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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 (TOST) investor relations material
Toast Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 34% top-line growth and 35% margins in Q3 2025, with ARR up 30% year-over-year to $2.02 billion and 156,000 total locations, adding 7,500 net new locations in Q3.
Net income for Q3 2025 was $105 million, up from $56 million in Q3 2024; Adjusted EBITDA reached $176 million (35% margin), both showing significant year-over-year growth.
Secured major new customers including Nordstrom, TGI Fridays, and Everbowl, expanded partnership with Uber, and launched AI-driven products like Toast IQ and Toast Advertising.
Focused on scaling core U.S. SMB locations, growing new market segments, expanding platform adoption with AI/data, and disciplined investment for margin expansion.
Completed a restructuring plan, appointed Anu Bharadwaj to the Board, and repurchased $54 million of Class A common stock year-to-date.
Financial highlights
Subscription services revenue rose 29% year-over-year to $244 million; financial technology solutions revenue increased 26% to $1.35 billion; SaaS ARR grew 28%.
Gross Payment Volume (GPV) grew 24% year-over-year to $51.5 billion; fintech and subscription gross profit increased 34% year-over-year.
GAAP operating income was $84 million; GAAP gross profit for Q3 2025 was $432 million, with non-GAAP gross profit at $455 million.
Free cash flow for Q3 2025 was $153 million, up from $97 million in Q3 2024; trailing 12-month free cash flow reached $564 million.
Cash and cash equivalents plus marketable securities totaled $1.86 billion as of September 30, 2025.
Outlook and guidance
Q4 2025 guidance: fintech and subscription gross profit growth of 22%-25% year-over-year; Adjusted EBITDA expected between $140 million and $150 million.
Raised full-year 2025 outlook to 32% fintech and subscription gross profit growth and Adjusted EBITDA of $610-$620 million.
For 2026, expect growth over 20% at multi-billion dollar scale, with margins flat to slightly up year-over-year.
Management expects financial technology solutions revenue to remain a significant portion of the overall revenue mix, with seasonality continuing to impact results.
Existing cash, cash equivalents, and available borrowing capacity are expected to be sufficient for at least the next 12 months.
Drivers of increased FY25 EBITDA outlook?
Uber partnership's strategic implications?
How Toast IQ AI enhances restaurant revenue?
How will new TAMs reach $1B ARR each?
Toast IQ monetization strategy evolve?
Consumer network product roadmap and impact
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UBS’s 2025 Global Technology and AI Conference3 Dec, 2025
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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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