Toast Inc Financials

TOST

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Toast Inc (TOST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$5.0B

YoY+28.3%

5Y CAGR+49.5%

Toast Inc generated $5.0B in revenue in fiscal year 2024. This represents an increase of 28.3% from the prior year.

EBITDA

$62.0M

YoY+124.3%

Toast Inc's EBITDA was $62.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 124.3% from the prior year.

Free Cash Flow

$306.0M

YoY+229.0%

Toast Inc generated $306.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 229.0% from the prior year.

Net Income

$19.0M

YoY+107.7%

Toast Inc reported $19.0M in net income in fiscal year 2024. This represents an increase of 107.7% from the prior year.

EPS (Diluted)

$0.03

YoY+106.4%

Toast Inc earned $0.03 per diluted share (EPS) in fiscal year 2024. This represents an increase of 106.4% from the prior year.

Cash & Debt

$903.0M

YoY+49.3%

5Y CAGR+43.2%

Toast Inc held $903.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

24.0%

YoY+2.4pp

5Y CAGR+14.7pp

Toast Inc's gross margin was 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the prior year.

Operating Margin

0.3%

YoY+7.8pp

5Y CAGR+32.3pp

Toast Inc's operating margin was 0.3% in fiscal year 2024, reflecting core business profitability. This is up 7.8 percentage points from the prior year.

Net Margin

0.4%

YoY+6.7pp

5Y CAGR+31.8pp

Toast Inc's net profit margin was 0.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.7 percentage points from the prior year.

Return on Equity

1.2%

Toast Inc's ROE was 1.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$351.0M

YoY-2.0%

5Y CAGR+40.5%

Toast Inc invested $351.0M in research and development in fiscal year 2024. This represents a decrease of 2.0% from the prior year.

Share Buybacks

$56.0M

Toast Inc spent $56.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$54.0M

YoY+28.6%

5Y CAGR+43.1%

Toast Inc invested $54.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 28.6% from the prior year.

TOST Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$5.0B+28.3%	$3.9B+41.5%	$2.7B+60.2%	$1.7B+107.2%	$823.0M+23.8%	$665.0M
Cost of Revenue	$3.8B+24.4%	$3.0B+36.5%	$2.2B+59.6%	$1.4B+103.7%	$683.0M+13.3%	$603.0M
Gross Profit	$1.2B+42.7%	$834.0M+63.2%	$511.0M+62.7%	$314.0M+124.3%	$140.0M+125.8%	$62.0M
R&D Expenses	$351.0M-2.0%	$358.0M+27.0%	$282.0M+73.0%	$163.0M+49.5%	$109.0M+70.3%	$64.0M
SG&A Expenses	$307.0M-15.2%	$362.0M+23.1%	$294.0M+55.6%	$189.0M+67.3%	$113.0M+36.1%	$83.0M
Operating Income	$16.0M+105.6%	-$287.0M+25.3%	-$384.0M-68.4%	-$228.0M-3.6%	-$220.0M-3.3%	-$213.0M
Interest Expense	$42.0M+13.5%	$37.0M+236.4%	$11.0M+191.7%	-$12.0M0.0%	-$12.0M	$0
Income Tax	$3.0M+50.0%	$2.0M+200.0%	-$2.0M+33.3%	-$3.0M	$0+100.0%	-$3.0M
Net Income	$19.0M+107.7%	-$246.0M+10.5%	-$275.0M+43.5%	-$487.0M-96.4%	-$248.0M-18.7%	-$209.0M
EPS (Diluted)	$0.03+106.4%	$-0.47+34.7%	$-0.72+57.1%	$-1.68-34.4%	$-1.25-15.7%	$-1.08

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$1.6B+5.4%	$1.6B+15.9%	$1.3B-0.1%	$1.3B+2.5%	$1.3B+5.1%	$1.2B+15.5%	$1.1B+3.8%	$1.0B
Cost of Revenue	$1.2B+3.7%	$1.2B+16.9%	$991.0M-1.4%	$1.0B+2.2%	$983.0M+2.8%	$956.0M+15.7%	$826.0M+2.0%	$810.0M
Gross Profit	$432.0M+10.2%	$392.0M+13.3%	$346.0M+3.9%	$333.0M+3.4%	$322.0M+12.6%	$286.0M+14.9%	$249.0M+10.2%	$226.0M
R&D Expenses	$102.0M+12.1%	$91.0M+8.3%	$84.0M-8.7%	$92.0M+3.4%	$89.0M+2.3%	$87.0M+4.8%	$83.0M-11.7%	$94.0M
SG&A Expenses	$102.0M+29.1%	$79.0M0.0%	$79.0M+1.3%	$78.0M-2.5%	$80.0M+6.7%	$75.0M+1.4%	$74.0M-14.0%	$86.0M
Operating Income	$84.0M+5.0%	$80.0M+86.0%	$43.0M+30.3%	$33.0M-2.9%	$34.0M+580.0%	$5.0M+108.9%	-$56.0M0.0%	-$56.0M
Interest Expense	$13.0M+18.2%	$11.0M-8.3%	$12.0M-7.7%	$13.0M+44.4%	$9.0M-10.0%	$10.0M0.0%	$10.0M0.0%	$10.0M
Income Tax	-$1.0M-133.3%	$3.0M+50.0%	$2.0M+100.0%	$1.0M0.0%	$1.0M	$0-100.0%	$1.0M0.0%	$1.0M
Net Income	$105.0M+31.3%	$80.0M+42.9%	$56.0M+75.0%	$32.0M-42.9%	$56.0M+300.0%	$14.0M+116.9%	-$83.0M-130.6%	-$36.0M
EPS (Diluted)	$0.16+23.1%	$0.13+44.4%	$0.090.0%	$0.09+28.6%	$0.07+250.0%	$0.02+113.3%	$-0.15-400.0%	$-0.03

TOST Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$2.4B+23.0%	$2.0B+11.2%	$1.8B+1.5%	$1.7B+123.6%	$776.0M	N/A
Current Assets	$2.0B+25.8%	$1.6B+11.6%	$1.4B-5.3%	$1.5B+120.7%	$673.0M	N/A
Cash & Equivalents	$903.0M+49.3%	$605.0M+10.6%	$547.0M-32.4%	$809.0M+39.0%	$582.0M+288.0%	$150.0M
Inventory	$118.0M0.0%	$118.0M+7.3%	$110.0M+161.9%	$42.0M+121.1%	$19.0M	N/A
Accounts Receivable	$115.0M+66.7%	$69.0M-10.4%	$77.0M+40.0%	$55.0M+66.7%	$33.0M	N/A
Goodwill	$113.0M0.0%	$113.0M+5.6%	$107.0M+44.6%	$74.0M+105.6%	$36.0M0.0%	$36.0M
Total Liabilities	$863.0M+13.0%	$764.0M+15.2%	$663.0M+3.0%	$644.0M-48.4%	$1.2B	N/A
Current Liabilities	$811.0M+22.3%	$663.0M+33.7%	$496.0M+40.9%	$352.0M+158.8%	$136.0M	N/A
Long-Term Debt	N/A	N/A	N/A	$0-100.0%	$172.0M	N/A
Total Equity	$1.5B+29.4%	$1.2B+8.7%	$1.1B+0.6%	$1.1B+331.6%	-$471.0M-42.7%	-$330.0M
Retained Earnings	-$1.6B+1.2%	-$1.6B-17.9%	-$1.4B-25.0%	-$1.1B-78.9%	-$616.0M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$3.0B+7.4%	$2.8B+7.9%	$2.6B+6.5%	$2.4B+8.1%	$2.2B+3.3%	$2.2B+5.0%	$2.1B+4.8%	$2.0B
Current Assets	$2.5B+7.7%	$2.3B+9.2%	$2.1B+7.4%	$2.0B+9.6%	$1.8B+3.6%	$1.7B+5.3%	$1.7B+5.2%	$1.6B
Cash & Equivalents	$1.4B+13.7%	$1.2B+18.8%	$1.0B+11.3%	$903.0M+18.7%	$761.0M+10.1%	$691.0M+19.6%	$578.0M-4.5%	$605.0M
Inventory	$104.0M+1.0%	$103.0M-7.2%	$111.0M-5.9%	$118.0M+11.3%	$106.0M-3.6%	$110.0M-8.3%	$120.0M+1.7%	$118.0M
Accounts Receivable	$121.0M0.0%	$121.0M+2.5%	$118.0M+2.6%	$115.0M+9.5%	$105.0M+4.0%	$101.0M+17.4%	$86.0M+24.6%	$69.0M
Goodwill	$113.0M0.0%	$113.0M0.0%	$113.0M0.0%	$113.0M0.0%	$113.0M0.0%	$113.0M0.0%	$113.0M0.0%	$113.0M
Total Liabilities	$957.0M+0.8%	$949.0M+6.5%	$891.0M+3.2%	$863.0M+6.9%	$807.0M-7.5%	$872.0M+2.7%	$849.0M+11.1%	$764.0M
Current Liabilities	$911.0M+1.9%	$894.0M+5.9%	$844.0M+4.1%	$811.0M+8.4%	$748.0M+1.6%	$736.0M+3.2%	$713.0M+7.5%	$663.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.0B+10.8%	$1.8B+8.7%	$1.7B+8.3%	$1.5B+8.8%	$1.4B+10.7%	$1.3B+6.7%	$1.2B+0.8%	$1.2B
Retained Earnings	-$1.4B+7.2%	-$1.5B+5.2%	-$1.5B+3.5%	-$1.6B+2.0%	-$1.6B+3.3%	-$1.7B+0.8%	-$1.7B-5.1%	-$1.6B

TOST Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$360.0M+166.7%	$135.0M+186.5%	-$156.0M-7900.0%	$2.0M+101.6%	-$125.0M+0.8%	-$126.0M
Capital Expenditures	$54.0M+28.6%	$42.0M+27.3%	$33.0M+73.7%	$19.0M-32.1%	$28.0M+211.1%	$9.0M
Free Cash Flow	$306.0M+229.0%	$93.0M+149.2%	-$189.0M-1011.8%	-$17.0M+88.9%	-$153.0M-13.3%	-$135.0M
Investing Cash Flow	-$39.0M+54.7%	-$86.0M+12.2%	-$98.0M+80.5%	-$503.0M-1297.2%	-$36.0M+23.4%	-$47.0M
Financing Cash Flow	$18.0M-71.4%	$63.0M+65.8%	$38.0M-95.0%	$759.0M+27.8%	$594.0M+132.0%	$256.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$56.0M	$0	$0	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$79.0M	N/A	N/A	N/A	-$20.0M	N/A
Capital Expenditures	N/A	N/A	$10.0M	N/A	N/A	N/A	$13.0M	N/A
Free Cash Flow	N/A	N/A	$69.0M	N/A	N/A	N/A	-$33.0M	N/A
Investing Cash Flow	N/A	N/A	$22.0M	N/A	N/A	N/A	-$29.0M	N/A
Financing Cash Flow	N/A	N/A	$73.0M	N/A	N/A	N/A	$73.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$17.0M	N/A	N/A	N/A	$4.0M	N/A

TOST Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	24.0%+2.4pp	21.6%+2.9pp	18.7%+0.3pp	18.4%+1.4pp	17.0%+7.7pp	9.3%
Operating Margin	0.3%+7.8pp	-7.4%+6.6pp	-14.1%-0.7pp	-13.4%+13.4pp	-26.7%+5.3pp	-32.0%
Net Margin	0.4%+6.7pp	-6.4%+3.7pp	-10.1%+18.5pp	-28.6%+1.6pp	-30.1%+1.3pp	-31.4%
Return on Equity	1.2%	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.8%+13.3pp	-12.6%+3.1pp	-15.6%+12.4pp	-28.1%+3.9pp	-32.0%	N/A
Current Ratio	2.44+0.1	2.37-0.5	2.84-1.4	4.22-0.7	4.95	N/A
Debt-to-Equity	0.56-0.1	0.64+0.0	0.60+0.6	0.00+0.4	-0.37	N/A
FCF Margin	6.2%+3.8pp	2.4%+9.3pp	-6.9%-5.9pp	-1.0%+17.6pp	-18.6%+1.7pp	-20.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	26.5%+1.2pp	25.3%-0.6pp	25.9%+1.0pp	24.9%+0.2pp	24.7%+1.6pp	23.0%-0.1pp	23.2%+1.4pp	21.8%
Operating Margin	5.1%-0.0pp	5.2%+1.9pp	3.2%+0.8pp	2.5%-0.1pp	2.6%+2.2pp	0.4%+5.6pp	-5.2%+0.2pp	-5.4%
Net Margin	6.4%+1.3pp	5.2%+1.0pp	4.2%+1.8pp	2.4%-1.9pp	4.3%+3.2pp	1.1%+8.9pp	-7.7%-4.3pp	-3.5%
Return on Equity	5.2%+0.8pp	4.4%+1.0pp	3.4%+1.3pp	2.1%-1.9pp	3.9%+2.8pp	1.1%	N/A	N/A
Return on Assets	3.5%+0.6pp	2.9%+0.7pp	2.2%+0.9pp	1.3%-1.2pp	2.5%+1.9pp	0.7%+4.7pp	-4.0%-2.2pp	-1.8%
Current Ratio	2.74+0.1	2.59+0.1	2.51+0.1	2.44+0.0	2.41+0.0	2.36+0.0	2.32-0.1	2.37
Debt-to-Equity	0.48-0.0	0.52-0.0	0.53-0.0	0.560.0	0.57-0.1	0.68-0.0	0.71+0.1	0.64
FCF Margin	N/A	N/A	5.2%	N/A	N/A	N/A	-3.1%	N/A

Financial Health Signals

Financial Profile 51/100

Profitability

Growth

100

Leverage

Liquidity

Cash Flow

Returns

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

12.42

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

18.95x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

0.4x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Toast Inc's annual revenue?

Toast Inc (TOST) reported $5.0B in total revenue for fiscal year 2024. This represents a 28.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Toast Inc's revenue growing?

Toast Inc (TOST) revenue grew by 28.3% year-over-year, from $3.9B to $5.0B in fiscal year 2024.

Is Toast Inc profitable?

Yes, Toast Inc (TOST) reported a net income of $19.0M in fiscal year 2024, with a net profit margin of 0.4%.

What is Toast Inc's earnings per share (EPS)?

Toast Inc (TOST) reported diluted earnings per share of $0.03 for fiscal year 2024. This represents a 106.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Toast Inc's EBITDA?

Toast Inc (TOST) had EBITDA of $62.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Toast Inc's gross margin?

Toast Inc (TOST) had a gross margin of 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Toast Inc's operating margin?

Toast Inc (TOST) had an operating margin of 0.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Toast Inc's net profit margin?

Toast Inc (TOST) had a net profit margin of 0.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Toast Inc's return on equity (ROE)?

Toast Inc (TOST) has a return on equity of 1.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Toast Inc's free cash flow?

Toast Inc (TOST) generated $306.0M in free cash flow during fiscal year 2024. This represents a 229.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Toast Inc's operating cash flow?

Toast Inc (TOST) generated $360.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Toast Inc's total assets?

Toast Inc (TOST) had $2.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Toast Inc's capital expenditures?

Toast Inc (TOST) invested $54.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Toast Inc spend on research and development?

Toast Inc (TOST) invested $351.0M in research and development during fiscal year 2024.

Does Toast Inc buy back shares?

Yes, Toast Inc (TOST) spent $56.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Toast Inc's current ratio?

Toast Inc (TOST) had a current ratio of 2.44 as of fiscal year 2024, which is generally considered healthy.

What is Toast Inc's debt-to-equity ratio?

Toast Inc (TOST) had a debt-to-equity ratio of 0.56 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Toast Inc's return on assets (ROA)?

Toast Inc (TOST) had a return on assets of 0.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Toast Inc's Altman Z-Score?

Toast Inc (TOST) has an Altman Z-Score of 12.42, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Toast Inc's Piotroski F-Score?

Toast Inc (TOST) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Toast Inc's earnings high quality?

Toast Inc (TOST) has an earnings quality ratio of 18.95x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Toast Inc cover its interest payments?

Toast Inc (TOST) has an interest coverage ratio of 0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Toast Inc?

Toast Inc (TOST) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.