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Toast, Inc.

TOST Clue Score71
United States Fiscal year ends December CIK 0001650164
$31.32 +0.03% Close, 12 Oct 2026
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Price $31.32 −38.52% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 22 Sep 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue665.0Operating income−213.0Net income−209.0EPS, diluted−1.08Fiscal year 2020Revenue823.0 +23.8%Operating income−220.0Net income−248.0EPS, diluted−1.25Fiscal year 2021Revenue1,705.0 +107.2%Operating income−228.0Net income−487.0EPS, diluted−1.68Fiscal year 2022Revenue2,731.0 +60.2%Operating income−384.0Net income−275.0EPS, diluted−0.72Fiscal year 2023Revenue3,865.0 +41.5%Operating income−287.0Net income−246.0EPS, diluted−0.47Fiscal year 2024Revenue4,960.0 +28.3%Operating income16.0Net income19.0EPS, diluted0.03Fiscal year 2025Revenue6,153.0 +24.1%Operating income292.0Net income342.0 +1,700.0%EPS, diluted0.56
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 665.0 823.0 1,705.0 2,731.0 3,865.0 4,960.0 6,153.0
Growth +23.8% +107.2% +60.2% +41.5% +28.3% +24.1%
Operating income −213.0 −220.0 −228.0 −384.0 −287.0 16.0 292.0
Net income −209.0 −248.0 −487.0 −275.0 −246.0 19.0 342.0
Growth +1,700.0%
EPS, diluted −1.08 −1.25 −1.68 −0.72 −0.47 0.03 0.56

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin9.3%Operating margin−32.0%Net margin−31.4%Free cash flow margin−20.3%Fiscal year 2020Gross margin17.0%Operating margin−26.7%Net margin−30.1%Free cash flow margin−18.6%Fiscal year 2021Gross margin18.4%Operating margin−13.4%Net margin−28.6%Free cash flow margin−0.6%Fiscal year 2022Gross margin18.7%Operating margin−14.1%Net margin−10.1%Free cash flow margin−6.3%Fiscal year 2023Gross margin21.6%Operating margin−7.4%Net margin−6.4%Free cash flow margin2.4%Fiscal year 2024Gross margin24.0%Operating margin0.3%Net margin0.4%Free cash flow margin6.2%Fiscal year 2025Gross margin25.9%Operating margin4.7%Net margin5.6%Free cash flow margin9.9%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 9.3% 17.0% 18.4% 18.7% 21.6% 24.0% 25.9%
Operating margin −32.0% −26.7% −13.4% −14.1% −7.4% 0.3% 4.7%
Net margin −31.4% −30.1% −28.6% −10.1% −6.4% 0.4% 5.6%
Free cash flow margin −20.3% −18.6% −0.6% −6.3% 2.4% 6.2% 9.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−126.0Capital expenditure−9.0Free cash flow−135.0Fiscal year 2020Operating cash flow−125.0Capital expenditure−28.0Free cash flow−153.0Fiscal year 2021Operating cash flow2.0Capital expenditure−12.0Free cash flow−10.0Fiscal year 2022Operating cash flow−156.0Capital expenditure−16.0Free cash flow−172.0Buybacks0.0Fiscal year 2023Operating cash flow135.0Capital expenditure−42.0Free cash flow93.0Buybacks0.0Fiscal year 2024Operating cash flow360.0Capital expenditure−54.0Free cash flow306.0 +229.0%Buybacks−56.0Fiscal year 2025Operating cash flow661.0Capital expenditure−53.0Free cash flow608.0 +98.7%Buybacks−107.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −126.0 −125.0 2.0 −156.0 135.0 360.0 661.0
Capital expenditure −9.0 −28.0 −12.0 −16.0 −42.0 −54.0 −53.0
Free cash flow −135.0 −153.0 −10.0 −172.0 93.0 306.0 608.0
Growth +229.0% +98.7%
Buybacks n/a n/a n/a 0.0 0.0 −56.0 −107.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash150.0Shareholders’ equity−330.0Fiscal year 2020Cash582.0Total debt172.0Net cash (debt)410.0Shareholders’ equity−471.0Fiscal year 2021Cash809.0Total debt0.0Net cash (debt)809.0Shareholders’ equity1,091.0Debt to equity0.00Fiscal year 2022Cash547.0Shareholders’ equity1,098.0Fiscal year 2023Cash605.0Shareholders’ equity1,194.0Fiscal year 2024Cash903.0Shareholders’ equity1,545.0Fiscal year 2025Cash1,353.0Shareholders’ equity2,124.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 150.0 582.0 809.0 547.0 605.0 903.0 1,353.0
Total debt n/a 172.0 0.0 n/a n/a n/a n/a
Net cash (debt) n/a 410.0 809.0 n/a n/a n/a n/a
Shareholders’ equity −330.0 −471.0 1,091.0 1,098.0 1,194.0 1,545.0 2,124.0
Debt to equity n/a n/a 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
9.3% 17.0% 18.4% 18.7% 21.6% 24.0% 25.9%
−32.0% −26.7% −13.4% −14.1% −7.4% 0.3% 4.7%
−31.9% −30.1% −28.7% −10.1% −6.3% 0.4% 5.6%
−31.4% −30.1% −28.6% −10.1% −6.4% 0.4% 5.6%
−20.3% −18.6% −0.6% −6.3% 2.4% 6.2% 9.9%
Spending
9.6% 13.2% 9.6% 10.3% 9.3% 7.1% 6.1%
12.5% 13.7% 11.1% 10.8% 9.4% 6.2% 5.6%
1.4% 3.4% 0.7% 0.6% 1.1% 1.1% 0.9%
n/a n/a n/a n/a n/a 13.6% 1.2%
Returns
n/a n/a −44.6% −25.0% −20.6% 1.2% 16.1%
n/a −32.0% −28.1% −15.6% −12.6% 0.8% 10.9%
Balance and payout
n/a n/a 0.00 n/a n/a n/a n/a
n/a 51.3% 37.1% 37.6% 39.0% 35.8% 32.5%
n/a n/a n/a n/a 0.0% 18.3% 17.6%