TOSTNYSEServices-Computer Processing & Data PreparationFiscal year ends December 31
Toast, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$31.45−0.17 (-0.54%)
Close on Oct 19, 2026
- Market cap
- $18.56B
- P/E (TTM)
- 39.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
25.9%+8.9 pts over 5 years
Operating margin
4.7%+31.5 pts over 5 years
Net margin
5.6%+35.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +24.1% | +31.1% | +49.5% | – | |
| Gross profit | +33.9% | +46.1% | +62.6% | – | |
| Operating income | +1725.0% | – | – | – | |
| Net income | +1700.0% | – | – | – | |
| EPS, diluted | +1766.7% | – | – | – | |
| Free cash flow | +98.7% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 61.9% | 18.6% | |
| Return on assets | – | – | 12.3% | |
| Current ratio | – | 4.95 | 2.75 | |
| Debt to equity | – | -0.37 | – | |
| Net debt to EBITDA | – | 2.19× | – | |
| Interest coverage | – | -16.9× | – | |
| Inventory turnover | – | – | 39.3× | |
| Capex to revenue | – | 3.4% | 0.9% | |
| Diluted shares | – | 200M | 607M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Toast generated $1.31B from operations and spent $364.00M on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$1.31B
Used
$364.00M
Capital expenditure$201.00M55%Dividends$00%Share buybacks$163.00M45%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.6%
×Asset turnover2.22×
×Equity multiplier1.51×
=Return on equity, FY202518.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.6% | 2.22× | 1.51× | 18.6% |
| FY2024 | 0.4% | 2.27× | 1.59× | 1.4% |
| FY2023 | -6.4% | 2.08× | 1.62× | -21.5% |
| FY2022 | -10.1% | 1.56× | 1.60× | -25.1% |
| FY2021 | -28.6% | 1.36× | 4.05× | -157.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$342.00M
- Cash generatingOperating cash flow above zero$661.00M
- Return on assets improvedROA up on the prior year1.0% → 14.2%
- Earnings backed by cashOperating cash flow above net income$661.00M vs $342.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.44 → 2.75
- No dilutionShare count did not rise591M → 607M
- Gross margin improvedGross margin up on the prior year23.99% → 25.89%
- More efficientAsset turnover rose2.53 → 2.56