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    Toast Announces Second Quarter 2024 Financial Results

    8/6/24 4:05:00 PM ET
    $TOST
    EDP Services
    Technology
    Get the next $TOST alert in real time by email

    Added approximately 8,000 net new Locations in second quarter 2024

    Annualized recurring run-rate (ARR) as of June 30, 2024 grew 29% to $1.5 billion

    Achieved GAAP operating income of $5 million in second quarter

    Net income was $14 million and Adjusted EBITDA was $92 million in second quarter

    Toast (NYSE:TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the second quarter ended June 30, 2024.

    "Our team executed incredibly well in the second quarter and delivered strong results, including adding a record number of net locations and achieving GAAP profitability ahead of expectations. We are sustaining growth at scale while expanding margins by taking a disciplined approach to investing our resources against our most important priorities," said Toast CEO and Co-Founder Aman Narang. "We continue to see strong growth domestically across restaurant types while building on our momentum internationally and across exciting new verticals like food and beverage retail. Our best-in-class customer experience, further strengthened by our platform and data investments, remains the foundation helping us scale and grow."

    Financial Highlights for the Second Quarter of 2024

    • ARR as of June 30, 2024 was $1.5 billion, up 29% year over year.
    • Gross Payment Volume (GPV) increased 26% year over year to $40.5 billion.
    • Total Locations increased 29% year over year to approximately 120,000.
    • GAAP subscription services and financial technology solutions gross profit was up 27% year over year from Q2 2023 to $330 million. Non-GAAP subscription services and financial technology solutions gross profit grew 29% year over year to $344 million.
    • GAAP operating income was $5 million in Q2 2024 compared to GAAP operating loss of $(80) million in Q2 2023.
    • GAAP net income was $14 million in Q2 2024 compared to net loss of $(98) million in Q2 2023. Adjusted EBITDA was $92 million in Q2 2024 compared to Adjusted EBITDA of $15 million in Q2 2023.
    • Net cash provided by operating activities of $124 million and Free Cash Flow of $108 million in Q2 2024, compared to net cash provided by operating activities of $50 million and Free Cash Flow of $39 million, respectively, in Q2 2023.

    Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled "Key Business Metrics" and "Non-GAAP Financial Measures," as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

    Outlook1

    For the third quarter ending September 30, 2024, Toast expects to report:

    • Non-GAAP subscription services and financial technology solutions gross profit in the range of $345 million to $355 million (23-27% growth compared to Q3 2023)
    • Adjusted EBITDA in the range of $70 million to $80 million

    For the full year ending December 31, 2024, Toast expects to report:

    • Non-GAAP subscription services and financial technology solutions gross profit in the range of $1,340 million to $1,360 million (27-29% growth compared to 2023, up from 25-27% growth)
    • Adjusted EBITDA in the range of $285 million to $305 million (up from $250 million to $270 million)

    The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding "Forward-looking Statements" in this press release.

    Recent Business Highlights

    • Showing continued momentum with larger customers, Toast recently signed customers including Sonny's BBQ, Uno Pizzeria & Grills, Hwy 55, and PPX Hospitality Group, which owns brands including Legal Sea Foods, representing a cumulative commitment of more than 200 locations across the U.S.
    • Toast garnered a host of workplace awards in the second quarter, including being named a Great Place to Work in Canada, India, Ireland, Taiwan, the United Kingdom, and the United States; named to the U.S. News Best Companies To Work For list; and named a Fortune Best Workplaces for Millennials™ in the United States. These build on being awarded to Glassdoor Best Places to Work 2024 list earlier in the year.
    • In June, Toast launched an AI innovation hub, highlighting some of Toast's AI-powered innovations released to date such as Benchmarking, Instant Toast Support, and an AI-Powered Marketing Assistant. A recent survey from Toast showed that 57% of restaurants surveyed reported already using or wanting to use AI-powered experiences2.

    Conference Call Information

    Toast will host a live conference call at 5:00 p.m. Eastern Time on Tuesday, August 6, 2024. The live webcast of the conference call can be accessed through Toast's investor relations website at http://investors.toasttab.com. A replay of the webcast will be available for a period of 90 days after the call.

    Toast has used, and intends to continue to use, its Investor Relations website (http://investors.toasttab.com), as well as the Toast Newsroom (https://pos.toasttab.com/news), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Toast's Investor Relations website, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Toast's Investor Relations website address, and any hyperlinks are only inactive textual references.

    About Toast

    Toast is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com.

    _________________________

    1 A reconciliation of these forward looking Non-GAAP measures to the corresponding GAAP measure is not available without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to the change in fair value of our warrant liability and stock-based compensation. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

    2 To help better understand the restaurant industry, Toast conducted a blind survey of 755 restaurant decision-makers operating 16 or fewer locations in the United States from May 17, 2024 to June 2, 2024. Respondents include a mix of both full-service and quick-service restaurants. Respondents were not made aware that Toast was fielding the study. Panel providers granted incentives to restaurant respondents for participation. Using a standard margin of error calculation, at a confidence interval of 95%, the margin of error on average is +/- 4%.

    Forward-looking Statements

    This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "may," "could," "should," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast's control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements about expected financial positions or growth; results of operations; cash flows; guidance on financial results for the third fiscal quarter and full year of 2024; statements about future operating results; the expectations of demand for Toast's products and growth of its business; statements about new products and offerings and the benefits thereof; the growth rates in the markets in which Toast competes; Toast's investments in technology and infrastructure; Toast's ability to deliver innovative solutions; Toast's ability to attract and retain customers and the commitments from its customers; financing plans; business strategy; operating plans; competitive positions; and growth opportunities for existing products.

    The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast's filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations'' in Toast's Annual Report on Form 10-K for the year ended December 31, 2023, Toast's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024 that will be filed following this earnings release, and Toast's subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast's views as of any date subsequent to the date of this press release.

     

    TOAST, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

    (in millions, except per share amounts)

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue:

     

     

     

     

     

     

     

    Subscription services

    $

    166

     

     

    $

    121

     

     

    $

    318

     

     

    $

    227

     

    Financial technology solutions

     

    1,023

     

     

     

    808

     

     

     

    1,896

     

     

     

    1,482

     

    Hardware and professional services

     

    53

     

     

     

    49

     

     

     

    104

     

     

     

    88

     

    Total revenue

     

    1,242

     

     

     

    978

     

     

     

    2,318

     

     

     

    1,797

     

    Costs of revenue:

     

     

     

     

     

     

     

    Subscription services

     

    53

     

     

     

    39

     

     

     

    103

     

     

     

    75

     

    Financial technology solutions

     

    806

     

     

     

    631

     

     

     

    1,488

     

     

     

    1,155

     

    Hardware and professional services

     

    96

     

     

     

    99

     

     

     

    188

     

     

     

    183

     

    Amortization of acquired intangible assets

     

    1

     

     

     

    1

     

     

     

    2

     

     

     

    2

     

    Total costs of revenue

     

    956

     

     

     

    770

     

     

     

    1,781

     

     

     

    1,415

     

    Gross profit

     

    286

     

     

     

    208

     

     

     

    537

     

     

     

    382

     

    Operating expenses:

     

     

     

     

     

     

     

    Sales and marketing

     

    115

     

     

     

    100

     

     

     

    222

     

     

     

    199

     

    Research and development

     

    87

     

     

     

    92

     

     

     

    169

     

     

     

    177

     

    General and administrative

     

    75

     

     

     

    96

     

     

     

    149

     

     

     

    179

     

    Restructuring expenses

     

    4

     

     

     

    —

     

     

     

    46

     

     

     

    —

     

    Total operating expenses

     

    281

     

     

     

    288

     

     

     

    586

     

     

     

    555

     

    Income (loss) from operations

     

    5

     

     

     

    (80

    )

     

     

    (49

    )

     

     

    (173

    )

    Other income (expense):

     

     

     

     

     

     

     

    Interest income, net

     

    10

     

     

     

    9

     

     

     

    20

     

     

     

    17

     

    Change in fair value of warrant liability

     

    (1

    )

     

     

    (26

    )

     

     

    (37

    )

     

     

    (23

    )

    Other income (expense), net

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    1

     

    Income (loss) before taxes

     

    14

     

     

     

    (97

    )

     

     

    (67

    )

     

     

    (178

    )

    Income tax expense

     

    —

     

     

     

    (1

    )

     

     

    (2

    )

     

     

    (1

    )

    Net income (loss)

    $

    14

     

     

    $

    (98

    )

     

    $

    (69

    )

     

    $

    (179

    )

    Earnings (loss) per share attributable to common stockholders:

     

     

     

     

     

     

     

    Basic

    $

    0.03

     

     

    $

    (0.19

    )

     

    $

    (0.13

    )

     

    $

    (0.34

    )

    Diluted

    $

    0.02

     

     

    $

    (0.19

    )

     

    $

    (0.13

    )

     

    $

    (0.34

    )

    Weighted-average shares used in computing earnings (loss) per share:

     

     

     

     

     

     

     

    Basic

     

    556

     

     

     

    529

     

     

     

    552

     

     

     

    527

     

    Diluted

     

    587

     

     

     

    529

     

     

     

    552

     

     

     

    527

     

     

    TOAST, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (unaudited)

    (in millions, except per share amounts)

     

     

    June 30, 2024

     

    December 31, 2023

    Assets:

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    691

     

     

    $

    605

     

    Marketable securities

     

    528

     

     

     

    519

     

    Accounts receivable, net

     

    101

     

     

     

    69

     

    Inventories, net

     

    110

     

     

     

    118

     

    Other current assets

     

    309

     

     

     

    259

     

    Total current assets

     

    1,739

     

     

     

    1,570

     

    Property and equipment, net

     

    90

     

     

     

    75

     

    Operating lease right-of-use assets

     

    33

     

     

     

    36

     

    Intangible assets, net

     

    23

     

     

     

    26

     

    Goodwill

     

    113

     

     

     

    113

     

    Restricted cash

     

    58

     

     

     

    55

     

    Other non-current assets

     

    99

     

     

     

    83

     

    Total non-current assets

     

    416

     

     

     

    388

     

    Total assets

    $

    2,155

     

     

    $

    1,958

     

    Liabilities and Stockholders' Equity:

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    33

     

     

    $

    32

     

    Deferred revenue

     

    62

     

     

     

    39

     

    Accrued expenses and other current liabilities

     

    641

     

     

     

    592

     

    Total current liabilities

     

    736

     

     

     

    663

     

    Warrants to purchase common stock

     

    101

     

     

     

    64

     

    Operating lease liabilities

     

    29

     

     

     

    33

     

    Other long-term liabilities

     

    6

     

     

     

    4

     

    Total liabilities

     

    872

     

     

     

    764

     

    Commitments and Contingencies

     

     

     

    Stockholders' Equity:

     

     

     

    Preferred stock- par value $0.000001; 100 shares authorized, no shares issued or outstanding

     

    —

     

     

     

    —

     

    Common stock, $0.000001 par value:

     

    Class A - 7,000 shares authorized; 458 and 429 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

    Class B - 700 shares authorized; 102 and 114 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

     

    —

     

     

     

    —

     

    Accumulated other comprehensive loss

     

    (1

    )

     

     

    —

     

    Additional paid-in capital

     

    2,976

     

     

     

    2,817

     

    Accumulated deficit

     

    (1,692

    )

     

     

    (1,623

    )

    Total stockholders' equity

     

    1,283

     

     

     

    1,194

     

    Total liabilities and stockholders' equity

    $

    2,155

     

     

    $

    1,958

     

     

    TOAST, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited) (in millions)

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net income (loss)

    $

    14

     

     

    $

    (98

    )

     

    $

    (69

    )

     

    $

    (179

    )

    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    12

     

     

     

    8

     

     

     

    23

     

     

     

    14

     

    Stock-based compensation expense

     

    67

     

     

     

    72

     

     

     

    133

     

     

     

    135

     

    Amortization of deferred contract acquisition costs

     

    19

     

     

     

    14

     

     

     

    38

     

     

     

    28

     

    Change in fair value of warrant liability

     

    1

     

     

     

    26

     

     

     

    37

     

     

     

    23

     

    Credit loss expense

     

    17

     

     

     

    12

     

     

     

    32

     

     

     

    25

     

    Asset impairments

     

    1

     

     

     

    15

     

     

     

    1

     

     

     

    15

     

    Other non-cash items

     

    (1

    )

     

     

    (12

    )

     

     

    (3

    )

     

     

    (13

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Accounts receivable, net

     

    (23

    )

     

     

    (22

    )

     

     

    (45

    )

     

     

    (42

    )

    Other current assets

     

    5

     

     

     

    3

     

     

     

    (14

    )

     

     

    (3

    )

    Deferred contract acquisition costs

     

    (33

    )

     

     

    (26

    )

     

     

    (63

    )

     

     

    (50

    )

    Inventories, net

     

    10

     

     

     

    5

     

     

     

    8

     

     

     

    4

     

    Accounts payable

     

    (14

    )

     

     

    6

     

     

     

    2

     

     

     

    12

     

    Accrued expenses and other current liabilities

     

    38

     

     

     

    44

     

     

     

    1

     

     

     

    24

     

    Deferred revenue

     

    13

     

     

     

    4

     

     

     

    24

     

     

     

    7

     

    Operating lease right-of-use assets and operating lease liabilities, net

     

    —

     

     

     

    1

     

     

     

    —

     

     

     

    1

     

    Other assets and liabilities

     

    (2

    )

     

     

    (2

    )

     

     

    (1

    )

     

     

    (6

    )

    Net cash provided by (used in) operating activities

     

    124

     

     

     

    50

     

     

     

    104

     

     

     

    (5

    )

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Cash paid for acquisition, net of cash acquired

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (9

    )

    Capital expenditures

     

    (16

    )

     

     

    (11

    )

     

     

    (29

    )

     

     

    (21

    )

    Purchases of marketable securities

     

    (131

    )

     

     

    (175

    )

     

     

    (276

    )

     

     

    (351

    )

    Proceeds from the sale of marketable securities

     

    35

     

     

     

    6

     

     

     

    53

     

     

     

    13

     

    Maturities of marketable securities

     

    108

     

     

     

    168

     

     

     

    219

     

     

     

    315

     

    Other investing activities

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

    Net cash used in investing activities

     

    (4

    )

     

     

    (12

    )

     

     

    (33

    )

     

     

    (54

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Change in customer funds obligations, net

     

    (21

    )

     

     

    (6

    )

     

     

    28

     

     

     

    31

     

    Proceeds from issuance of common stock

     

    26

     

     

     

    4

     

     

     

    55

     

     

     

    15

     

    Repurchases of Class A common stock

     

    (32

    )

     

     

    —

     

     

     

    (36

    )

     

     

    —

     

    Net cash provided by (used in) financing activities

     

    (27

    )

     

     

    (2

    )

     

     

    47

     

     

     

    46

     

    Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash

     

    93

     

     

     

    36

     

     

     

    118

     

     

     

    (13

    )

    Effect of exchange rate changes on cash and cash equivalents and restricted cash

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

    Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period

     

    771

     

     

     

    586

     

     

     

    747

     

     

     

    635

     

    Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period

    $

    864

     

     

    $

    622

     

     

    $

    864

     

     

    $

    622

     

    Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    691

     

     

    $

    488

     

     

    $

    691

     

     

    $

    488

     

    Cash held on behalf of customers

     

    115

     

     

     

    91

     

     

     

    115

     

     

     

    91

     

    Restricted cash

     

    58

     

     

     

    43

     

     

     

    58

     

     

     

    43

     

    Total cash, cash equivalents, cash held on behalf of customers and restricted cash

    $

    864

     

     

    $

    622

     

     

    $

    864

     

     

    $

    622

     

    Non-GAAP Financial Measures

    In this press release, Toast refers to non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with United States generally accepted accounting principles ("GAAP"). Toast uses certain non-GAAP financial measures, as described below, to understand and evaluate its core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of Toast's financial performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP. Toast believes that these non-GAAP financial measures provide useful information about its financial performance, enhance the overall understanding of its past performance and future prospects, and allow for greater transparency with respect to important metrics used by Toast's management for financial and operational decision-making.

    In the tables below, Toast has provided reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. These non-GAAP financial measures should not be considered substitutes for financial measures calculated in accordance with GAAP, and the financial results that Toast calculates and presents in the table in accordance with GAAP, as well as the corresponding reconciliations from those results, should be carefully evaluated.

    The following are the non-GAAP financial measures referenced in this press release and presented in the tables below:

    • Adjusted EBITDA is defined as net income (loss), adjusted to exclude stock-based compensation expense and related payroll tax expense, depreciation and amortization expense, interest income (expense), net, income taxes and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as restructuring and restructuring-related expenses, acquisition expenses, fair value adjustments on warrant liabilities, expenses related to early termination of leases (which includes associated asset impairments) and stock-based charitable contribution expense, as applicable.
    • Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit is defined as subscription services gross profit and financial technology solutions gross profit, adjusted to exclude stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Costs of Revenue are defined as costs of revenue excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Gross Profit is defined as gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Subscription Services Gross Profit is defined as subscription services gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Financial Technology Solutions Gross Profit is defined as financial technology solutions gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Hardware and Professional Services Gross Profit is defined as hardware and professional services gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Non-Payments Financial Technology Solutions Gross Profit is defined as financial technology gross profit excluding payments financial technology gross profit.
    • Non-GAAP Sales and Marketing Expenses are defined as sales and marketing expenses excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP Research and Development Expenses are defined as research and development expenses excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
    • Non-GAAP General and Administrative Expenses are defined as general and administrative expenses excluding stock-based compensation expense and related payroll tax expense, depreciation and amortization expense, acquisition expenses, expenses related to early termination of leases (which includes associated asset impairments), and stock-based charitable contribution expense.
    • Free Cash Flow is defined as net cash provided by (used in) operating activities reduced by purchases of property and equipment and capitalization of internal-use software costs (collectively referred to as capital expenditures).

    Adjusted EBITDA, Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit, Non-GAAP Costs of Revenue, Non-GAAP Gross Profit, Non-GAAP Subscription Services Gross Profit, Non-GAAP Financial Technology Gross Profit, Non-GAAP Hardware and Professional Services Gross Profit, Non-GAAP Non-Payments Financial Technology Solutions Gross Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and Development Expenses, Non-GAAP General and Administrative Expenses, and Free Cash Flow do not purport to represent profitability and liquidity measures as defined in accordance with GAAP. These measures are provided to investors and others to improve the quarter-to-quarter and year-to-year comparability of Toast's financial results and to ensure that investors understand the information Toast uses to evaluate the performance of its businesses.

    Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations since they do not include the impact of certain expenses and cash flows that are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Thus, our Adjusted EBITDA, Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit, Non-GAAP Costs of Revenue, Non-GAAP Gross Profit, Non-GAAP Subscription Services Gross Profit, Non-GAAP Financial Technology Gross Profit, Non-GAAP Hardware and Professional Services Gross Profit, Non-GAAP Non-Payments Financial Technology Solutions Gross Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and Development Expenses, Non-GAAP General and Administrative Expenses, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    Key Business Metrics

    In addition, Toast also uses the following key business metrics to help it evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions:

    1. Gross Payment Volume ("GPV") is defined as the sum of total dollars processed through the Toast payments platform across Toast Processing Locations in a given period. GPV is a key measure of the scale of Toast's platform, which in turn drives our financial performance. As Toast customers generate more sales and therefore more GPV, Toast generally sees higher financial technology solutions revenue.



    2. Annualized Recurring Run-Rate ("ARR") is defined as a key operational measure of the scale of Toast's subscription and payment processing services for both new and existing customers. To calculate ARR, Toast first calculates recurring run-rate on a monthly basis. Monthly Recurring Run-Rate, or MRR, is measured on the final day of each month as the sum of (i) Toast's monthly billings of subscription services fees, which we refer to as the subscription component of MRR, and (ii) Toast's in-month adjusted payments services fees, exclusive of estimated transaction-based costs, which we refer to as the payments component of MRR. MRR does not include fees derived from Toast Capital or related costs. MRR is also not burdened by the impact of SaaS credits offered. The MRR calculation includes all locations on the Toast platform and locations on legacy solutions, which have a negligible impact on ARR.



      ARR is determined by taking the sum of (i) twelve times the subscription component of MRR and (ii) four times the trailing-three-month cumulative payments component of MRR. Toast believes this approach provides an indication of its scale, while also controlling for short-term fluctuations in payments volume. ARR may decline or fluctuate as a result of a number of factors, including customers' satisfaction with the Toast platform, pricing, competitive offerings, economic conditions, or overall changes in Toast's customers' and their guests' spending levels. ARR is an operational measure, does not reflect Toast's revenue or gross profit determined in accordance with GAAP, and should be viewed independently of, and not combined with or substituted for, Toast's revenue, gross profit, and other financial information determined in accordance with GAAP. Further, ARR is not a forecast of future revenue and investors should not place undue reliance on ARR as an indicator of Toast's future or expected results.

    Locations

    We define a live location, or Location, as a unique location that has used Toast Point of Sale to record transaction volumes above a minimum threshold, and has not been marked as a churned location as of the date of determination. A Location can use Toast payment services, which we refer to as a Toast Processing Location, or for select enterprise customers, not use Toast's payment services, which we refer to as a Non-Toast Processing Location. Customers of legacy solutions provided by companies that we have acquired, that do not use Toast Point of Sale, are not included in our Location count.

     

    Summary of Key Business Metrics and Non-GAAP Results

    (unaudited)

     

     

    Three Months Ended June 30,

     

     

     

    Six Months Ended June 30,

     

     

    (dollars in billions)

    2024

     

    2023

     

    % Growth

     

    2024

     

    2023

     

    % Growth

    Gross Payment Volume (GPV)

    $

    40.5

     

    $

    32.1

     

    26

    %

     

    $

    75.2

     

    $

    58.8

     

    28

    %

     

    As of June 30,

     

     

    (dollars in millions)

    2024

     

    2023

     

    % Growth

    Payments Annualized Recurring Run-Rate

    $

    743

     

    $

    598

     

    24

    %

    Subscription Annualized Recurring Run-Rate

     

    730

     

     

    542

     

    35

    %

    Total Annualized Recurring Run-Rate (ARR)

    $

    1,473

     

    $

    1,140

     

    29

    %

     

    Adjusted EBITDA

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

    $

    14

     

     

    $

    (98

    )

     

    $

    (69

    )

     

    $

    (179

    )

    Stock-based compensation expense and related payroll tax

     

    70

     

     

     

    74

     

     

     

    130

     

     

     

    141

     

    Depreciation and amortization

     

    11

     

     

     

    8

     

     

     

    20

     

     

     

    14

     

    Interest income, net

     

    (10

    )

     

     

    (9

    )

     

     

    (20

    )

     

     

    (17

    )

    Change in fair value of warrant liability

     

    1

     

     

     

    26

     

     

     

    37

     

     

     

    23

     

    Termination of leases

     

    2

     

     

     

    13

     

     

     

    2

     

     

     

    13

     

    Restructuring and restructuring-related expenses1

     

    4

     

     

     

    —

     

     

     

    46

     

     

     

    —

     

    Acquisition expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1

     

    Income tax expense

     

    —

     

     

     

    1

     

     

     

    2

     

     

     

    1

     

    Adjusted EBITDA

    $

    92

     

     

    $

    15

     

     

    $

    148

     

     

    $

    (3

    )

     

    1 Restructuring and restructuring-related expenses for the three and six months ended June 30, 2024 include $1 million and $32 million, respectively, of severance benefits, $2 million and $12 million, respectively, of stock-based compensation expense, and $1 million and $2 million, respectively, of accelerated depreciation related to facilities.

    Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit (Non-GAAP)

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

    2024

     

    2023

     

    2024

     

    2023

    Gross profit (GAAP):

     

     

     

     

     

     

     

     

    Subscription services

    $

    113

     

    $

    82

     

    $

    215

     

    $

    152

     

    Financial technology solutions

     

    217

     

     

    177

     

     

    408

     

     

    327

     

    Adjustments:

     

     

     

     

     

     

     

     

    Stock-based compensation expense and related payroll tax

     

    6

     

     

    4

     

     

    10

     

     

    9

     

    Depreciation and amortization

     

    8

     

     

    4

     

     

    14

     

     

    7

     

    Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit (Non-GAAP)

    $

    344

     

    $

    267

     

    $

    647

     

    $

    495

     

    Non-GAAP Costs of Revenue

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Costs of revenue

    $

    956

     

     

    $

    770

     

     

    $

    1,781

     

     

    $

    1,415

     

    Stock-based compensation expense and related payroll tax

     

    (12

    )

     

     

    (11

    )

     

     

    (22

    )

     

     

    (21

    )

    Depreciation and amortization

     

    (9

    )

     

     

    (6

    )

     

     

    (17

    )

     

     

    (11

    )

    Non-GAAP Costs of Revenue

    $

    935

     

     

    $

    753

     

     

    $

    1,742

     

     

    $

    1,383

     

    Non-GAAP Gross Profit

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

    2024

     

    2023

     

    2024

     

    2023

    Gross profit

    $

    286

     

    $

    208

     

    $

    537

     

    $

    382

    Stock-based compensation expense and related payroll tax

     

    12

     

     

    11

     

     

    22

     

     

    21

    Depreciation and amortization

     

    9

     

     

    6

     

     

    17

     

     

    11

    Non-GAAP gross profit

    $

    307

     

    $

    225

     

    $

    576

     

    $

    414

    Non-GAAP Subscription Services Gross Profit

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

    2024

     

    2023

     

    2024

     

    2023

    Subscription services gross profit

    $

    113

     

    $

    82

     

    $

    215

     

    $

    152

    Stock-based compensation expense and related payroll tax

     

    6

     

     

    4

     

     

    10

     

     

    9

    Depreciation and amortization

     

    8

     

     

    4

     

     

    14

     

     

    7

    Non-GAAP subscription services gross profit

    $

    127

     

    $

    90

     

    $

    239

     

    $

    168

    Non-GAAP Financial Technology Solutions Gross Profit

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

    2024

     

    2023

     

    2024

     

    2023

    Financial technology solutions gross profit

    $

    217

     

    $

    177

     

    $

    408

     

    $

    327

    Stock-based compensation expense and related payroll tax

     

    —

     

     

    —

     

     

    —

     

     

    —

    Depreciation and amortization

     

    —

     

     

    —

     

     

    —

     

     

    —

    Non-GAAP financial technology solutions gross profit

    $

    217

     

    $

    177

     

    $

    408

     

    $

    327

    Non-GAAP Hardware and Professional Services Gross Profit

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Hardware and professional services gross profit

    $

    (43

    )

     

    $

    (50

    )

     

    $

    (84

    )

     

    $

    (95

    )

    Stock-based compensation expense and related payroll tax

     

    6

     

     

     

    7

     

     

     

    11

     

     

     

    13

     

    Depreciation and amortization

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

    Non-GAAP hardware and professional services gross profit

    $

    (36

    )

     

    $

    (42

    )

     

    $

    (72

    )

     

    $

    (81

    )

    Non-GAAP Non-Payments Financial Technology Solutions Gross Profit

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Financial technology solutions gross profit

    $

    217

     

     

    $

    177

     

     

    $

    408

     

     

    $

    327

     

    Payments financial technology solutions gross profit

     

    (183

    )

     

     

    (145

    )

     

     

    (340

    )

     

     

    (270

    )

    Non-GAAP non-payments financial technology solutions gross profit

    $

    34

     

     

    $

    32

     

     

    $

    68

     

     

    $

    57

     

    Non-GAAP Sales and Marketing Expenses

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Sales and marketing expenses

    $

    115

     

     

    $

    100

     

     

    $

    222

     

     

    $

    199

     

    Stock-based compensation expense and related payroll tax

     

    (17

    )

     

     

    (15

    )

     

     

    (29

    )

     

     

    (30

    )

    Depreciation and amortization

     

    (1

    )

     

     

    (1

    )

     

     

    (2

    )

     

     

    (2

    )

    Non-GAAP sales and marketing expenses

    $

    97

     

     

    $

    84

     

     

    $

    191

     

     

    $

    167

     

    Non-GAAP Research and Development Expenses

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Research and development expenses

    $

    87

     

     

    $

    92

     

     

    $

    169

     

     

    $

    177

     

    Stock-based compensation expense and related payroll tax

     

    (23

    )

     

     

    (25

    )

     

     

    (43

    )

     

     

    (48

    )

    Depreciation and amortization

     

    (1

    )

     

     

    (1

    )

     

     

    (1

    )

     

     

    (1

    )

    Non-GAAP research and development expenses

    $

    63

     

     

    $

    66

     

     

    $

    125

     

     

    $

    128

     

    Non-GAAP General and Administrative Expenses

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    General and administrative expenses

    $

    75

     

     

    $

    96

     

     

    $

    149

     

     

    $

    179

     

    Stock-based compensation expense and related payroll tax

     

    (18

    )

     

     

    (22

    )

     

     

    (36

    )

     

     

    (42

    )

    Depreciation and amortization

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

    Termination of leases

     

    (2

    )

     

     

    (13

    )

     

     

    (2

    )

     

     

    (13

    )

    Acquisition expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

    Non-GAAP general and administrative expenses

    $

    55

     

     

    $

    61

     

     

    $

    111

     

     

    $

    122

     

    Free Cash Flow

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (dollars in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net cash provided by (used in) operating activities

    $

    124

     

     

    $

    50

     

     

    $

    104

     

     

    $

    (5

    )

    Capital expenditures

     

    (16

    )

     

     

    (11

    )

     

     

    (29

    )

     

     

    (21

    )

    Free cash flow

    $

    108

     

     

    $

    39

     

     

    $

    75

     

     

    $

    (26

    )

     

    Sums may not equal totals due to rounding.

     

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    • Amendment: SEC Form SC 13G/A filed by Toast Inc.

      SC 13G/A - Toast, Inc. (0001650164) (Subject)

      11/13/24 10:27:59 AM ET
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    • Amendment: SEC Form SC 13G/A filed by Toast Inc.

      SC 13G/A - Toast, Inc. (0001650164) (Subject)

      11/12/24 4:38:40 PM ET
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    • SEC Form 144 filed by Toast Inc.

      144 - Toast, Inc. (0001650164) (Subject)

      5/9/25 4:19:07 PM ET
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    • Toast Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Toast, Inc. (0001650164) (Filer)

      5/8/25 4:12:52 PM ET
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    • Amendment: SEC Form SCHEDULE 13G/A filed by Toast Inc.

      SCHEDULE 13G/A - Toast, Inc. (0001650164) (Subject)

      4/25/25 8:28:02 AM ET
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    Leadership Updates

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    • Mavely® Bolsters Leadership Team with Executive Hires to Drive Accelerated Growth

      Social Commerce Platform Appoints Two New Vice Presidents, Signaling Commitment to Expansion and Innovation in Influencer Marketing Landscape CHICAGO, June 25, 2024 /PRNewswire/ -- Mavely, the Everyday Influencer Platform® unlocking performance-based social commerce for the world's favorite brands, today announced two new executive hires who will be instrumental in supporting the brand's accelerated growth and commitment to strengthening leadership. Usaid Khan will serve as Mavely's Vice President of Business Development, and Kevin White as the Vice President of Strategic Finance.

      6/25/24 9:00:00 AM ET
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    • Toast Announces Leadership Transition

      Aman Narang, Co-Founder and COO, to become CEO effective January 1, 2024 Current CEO Chris Comparato to remain on Board upon Narang's appointment Toast (NYSE:TOST), the all-in-one digital technology platform built for restaurants, today announced the appointment of Aman Narang as CEO, effective January 1, 2024. Narang has served as Toast's Co-President since December 2012 and Chief Operating Officer since June 2021. He will take over as CEO from Chris Comparato, who has served as the company's CEO since February 2015, leading Toast through a remarkable period of growth with a focus on profitability and operational excellence. Both Comparato and Narang will remain on the Board. Since c

      9/5/23 8:30:00 AM ET
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    • Toast Names Jennifer DiRico General Manager and Head of International

      Toast (NYSE:TOST), the all-in-one digital platform built for restaurants, today announced the appointment of Jennifer DiRico as General Manager and Head of International. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220329005163/en/Jennifer DiRico, General Manager and Head of International (Photo: Business Wire) Jennifer has spent the last six years in leadership roles at Toast, with significant experience building and scaling the company in the U.S. She has broad experience in senior finance and global operational roles, including time spent in local markets within Europe helping restaurants expand their footprint. Jennifer is

      3/29/22 8:00:00 AM ET
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    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Toast upgraded by Wolfe Research with a new price target

      Wolfe Research upgraded Toast from Peer Perform to Outperform and set a new price target of $44.00

      4/23/25 8:12:52 AM ET
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    • Toast upgraded by Wells Fargo with a new price target

      Wells Fargo upgraded Toast from Underweight to Overweight and set a new price target of $39.00

      4/10/25 8:29:58 AM ET
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    • Oppenheimer initiated coverage on Toast with a new price target

      Oppenheimer initiated coverage of Toast with a rating of Outperform and set a new price target of $46.00

      1/24/25 8:22:48 AM ET
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    Financials

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    • Toast Announces First Quarter 2025 Financial Results

      Booked Applebee's, Toast's largest deal in company history Added over 6,000 net new Locations in first quarter 2025 Annualized recurring run-rate (ARR) as of March 31, 2025 grew 31% to $1.7 billion Net income was $56 million and Adjusted EBITDA was $133 million in first quarter Toast (NYSE:TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the first quarter ended March 31, 2025. "Toast kicked off the year with a fantastic first quarter - we added over 6,000 net new locations, grew our recurring gross profit streams1 37%, and delivered $133 million in Adjusted EBITDA," said Toast CEO and Co-Founder Aman Narang. "We continue to s

      5/8/25 4:05:00 PM ET
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    • Toast Announces Release Date of First Quarter 2025 Financial Results

      Toast (NYSE:TOST), the all-in-one digital technology platform built for restaurants, will release financial results for the first quarter ended March 31, 2025 following the close of the U.S. markets on Thursday, May 8, 2025. Toast will host a conference call to discuss its results at 5:00 p.m. Eastern Time the same day. The news release with financial results and a link to the conference call will be accessible at the Toast investor relations website: https://investors.toasttab.com. A replay of the conference call will also be available on Toast's investor relations website. About Toast Toast (NYSE:TOST) is a cloud-based, all-in-one digital technology platform purpose-built for the entir

      4/23/25 4:05:00 PM ET
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    • Toast Announces Fourth Quarter and Full Year 2024 Financial Results

      Added a record 28,000 net locations in 2024, ending the year with approximately 134,000 Locations Annualized recurring run-rate (ARR) increased 34% to over $1.6 billion as of December 31, 2024 Fourth quarter net income was $33 million and Adjusted EBITDA was $111 million Full year 2024 net income was $19 million and Adjusted EBITDA was $373 million Toast (NYSE:TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the fourth quarter and full year ended December 31, 2024. "Toast had a strong close to 2024, capping off a transformational year where we added a record 28,000 net locations, grew our recurring gross profit streams1 34%,

      2/19/25 4:05:00 PM ET
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    Insider Trading

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    • Director Comparato Christopher P converted options into 7,824 shares, increasing direct ownership by 4% to 187,140 units (SEC Form 4)

      4 - Toast, Inc. (0001650164) (Issuer)

      5/5/25 4:43:09 PM ET
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    • General Counsel Elworthy Brian R converted options into 2,151 shares and sold $37,064 worth of shares (1,027 units at $36.09), increasing direct ownership by 0.52% to 216,156 units (SEC Form 4)

      4 - Toast, Inc. (0001650164) (Issuer)

      5/5/25 4:42:11 PM ET
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    • President Fredette Stephen converted options into 3,521 shares and sold $60,126 worth of shares (1,666 units at $36.09), increasing direct ownership by 0.13% to 1,413,108 units (SEC Form 4)

      4 - Toast, Inc. (0001650164) (Issuer)

      5/5/25 4:41:12 PM ET
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