ServiceTitan vs Toast: Revenue, Profit and Business Model
ServiceTitan reported $961M of revenue in FY2026 and a net loss of $159.9M. Toast reported $6.2B of revenue in FY2025 and $342M of net income.
Latest financial snapshot
ServiceTitan
- Latest revenue
- $961M (FY2026)
- Net income
- -$159.9M
- Net margin
- -16.6%
- Revenue growth
- +27.1% a year, FY2023–FY2026
Toast
- Latest revenue
- $6.2B (FY2025)
- Net income
- $342M
- Net margin
- 5.6%
- Revenue growth
- +44.9% a year, FY2019–FY2025
Financial summary
ServiceTitan
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.
Toast
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 and profit by year
ServiceTitan
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $961M | -$159.9M | -16.6% | +24.5% | Source |
| FY2025 | $771.9M | -$239.1M | -31.0% | +25.6% | Source |
| FY2024 | $614.3M | -$195.1M | -31.8% | +31.3% | Source |
| FY2023 | $467.7M | -$269.5M | -57.6% | — | Source |
Toast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.2B | $342M | 5.6% | +24.1% | Source |
| FY2024 | $5B | $19M | 0.4% | +28.3% | Source |
| FY2023 | $3.9B | -$246M | -6.4% | +41.5% | Source |
| FY2022 | $2.7B | -$275M | -10.1% | +60.2% | Source |
| FY2021 | $1.7B | -$487M | -28.6% | +107.2% | Source |
| FY2020 | $823M | -$248M | -30.1% | +23.8% | Source |
| FY2019 | $665M | -$209M | -31.4% | — | Source |
Where the revenue comes from
ServiceTitan
- Subscription
Majority (not itemized here)
Recurring platform and Pro product fees, plus Aspire and FieldRoutes subscriptions; grew 26% in fiscal 2026.
- Usage
About 0.27% of GTV
Fees from payments processing and customer financing on contractor jobs run through the platform.
- Professional services
Small share
Onboarding, implementation and training services.
Toast
- Financial Technology Solutions~80%
Card processing fees on restaurant payment volume (about $195 billion of GPV in 2025), plus Toast Capital lending fees.
- Subscription Services~15%
Recurring fees for POS software, kitchen display, online ordering, payroll, scheduling, inventory and marketing modules.
- Hardware and Professional Services~5%
Terminals, Toast Go handhelds and installation, usually priced to win accounts rather than for profit.
Business model and strategy
ServiceTitan
How it makes money
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).
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.
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%.
Toast
How it makes money
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.
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.
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.
Questions about ServiceTitan vs Toast
Which company has higher revenue — ServiceTitan, Inc. or Toast, Inc.?
ServiceTitan, Inc. reported $961.0M (FY2026), while Toast, Inc. reported $6.2B (FY2025). By last reported revenue, Toast, Inc. is the larger business, with ServiceTitan, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of ServiceTitan, Inc. vs Toast, Inc.?
ServiceTitan, Inc.'s market capitalisation stands at $5.7B, while Toast, Inc.'s is $17.0B. Toast, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to ServiceTitan, Inc..
Which is more financially efficient — ServiceTitan, Inc. or Toast, Inc.?
ServiceTitan, Inc. generates $281k / employee in revenue per employee, while Toast, Inc. generates $947k / employee. Toast, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do ServiceTitan, Inc. and Toast, Inc. make money?
ServiceTitan, Inc. and Toast, Inc. generate revenue in fundamentally different ways. ServiceTitan, Inc.: ServiceTitan sells vertical software to trade contractors and monetizes in two main ways. Toast, Inc.: Toast sells restaurants a bundled platform and monetizes it in three ways.
Which company is valued higher relative to revenue — ServiceTitan, Inc. or Toast, Inc.?
On a price-to-sales (P/S) basis, ServiceTitan, Inc. trades at 5.9x P/S and Toast, Inc. at 2.8x P/S. ServiceTitan, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toast, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ServiceTitan, Inc. bigger than Toast, Inc.?
By last reported revenue, Toast, Inc. ($6.2B (FY2025)) is the larger company compared to ServiceTitan, Inc. ($961.0M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the ServiceTitan vs Toast overview