ServiceTitan, Inc. vs Toast, Inc.: Strategic Comparison

This in-depth comparison examines ServiceTitan, Inc. and Toast, Inc. across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching ServiceTitan, Inc. on its own, evaluating Toast, Inc., or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between ServiceTitan, Inc. and Toast, Inc. is widest.

On the headline numbers, annual revenue is $961.0M (FY2026) for ServiceTitan, Inc. and $6.2B (FY2025) for Toast, Inc., while their respective market capitalizations stand at $5.7B and $17.0B. Both ServiceTitan, Inc. and Toast, Inc. are headquartered in United States. Their local markets and applicable rules may still differ.

ServiceTitan, Inc.: ServiceTitan provides an end-to-end platform that runs the front office, field work and back office of trade contracting businesses. Office staff use it to answer and book calls, schedule and dispatch technicians, and run marketing. Technicians use the mobile app to view job history, present good-better-best options from the pricebook, collect signatures and take payment. Owners use it for payroll inputs, accounting sync and reporting. The company serves customers mainly in the United States and Canada and runs a large engineering operation in Armenia. The company is headquartered in Glendale, California.

Toast, Inc.: Toast, Inc. (NYSE: TOST) builds the operating software and payment rails for restaurants. Founded in 2011 by Aman Narang, Steve Fredette and Jonathan Grimm, who had worked together at enterprise search firm Endeca, it replaced server-based legacy POS systems with Android terminals connected to the cloud. Toast reported $6.15 billion in revenue and $342 million in net income for 2025, served about 180,000 locations by June 2026 and is led by CEO Aman Narang and CFO Elena Gomez. The company is headquartered in Boston, Massachusetts.

ServiceTitan, Inc. and Toast, Inc. pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between ServiceTitan, Inc. and Toast, Inc..

ServiceTitan, Inc. business model: ServiceTitan sells vertical software to trade contractors and monetizes in two main ways. Subscription revenue comes from per-technician and per-module platform fees for the core system plus add-on Pro products such as Marketing Pro, Phones Pro, Dispatch Pro and Pricebook Pro, along with Aspire (landscaping) and FieldRoutes (pest and lawn). Usage revenue comes mostly from payment processing and customer financing on jobs that run through the platform; management has described usage revenue as roughly 0.27% of gross transaction volume. A smaller professional services line covers onboarding and implementation. In fiscal 2026 subscription revenue grew 26%, faster than total revenue.

Toast, Inc. business model: Toast sells restaurants a bundled platform and monetizes it in three ways. Financial technology solutions, mainly card processing on the gross payment volume that runs through Toast terminals and online ordering, make up the large majority of revenue (roughly four-fifths in recent filings), though payments carry thinner margins than software. Subscription services, charged per location or per module for POS software, kitchen display, online ordering, payroll, scheduling, inventory and marketing tools, form a smaller but high-margin share. Hardware and professional services (terminals, Toast Go handhelds, installation) are sold near or below cost to win accounts. Toast also offers Toast Capital working-capital loans through a partner bank. Management tracks 'recurring gross profit' from subscriptions and fintech, which grew 33% in 2025 and 28% in Q2 2026.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of ServiceTitan, Inc. stack up against those of Toast, Inc..

ServiceTitan, Inc. competitive advantage: ServiceTitan is built around trade-specific workflows such as flat-rate pricebooks, membership agreements, call booking, technician dispatch and equipment history, which generic CRMs do not offer out of the box. Once a contractor moves its customer records, pricebook and accounting connections onto the platform, switching is costly, which supports a net dollar retention rate above 110%. Payments and financing embedded in the workflow let ServiceTitan earn on job volume, not only on seats.

Toast, Inc. competitive advantage: Toast's advantages are its restaurant-only focus, a single platform that ties POS, kitchen display, online ordering, payroll and payments to one data set, field sales density in major US metro areas, and switching costs once staff, menus, kitchens and payroll run on Toast. Its offline mode lets terminals keep taking orders during internet outages.

Future prospects matter as much as current results. The growth strategies below explain how ServiceTitan, Inc. and Toast, Inc. each plan to expand from here.

ServiceTitan, Inc. growth strategy: ServiceTitan grows by adding contractors, selling more Pro products and Max AI features to existing customers, expanding into commercial trades and adjacent verticals through acquisitions such as Aspire (2021), FieldRoutes (2022) and Convex (2024), and increasing the share of customer job volume processed through its payments and financing tools.

Toast, Inc. growth strategy: Toast's growth strategy has four parts: keep adding small and mid-sized US restaurants through local field sales; win enterprise chains; expand into adjacent food and beverage verticals and international markets (Canada, the UK and Ireland); and raise revenue per location by attaching more software modules, including AI-driven marketing and analytics under the Toast IQ brand.

A closer look at the financial trajectory of ServiceTitan, Inc. and Toast, Inc. rounds out the comparison.

ServiceTitan, Inc.: ServiceTitan reported revenue of $467.7 million in fiscal 2023, $614.3 million in fiscal 2024, $771.9 million in fiscal 2025 and $961.0 million in fiscal 2026 (fiscal years end January 31). Its net loss went from $269.5 million to $159.9 million over the same period. Q4 fiscal 2026 revenue was $254 million, up 21%, with a 10.7% non-GAAP operating margin. In Q2 fiscal 2027 (quarter ended July 31, 2026), revenue rose 21% to $292.8 million, non-GAAP operating margin reached 15.2% and non-GAAP free cash flow was a record $50.5 million. Guidance after Q2 called for fiscal 2027 revenue of about $1.139 billion to $1.144 billion. ServiceTitan is a highly dominant, specialized cloud-based software platform built explicitly for the trades and home service industry, commanding a massive private market valuation over $7 billion.

Toast, Inc.: 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.