Toast
TOST · NYSEServices-Computer Processing & Data Preparation · Fiscal year ends Dec 31
Toast reported revenue of $6.2B in the fiscal year ended Dec 2025, up 24.1% from the year before. Operating income was $292M, an operating margin of 4.7%, and net income was $342M. Operating cash flow of $661M less capital expenditure of $53M left free cash flow of $608M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $2.7B | $3.9B | $5B | $6.2B |
| Cost of revenue | $1.4B | $2.2B | $3B | $3.8B | $4.6B |
| Gross profit | $314M | $511M | $834M | $1.2B | $1.6B |
| Research & development | $163M | $282M | $358M | $351M | $374M |
| Operating income | −$228M | −$384M | −$287M | $16M | $292M |
| Net interest incomeBanks | −$12M | $11M | $37M | $42M | $51M |
| Interest expense | $12M | – | – | – | – |
| Pre-tax income | −$490M | −$277M | −$244M | $22M | $346M |
| Income tax | −$3M | −$2M | $2M | $3M | $4M |
| Net income | −$487M | −$275M | −$246M | $19M | $342M |
| Diluted EPS | −1.68 | −0.72 | −0.47 | 0.03 | 0.56 |
| Diluted shares | 290M | 512M | 533M | 591M | 607M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $809M | $547M | $605M | $903M | $1.4B |
| Receivables | $55M | $77M | $69M | $115M | $127M |
| Inventory | $42M | $110M | $118M | $118M | $114M |
| Current assets | $1.5B | $1.4B | $1.6B | $2B | $2.7B |
| Net PP&E | $41M | $61M | $75M | $98M | $132M |
| Goodwill | $74M | $107M | $113M | $113M | $113M |
| Total assets | $1.7B | $1.8B | $2B | $2.4B | $3.1B |
| Payables | $40M | $30M | $32M | $37M | $47M |
| Deferred revenue | $44M | $39M | $39M | $59M | $68M |
| Current liabilities | $352M | $496M | $663M | $811M | $969M |
| Long-term debt | $0 | – | – | – | – |
| Total liabilities | $644M | $663M | $764M | $863M | $1B |
| Shareholders' equity | $1.1B | $1.1B | $1.2B | $1.5B | $2.1B |
| Backlog (remaining obligations) | $405M | $480M | $678M | $837M | $999M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2M | −$156M | $135M | $360M | $661M |
| Capital expenditure | $12M | $16M | $42M | $54M | $53M |
| Free cash flow | −$10M | −$172M | $93M | $306M | $608M |
| Depreciation & amortisation | $21M | $24M | $32M | $46M | $64M |
| Stock-based compensation | $140M | $228M | $277M | $253M | $242M |
| Acquisitions | $26M | $46M | $9M | $0 | $0 |
| Share buybacks | – | $0 | $0 | $56M | $107M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 60.2% | 41.5% | 28.3% | 24.1% |
| Operating income growth (YoY) | – | – | – | – | 1725.0% |
| EPS growth (YoY) | – | – | – | – | 1766.7% |
| Gross margin | 18.4% | 18.7% | 21.6% | 24.0% | 25.9% |
| Operating margin | −13.4% | −14.1% | −7.4% | 0.3% | 4.7% |
| Net margin | −28.6% | −10.1% | −6.4% | 0.4% | 5.6% |
| Return on equityBlank when equity is negative | −44.6% | −25.0% | −20.6% | 1.2% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −16.5% | −30.4% | −22.2% | 1.0% | 13.4% |
| Free cash flow margin | −0.6% | −6.3% | 2.4% | 6.2% | 9.9% |
| Cash conversion (CFO ÷ net income) | −0.00x | 0.57x | −0.55x | 18.9x | 1.93x |
| Receivable days | 12 | 10 | 7 | 8 | 8 |
| Inventory days | 11 | 18 | 14 | 11 | 9 |
| Payable days | 10 | 5 | 4 | 4 | 4 |
| Interest cover | −19.0x | – | – | – | – |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$809M | – | – | – | – |
| Current ratio | 4.22x | 2.84x | 2.37x | 2.44x | 2.75x |
Recent filings
More in Services-Computer Processing & Data Preparation
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.