Toast (TOST) financial statements
Toast reported revenue of $6.2B in fiscal 2025, up 44.9% a year over 6 years.
Net income was $342M and the operating margin 4.7%, against -32.0% in 2019.
Free cash flow was $608M, and the company returned $107M in net buybacks.
The diluted share count rose 212% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Toast's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $665M | $823M | $1.7B | $2.7B | $3.9B | $5.0B | $6.2B |
| Cost of revenue | $603M | $683M | $1.4B | $2.2B | $3.0B | $3.8B | $4.6B |
| Gross profit | $62M | $140M | $314M | $511M | $834M | $1.2B | $1.6B |
| Research and development | $64M | $109M | $163M | $282M | $358M | $351M | $374M |
| Selling, general and admin | $211M | $251M | $379M | $613M | $763M | $777M | $915M |
| Operating income | -$213M | -$220M | -$228M | -$384M | -$287M | $16M | $292M |
| Interest expense | $0 | $13M | $12M | — | — | — | — |
| Pre-tax income | -$212M | -$248M | -$490M | -$277M | -$244M | $22M | $346M |
| Income tax | -$3M | $0 | -$3M | -$2M | $2M | $3M | $4M |
| Net income | -$209M | -$248M | -$487M | -$275M | -$246M | $19M | $342M |
| EPS (diluted) | -$1.08 | -$1.25 | -$1.68 | -$0.72 | -$0.47 | $0.03 | $0.56 |
| Diluted shares | 195M | 200M | 290M | 512M | 533M | 591M | 607M |
| 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% |
Balance sheet
Fiscal years, from Toast's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $150M | $582M | $1.3B | $1.0B | $1.1B | $903M | $1.4B |
| Receivables | — | $33M | $55M | $77M | $69M | $115M | $127M |
| Inventory | — | $19M | $42M | $110M | $118M | $118M | $114M |
| Total current assets | — | $673M | $1.5B | $1.4B | $1.6B | $2.0B | $2.7B |
| Property, plant and equipment | — | $44M | $41M | $61M | $75M | $98M | $132M |
| Goodwill | $36M | $36M | $74M | $107M | $113M | $113M | $113M |
| Total assets | — | $776M | $1.7B | $1.8B | $2.0B | $2.4B | $3.1B |
| Total current liabilities | — | $136M | $352M | $496M | $663M | $811M | $969M |
| Long-term debt | — | $172M | $0 | — | — | — | — |
| Total liabilities | — | $398M | $644M | $663M | $764M | $863M | $1.0B |
| Shareholders' equity | -$330M | -$471M | $1.1B | $1.1B | $1.2B | $1.5B | $2.1B |
| Net debt | -$150M | -$410M | -$809M | -$547M | -$605M | -$903M | -$1.4B |
Cash flow
Fiscal years, from Toast's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$126M | -$125M | $2M | -$156M | $135M | $360M | $661M |
| Capital spending | $15M | $36M | $19M | $33M | $42M | $54M | $53M |
| Free cash flow | -$141M | -$161M | -$17M | -$189M | $93M | $306M | $608M |
| Stock-based compensation | $34M | $86M | $140M | $228M | $277M | $253M | $242M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$56M | -$107M |
| Free cash flow margin | -21.2% | -19.6% | -1.0% | -6.9% | 2.4% | 6.2% | 9.9% |
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Open TOST in InvestinglyQuestions
What was Toast's revenue in 2025?
$6.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Toast generate?
$608M in fiscal 2025 (operating cash flow minus capital spending).
From Toast's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.