analyzeportfolio
NYSE · Technology

Toast, Inc. (TOST)

As-reported financials and SEC filings for Toast, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Toast, Inc.

Toast, Inc. provides a cloud-based digital technology platform designed for restaurants and food and beverage retailers. Its platform includes software-as-a-service products, integrated payment processing, restaurant-grade hardware, and third-party partner solutions to support operations such as point-of-sale, digital ordering, labor management, marketing, and financial services. Toast serves a range of customers from small and mid-sized operators to larger multi-location and enterprise restaurants.

Snapshot

Revenue
$6.15B
Revenue growth (YoY)
24.1%
Net income
$342.0M
Diluted EPS
$0.56
Gross margin
25.9%
Operating margin
4.7%
Net margin
5.6%
FCF margin
9.9%
ROE
16.1%
net income / fiscal-year-end equity
P/E
39.1×
trailing when available, otherwise FY EPS
Market cap
$17.85B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Toast

  • Revenue grew 24.1% to $6.2B in FY2025, slower than the 28.3% the year before.
  • Operating margin turned positive at 4.7% in FY2025, from a 13.4% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $1.9B, up 23.1% from Q2 FY2025.
  • Free cash flow was $608M in FY2025, 9.9% of revenue.
  • Net income rose more than tenfold to $342M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Toast’s fundamentals sit among the 331 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin25.9%
12th percentile of 264
Operating margin4.7%
58th percentile of 302
Net margin5.6%
58th percentile of 306
FCF margin9.9%
41st percentile of 284
Revenue growth (YoY)+24.1%
78th percentile of 324
ROE16.1%
75th percentile of 285
P/E39.1×
66th percentile of 162
Short interest3.74d
54th percentile of 329

Toast’s gross margin of 25.9% ranks in the 12th percentile of the 264 software companies reporting it.

No reported insider purchases (code P) in the last 90 days; 25 insider sales totaling $18.6M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+6 quant / multi-strat
Initiated / added
6
0 new, 6 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$814.3M
reported long value
InvestorAs ofPosition valueSharesChange
ValueAct CapitalQ2 2026$393.2M14.1MAdded
Citadel AdvisorsquantQ2 2026$191.0M6.9MAdded
Renaissance TechnologiesquantQ2 2026$53.8M1.9MReduced
ARK Investment ManagementQ2 2026$51.7M1.9MAdded
Bridgewater AssociatesQ2 2026$39.8M1.4MAdded
D. E. ShawquantQ2 2026$28.9M1.0MReduced
AQR Capital ManagementquantQ2 2026$28.6M1.0MAdded
Millennium ManagementquantQ2 2026$17.5M630.6KReduced
Gotham Asset ManagementQ2 2026$5.1M184.5KAdded
Two Sigma InvestmentsquantQ2 2026$4.6M164.2KReduced

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
25
$18.6M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-05
filed 2026-10-06
Jonathan VassilChief Revenue OfficerSell7.6K$30.19$230K
2026-10-02
filed 2026-10-05
Aman NarangCEOSell14.7K$29.35$432K
2026-10-02
filed 2026-10-05
Elena GomezPresident, CFOSell11.9K$29.35$349K
2026-10-02
filed 2026-10-05
Stephen FredettePresidentSell9.4K$29.35$275K
2026-10-02
filed 2026-10-05
Jonathan VassilChief Revenue OfficerSell6.7K$30.03$200K
2026-10-02
filed 2026-10-05
Jonathan VassilChief Revenue OfficerSell6.8K$29.35$200K
2026-10-02
filed 2026-10-05
Brian R. ElworthyGeneral CounselSell6.5K$29.35$191K
2026-09-02
filed 2026-09-04
Jonathan VassilChief Revenue OfficerSell9.2K$34.09$313K
2026-09-02
filed 2026-09-04
Jonathan VassilChief Revenue OfficerSell5.1K$33.54$171K
2026-08-21
filed 2026-08-25
Jonathan VassilChief Revenue OfficerSell85.3K$36.34$3.1M
2026-08-19
filed 2026-08-21
Jonathan VassilChief Revenue OfficerSell13.9K$36.01$502K
2026-08-11
filed 2026-08-13
Jonathan VassilChief Revenue OfficerSell13.8K$36.01$497K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
34.3M
settled 2026-09-30
Change vs prior
+8.3%
vs previous settlement
Days to cover
3.74
at avg daily volume
Avg daily volume
9.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3034.3M+8.3%3.74
2026-09-1531.6M+10.3%4.34
2026-08-3128.7M-8.6%3.15
2026-08-1431.3M-8.6%2.86
2026-07-3134.3M-15.9%3.57
2026-07-1540.8M-7.8%3.93
2026-06-3044.2M+4.0%2.34
2026-06-1542.5M-3.9%4.18

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$6.15B$4.96B$3.87B$2.73B$1.71B
Gross profit
Operating income$292.0M$16.0M$-287.0M$-384.0M$-228.0M
Net income$342.0M$19.0M$-246.0M$-275.0M$-487.0M
Diluted EPS$0.56$0.03$-0.47$-0.72$-1.68

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.35B$903.0M$605.0M$547.0M$809.0M
Current assets$2.67B$1.98B$1.57B$1.41B$1.49B
Total assets$3.15B$2.41B$1.96B$1.76B$1.74B
Current liabilities$969.0M$811.0M$663.0M$496.0M$352.0M
Long-term debt————$0
Total liabilities$1.02B$863.0M$764.0M$663.0M$644.0M
Total equity$2.12B$1.54B$1.19B$1.10B$1.09B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$661.0M$360.0M$135.0M$-156.0M$2.0M
Capital expenditure$53.0M$54.0M$42.0M$33.0M$19.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.91B23.1%$154.0M$0.26
Q1 FY2026$1.63B21.9%$126.0M$0.20
Q4 FY202522.0%
Q3 FY2025$1.63B25.1%$105.0M$0.16
Q2 FY2025$1.55B24.8%$80.0M$0.13
Q1 FY2025$1.34B24.4%$56.0M$0.09
Q4 FY202429.2%
Q3 FY2024$1.30B26.5%$56.0M$0.07

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorTechnology
SIC industryServices-Computer Processing & Data Preparation
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2022
SEC CIK1650164

Selected SEC filings

10-Q2026-08-05
View on EDGAR →
10-Q2026-05-08
View on EDGAR →
8-K2026-10-01
View on EDGAR →
8-K2026-08-04
View on EDGAR →
8-K2026-06-15
View on EDGAR →
8-K2026-05-07
View on EDGAR →

Largest software peers

All software stocks →All Technology companies →

Monitor TOST

Get an alert when Toast files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor TOST free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.