Toast Inc Financials
Toast Inc (TOST) reported $6.2B in revenue for fiscal year 2025, up 24.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Scale is now translating into cash as gross margin expansion turns earlier growth spending into self-funded profitability.
Between FY2023 and FY2025, free cash flow climbed from$93M to$608M , meaning the improvement was not confined to accounting margins but showed up in spendable cash after reinvestment. That shift is visible on the balance sheet too: cash reached$1.35B while total liabilities were$1.02B , so the company now looks financed by internally generated cash rather than by outside capital.
Gross margin widened from
Current assets were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Toast Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Toast Inc has an operating margin of 4.8%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from 0.3% the prior year.
Toast Inc's revenue surged 24.1% year-over-year to $6.2B, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Toast Inc has a moderate D/E ratio of 0.48. This balance of debt and equity financing earns a leverage score of 61/100.
With a current ratio of 2.75, Toast Inc holds $2.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.
Toast Inc has a free cash flow margin of 9.9%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.
Toast Inc's ROE of 16.1% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 1.2% the prior year.
Toast Inc scores 14.01, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.8B) relative to total liabilities ($1.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Toast Inc passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Toast Inc generates $1.93 in operating cash flow ($661.0M OCF vs $342.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Toast Inc earns $5.73 in operating income for every $1 of interest expense ($292.0M vs $51.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Toast Inc generated $6.2B in revenue in fiscal year 2025. This represents an increase of 24.1% from the prior year.
Toast Inc's EBITDA was $356.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 474.2% from the prior year.
Toast Inc reported $342.0M in net income in fiscal year 2025. This represents an increase of 1700.0% from the prior year.
Toast Inc earned $0.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1766.7% from the prior year.
Cash & Balance Sheet
Toast Inc generated $608.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 98.7% from the prior year.
Toast Inc held $1.4B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Toast Inc's gross margin was 25.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Toast Inc's operating margin was 4.8% in fiscal year 2025, reflecting core business profitability. This is up 4.4 percentage points from the prior year.
Toast Inc's net profit margin was 5.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.2 percentage points from the prior year.
Toast Inc's ROE was 16.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.9 percentage points from the prior year.
Capital Allocation
Toast Inc invested $374.0M in research and development in fiscal year 2025. This represents an increase of 6.6% from the prior year.
Toast Inc spent $107.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 91.1% from the prior year.
Toast Inc invested $53.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.9% from the prior year.
TOST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8B | $6.2B+24.1% | $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 | $5.0B | $4.6B+21.0% | $3.8B+24.4% | $3.0B+36.5% | $2.2B+59.6% | $1.4B+103.7% | $683.0M+13.3% | $603.0M |
| Gross Profit | $1.8B | $1.6B+33.9% | $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 | $405.0M | $374.0M+6.6% | $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 | $359.0M | $344.0M+12.1% | $307.0M-15.2% | $362.0M+23.1% | $294.0M+55.6% | $189.0M+67.3% | $113.0M+36.1% | $83.0M |
| Operating Income | $431.0M | $292.0M+1725.0% | $16.0M+105.6% | -$287.0M+25.3% | -$384.0M-68.4% | -$228.0M-3.6% | -$220.0M-3.3% | -$213.0M |
| Interest Expense | $52.0M | $51.0M+21.4% | $42.0M+13.5% | $37.0M+236.4% | $11.0M-8.3% | $12.0M-7.7% | $13.0M | $0 |
| Income Tax | $12.0M | $4.0M+33.3% | $3.0M+50.0% | $2.0M+200.0% | -$2.0M+33.3% | -$3.0M | $0+100.0% | -$3.0M |
| Net Income | $486.0M | $342.0M+1700.0% | $19.0M+107.7% | -$246.0M+10.5% | -$275.0M+43.5% | -$487.0M-96.4% | -$248.0M-18.7% | -$209.0M |
| EPS (Diluted) | — | $0.56+1766.7% | $0.03+106.4% | -$0.47+34.7% | -$0.72+57.1% | -$1.68-34.4% | -$1.25-15.7% | -$1.08 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TOST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.1B+30.6% | $2.4B+23.0% | $2.0B+11.2% | $1.8B+1.5% | $1.7B+123.6% | $776.0M | N/A |
| Current Assets | $2.7B+35.1% | $2.0B+25.8% | $1.6B+11.6% | $1.4B-5.3% | $1.5B+120.7% | $673.0M | N/A |
| Cash & Equivalents | $1.4B+49.8% | $903.0M+49.3% | $605.0M+10.6% | $547.0M-32.4% | $809.0M+39.0% | $582.0M+288.0% | $150.0M |
| Inventory | $114.0M-3.4% | $118.0M0.0% | $118.0M+7.3% | $110.0M+161.9% | $42.0M+121.1% | $19.0M | N/A |
| Accounts Receivable | $127.0M+10.4% | $115.0M+66.7% | $69.0M-10.4% | $77.0M+40.0% | $55.0M+66.7% | $33.0M | N/A |
| Goodwill | $113.0M0.0% | $113.0M0.0% | $113.0M+5.6% | $107.0M+44.6% | $74.0M+105.6% | $36.0M0.0% | $36.0M |
| Total Liabilities | $1.0B+18.3% | $863.0M+13.0% | $764.0M+15.2% | $663.0M+3.0% | $644.0M-48.4% | $1.2B | N/A |
| Current Liabilities | $969.0M+19.5% | $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 | N/A | $0-100.0% | $172.0M | N/A |
| Total Equity | $2.1B+37.5% | $1.5B+29.4% | $1.2B+8.7% | $1.1B+0.6% | $1.1B+331.6% | -$471.0M-42.7% | -$330.0M |
| Retained Earnings | -$1.3B+21.3% | -$1.6B+1.2% | -$1.6B-17.9% | -$1.4B-25.0% | -$1.1B-78.9% | -$616.0M | N/A |
TOST Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $635.0M | $661.0M+83.6% | $360.0M+166.7% | $135.0M+186.5% | -$156.0M-7900.0% | $2.0M+101.6% | -$125.0M+0.8% | -$126.0M |
| Capital Expenditures | $59.0M | $53.0M-1.9% | $54.0M+28.6% | $42.0M+162.5% | $16.0M+33.3% | $12.0M-57.1% | $28.0M+211.1% | $9.0M |
| Free Cash Flow | $576.0M | $608.0M+98.7% | $306.0M+229.0% | $93.0M+154.1% | -$172.0M-1620.0% | -$10.0M+93.5% | -$153.0M-13.3% | -$135.0M |
| Investing Cash Flow | -$298.0M | -$172.0M-341.0% | -$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 | -$456.0M | $7.0M-61.1% | $18.0M-71.4% | $63.0M+65.8% | $38.0M-95.0% | $759.0M+27.8% | $594.0M+132.0% | $256.0M |
| Share Buybacks | $562.0M | $107.0M+91.1% | $56.0M | $0 | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TOST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9%+1.9pp | 24.0%+2.4pp | 21.6%+2.9pp | 18.7%+0.3pp | 18.4%+1.4pp | 17.0%+7.7pp | 9.3% |
| Operating Margin | 4.8%+4.4pp | 0.3%+7.8pp | -7.4%+6.6pp | -14.1%-0.7pp | -13.4%+13.4pp | -26.7%+5.3pp | -32.0% |
| Net Margin | 5.6%+5.2pp | 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 | 16.1%+14.9pp | 1.2%+21.8pp | -20.6%+4.5pp | -25.1%+19.6pp | -44.6% | N/A | N/A |
| Return on Assets | 10.9%+10.1pp | 0.8%+13.3pp | -12.6%+3.1pp | -15.6%+12.4pp | -28.1%+3.9pp | -32.0% | N/A |
| Current Ratio | 2.75+0.3x | 2.44+0.1x | 2.37-0.5x | 2.84-1.4x | 4.22-0.7x | 4.95 | N/A |
| Debt-to-Equity | 0.48-0.1x | 0.56-0.1x | 0.640.0x | 0.60+0.6x | 0.00 | N/A | N/A |
| FCF Margin | 9.9%+3.7pp | 6.2%+3.8pp | 2.4%+8.7pp | -6.3%-5.7pp | -0.6%+18.0pp | -18.6%+1.7pp | -20.3% |
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Where Toast Inc Ranks
Frequently Asked Questions
What is Toast Inc's annual revenue?
Toast Inc (TOST) reported $6.2B in total revenue for fiscal year 2025. This represents a 24.1% 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 24.1% year-over-year, from $5.0B to $6.2B in fiscal year 2025.
Is Toast Inc profitable?
Yes, Toast Inc (TOST) reported a net income of $342.0M in fiscal year 2025, with a net profit margin of 5.6%.
What is Toast Inc's EBITDA?
Toast Inc (TOST) had EBITDA of $356.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Toast Inc's gross margin?
Toast Inc (TOST) had a gross margin of 25.9% in fiscal year 2025, 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 4.8% in fiscal year 2025, 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 5.6% in fiscal year 2025, 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 16.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Toast Inc's free cash flow?
Toast Inc (TOST) generated $608.0M in free cash flow during fiscal year 2025. This represents a 98.7% 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 $661.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Toast Inc's total assets?
Toast Inc (TOST) had $3.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Toast Inc's capital expenditures?
Toast Inc (TOST) invested $53.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Toast Inc spend on research and development?
Toast Inc (TOST) invested $374.0M in research and development during fiscal year 2025.
What is Toast Inc's current ratio?
Toast Inc (TOST) had a current ratio of 2.75 as of fiscal year 2025, which is generally considered healthy.
What is Toast Inc's debt-to-equity ratio?
Toast Inc (TOST) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, 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 10.9% for fiscal year 2025, 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 14.01, 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. Learn more in our complete guide to financial health indicators.
What is Toast Inc's Piotroski F-Score?
Toast Inc (TOST) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Toast Inc's earnings high quality?
Toast Inc (TOST) has an earnings quality ratio of 1.93x, 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. Learn more in our complete guide to financial health indicators.
Can Toast Inc cover its interest payments?
Toast Inc (TOST) has an interest coverage ratio of 5.73x, meaning it can comfortably 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. Learn more in our complete guide to financial health indicators.
How financially healthy is Toast Inc?
Toast Inc (TOST) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.