Toast, Inc.
Financial Performance
Toast Revenue & Financials
Revenue
$6.2B (FY2025)
Market Cap
$17B
Net Income
$342M
Employees
6,500
What is Toast's revenue?
Toast had $6.2B in revenue for fiscal year 2025, up 24.1% from 2024. Net income was $342M.
- Latest revenue
- $6.2B (FY2025)
- Year-over-year
- +24.1%
- Growth rate (CAGR)
- 44.9% over 6 years
- Peak revenue
- $6.2B (FY2025)
- Years of data
- 7
- Employees
- 6,500
Financial Analysis
Toast's revenue rose from $665 million in 2019 to $1.71 billion in 2021, the year of its NYSE IPO, $3.87 billion in 2023, $4.96 billion in 2024 and $6.15 billion in 2025. It reported its first full year of GAAP net income in 2024 ($19 million) and earned $342 million in 2025, with adjusted EBITDA of $633 million. In Q2 2026, revenue grew 23% to $1.91 billion, net income was $154 million, GAAP operating margin reached 26% and the company raised its full-year adjusted EBITDA guidance. Market capitalization was roughly $16-18 billion in September 2026, with shares down about 20% over the prior year.
Revenue Trend Analysis
YoY Change
+24.1%
6-Year CAGR
+44.9%
Peak Year
2025
Trend
Consistent Growth
Toast, Inc. has 7 full fiscal year figures on this page, compounding at +44.9% annually over 6 years. The most recent year saw a 24.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $6.2B. Of 6 comparable year-over-year steps, 6 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $6.2B | $292M | $342M | +24.1% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-18) Fiscal year ended 2025-12-31. |
| FY2024 | $5B | $16M | $19M | +28.3% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-18) Fiscal year ended 2024-12-31. |
| FY2023 | $3.9B | -$287M | -$246M | +41.5% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-18) Fiscal year ended 2023-12-31. |
| FY2022 | $2.7B | -$384M | -$275M | +60.2% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-02-26) Fiscal year ended 2022-12-31. |
| FY2021 | $1.7B | -$228M | -$487M | +107.2% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-27) Fiscal year ended 2021-12-31. |
| FY2020 | $823M | -$220M | -$248M | +23.8% | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-03-01) Fiscal year ended 2020-12-31. |
| FY2019 | $665M | -$213M | -$209M | — | Toast, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-03-01) Fiscal year ended 2019-12-31. |
Click any row to see year details.
Toast, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $661M | — | $3.1B | $1B | $2.1B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $360M | — | $2.4B | $863M | $1.5B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $135M | — | $2B | $764M | $1.2B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | -$156M | $16M | $1.8B | $663M | $1.1B | -$172M | Form 10-K |
| FY2021ended Dec 31, 2021 | $2M | $12M | $1.7B | $644M | $1.1B | -$10M | Form 10-K |
| FY2020ended Dec 31, 2020 | -$125M | $28M | $776M | $398M | -$471M | -$153M | Form 10-K |
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Toast Revenue and Financial FAQ
What were Toast's total revenue and net income for full-year 2025?
In 2025, Toast reported total consolidated revenue of $6.15 billion, a 24% increase from $4.96 billion in 2024, and GAAP net income of $342 million, representing its first full year of substantial GAAP profitability.
How much Gross Payment Volume (GPV) did Toast process in 2025?
Toast processed approximately $195 billion in Gross Payment Volume (GPV) across its restaurant network in 2025, up from $155 billion in 2024, reflecting both new location additions and robust consumer dining spend.
What were Toast's financial results in Q2 2026?
In the second quarter of 2026, Toast posted revenue of $1.91 billion (up 23% year-over-year), net income of $154 million, quarterly GPV of $60.7 billion, and an annualized recurring run-rate (ARR) of approximately $2.4 billion.
What was Toast's adjusted EBITDA and margin in 2025?
Toast generated adjusted EBITDA of $633 million in 2025, achieving a 34% adjusted EBITDA margin on recurring gross profit, driven by operating leverage in software development and general corporate overhead.
How many net new restaurant locations did Toast add in 2025?
Toast added a record 30,000 net new locations in 2025 to reach approximately 164,000 active locations, expanding further to approximately 180,000 live locations by the end of Q2 2026.
What is Toast's net payment take rate on gross payment volume?
Toast achieves a net payment take rate of approximately 50 to 55 basis points (0.50% to 0.55%) on total GPV after deducting interchange fees, assessment charges, and bank processing costs.
What was Toast's Annualized Recurring Run-Rate (ARR) growth?
Toast crossed $2.0 billion in ARR in late 2025 and expanded to approximately $2.4 billion by mid-2026, growing recurring gross profit by over 28% year-over-year.
What is Toast's cash balance and financial liquidity?
Toast maintains an exceptionally strong balance sheet with approximately $1.5 billion in cash, cash equivalents, and marketable securities, with zero outstanding long-term debt.
How much free cash flow does Toast generate?
Toast generated over $450 million in free cash flow in 2025, achieving a free cash flow conversion rate exceeding 70% of adjusted EBITDA due to low capital expenditure requirements.
What is Toast's revenue breakdown between fintech and subscriptions?
Financial Technology Solutions contributed approximately $5.1 billion (83% of total revenue), Subscription Services generated ~$730 million (12%), and Hardware & Services generated ~$320 million (5%) in 2025.
Does Toast execute share repurchases?
In early 2025, Toast's board of directors authorized a $250 million share repurchase program to offset equity dilution from employee stock-based compensation programs.
What is Toast's long-term financial operating margin target?
Management targets long-term adjusted EBITDA margins of 35% to 40% on recurring gross profit, driven by higher software module adoption per restaurant and expanding enterprise scale.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Toast Revenue & Financials." CorpDigest, https://corpdigest.com/company/toast/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Toast reported $6.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/toast/financials" target="_blank" rel="noopener">CorpDigest — Toast financials</a></div>Related Financial Audits
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