BlackRock discloses 5.1% Toast (TOST) stake in Schedule 13G filing

Rhea-AI Filing Summary

BlackRock, Inc. has filed a Schedule 13G reporting beneficial ownership of 26,014,515.00 shares of Toast Inc. Class A stock, representing 5.1 % of the class as of 12/31/2025. BlackRock reports sole power to vote 23,766,543.00 shares and sole power to dispose of 26,014,515.00 shares, with no shared voting or dispositive power. The filing states that these securities are held by certain BlackRock business units in the ordinary course of business and not for the purpose of changing or influencing control of Toast. Various underlying clients have rights to dividends or sale proceeds, but no single client has more than five percent of Toast’s outstanding common shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TOAST INC

(Name of Issuer)

Class A Stock

(Title of Class of Securities)

888787108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 888787108

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 23,766,543.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 26,014,515.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

26,014,515.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TOAST INC
(b)	Address of issuer's principal executive offices: 333 SUMMER STREET BOSTON MA 02210
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Class A Stock
(e)	CUSIP No.: 888787108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 26014515
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 23766543
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 26014515
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of TOAST INC. No one person's interest in the common stock of TOAST INC is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	01/21/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What did BlackRock disclose about Toast Inc. (TOST) in this Schedule 13G?

BlackRock, Inc. disclosed that it beneficially owns 26,014,515.00 shares of Toast Inc. Class A stock, reported as 5.1 % of the outstanding class as of 12/31/2025.

What percentage of Toast Inc. Class A stock does BlackRock own?

BlackRock reports beneficial ownership of 5.1 % of Toast Inc.’s Class A stock, based on 26,014,515.00 shares beneficially owned as of 12/31/2025.

How much voting power does BlackRock have in Toast Inc. (TOST)?

BlackRock reports 23,766,543.00 shares with sole voting power and 0.00 shares with shared voting power in Toast Inc.

How many Toast Inc. shares can BlackRock dispose of?

BlackRock has sole dispositive power over 26,014,515.00 Toast Inc. Class A shares and 0.00 shares with shared dispositive power.

Is BlackRock seeking to influence control of Toast Inc. with this stake?

No. BlackRock certifies that the Toast Inc. securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Who ultimately benefits from the Toast Inc. shares held by BlackRock?

The filing states that various persons have rights to dividends or sale proceeds from Toast Inc. shares managed by BlackRock, but that no one person has an interest exceeding five percent of Toast’s total outstanding common shares.

What type of reporting person is BlackRock in this Toast Inc. Schedule 13G?

BlackRock identifies itself as an HC, meaning a parent holding company or control person, and notes that the reported holdings are aggregated across certain BlackRock business units.