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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 Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 revenue rose 21% YoY to $1.981B; net income increased to $169M from $105M, and GAAP operating income nearly doubled to $165M from $84M, reaching a 26% margin.
Recurring gross profit streams grew 27% YoY; ARR reached $2.503B, up 24%.
Added 8,500 net Locations; the quarter-end base reached ~189,000, up 21% YoY, with $225B in trailing-12-month GPV.
Priorities include AI-enabled products, expansion into new markets and internal AI use to support durable growth.
Financial highlights
Adjusted EBITDA rose 36% to $240M; margin expanded 260 bps to 37%, with Q3 margins typically benefiting from payments seasonality.
GAAP diluted EPS was $0.29 vs. $0.16 YoY; Q3 gross profit was $543M vs. $432M.
Free cash flow was $181M, or 75% of adjusted EBITDA; conversion was lower YoY as hardware inventory purchases increased.
Operating expenses grew 16% YoY excluding $35M of bad-debt and credit-related expenses; S&M rose 23% and R&D 15%.
9M revenue increased 22% to $5.519B and net income rose to $449M from $241M; operating cash flow was $474M vs. $467M and free cash flow was $426M vs. $430M.
Outlook and guidance
Q4 non-GAAP subscription and financial technology solutions gross profit guidance is $610M–$620M, or 22%–24% YoY growth; adjusted EBITDA guidance is $200M–$210M.
FY 2026 non-GAAP subscription and financial technology solutions gross profit guidance rose to $2.375B–$2.385B, or 26% growth, from 23%–25%; adjusted EBITDA guidance rose to $840M–$850M from $805M–$825M.
For 2027, management expects to deliver its 20%+ growth framework; formal guidance is planned for the February earnings call, with margin progression expected to be very modest as investment flexibility is retained.
Free-cash-flow conversion is expected to improve in Q4 and benefit longer term as hardware inventory normalizes.
Core margins exceed 40% and are expected to expand; Horizon 2 payback targets are 20 months or less, with new-market margins expected to converge with core as they scale.
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Latest events from Toast
- Cloud adoption, customer upsell, and measured investment underpin growth and improving margins.TOST
Credit Suisse 26th Annual Technology Conference - Revenue and ARR scaled as Adjusted EBITDA turned positive and cash flow strengthened.TOSTQ4 2023
- AI-driven innovation and new verticals are fueling rapid growth and margin expansion.TOSTGoldman Sachs Communacopia + Technology Conference 2026
- Recurring gross profit rose 33% in 2025, with strong ARR and margin expansion driving growth.TOSTQ4 2025
- Q3 2025 saw 34% growth, $2.02B ARR, 35% margins, and strong AI-driven expansion.TOSTQ3 2025
- Record Q2 growth, raised guidance, and strong expansion in core and new markets.TOSTQ2 2025
- Record Q2 growth, GAAP profitability, and raised outlook driven by strong execution.TOSTQ2 2024
- Q3 2024 saw 28% ARR growth, $56M net income, and raised full-year guidance.TOSTQ3 2024
- Record location growth, first GAAP profit, and strong 2025 outlook with margin expansion.TOSTQ4 2024
Next Toast earnings date
Q4 202611 Feb, 2027
Toast
Next Toast earnings date
Q4 202611 Feb, 2027
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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.