10.4%

From Toast, Inc.'s 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.4B
Institutions reporting
766
Shares held vs prior quarter
▲ 8.3%
Positions opened / closed
117 / 110

Top buyers and sellers, Q2 2026: 413 institutions bought and 353 sold ; the biggest buyer was Blackrock, Inc (+21.6M shares) and the biggest seller Alliancebernstein L.P (−7.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 48.7M 10.2% ▲ 79.4%
FMR LLC $933M 33.5M 7.0% ▲ 5.7%
Capital International Investors $744M 26.7M 5.6% ▼ 12.6%
Vanguard Portfolio Management LLC $614M 22.1M 4.6% ▲ 9.0%
Vanguard Capital Management LLC $609M 21.9M 4.6% ▼ 0.7%
Jpmorgan Chase & Co $475M 16.8M 3.6% ▲ 0.4%
State Street Corp $470M 16.9M 3.5% ▲ 66.4%
Principal Financial Group Inc $422M 15.2M 3.2% ▲ 90.1%
Valueact Holdings, L.P. $393M 14.1M 2.9% ▲ 9.6%
Morgan Stanley $317M 11.4M 2.4% ▼ 2.3%
Geode Capital Management, LLC $290M 9.8M 2.2% ▲ 8.6%
Alliancebernstein L.P. $289M 10.9M 2.2% ▼ 40.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Toast, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $28.4M 57 trades by 7 insiders · 81% under pre-set plans
Net ▼ $28.4M net selling
Insider Date Trade Shares Price Value
Vassil Jonathan Chief Revenue Officer October 5, 2026 Sell pre-set plan 7,623 $30.19 $230,169
Vassil Jonathan Chief Revenue Officer October 2, 2026 Sell pre-set plan 6,657 $30.03 $199,923
Vassil Jonathan Chief Revenue Officer October 2, 2026 Sell pre-set plan 6,808 $29.35 $199,842
Elworthy Brian R General Counsel October 2, 2026 Sell 6,507 $29.35 $191,006
Narang Aman CEO October 2, 2026 Sell 14,713 $29.35 $431,885
Fredette Stephen President October 2, 2026 Sell 9,368 $29.35 $274,988
Gomez Elena President, CFO October 2, 2026 Sell 11,886 $29.35 $348,902
Vassil Jonathan Chief Revenue Officer September 2, 2026 Sell pre-set plan 9,180 $34.09 $312,992
Vassil Jonathan Chief Revenue Officer September 2, 2026 Sell pre-set plan 5,100 $33.54 $171,064
Vassil Jonathan Chief Revenue Officer August 21, 2026 Sell pre-set plan 85,280 $36.34 $3.1M
Vassil Jonathan Chief Revenue Officer August 19, 2026 Sell pre-set plan 13,931 $36.01 $501,697
Vassil Jonathan Chief Revenue Officer August 11, 2026 Sell pre-set plan 13,797 $36.01 $496,858

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Toast, Inc. shares.

  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded July 8, 2026, filed August 18, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • February 12, 2026
  • November 4, 2025
  • August 5, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Toast, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Toast, Inc. in brief

What does Toast, Inc. do?
Toast, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Toast, Inc.'s stock ticker?
Toast, Inc. trades under the ticker TOST on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Toast, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Toast, Inc. reported revenue of $6.8B, 23.0% higher than a year earlier, according to its SEC filings.
What is Toast, Inc.'s free cash flow?
Toast, Inc.'s free-cash-flow margin is 8.5% of revenue over the trailing twelve months, ranking 111 of the 180 application software companies we cover.
What is Toast, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Toast, Inc.'s free cash flow after stock-based pay gives ~$18 per share in the base case, and ~$14–$23 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Toast, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Capital International Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Toast, Inc. buying back stock, and does it pay a dividend?
Toast, Inc. spent $562M on share repurchases over the trailing twelve months, and its diluted share count fell 1.1% over the year.
What is Toast, Inc.'s market cap?
On November 2, 2026, Toast, Inc.'s market capitalisation was about $20.2B, with a price-to-earnings ratio of 41.5 and net debt of -$1B. Market figures come from third-party market data and may be delayed.
Who are Toast, Inc.'s competitors?
In our Application Software peer group, the companies closest to Toast, Inc. are Atlassian Corp, SS&C Technologies Holdings Inc, Palantir Technologies Inc., Cadence Design Systems Inc and Autodesk, Inc. The side-by-side comparison below sets their revenue, margins and growth against Toast, Inc.'s.
Are insiders buying or selling Toast, Inc. stock?
Over the last 12 months, Toast, Inc.'s directors and officers reported 0 open-market purchases and 57 sales on Form 4. The insider trading page charts every trade.
When is Toast, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Toast, Inc. announces its own schedule.