Toast (TOST) Financials

$22.30 -0.96 (-4.12%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$22.45 +0.15 (+0.66%)

As of 07:27 AM Eastern

Annual Income Statements for Toast

This table shows Toast's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-209	-249	-487	-275	-246	19	342
Consolidated Net Income / (Loss)	-209	-248	-487	-275	-246	19	342
Net Income / (Loss) Continuing Operations	-209	-248	-487	-275	-246	19	342
Total Pre-Tax Income	-212	-248	-490	-277	-244	22	346
Total Operating Income	-213	-220	-228	-384	-287	16	292
Total Gross Profit	62	140	314	511	834	1,190	1,593
Total Revenue	665	823	1,705	2,731	3,865	4,960	6,153
Operating Revenue	665	823	1,705	2,731	3,865	4,960	6,153
Total Cost of Revenue	603	683	1,391	2,220	3,031	3,770	4,560
Operating Cost of Revenue	603	683	1,391	2,220	3,031	3,770	4,560
Total Operating Expenses	275	360	542	895	1,121	1,174	1,301
Selling, General & Admin Expense	83	113	189	294	362	307	344
Marketing Expense	128	138	190	319	401	470	571
Research & Development Expense	64	109	163	282	358	351	374
Restructuring Charge	-	-	-	0.00	0.00	46	12
Total Other Income / (Expense), net	1.00	-28	-262	107	43	6.00	54
Interest Expense	0.00	12	62	-11	-37	-42	-51
Other Income / (Expense), net	-1.00	-16	-200	96	6.00	-36	3.00
Income Tax Expense	-3.00	0.00	-3.00	-2.00	2.00	3.00	4.00
Basic Earnings per Share	($1.08)	($1.25)	($1.68)	($0.54)	($0.46)	$0.03	$0.59
Weighted Average Basic Shares Outstanding	194.82M	199.98M	290M	512M	532M	559M	582M
Diluted Earnings per Share	($1.08)	($1.25)	($1.68)	($0.72)	($0.47)	$0.03	$0.56
Weighted Average Diluted Shares Outstanding	194.82M	199.98M	290M	512M	533M	591M	607M
Weighted Average Basic & Diluted Shares Outstanding	-	-	508.98M	526.83M	548M	575M	589M

This table shows Toast's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-31	-36	-83	14	56	32	56	80	105	101	126
Consolidated Net Income / (Loss)	-31	-36	-83	14	56	32	56	80	105	101	126
Net Income / (Loss) Continuing Operations	-31	-36	-83	14	56	32	56	80	105	101	126
Total Pre-Tax Income	-31	-35	-82	14	57	33	58	83	104	101	131
Total Operating Income	-59	-56	-56	5.00	34	33	43	80	84	85	110
Total Gross Profit	226	226	249	286	322	333	346	392	432	423	447
Total Revenue	1,032	1,036	1,075	1,242	1,305	1,338	1,337	1,550	1,633	1,633	1,630
Operating Revenue	1,032	1,036	1,075	1,242	1,305	1,338	1,337	1,550	1,633	1,633	1,630
Total Cost of Revenue	806	810	826	956	983	1,005	991	1,158	1,201	1,210	1,183
Operating Cost of Revenue	806	810	826	956	983	1,005	991	1,158	1,201	1,210	1,183
Total Operating Expenses	285	282	305	281	288	300	303	312	348	338	337
Selling, General & Admin Expense	98	86	74	75	80	78	79	79	102	84	84
Marketing Expense	100	102	107	115	119	129	133	141	144	153	156
Research & Development Expense	87	94	83	87	89	92	84	91	102	97	97
Restructuring Charge	0.00	-	41	4.00	0.00	1.00	7.00	1.00	0.00	4.00	0.00
Total Other Income / (Expense), net	28	21	-26	9.00	23	-	15	3.00	20	16	21
Interest Expense	-10	-10	-10	-10	-9.00	-13	-12	-11	-13	-15	-13
Other Income / (Expense), net	18	11	-36	-1.00	14	-13	3.00	-8.00	7.00	1.00	8.00
Income Tax Expense	0.00	1.00	1.00	0.00	1.00	1.00	2.00	3.00	-1.00	-	5.00
Basic Earnings per Share	($0.06)	($0.06)	($0.15)	$0.03	$0.10	$0.05	$0.10	$0.14	$0.18	$0.17	$0.21
Weighted Average Basic Shares Outstanding	535M	532M	547M	556M	563M	559M	575M	580M	585M	582M	587M
Diluted Earnings per Share	($0.09)	($0.03)	($0.15)	$0.02	$0.07	$0.09	$0.09	$0.13	$0.16	$0.18	$0.20
Weighted Average Diluted Shares Outstanding	536M	533M	547M	587M	590M	591M	603M	605M	609M	607M	602M
Weighted Average Basic & Diluted Shares Outstanding	540.21M	548M	555M	562M	568M	575M	579M	583M	588M	589M	580M

This table details how cash moves in and out of Toast's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	83	433	257	-216	112	338	498
Net Cash From Operating Activities	-126	-125	2.00	-156	135	360	661
Net Cash From Continuing Operating Activities	-126	-125	2.00	-156	134	360	667
Net Income / (Loss) Continuing Operations	-209	-248	-487	-275	-246	19	342
Consolidated Net Income / (Loss)	-209	-248	-487	-275	-246	19	342
Depreciation Expense	7.00	27	21	24	32	46	64
Amortization Expense	0.00	15	-26	44	62	82	99
Non-Cash Adjustments To Reconcile Net Income	13	118	427	180	346	357	347
Changes in Operating Assets and Liabilities, net	63	-37	67	-129	-60	-144	-185
Net Cash From Investing Activities	-47	-36	-503	-98	-86	-39	-172
Net Cash From Continuing Investing Activities	-47	-36	-503	-98	-86	-39	-172
Purchase of Property, Plant & Equipment	-15	-36	-19	-33	-42	-54	-53
Acquisitions	-33	0.00	-26	-46	-9.00	0.00	0.00
Purchase of Investments	0.00	0.00	-469	-434	-623	-473	-633
Sale and/or Maturity of Investments	0.00	0.00	10	415	591	488	514
Other Investing Activities, net	1.00	0.00	1.00	0.00	-3.00	0.00	0.00
Net Cash From Financing Activities	256	594	759	38	63	18	7.00
Net Cash From Continuing Financing Activities	256	594	759	38	63	18	7.00
Repayment of Debt	-3.00	-9.00	-249	-3.00	0.00	0.00	-3.00
Repurchase of Common Equity	0.00	0.00	-	0.00	0.00	-117	-107
Issuance of Common Equity	1.00	0.00	984	15	36	99	81
Other Financing Activities, net	-2.00	7.00	24	26	27	36	36

This table details how cash moves in and out of Toast's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	29	96	24	94	78	142	174	166	180	-22	-170
Net Cash From Operating Activities	48	92	-20	124	109	147	79	223	165	194	132
Net Cash From Continuing Operating Activities	48	91	-20	124	109	147	79	224	164	200	132
Net Income / (Loss) Continuing Operations	-31	-36	-83	14	56	32	56	80	105	101	126
Consolidated Net Income / (Loss)	-31	-36	-83	14	56	32	56	80	105	101	126
Depreciation Expense	8.00	10	11	12	12	11	19	16	13	16	10
Amortization Expense	16	18	19	19	21	23	23	25	25	26	22
Non-Cash Adjustments To Reconcile Net Income	80	80	115	85	67	90	79	86	92	90	73
Changes in Operating Assets and Liabilities, net	-25	19	-82	-6.00	-47	-9.00	-98	17	-71	-33	-99
Net Cash From Investing Activities	-31	-1.00	-29	-4.00	9.00	-15	22	-38	-4.00	-152	-75
Net Cash From Continuing Investing Activities	-31	-1.00	-29	-4.00	9.00	-15	22	-38	-4.00	-152	-75
Purchase of Property, Plant & Equipment	-10	-11	-13	-16	-12	-13	-10	-15	-12	-16	-17
Purchase of Investments	-128	-144	-145	-131	-77	-120	-110	-171	-90	-262	-184
Sale and/or Maturity of Investments	109	154	129	143	98	118	142	148	98	126	126
Net Cash From Financing Activities	12	5.00	73	-26	-40	11	73	-22	19	-63	-227
Net Cash From Continuing Financing Activities	12	5.00	73	-26	-40	11	73	-22	19	-63	-227
Repurchase of Common Equity	-	-	-4.00	-32	-81	-	-17	-14	-23	-53	-323
Issuance of Common Equity	16	5.00	28	27	29	15	26	14	38	3.00	14
Other Financing Activities, net	-4.00	-	49	-21	12	-4.00	64	-19	4.00	-13	82

This table presents Toast's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	776	1,735	1,761	1,958	2,408	3,145
Total Current Assets	673	1,485	1,407	1,570	1,975	2,669
Cash & Equivalents	582	809	547	605	903	1,353
Short-Term Investments	0.00	457	474	519	514	638
Accounts Receivable	33	55	77	69	115	127
Inventories, net	19	42	110	118	118	114
Other Current Assets	17	30	199	259	325	437
Plant, Property, & Equipment, net	44	41	61	75	98	105
Total Noncurrent Assets	57	209	293	313	335	371
Goodwill	36	74	107	113	113	113
Intangible Assets	7.00	16	29	26	20	14
Other Noncurrent Operating Assets	14	119	157	174	202	244
Total Liabilities & Shareholders' Equity	776	1,735	1,761	1,958	2,408	3,145
Total Liabilities	398	644	663	764	863	1,021
Total Current Liabilities	136	352	496	663	811	969
Accounts Payable	30	40	30	32	37	47
Accrued Expenses	63	246	427	592	715	854
Current Deferred Revenue	43	44	39	39	59	68
Total Noncurrent Liabilities	262	292	167	101	52	52
Other Noncurrent Operating Liabilities	55	280	167	101	52	52
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-471	1,091	1,098	1,194	1,545	2,124
Total Preferred & Common Equity	-471	1,091	1,098	1,194	1,545	2,124
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-471	1,091	1,098	1,194	1,545	2,124
Common Stock	145	2,194	2,477	2,817	3,150	3,384
Retained Earnings	-616	-1,102	-1,377	-1,623	-1,604	-1,262
Accumulated Other Comprehensive Income / (Loss)	0.00	-1.00	-2.00	0.00	-1.00	2.00

This table presents Toast's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,741	1,795	1,795	1,834	2,052	2,155	2,227	2,564	2,767	2,971	3,094
Total Current Assets	1,402	1,408	1,455	1,480	1,651	1,739	1,802	2,122	2,317	2,495	2,592
Cash & Equivalents	644	451	488	514	578	691	761	1,005	1,194	1,357	1,098
Short-Term Investments	409	499	502	516	537	528	511	484	508	500	672
Accounts Receivable	78	97	115	95	86	101	105	118	121	121	138
Inventories, net	95	112	107	98	120	110	106	111	103	104	136
Other Current Assets	40	47	52	56	330	309	319	404	391	413	548
Plant, Property, & Equipment, net	54	70	61	69	82	90	95	93	96	100	114
Total Noncurrent Assets	285	317	279	285	319	326	330	349	354	376	388
Goodwill	107	113	113	113	113	113	113	113	113	113	113
Intangible Assets	31	31	30	28	25	23	22	19	17	16	13
Other Noncurrent Operating Assets	147	173	136	144	181	190	195	217	224	247	262
Total Liabilities & Shareholders' Equity	1,741	1,795	1,795	1,834	2,052	2,155	2,227	2,564	2,767	2,971	3,094
Total Liabilities	622	697	716	685	849	872	807	891	949	957	1,104
Total Current Liabilities	457	538	584	574	713	736	748	844	894	911	1,064
Accounts Payable	28	36	42	27	49	33	30	48	49	50	70
Accrued Expenses	376	444	493	499	614	641	656	738	785	798	921
Current Deferred Revenue	40	43	41	38	50	62	62	58	60	63	73
Total Noncurrent Liabilities	165	159	132	111	136	136	59	47	55	46	40
Other Noncurrent Operating Liabilities	157	153	120	97	136	136	59	47	55	46	40
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,119	1,098	1,079	1,149	1,203	1,283	1,420	1,673	1,818	2,014	1,990
Total Preferred & Common Equity	1,119	1,098	1,079	1,149	1,203	1,283	1,420	1,673	1,818	2,014	1,990
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,119	1,098	1,079	1,149	1,203	1,283	1,420	1,673	1,818	2,014	1,990
Common Stock	2,400	2,556	2,637	2,738	2,910	2,976	3,053	3,221	3,284	3,374	3,127
Retained Earnings	-1,277	-1,458	-1,556	-1,587	-1,706	-1,692	-1,636	-1,548	-1,468	-1,363	-1,136
Accumulated Other Comprehensive Income / (Loss)	-4.00	0.00	-2.00	-2.00	-1.00	-1.00	3.00	0.00	2.00	3.00	-1.00

This table displays calculated financial ratios and metrics derived from Toast's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.76%	107.17%	60.18%	41.52%	28.33%	24.05%
EBITDA Growth	0.00%	6.28%	-123.20%	49.19%	15.00%	157.75%	324.07%
EBIT Growth	0.00%	-10.28%	-81.36%	32.71%	2.43%	92.88%	1,575.00%
NOPAT Growth	0.00%	-3.29%	-3.64%	-68.42%	25.26%	106.88%	1,988.73%
Net Income Growth	0.00%	-18.66%	-96.37%	43.53%	10.55%	107.72%	1,700.00%
EPS Growth	0.00%	-15.74%	-34.40%	57.14%	34.72%	106.38%	1,766.67%
Operating Cash Flow Growth	0.00%	0.79%	101.60%	-7,900.00%	186.54%	166.67%	83.61%
Free Cash Flow Firm Growth	0.00%	0.00%	84.50%	-2,700.00%	62.77%	77.21%	741.95%
Invested Capital Growth	0.00%	0.00%	-414.71%	144.00%	-9.09%	82.86%	3.91%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	10.43%	7.42%	6.48%	5.04%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-30.18%	42.99%	254.29%	19.27%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-59.12%	17.60%	76.47%	28.82%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.48%	13.03%	127.04%	22.46%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-58.05%	20.65%	138.78%	25.27%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	28.79%	133.33%	19.15%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	137.24%	7.14%	462.50%	18.03%	7.65%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	31.73%	44.84%	25.12%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	16.67%	-41.18%	-13.51%	-15.29%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	9.32%	17.01%	18.42%	18.71%	21.58%	23.99%	25.89%
EBITDA Margin	-31.13%	-23.57%	-25.40%	-8.06%	-4.84%	2.18%	7.44%
Operating Margin	-32.03%	-26.73%	-13.37%	-14.06%	-7.43%	0.32%	4.75%
EBIT Margin	-32.18%	-28.68%	-25.10%	-10.55%	-7.27%	-0.40%	4.79%
Profit (Net Income) Margin	-31.43%	-30.13%	-28.56%	-10.07%	-6.36%	0.38%	5.56%
Tax Burden Percent	98.58%	100.00%	99.39%	99.28%	100.82%	86.36%	98.84%
Interest Burden Percent	99.07%	105.08%	114.49%	96.18%	86.83%	-110.00%	117.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	13.64%	1.16%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-273.33%	13.96%	221.17%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-269.13%	13.55%	218.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	251.87%	-12.57%	-202.53%
Return on Equity (ROE)	0.00%	-65.61%	-66.30%	-25.13%	-21.47%	1.39%	18.64%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-676.36%	-263.81%	-44.63%	217.34%
Operating Return on Assets (OROA)	0.00%	-30.41%	-34.09%	-16.48%	-15.11%	-0.92%	10.62%
Return on Assets (ROA)	0.00%	-31.96%	-38.79%	-15.73%	-13.23%	0.87%	12.32%
Return on Common Equity (ROCE)	0.00%	81.75%	-27.98%	-25.13%	-21.47%	1.39%	18.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	52.65%	-44.64%	-25.05%	-20.60%	1.23%	0.00%
Net Operating Profit after Tax (NOPAT)	-149	-154	-160	-269	-201	14	289
NOPAT Margin	-22.42%	-18.71%	-9.36%	-9.84%	-5.20%	0.28%	4.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	-45.63%	-39.02%	-0.54%	-4.21%	0.41%	3.13%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-24.48%	-16.83%	0.89%	13.59%
Cost of Revenue to Revenue	90.68%	82.99%	81.58%	81.29%	78.42%	76.01%	74.11%
SG&A Expenses to Revenue	12.48%	13.73%	11.09%	10.77%	9.37%	6.19%	5.59%
R&D to Revenue	9.62%	13.24%	9.56%	10.33%	9.26%	7.08%	6.08%
Operating Expenses to Revenue	41.35%	43.74%	31.79%	32.77%	29.00%	23.67%	21.14%
Earnings before Interest and Taxes (EBIT)	-214	-236	-428	-288	-281	-20	295
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-207	-194	-433	-220	-187	108	458
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	16.06	8.55	8.26	13.40	9.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	17.50	9.76	9.35	14.66	10.46
Price to Revenue (P/Rev)	1.31	1.06	10.28	3.44	2.55	4.17	3.39
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	1,089.66	61.05
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	1.64%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	108.67	124.86	150.68	142.02
Enterprise Value to Revenue (EV/Rev)	0.00	1.59	9.53	3.06	2.26	3.89	3.07
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	178.58	41.24
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	64.03
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	1,395.74	65.44
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	8,126.87	0.00	64.74	53.57	28.58
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	66.60
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.46	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.46	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-1.09	-1.14	-1.04	-0.94	-0.93	-0.93
Leverage Ratio	0.00	2.05	1.71	1.60	1.62	1.59	1.51
Compound Leverage Factor	0.00	2.16	1.96	1.54	1.41	-1.75	1.78
Debt to Total Capital	0.00%	31.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	31.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	154.36%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-85.64%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-0.89	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	2.11	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-0.89	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-1.12	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	2.66	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-1.12	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	1.09	16.39	9.03	8.64	16.07	14.62
Noncontrolling Interest Sharing Ratio	0.00%	224.60%	57.79%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	4.95	4.22	2.84	2.37	2.44	2.75
Quick Ratio	0.00	4.52	3.75	2.21	1.80	1.89	2.19
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-120	-19	-521	-194	-44	284
Operating Cash Flow to CapEx	-840.00%	-347.22%	10.53%	-472.73%	321.43%	666.67%	1,247.17%
Free Cash Flow to Firm to Interest Expense	0.00	-10.00	-0.30	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-10.42	0.03	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-13.42	-0.27	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.06	1.36	1.56	2.08	2.27	2.22
Accounts Receivable Turnover	0.00	24.94	38.75	41.38	52.95	53.91	50.85
Inventory Turnover	0.00	35.95	45.61	29.21	26.59	31.95	39.31
Fixed Asset Turnover	0.00	18.70	40.12	53.55	56.84	57.34	60.62
Accounts Payable Turnover	0.00	22.77	39.74	63.43	97.77	109.28	108.57
Days Sales Outstanding (DSO)	0.00	14.64	9.42	8.82	6.89	6.77	7.18
Days Inventory Outstanding (DIO)	0.00	10.15	8.00	12.50	13.73	11.42	9.29
Days Payable Outstanding (DPO)	0.00	16.03	9.18	5.75	3.73	3.34	3.36
Cash Conversion Cycle (CCC)	0.00	8.76	8.24	15.56	16.89	14.85	13.10
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-34	-175	77	70	128	133
Invested Capital Turnover	0.00	-48.41	-16.32	-55.73	52.59	50.10	47.15
Increase / (Decrease) in Invested Capital	0.00	-34	-141	252	-7.00	58	5.00
Enterprise Value (EV)	0.00	1,309	16,254	8,368	8,740	19,287	18,889
Market Capitalization	870	870	17,520	9,389	9,864	20,704	20,880
Book Value per Share	$0.00	($2.36)	$2.16	$2.11	$2.21	$2.72	$3.61
Tangible Book Value per Share	$0.00	($2.57)	$1.98	$1.85	$1.95	$2.49	$3.40
Total Capital	0.00	550	1,091	1,098	1,194	1,545	2,124
Total Debt	0.00	172	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	172	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-410	-1,266	-1,021	-1,124	-1,417	-1,991
Capital Expenditures (CapEx)	15	36	19	33	42	54	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-45	-133	-110	-217	-253	-291
Debt-free Net Working Capital (DFNWC)	0.00	537	1,133	911	907	1,164	1,700
Net Working Capital (NWC)	0.00	537	1,133	911	907	1,164	1,700
Net Nonoperating Expense (NNE)	60	94	327	6.20	45	-5.18	-53
Net Nonoperating Obligations (NNO)	0.00	-412	-1,266	-1,021	-1,124	-1,417	-1,991
Total Depreciation and Amortization (D&A)	7.00	42	-5.00	68	94	128	163
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-5.47%	-7.80%	-4.03%	-5.61%	-5.10%	-4.73%
Debt-free Net Working Capital to Revenue	0.00%	65.25%	66.45%	33.36%	23.47%	23.47%	27.63%
Net Working Capital to Revenue	0.00%	65.25%	66.45%	33.36%	23.47%	23.47%	27.63%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.68)	($0.54)	($0.46)	$0.03	$0.59
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	289.58M	511.75M	532M	559M	582M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.68)	($0.72)	($0.47)	$0.03	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	289.58M	512.24M	533M	591M	607M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	508.98M	526.83M	548M	575M	589M
Normalized Net Operating Profit after Tax (NOPAT)	-149	-154	-160	-269	-201	54	300
Normalized NOPAT Margin	-22.42%	-18.71%	-9.36%	-9.84%	-5.20%	1.08%	4.88%
Pre Tax Income Margin	-31.88%	-30.13%	-28.74%	-10.14%	-6.31%	0.44%	5.62%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-19.67	-6.90	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-12.83	-2.57	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-22.67	-7.21	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-15.83	-2.88	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	615.79%	31.29%

This table displays calculated financial ratios and metrics derived from Toast's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	589,000,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	589,000,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.23%	34.72%	31.26%	26.99%	26.45%	29.15%	24.37%	24.80%	25.13%	22.05%	21.91%
EBITDA Growth	80.46%	80.46%	10.14%	141.67%	576.47%	417.65%	241.94%	222.86%	59.26%	137.04%	70.45%
EBIT Growth	60.95%	57.14%	-3.37%	103.77%	217.07%	144.44%	150.00%	1,700.00%	89.58%	330.00%	156.52%
NOPAT Growth	30.59%	43.43%	39.13%	108.93%	180.88%	181.63%	205.91%	1,442.17%	153.89%	165.63%	154.84%
Net Income Growth	68.37%	64.00%	-2.47%	114.29%	280.65%	188.89%	167.47%	471.43%	87.50%	215.63%	125.00%
EPS Growth	52.63%	86.36%	6.25%	110.53%	177.78%	400.00%	160.00%	550.00%	128.57%	100.00%	122.22%
Operating Cash Flow Growth	169.57%	584.21%	63.64%	148.00%	127.08%	59.78%	495.00%	79.84%	51.38%	31.97%	67.09%
Free Cash Flow Firm Growth	77.42%	89.98%	107.44%	117.24%	104.67%	19.25%	-361.94%	-16.31%	1,621.53%	407.69%	228.12%
Invested Capital Growth	80.30%	-9.09%	-40.54%	-28.09%	24.37%	82.86%	109.09%	81.25%	6.08%	3.91%	19.57%
Revenue Q/Q Growth	5.52%	0.39%	3.76%	15.53%	5.07%	2.53%	-0.07%	15.93%	5.35%	0.00%	-0.18%
EBITDA Q/Q Growth	79.76%	0.00%	50.00%	156.45%	131.43%	-33.33%	62.96%	28.41%	14.16%	-0.78%	17.19%
EBIT Q/Q Growth	61.32%	-9.76%	-104.44%	104.35%	1,100.00%	-58.33%	130.00%	56.52%	26.39%	-5.49%	37.21%
NOPAT Q/Q Growth	26.25%	5.08%	0.00%	112.76%	568.07%	-4.20%	29.74%	85.73%	9.99%	0.23%	24.47%
Net Income Q/Q Growth	68.37%	-16.13%	-130.56%	116.87%	300.00%	-42.86%	75.00%	42.86%	31.25%	-3.81%	24.75%
EPS Q/Q Growth	52.63%	66.67%	-400.00%	113.33%	250.00%	28.57%	0.00%	44.44%	23.08%	12.50%	11.11%
Operating Cash Flow Q/Q Growth	-4.00%	91.67%	-121.74%	720.00%	-12.10%	34.86%	-46.26%	182.28%	-26.01%	17.58%	-31.96%
Free Cash Flow Firm Q/Q Growth	45.80%	65.85%	164.60%	44.23%	-85.32%	-690.44%	-109.55%	146.09%	201.92%	5.53%	-12.75%
Invested Capital Q/Q Growth	33.71%	-41.18%	25.71%	-27.27%	131.25%	-13.51%	43.75%	-36.96%	35.34%	-15.29%	65.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.90%	21.81%	23.16%	23.03%	24.67%	24.89%	25.88%	25.29%	26.45%	25.90%	27.42%
EBITDA Margin	-1.65%	-1.64%	-5.77%	2.82%	6.21%	4.04%	6.58%	7.29%	7.90%	7.84%	9.20%
Operating Margin	-5.72%	-5.41%	-5.21%	0.40%	2.61%	2.47%	3.22%	5.16%	5.14%	5.21%	6.75%
EBIT Margin	-3.97%	-4.34%	-8.56%	0.32%	3.68%	1.49%	3.44%	4.65%	5.57%	5.27%	7.24%
Profit (Net Income) Margin	-3.00%	-3.47%	-7.72%	1.13%	4.29%	2.39%	4.19%	5.16%	6.43%	6.18%	7.73%
Tax Burden Percent	100.00%	102.86%	101.22%	100.00%	98.25%	96.97%	96.55%	96.39%	100.96%	100.00%	96.18%
Interest Burden Percent	75.61%	77.78%	89.13%	350.00%	118.75%	165.00%	126.09%	115.28%	114.29%	117.44%	111.02%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	1.75%	3.03%	3.45%	3.61%	-0.96%	0.00%	3.82%
Return on Invested Capital (ROIC)	-155.66%	-198.97%	-127.35%	23.08%	89.31%	119.82%	119.23%	305.67%	199.49%	245.42%	207.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-156.65%	-199.27%	-123.11%	22.26%	87.35%	119.82%	118.12%	305.47%	198.20%	244.48%	205.89%
Return on Net Nonoperating Assets (RNNOA)	143.88%	186.49%	110.48%	-20.82%	-78.27%	-111.16%	-106.95%	-287.74%	-180.60%	-227.09%	-183.18%
Return on Equity (ROE)	-11.79%	-12.48%	-16.87%	2.26%	11.04%	8.66%	12.28%	17.93%	18.89%	18.33%	23.95%
Cash Return on Invested Capital (CROIC)	-307.03%	-263.81%	-98.05%	-119.22%	-60.00%	-44.63%	11.88%	146.94%	148.64%	217.34%	156.93%
Operating Return on Assets (OROA)	-8.00%	-9.03%	-18.34%	0.72%	8.44%	3.40%	7.78%	10.44%	12.56%	11.67%	16.50%
Return on Assets (ROA)	-6.05%	-7.22%	-16.54%	2.50%	9.84%	5.43%	9.48%	11.60%	14.49%	13.71%	17.61%
Return on Common Equity (ROCE)	-11.79%	-12.48%	-16.87%	2.26%	11.04%	8.66%	12.28%	17.93%	18.89%	18.33%	23.95%
Return on Equity Simple (ROE_SIMPLE)	-26.98%	0.00%	-20.62%	-10.60%	-3.45%	0.00%	9.44%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-41	-39	-39	5.00	33	32	42	77	85	85	106
NOPAT Margin	-4.00%	-3.78%	-3.65%	0.40%	2.56%	2.39%	3.11%	4.97%	5.19%	5.21%	6.49%
Net Nonoperating Expense Percent (NNEP)	0.99%	0.30%	-4.24%	0.81%	1.96%	0.00%	1.11%	0.20%	1.29%	0.94%	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.28%	-	-	-	2.07%	2.48%	4.24%	4.21%	4.00%	5.32%
Cost of Revenue to Revenue	78.10%	78.19%	76.84%	76.97%	75.33%	75.11%	74.12%	74.71%	73.55%	74.10%	72.58%
SG&A Expenses to Revenue	9.50%	8.30%	6.88%	6.04%	6.13%	5.83%	5.91%	5.10%	6.25%	5.14%	5.15%
R&D to Revenue	8.43%	9.07%	7.72%	7.00%	6.82%	6.88%	6.28%	5.87%	6.25%	5.94%	5.95%
Operating Expenses to Revenue	27.62%	27.22%	28.37%	22.62%	22.07%	22.42%	22.66%	20.13%	21.31%	20.70%	20.67%
Earnings before Interest and Taxes (EBIT)	-41	-45	-92	4.00	48	20	46	72	91	86	118
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-17	-62	35	81	54	88	113	129	128	150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.73	8.26	11.19	11.15	11.20	13.40	11.40	14.11	10.57	9.83	7.85
Price to Tangible Book Value (P/TBV)	9.95	9.35	12.64	12.47	12.38	14.66	12.38	15.19	11.29	10.46	8.38
Price to Revenue (P/Rev)	2.79	2.55	3.27	3.26	3.42	4.17	3.65	4.64	3.63	3.39	2.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	1,089.66	120.71	114.48	77.97	61.05	37.90
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.83%	0.87%	1.28%	1.64%	2.64%
Enterprise Value to Invested Capital (EV/IC)	75.65	124.86	140.31	204.43	98.91	150.68	95.56	206.40	123.75	142.02	62.93
Enterprise Value to Revenue (EV/Rev)	2.50	2.26	3.00	2.98	3.14	3.89	3.37	4.33	3.32	3.07	2.15
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	178.58	68.15	71.26	50.59	41.24	26.62
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	149.01	128.72	84.84	64.03	37.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	1,395.74	156.77	129.95	82.43	65.44	39.22
Enterprise Value to Operating Cash Flow (EV/OCF)	375.10	64.74	72.63	53.62	47.99	53.57	38.31	42.91	31.64	28.58	19.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	1,088.07	181.05	85.71	66.60	43.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.92	-0.94	-0.90	-0.94	-0.90	-0.93	-0.91	-0.94	-0.91	-0.93	-0.89
Leverage Ratio	1.58	1.62	1.67	1.67	1.58	1.59	1.61	1.59	1.51	1.51	1.54
Compound Leverage Factor	1.19	1.26	1.49	5.85	1.88	2.63	2.02	1.83	1.73	1.78	1.71
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	10.06	9.04	10.76	11.34	13.53	16.13	14.69	18.17	15.42	14.40	10.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.58	2.37	2.32	2.36	2.41	2.44	2.51	2.59	2.74	2.75	2.44
Quick Ratio	1.96	1.80	1.68	1.79	1.84	1.89	1.90	2.04	2.17	2.19	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-94	-32	21	30	4.40	-26	-54	25	76	80	70
Operating Cash Flow to CapEx	480.00%	836.36%	-153.85%	775.00%	908.33%	1,130.77%	790.00%	1,486.67%	1,375.00%	1,212.50%	776.47%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.01	2.08	2.14	2.22	2.29	2.27	2.26	2.25	2.25	2.22	2.28
Accounts Receivable Turnover	41.60	52.95	45.04	40.60	46.58	53.91	51.20	49.82	51.84	50.85	50.36
Inventory Turnover	29.35	26.59	27.69	31.32	35.05	31.95	34.07	38.85	41.48	39.31	38.48
Fixed Asset Turnover	58.50	56.84	54.22	58.08	56.80	57.34	59.68	59.46	60.08	60.62	62.28
Accounts Payable Turnover	102.98	97.77	75.58	90.61	125.44	109.28	81.13	100.90	108.88	108.57	80.54
Days Sales Outstanding (DSO)	8.78	6.89	8.10	8.99	7.84	6.77	7.13	7.33	7.04	7.18	7.25
Days Inventory Outstanding (DIO)	12.44	13.73	13.18	11.65	10.41	11.42	10.71	9.40	8.80	9.29	9.49
Days Payable Outstanding (DPO)	3.54	3.73	4.83	4.03	2.91	3.34	4.50	3.62	3.35	3.36	4.53
Cash Conversion Cycle (CCC)	17.67	16.89	16.46	16.62	15.34	14.85	13.34	13.11	12.49	13.10	12.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	119	70	88	64	148	128	184	116	157	133	220
Invested Capital Turnover	38.90	52.59	34.92	57.32	34.89	50.10	38.40	61.44	38.41	47.15	31.91
Increase / (Decrease) in Invested Capital	53	-7.00	-60	-25	29	58	96	52	9.00	5.00	36
Enterprise Value (EV)	9,002	8,740	12,347	13,083	14,638	19,287	17,584	23,942	19,428	18,889	13,844
Market Capitalization	10,032	9,864	13,462	14,302	15,910	20,704	19,073	25,644	21,285	20,880	15,614
Book Value per Share	$2.15	$2.21	$2.20	$2.31	$2.53	$2.72	$2.91	$3.14	$3.45	$3.61	$3.38
Tangible Book Value per Share	$1.88	$1.95	$1.95	$2.07	$2.29	$2.49	$2.68	$2.92	$3.23	$3.40	$3.16
Total Capital	1,149	1,194	1,203	1,283	1,420	1,545	1,673	1,818	2,014	2,124	1,990
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,030	-1,124	-1,115	-1,219	-1,272	-1,417	-1,489	-1,702	-1,857	-1,991	-1,770
Capital Expenditures (CapEx)	10	11	13	16	12	13	10	15	12	16	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-124	-217	-177	-216	-218	-253	-211	-279	-273	-291	-242
Debt-free Net Working Capital (DFNWC)	906	907	938	1,003	1,054	1,164	1,278	1,423	1,584	1,700	1,528
Net Working Capital (NWC)	906	907	938	1,003	1,054	1,164	1,278	1,423	1,584	1,700	1,528
Net Nonoperating Expense (NNE)	-10	-3.20	44	-9.00	-23	0.00	-14	-2.89	-20	-16	-20
Net Nonoperating Obligations (NNO)	-1,030	-1,124	-1,115	-1,219	-1,272	-1,417	-1,489	-1,702	-1,857	-1,991	-1,770
Total Depreciation and Amortization (D&A)	24	28	30	31	33	34	42	41	38	42	32
Debt-free, Cash-free Net Working Capital to Revenue	-3.45%	-5.61%	-4.30%	-4.93%	-4.68%	-5.10%	-4.04%	-5.05%	-4.66%	-4.73%	-3.75%
Debt-free Net Working Capital to Revenue	25.18%	23.47%	22.76%	22.87%	22.63%	23.47%	24.47%	25.73%	27.04%	27.63%	23.70%
Net Working Capital to Revenue	25.18%	23.47%	22.76%	22.87%	22.63%	23.47%	24.47%	25.73%	27.04%	27.63%	23.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	($0.06)	($0.15)	$0.03	$0.10	$0.05	$0.10	$0.14	$0.18	$0.17	$0.21
Adjusted Weighted Average Basic Shares Outstanding	535.22M	532M	547M	556M	563M	559M	575M	580M	585M	582M	587M
Adjusted Diluted Earnings per Share	($0.09)	($0.03)	($0.15)	$0.02	$0.07	$0.09	$0.09	$0.13	$0.16	$0.18	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	536.53M	533M	547M	587M	590M	591M	603M	605M	609M	607M	602M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	540.21M	548M	555M	562M	568M	575M	579M	583M	588M	589M	580M
Normalized Net Operating Profit after Tax (NOPAT)	-41	-39	-11	6.30	33	33	48	78	59	62	106
Normalized NOPAT Margin	-4.00%	-3.78%	-0.98%	0.51%	2.56%	2.46%	3.61%	5.04%	3.60%	3.82%	6.49%
Pre Tax Income Margin	-3.00%	-3.38%	-7.63%	1.13%	4.37%	2.47%	4.34%	5.35%	6.37%	6.18%	8.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	615.79%	82.28%	50.00%	19.78%	31.29%	100.24%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Toast (TOST) based on quarterly statements across the last four years. The bullets highlight notable positives first, followed by neutral observations, then potential negatives.

Revenue growth: Toast’s quarterly operating revenue rose from about $769 million in Q4 2022 to $1.633 billion in Q4 2025, showing a multi-year uptrend (also up from ~$1.036B in Q4 2023).
Gross margin expansion: Total gross profit grew to $423 million on $1.633 billion in revenue in Q4 2025, compared with $333 million on $1.338 billion in Q4 2024, indicating improving gross profitability (roughly mid-20s percent gross margin).
Profitability turning positive: Net income attributable to common shareholders reached about $101 million in Q4 2025, up from about $32 million in Q4 2024, continuing a trend of profitability improvement from negative or lower levels in prior years.
Operating cash flow strengthening: Net cash from continuing operating activities was about $200 million in Q4 2025, up from $164 million in Q3 2025 and $147 million in Q4 2024, signaling better cash generation from core operations.
Quarterly free cash flow potential: In Q4 2025, roughly $200 million of operating cash minus a modest capital expenditure (~$16 million) suggests meaningful quarterly free cash flow, contributing to liquidity flexibility.
Balance sheet growth and solidity: Total assets climbed to around $2.97 billion by mid-2025, with total equity support from common stock and other components (~$2.01 billion in equity). This points to a stronger capital base as the business scales.
Per-share metrics improving: Diluted earnings per share reached about $0.18 in Q4 2025 (basic ~$0.17), with weighted-average shares around 589–609 million across recent quarters, indicating earnings power improving on a per-share basis.
Expense growth aligns with growth scale: Toast increased marketing, R&D, and SG&A spend during 2025 (e.g., Marketing around $143–$153 million quarterly, RD about $97–$102 million), which is typical for a high-growth payments/tech platform expanding customer and product reach. This is a growth-related neutral factor that may keep margins pressured in the near term.
Accumulated deficit in equity: Retained earnings are negative (e.g., around -$1.36 billion in late 2025), indicating a long-standing deficit despite strong top-line growth. This remains a risk factor for long-run leverage and profitability trajectory.
Investing activity breadth: Toast continued to deploy cash into investments and acquisitions in recent periods (e.g., substantial purchases of investments in several quarters; net cash used in investing activities remained negative in multiple quarters), which can pressure near-term cash positions even as operating cash flow improves. This is a cautionary sign for free cash flow consistency.

05/14/26 07:29 AM ETAI Generated. May Contain Errors.

Toast Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Toast's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Toast's net income appears to be on a downward trend, with a most recent value of $342 million in 2025, falling from -$209 million in 2019. The previous period was $19 million in 2024. Check out Toast's forecast to explore projected trends and price targets.

Toast's total operating income in 2025 was $292 million, based on the following breakdown:

Total Gross Profit: $1.59 billion
Total Operating Expenses: $1.30 billion

Over the last 6 years, Toast's total revenue changed from $665 million in 2019 to $6.15 billion in 2025, a change of 825.3%.

Toast's total liabilities were at $1.02 billion at the end of 2025, a 18.3% increase from 2024, and a 156.5% increase since 2020.

In the past 5 years, Toast's cash and equivalents has ranged from $547 million in 2022 to $1.35 billion in 2025, and is currently $1.35 billion as of their latest financial filing in 2025.

Over the last 6 years, Toast's book value per share changed from 0.00 in 2019 to 3.61 in 2025, a change of 361.2%.

Related Companies

Financial statements for NYSE:TOST last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Toast (TOST) Financials

Financials Breakdown Chart

Key Financial Trends

Toast Financials - Frequently Asked Questions

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Toast (TOST) Financials

Annual Income Statements for Toast

Quarterly Income Statements for Toast

Annual Cash Flow Statements for Toast

Quarterly Cash Flow Statements for Toast

Annual Balance Sheets for Toast

Quarterly Balance Sheets for Toast

Annual Metrics And Ratios for Toast

Quarterly Metrics And Ratios for Toast

Financials Breakdown Chart

Key Financial Trends

Toast Financials - Frequently Asked Questions

When does Toast's financial year end?

How has Toast's net income changed over the last 6 years?

What is Toast's operating income?

How has Toast's revenue changed over the last 6 years?

How much debt does Toast have?

How much cash does Toast have?

How has Toast's book value per share changed over the last 6 years?

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