NYSE : TOST
Toast, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 31.5 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 18.21B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Toast, Inc. (TOST) reported revenue of 6.80B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.80B | 6.15B | 4.96B | 3.87B | 2.73B | 1.71B |
| Cost of Revenue | 4.99B | 4.55B | 3.77B | 3.03B | 2.21B | 1.39B |
| Gross Profit | 1.81B | 1.60B | 1.20B | 839.00M | 516.00M | 318.00M |
| Selling, General & Admin | 977.00M | 914.00M | 772.00M | 763.00M | 613.00M | 379.00M |
| Research & Development | 405.00M | 374.00M | 351.00M | 358.00M | 282.00M | 163.00M |
| Amortization of Goodwill & Intangibles | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M | 4.00M |
| Operating Expenses | 1.39B | 1.29B | 1.13B | 1.13B | 900.00M | 546.00M |
| Operating Income | 426.00M | 305.00M | 67.00M | -287.00M | -384.00M | -228.00M |
| Interest Expense | -12.00M | |||||
| Interest & Investment Income | 52.00M | 51.00M | 42.00M | 37.00M | 11.00M | |
| Other Non Operating Income (Expenses) | 15.00M | 3.00M | -22.00M | 6.00M | 96.00M | -200.00M |
| EBT Excluding Unusual Items | 493.00M | 359.00M | 87.00M | -244.00M | -277.00M | -440.00M |
| Merger & Restructuring Charges | -4.00M | -12.00M | -46.00M | |||
| Other Unusual Items | 9.00M | -1.00M | -19.00M | -50.00M | ||
| Pretax Income | 498.00M | 346.00M | 22.00M | -244.00M | -277.00M | -490.00M |
| Income Tax Expense | 12.00M | 4.00M | 3.00M | 2.00M | -2.00M | -3.00M |
| Net Income | 486.00M | 342.00M | 19.00M | -246.00M | -275.00M | -487.00M |
| Net Income to Common | 486.00M | 342.00M | 19.00M | -246.00M | -275.00M | -487.00M |
| Shares Outstanding (Basic) | 585.00M | 582.00M | 559.00M | 532.00M | 512.00M | 290.00M |
| Shares Outstanding (Diluted) | 603.00M | 607.00M | 591.00M | 533.00M | 512.00M | 290.00M |
| EPS (Basic) | 0.83 | 0.59 | 0.03 | -0.46 | -0.54 | -1.68 |
| EPS (Diluted) | 0.78 | 0.56 | 0.03 | -0.47 | -0.72 | -1.68 |
| Free Cash Flow | 576.00M | 608.00M | 306.00M | 93.00M | -189.00M | -17.00M |
| Free Cash Flow Per Share | 0.95 | 1.00 | 0.52 | 0.17 | -0.37 | -0.06 |
| Gross Margin | 26.65% | 25.97% | 24.09% | 21.71% | 18.89% | 18.65% |
| Operating Margin | 6.26% | 4.96% | 1.35% | -7.43% | -14.06% | -13.37% |
| Profit Margin | 7.14% | 5.56% | 0.38% | -6.37% | -10.07% | -28.56% |
| Free Cash Flow Margin | 8.47% | 9.88% | 6.17% | 2.41% | -6.92% | -1.00% |
| EBITDA | 477.00M | 369.00M | 111.00M | -255.00M | -360.00M | -216.00M |
| EBITDA Margin | 7.01% | 6.00% | 2.24% | -6.60% | -13.18% | -12.67% |
| D&A For EBITDA | 51.00M | 64.00M | 44.00M | 32.00M | 24.00M | 12.00M |
| EBIT | 426.00M | 305.00M | 67.00M | -287.00M | -384.00M | -228.00M |
| EBIT Margin | 6.26% | 4.96% | 1.35% | -7.43% | -14.06% | -13.37% |
| Effective Tax Rate | 2.41% | 1.16% | 13.64% | |||
| Revenue as Reported | 6.80B | 6.15B | 4.96B | 3.87B | 2.73B | 1.71B |
| Advertising Expenses | 54.00M | 43.00M | 29.00M | 25.00M | 17.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.01B | 1.35B | 903.00M | 605.00M | 547.00M | 809.00M |
| Short-Term Investments | 698.00M | 638.00M | 514.00M | 519.00M | 474.00M | 457.00M |
| Cash & Short-Term Investments | 1.71B | 1.99B | 1.42B | 1.12B | 1.02B | 1.27B |
| Accounts Receivable | 142.00M | 127.00M | 115.00M | 69.00M | 77.00M | 55.00M |
| Other Receivables | 32.00M | |||||
| Receivables | 142.00M | 127.00M | 115.00M | 69.00M | 109.00M | 55.00M |
| Inventory | 217.00M | 114.00M | 118.00M | 118.00M | 130.00M | 63.00M |
| Prepaid Expenses | 49.00M | 39.00M | 29.00M | 27.00M | 25.00M | |
| Other Current Assets | 529.00M | 398.00M | 296.00M | 259.00M | 120.00M | 76.00M |
| Total Current Assets | 2.65B | 2.67B | 1.98B | 1.57B | 1.41B | 1.49B |
| Property, Plant & Equipment | 149.00M | 132.00M | 123.00M | 111.00M | 138.00M | 120.00M |
| Goodwill | 113.00M | 113.00M | 113.00M | 113.00M | 107.00M | 74.00M |
| Other Intangible Assets | 11.00M | 14.00M | 20.00M | 26.00M | 29.00M | 16.00M |
| Long-Term Deferred Charges | 161.00M | 25.00M | ||||
| Other Long-Term Assets | 97.00M | 217.00M | 177.00M | 138.00M | 80.00M | 15.00M |
| Total Assets | 3.18B | 3.15B | 2.41B | 1.96B | 1.76B | 1.74B |
| Accounts Payable | 40.00M | 47.00M | 37.00M | 32.00M | 30.00M | 40.00M |
| Accrued Expenses | 209.00M | 207.00M | 195.00M | 171.00M | 119.00M | 64.00M |
| Current Portion of Leases | 11.00M | 14.00M | 22.00M | |||
| Current Unearned Revenue | 77.00M | 68.00M | 59.00M | 39.00M | 39.00M | 44.00M |
| Other Current Liabilities | 778.00M | 647.00M | 520.00M | 410.00M | 294.00M | 182.00M |
| Total Current Liabilities | 1.10B | 969.00M | 811.00M | 663.00M | 496.00M | 352.00M |
| Long-Term Leases | 20.00M | 24.00M | 33.00M | 80.00M | 77.00M | |
| Long-Term Unearned Revenue | 12.00M | |||||
| Other Long-Term Liabilities | 32.00M | 32.00M | 28.00M | 68.00M | 87.00M | 203.00M |
| Total Liabilities | 1.14B | 1.02B | 863.00M | 764.00M | 663.00M | 644.00M |
| Additional Paid-In Capital | 3.03B | 3.38B | 3.15B | 2.82B | 2.48B | 2.19B |
| Retained Earnings | -982.00M | -1.26B | -1.60B | -1.62B | -1.38B | -1.10B |
| Comprehensive Income & Other | -2.00M | 2.00M | -1.00M | -2.00M | -1.00M | |
| Total Common Equity | 2.04B | 2.12B | 1.54B | 1.19B | 1.10B | 1.09B |
| Shareholders' Equity | 2.04B | 2.12B | 1.54B | 1.19B | 1.10B | 1.09B |
| Total Liabilities & Equity | 3.18B | 3.15B | 2.41B | 1.96B | 1.76B | 1.74B |
| Total Debt | 20.00M | 24.00M | 44.00M | 94.00M | 99.00M | |
| Net Cash (Debt) | 1.71B | 1.97B | 1.39B | 1.08B | 927.00M | 1.17B |
| Net Cash Per Share | 2.84 | 3.25 | 2.36 | 2.03 | 1.81 | 4.02 |
| Filing Date Shares Outstanding | 578.00M | 589.00M | 575.00M | 548.00M | 526.83M | 508.98M |
| Total Common Shares Outstanding | 577.00M | 589.00M | 572.00M | 543.00M | 522.80M | 506.95M |
| Working Capital | 1.55B | 1.70B | 1.16B | 907.00M | 911.00M | 1.13B |
| Book Value Per Share | 3.54 | 3.61 | 2.70 | 2.20 | 2.10 | 2.15 |
| Tangible Book Value | 1.92B | 2.00B | 1.41B | 1.05B | 962.00M | 1.00B |
| Tangible Book Value Per Share | 3.33 | 3.39 | 2.47 | 1.94 | 1.84 | 1.97 |
| Machinery | 40.00M | 30.00M | 25.00M | 24.00M | 18.00M | |
| Construction In Progress | 3.00M | 3.00M | 1.00M | |||
| Leasehold Improvements | 11.00M | 15.00M | 13.00M | 36.00M | 29.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 486.00M | 342.00M | 19.00M | -246.00M | -275.00M | -487.00M |
| Depreciation & Amortization | 51.00M | 64.00M | 44.00M | 32.00M | 24.00M | 12.00M |
| Other Amortization | 97.00M | 99.00M | 82.00M | 62.00M | 44.00M | 39.00M |
| Asset Writedown & Restructuring Costs | 3.00M | 3.00M | 7.00M | 15.00M | ||
| Stock-Based Compensation | 231.00M | 242.00M | 253.00M | 277.00M | 228.00M | 140.00M |
| Provision & Write-off of Bad Debts | 105.00M | 91.00M | 70.00M | 64.00M | 34.00M | 4.00M |
| Other Operating Activities | 11.00M | 33.00M | -10.00M | -82.00M | 283.00M | |
| Change in Accounts Receivable | -42.00M | -33.00M | -72.00M | -3.00M | -35.00M | -23.00M |
| Change in Inventory | -114.00M | 4.00M | -7.00M | -68.00M | -23.00M | |
| Change in Accounts Payable | -10.00M | 11.00M | 5.00M | 1.00M | -11.00M | 15.00M |
| Change in Unearned Revenue | 13.00M | 6.00M | 23.00M | -5.00M | -11.00M | -2.00M |
| Change in Other Net Operating Assets | -185.00M | -179.00M | -104.00M | -45.00M | -4.00M | 44.00M |
| Operating Cash Flow | 635.00M | 661.00M | 360.00M | 135.00M | -156.00M | 2.00M |
| Capital Expenditures | -59.00M | -53.00M | -54.00M | -42.00M | -33.00M | -19.00M |
| Cash Acquisitions | -9.00M | -46.00M | -26.00M | |||
| Investment in Securities | -189.00M | -119.00M | 15.00M | -32.00M | -19.00M | -459.00M |
| Other Investing Activities | -3.00M | 1.00M | ||||
| Investing Cash Flow | -298.00M | -172.00M | -39.00M | -86.00M | -98.00M | -503.00M |
| Long-Term Debt Repaid | -245.00M | |||||
| Net Debt Issued (Repaid) | -245.00M | |||||
| Issuance of Common Stock | 58.00M | 81.00M | 99.00M | 36.00M | 15.00M | 984.00M |
| Repurchase of Common Stock | -562.00M | -107.00M | -56.00M | |||
| Other Financing Activities | 48.00M | 33.00M | -25.00M | 27.00M | 23.00M | 20.00M |
| Financing Cash Flow | -456.00M | 7.00M | 18.00M | 63.00M | 38.00M | 759.00M |
| Foreign Exchange Rate Adjustments | -2.00M | 2.00M | -1.00M | -1.00M | ||
| Net Cash Flow | -121.00M | 498.00M | 338.00M | 112.00M | -216.00M | 257.00M |
| Free Cash Flow | 576.00M | 608.00M | 306.00M | 93.00M | -189.00M | -17.00M |
| Free Cash Flow Margin | 8.47% | 9.88% | 6.17% | 2.41% | -6.92% | -1.00% |
| Free Cash Flow Per Share | 0.95 | 1.00 | 0.52 | 0.17 | -0.37 | -0.06 |
| Levered Free Cash Flow | 474.25M | 580.62M | 413.88M | 259.62M | 8.00M | 90.00M |
| Unlevered Free Cash Flow | 474.25M | 580.62M | 413.88M | 259.62M | 8.00M | 97.50M |
| Cash Income Tax Paid | 1.00M | |||||
| Change in Working Capital | -338.00M | -191.00M | -148.00M | -59.00M | -129.00M | 11.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.32B | 20.88B | 20.70B | 9.86B | 9.39B | 17.52B |
| Enterprise Value | 17.60B | 19.04B | 19.47B | 8.87B | 8.43B | 16.22B |
| Last Close Price | 33.42 | 35.51 | 36.45 | 18.26 | 18.03 | 34.71 |
| PE Ratio | 42.60 | 61.05 | 1,089.66 | |||
| Forward PE | 21.39 | 30.92 | 47.27 | 107.86 | ||
| PS Ratio | 2.84 | 3.39 | 4.17 | 2.55 | 3.44 | 10.28 |
| PB Ratio | 9.43 | 9.83 | 13.40 | 8.26 | 8.55 | 16.06 |
| P/TBV Ratio | 10.06 | 10.46 | 14.66 | 9.35 | 9.76 | 17.50 |
| P/FCF Ratio | 33.54 | 34.34 | 67.66 | 106.07 | ||
| P/OCF Ratio | 30.42 | 31.59 | 57.51 | 73.07 | 8,759.87 | |
| PEG Ratio | 0.93 | 1.10 | ||||
| EV/Sales Ratio | 2.59 | 3.10 | 3.92 | 2.29 | 3.09 | 9.51 |
| EV/EBITDA Ratio | 36.91 | 51.60 | 175.40 | |||
| EV/EBIT Ratio | 41.32 | 62.43 | 290.59 | |||
| EV/FCF Ratio | 30.56 | 31.32 | 63.63 | 95.33 | ||
| Debt / Equity Ratio | 0.01 | 0.02 | 0.04 | 0.09 | 0.09 | |
| Debt / EBITDA Ratio | 0.05 | 0.19 | ||||
| Debt / FCF Ratio | 0.03 | 0.08 | 0.47 | |||
| Net Debt / Equity Ratio | -0.84 | -0.93 | -0.90 | -0.91 | -0.84 | -1.07 |
| Net Debt / EBITDA Ratio | -3.59 | -5.34 | -12.55 | 4.24 | 2.58 | 5.40 |
| Net Debt / FCF Ratio | -2.97 | -3.24 | -4.55 | -11.61 | 4.91 | 68.65 |
| Asset Turnover | 2.29 | 2.22 | 2.27 | 2.08 | 1.56 | 1.36 |
| Inventory Turnover | 31.19 | 39.27 | 31.91 | 24.40 | 22.95 | 33.83 |
| Quick Ratio | 1.68 | 2.19 | 1.89 | 1.80 | 2.28 | 3.75 |
| Current Ratio | 2.40 | 2.75 | 2.44 | 2.37 | 2.84 | 4.22 |
| Return on Equity (ROE) | 25.16% | 18.64% | 1.39% | -21.47% | -25.13% | -66.30% |
| Return on Assets (ROA) | 8.95% | 6.87% | 1.92% | -9.65% | -13.73% | -11.35% |
| Return on Invested Capital (ROIC) | 146.13% | 197.69% | 43.51% | -201.40% | -224.56% | |
| Return on Capital Employed (ROCE) | 20.50% | 14.00% | 4.20% | -22.20% | -30.40% | -16.50% |
| Earnings Yield | 2.35% | 1.64% | 0.09% | -2.49% | -2.93% | -2.78% |
| FCF Yield | 2.98% | 2.91% | 1.48% | 0.94% | -2.01% | -0.10% |
| Buyback Yield / Dilution | 2.27% | -2.71% | -10.88% | -4.10% | -76.55% | -45.01% |