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Toast

TOST NYSE Transaction & Payment Processing Services Financials FY2019–FY2025

Toast's revenue rose 24.1% to $6.2 billion in fiscal 2025. Its operating margin was 4.8%, up from 0.3% a year earlier. Free cash flow was $608 million, up 98.7%. It paid out $107 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 2.7%.

Last close · Oct 23, 2026

$32.71

2.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.2B
24.1% vs prior year
Operating margin Operating income as a share of revenue.
4.8%
4.4 pts
Net income Profit after all expenses, interest and tax.
$342M
1,700.0%
Free cash flow Cash from operations minus capital spending.
$608M
98.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$19.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
41.4x
On $0.79 EPS (TTM)

What Toast does

No business description yet.

Legal name
Toast, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001650164-26-000057
0001650164

Revenue and margins

Toast had $6.2B of revenue in fiscal 2025, up 24.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $608M in fiscal 2025, 9.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Toast returned $107M to shareholders in fiscal 2025, 18% of free cash flow. The diluted share count rose 2.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Toast yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.0B and divides by 607.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 41.4x · peers 12.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Toast can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$1.0B$1.1B$1.4B$2.0B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA ———−22.9x−5.6x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage −19.0x————
Current ratio 4.2x2.8x2.4x2.4x2.8x
Quick ratio 4.1x2.6x2.2x2.3x2.6x
Total assets $1.7B$1.8B$2.0B$2.4B$3.1B
Total liabilities $644M$663M$764M$863M$1.0B
Shareholders' equity $1.1B$1.1B$1.2B$1.5B$2.1B
Net debt (− = net cash) −$1.3B−$1.0B−$1.1B−$1.4B−$2.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$16.1M

3 insiders

Of sales under plans

100%

$16.1M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Jonathan VassilChief Revenue Officer Sold plan 14,280 $33.90 $0.5M Form 4
Aug 21, 2026 Jonathan VassilChief Revenue Officer Sold plan 85,280 $36.34 $3.1M Form 4
Aug 19, 2026 Jonathan VassilChief Revenue Officer Sold plan 13,931 $36.01 $0.5M Form 4
Aug 11, 2026 Jonathan VassilChief Revenue Officer Sold plan 13,797 $36.01 $0.5M Form 4
Aug 10, 2026 Aman NarangCEO, Director Sold plan 119,843 $35.38 $4.2M Form 4
Aug 10, 2026 Elena GomezPresident, CFO Sold plan 5,761 $35.37 $0.2M Form 4
Aug 7, 2026 Aman NarangCEO, Director Sold plan 42,105 $35.13 $1.5M Form 4
Aug 7, 2026 Elena GomezPresident, CFO Sold plan 2,163 $35.10 $0.1M Form 4
Aug 6, 2026 Aman NarangCEO, Director Sold plan 13,510 $35.02 $0.5M Form 4
Aug 6, 2026 Elena GomezPresident, CFO Sold plan 900 $35.02 $0.0M Form 4
Aug 5, 2026 Aman NarangCEO, Director Sold plan 124,542 $35.29 $4.4M Form 4
Aug 5, 2026 Elena GomezPresident, CFO Sold plan 16,176 $35.29 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 97 / 97 / 9
Accruals ratio −20.5%−15.6%−11.5%
Altman Z'' 0.992.925.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Toast TOST $19.3B 24.1% 4.8% 9.9% — 41.4x 7
Global Payments GPN $22.4B −0.4% 22.8% 26.5% 3.8% — 6 Compare →
Corpay CPAY $27.1B 13.9% 44.0% 28.7% 11.5% 24.9x 5 Compare →
Affirm AFRM $24.4B 32.2% 9.8% 23.3% — 12.7x — Compare →
Euronet Worldwide EEFT $3.0B 6.4% 12.5% 10.2% 29.9% 10.4x 7 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $665M $823M $1.7B $2.7B $3.9B $5.0B $6.2B
Gross profit $62.0M $140M $314M $511M $834M $1.2B $1.6B
Research and development $64.0M $109M $163M $282M $358M $351M $374M
Operating income −$213M −$220M −$228M −$384M −$287M $16.0M $292M
Interest expense $0.0M $13.0M $12.0M $0.0M — — —
Pretax income −$212M −$248M −$490M −$277M −$244M $22.0M $346M
Income tax −$3.0M $0.0M −$3.0M −$2.0M $2.0M $3.0M $4.0M
Net income −$209M −$248M −$487M −$275M −$246M $19.0M $342M
Diluted EPS −$1.08 −$1.25 −$1.68 −$0.72 −$0.47 $0.03 $0.56
Diluted shares 0.19B 0.20B 0.29B 0.51B 0.53B 0.59B 0.61B
Cash flow
Cash from operations −$126M −$125M $2.0M −$156M $135M $360M $661M
Capital expenditure $9.0M $28.0M $12.0M $16.0M $42.0M $54.0M $53.0M
Free cash flow −$135M −$153M −$10.0M −$172M $93.0M $306M $608M
Depreciation and amortization $7.0M $27.0M $21.0M $24.0M $32.0M $46.0M $64.0M
Stock-based compensation $34.0M $86.0M $140M $228M $277M $253M $242M
Acquisitions $41.0M $0.0M $26.0M $46.0M $9.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $56.0M $107M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $56.0M $107M
Balance sheet
Cash and short-term investments $150M $582M $1.3B $1.0B $1.1B $1.4B $2.0B
Total debt — $172M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $673M $1.5B $1.4B $1.6B $2.0B $2.7B
Current liabilities — $136M $352M $496M $663M $811M $969M
Inventory $0.0M $19.0M $42.0M $110M $118M $118M $114M
Property and equipment, net — $44.0M $41.0M $61.0M $75.0M $98.0M $105M
Total assets — $776M $1.7B $1.8B $2.0B $2.4B $3.1B
Total liabilities — $398M $644M $663M $764M $863M $1.0B
Shareholders' equity −$330M −$471M $1.1B $1.1B $1.2B $1.5B $2.1B
Margins
Gross margin 9.3% 17.0% 18.4% 18.7% 21.6% 24.0% 25.9%
Operating margin −32.0% −26.7% −13.4% −14.1% −7.4% 0.3% 4.8%
EBITDA margin −31.0% −23.5% −12.1% −13.2% −6.6% 1.3% 5.8%
Net margin −31.4% −30.1% −28.6% −10.1% −6.4% 0.4% 5.6%
FCF margin −20.3% −18.6% −0.6% −6.3% 2.4% 6.2% 9.9%
Returns
Return on capital employed — — −22.5% −29.0% −22.4% 1.1% 15.5%
Return on equity — — −157.1% −25.1% −21.5% 1.4% 18.6%
Return on assets — — −38.8% −15.7% −13.2% 0.9% 12.3%
Growth
Revenue growth — 23.8% 107.2% 60.2% 41.5% 28.3% 24.1%
Net income growth — — — — — — 1,700.0%
EPS growth — — — — — — 1,766.7%
FCF growth — — — — — 229.0% 98.7%
Share count change — 2.7% 45.0% 76.6% 4.1% 10.9% 2.7%
Financial health
Net debt / EBITDA — — — — — −22.9x −5.6x
Debt / equity — — 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — −16.9x −19.0x — — — —
Current ratio — 5.0x 4.2x 2.8x 2.4x 2.4x 2.8x
Quick ratio — 4.8x 4.1x 2.6x 2.2x 2.3x 2.6x
Capital allocation
Capex / revenue 1.4% 3.4% 0.7% 0.6% 1.1% 1.1% 0.9%
Stock comp / revenue 5.1% 10.5% 8.2% 8.4% 7.2% 5.1% 3.9%
Payouts / FCF — — — — 0.0% 18.3% 17.6%
Quality scores
Piotroski F-score — — — 3.0 5.0 7.0 7.0
Altman Z'' — −1.2 3.1 1.1 1.0 2.9 5.1
Accruals ratio — — −39.0% −6.8% −20.5% −15.6% −11.5%

Source: SEC EDGAR XBRL filings (CIK 0001650164). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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