Toast, Inc. operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, India, and internationally.
Profile & Fundamentals
Toast: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Toast Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Toast, Inc. operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, India, and internationally. It offers a platform of software-as-a-service for restaurant operations and point of sale, such as Toast POS; Toast IQ, a conversational artificial intelligence; vendor management; multi-location management; kitchen display system; online ordering and delivery. It offers payroll and team management; inventory and supply chain tools; xtraCHEF by toast, a set of back-office tools for restaurants, including accounts payable automation, inventory management, ingredient price tracking, and recipe costing; financial technology solutions, including integrated payment processing, and restaurant-grade hardware. The company was formerly known as Opti Systems, Inc. and changed its name to Toast, Inc. in May 2012. Toast, Inc. was incorporated in 2011 and is headquartered in Boston, Massachusetts.
Company profile record
Toast Inc
Common Stock · Financials · Transaction & Payment Processing Services
Company
- Company / asset
- Toast Inc
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Transaction & Payment Processing Services
- HQ
- 🇺🇸 United States
- Head office
- 333 Summer Street, Boston, MA, United States, 02210
Leadership & scale
- Chief executive
- Mr. Aman Narang
- CEO year born
- 1983
- Full-time employees
- 6.5K
- Fiscal year end
- December
- IPO date
- 2021-09-22
Fundamentals snapshot
- Market Cap
- USD 17.8B
- P/E
- 36.7x
- Revenue (Q2 26)
- USD 1.9B
- Profit (Q2 26)
- USD 154.0M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 6.2B
- Shares in public float
- 485M
- Insider ownership
- 5.6%
Reporting & identifiers
- Symbol
- TOST.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US8887871080
- Asset ID
- equity_3b75a39a-268f-5c12-bc4a-4e26a649a7e1
Ownership
Shares Outstanding
Latest: 590.0M | Max: 607.0M | Min: 195.0M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
82.20%
485.0M latest reported shares
Insider Ownership
5.60%
Latest reported insider stake
Short Float
0.06%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
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| Reporting date | Shares outstanding |
|---|---|
| 2019-01-01 | 195,000,000 |
| 2020-01-01 | 461,179,200 |
| 2021-01-01 | 505,880,400 |
| 2022-01-01 | 518,536,600 |
| 2023-01-01 | 541,000,000 |
| 2024-01-01 | 600,000,000 |
| 2025-01-01 | 607,000,000 |
| 2026-01-01 | 590,000,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| FMR Inc | 31,731,204 | 5.49% | 2026-03-31 |
| BlackRock Inc | 27,164,813 | 4.7% | 2026-03-31 |
| Capital Research & Mgmt Co - Division 3 | 26,744,340 | 4.63% | 2026-06-30 |
| Vanguard Capital Management, LLC | 22,063,096 | 3.82% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 20,258,557 | 3.5% | 2026-03-31 |
| AllianceBernstein L.P. | 18,173,374 | 3.14% | 2026-03-31 |
| American Funds Growth Fd of Amer A | 17,954,190 | 3.11% | 2026-06-30 |
| JPMorgan Chase & Co | 16,783,899 | 2.9% | 2026-03-31 |
| iShares Core S&P Mid-Cap ETF | 16,445,122 | 2.85% | 2026-08-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 15,576,150 | 2.69% | 2026-08-31 |
| Principal Financial Group Inc | 15,164,024 | 2.62% | 2026-06-30 |
| Fidelity Contrafund | 14,503,366 | 2.51% | 2026-07-31 |
| Valueact Holdings, L.p. | 14,134,038 | 2.45% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 11,659,138 | 2.02% | 2026-03-31 |
| Vanguard Small Cap Index | 11,280,240 | 1.95% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The financial trajectory shows a decisive pivot from unprofitable growth to sustainable profitability. Annual revenue surpassed six billion dollars in 2025, while GAAP operating income swung from a loss to over three hundred million dollars. By mid-2026, trailing twelve-month revenue touched $6.80 billion and net income reached $486 million, demonstrating that fixed technology costs are now spread over a much larger customer footprint. However, cash flow reveals an important nuance. Trailing free cash flow of $576 million temporarily trailed peak 2025 levels because management deliberately invested working capital into hardware inventory to guard against component shortages. As this inventory unwinds, underlying cash conversion is expected to realign with reported net income.
The financial trajectory shows a decisive pivot from unprofitable growth to sustainable profitability. Annual revenue surpassed six billion dollars in 2025, while GAAP operating income swung from a loss to over three hundred million dollars. By mid-2026, trailing twelve-month revenue touched $6.80 billion and net income reached $486 million, demonstrating that fixed technology costs are now spread over a much larger customer footprint. However, cash flow reveals an important nuance. Trailing free cash flow of $576 million temporarily trailed peak 2025 levels because management deliberately invested working capital into hardware inventory to guard against component shortages. As this inventory unwinds, underlying cash conversion is expected to realign with reported net income.
Revenue, Net Income, and Free Cash Flow
Latest: USD 6.2B | Max: USD 6.2B | Min: USD -487.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 63x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Consolidated gross margins expanded from 18.7% in 2022 to 25.8% in fiscal 2025, reflecting an improving business mix. While payment processing pass-through creates an anchor of lower gross margins, proprietary software subscriptions generate gross margins above eighty percent. As higher-margin software modules outpace card processing volume, blended margins structurally widen. Operating margins have pushed firmly into positive territory, climbing to 6.4% on a trailing-twelve-month basis. While memory chip inflation in restaurant hardware presents a temporary margin headwind into 2027, fixed corporate overhead dilution will allow incremental gross profit to flow directly into expanding operating income over the forecast horizon.
Consolidated gross margins expanded from 18.7% in 2022 to 25.8% in fiscal 2025, reflecting an improving business mix. While payment processing pass-through creates an anchor of lower gross margins, proprietary software subscriptions generate gross margins above eighty percent. As higher-margin software modules outpace card processing volume, blended margins structurally widen. Operating margins have pushed firmly into positive territory, climbing to 6.4% on a trailing-twelve-month basis. While memory chip inflation in restaurant hardware presents a temporary margin headwind into 2027, fixed corporate overhead dilution will allow incremental gross profit to flow directly into expanding operating income over the forecast horizon.
Profitability Margins
Latest: 25.8% | Max: 25.8% | Min: -32.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
25.8%
Gross profit / revenue
Operating Margin
5.0%
Operating income / revenue
Net Margin
5.6%
Net income / revenue
FCF Margin
9.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-12-31 | 665,000,000 | -209,000,000 | -141,000,000 |
| 2020-12-31 | 823,000,000 | -248,000,000 | -160,705,000 |
| 2021-12-31 | 1,705,000,000 | -487,000,000 | -17,000,000 |
| 2022-12-31 | 2,731,000,000 | -275,000,000 | -189,000,000 |
| 2023-12-31 | 3,865,000,000 | -246,000,000 | 93,000,000 |
| 2024-12-31 | 4,960,000,000 | 19,000,000 | 306,000,000 |
| 2025-12-31 | 6,153,000,000 | 342,000,000 | 608,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 63.03 | Trailing four quarters |
| 2024-12-31 | 1,151.05 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-12-31 | 9.32 | -32.03 | -31.43 | -21.2 |
| 2020-12-31 | 17.01 | -26.73 | -30.13 | -19.53 |
| 2021-12-31 | 18.42 | -13.37 | -28.56 | -1 |
| 2022-12-31 | 18.71 | -14.06 | -10.07 | -6.92 |
| 2023-12-31 | 21.58 | -7.43 | -6.36 | 2.41 |
| 2024-12-31 | 23.99 | 0.32 | 0.38 | 6.17 |
| 2025-12-31 | 25.76 | 4.96 | 5.56 | 9.88 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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