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Company Research15 Apr 2024
Companies That Had Their IPO in 2021: Bull Market and SPAC Mania
An overview of the defining features of the IPO landscape and general market sentiment in 2021.
Toast
Toast (TOST) investor relations material
Toast Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Recurring gross profits grew 33% year-over-year, with adjusted EBITDA margins expanding to 34% and over 30,000 net new locations added, ending 2025 with 164,000 locations.
ARR increased 26% to over $2 billion, and payment volume reached $195.1 billion in 2025.
Product innovation included over 500 new features, notably Toast IQ, an AI assistant, driving strong customer adoption and productivity gains.
Expansion into new markets (retail, international, enterprise) doubled ARR in those segments, with major wins like Applebee's, Firehouse Subs, and Papa Murphy's.
Board authorized a $500 million increase to the share repurchase program.
Financial highlights
Adjusted EBITDA for 2025 was $633 million, with free cash flow of $608 million.
GAAP operating income rose to $292 million, and full-year GAAP net income was $342 million, up from $19 million in 2024.
Q4 recurring gross profit streams increased 28% year-over-year; SaaS ARR and subscription revenue each grew 28%.
SaaS gross margin expanded 300 basis points to 80% in Q4; SaaS net retention rate was 109%.
Q4 2025 GPV was $51.4 billion, up 22% year-over-year; full-year GPV reached $195.1 billion.
Outlook and guidance
2026 guidance: recurring gross profit streams to grow 20%-22%, adjusted EBITDA of $775M-$795M, with slightly higher margins year-over-year.
Net location adds expected to increase in 2026, with sustained mid-single-digit SaaS ARPU growth.
Q1 2026 guidance: fintech and subscription gross profit growth of 22%-24%, adjusted EBITDA of $160M-$170M.
Guidance includes a 150 basis point negative impact from higher memory chip costs, mainly in the second half of 2026.
Full-year 2026 non-GAAP subscription services and financial technology solutions gross profit expected between $2,270–$2,300 million.
Impact of MTY Food Group deal on location growth
Reason for 2026 gross profit growth deceleration
Toast's strategy for retail market expansion
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Next Toast earnings date
Q1 20267 May, 2026
Toast
Next Toast earnings date
Q1 20267 May, 2026
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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Frequently asked questions
Enabling smooth restaurant operations
Toast Inc., more often than not simply referred to as Toast, is a prominent player in the hospitality technology sector. Since its establishment in 2011, the company has been providing cloud-based software and hardware solutions tailored to restaurants, hotels, bars, and similar establishments. The company provides a platform encompassing point-of-sale (POS) systems, online ordering, inventory management, customer engagement tools, and more. The platform aims to streamline operations and support data-driven decision-making for managers and staff, while also making the restaurant experience smoother for guests.
The platform itself
Toast's platform is a versatile and customizable solution that caters to the unique needs of restaurants and food service businesses. At its core is a cloud-based point-of-sale (POS) system, which serves as the central hub for operations. The platform's modular design allows the restaurant to tailor their use by choosing add-ons and integrations to suit their specific requirements. Restaurateurs can customize the POS system to fit their operational workflows, defining menu items, modifiers, and pricing structures to mirror their menus. One thing that makes Toast stand out from other POS providers like Lightspeed, Shopify, and Oracle is the fact that they’re laser-focused on the hospitality industry.
Covering all the bases
Moreover, Toast's platform seamlessly integrates with other business tools, such as accounting software, inventory management systems, and loyalty programs. This integration streamlines management and reduces manual work while also providing a way for staff to make business decisions backed up by data. The platform is intuitive to use, making onboarding of new staff members relatively simple. Even if the POS solution is the cornerstone of what Toast offers, they also provide solutions within employee management, online ordering, back office, and more.
Catering to the entire hospitality industry
One of the things that have helped Toast become so established in the hospitality industry as a whole is the fact that they offer solutions for restaurants and bars of all sizes. Regardless of whether the establishment takes hundreds of covers each night in a fine dining setting, or if a food truck with one or two workers needs a way to handle orders and payments during a lunch rush, Toast has a solution that enables the business to run smoothly.
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