Toast, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Toast, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	665	823	1,705	2,731	3,865	4,960	6,153
Cost of revenue	603	683	1,391	2,220	3,031	3,770	4,560
Gross profit	62	140	314	511	834	1,190	1,593
Research and development	64	109	163	282	358	351	374
Selling and marketing	128	138	190	319	401	470	571
General and administrative	83	113	189	294	362	307	344
Operating expenses	275	360	542	895	1,121	1,174	1,301
Operating income	-213	-220	-228	-384	-287	16	292
Interest expense	0	13	12
Interest income	2	1	0
Other non-operating income	0	-1	0	1	3	13	0
Pre-tax income	-212	-248	-490	-277	-244	22	346
Income tax	-3	0	-3	-2	2	3	4
Net income	-209	-248	-487	-275	-246	19	342
EBITDA	-206	-193	-207	-360	-255	62	356
EPS, basic	-1.08	-1.25	-1.68	-0.54	-0.46	0.03	0.59
EPS, diluted	-1.08	-1.25	-1.68	-0.72	-0.47	0.03	0.56
Shares, basic (weighted)	195	200	290	512	532	559	582
Shares, diluted (weighted)	195	200	290	512	533	591	607

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	150	582	809	547	605	903	1,353
Short-term investments		0	457	474	519
Receivables		33	55	77	69	115	127
Inventory		19	42	110	118	118	114
Other current assets		0.29	12	199	259	325	437
Total current assets		673	1,485	1,407	1,570	1,975	2,669
Property, plant and equipment		44	41	61	75	98	132
Lease right-of-use assets			79	77	36	25	27
Goodwill	36	36	74	107	113	113	113
Intangible assets		7	16	29	26	20	14
Other non-current assets		1	7	52	83	118	146
Total assets		776	1,735	1,761	1,958	2,408	3,145
Accounts payable		30	40	30	32	37	47
Accrued liabilities		8	21	45	68	69	74
Deferred revenue		43	44	39	39	59	68
Total current liabilities		136	352	496	663	811	969
Long-term debt		172	0
Lease liabilities			77	80	33	24	20
Other non-current liabilities		7	22	19	4	6	52
Total liabilities		398	644	663	764	863	1,021
Total debt		172	0
Paid-in capital		145	2,194	2,477	2,817	3,150	3,384
Retained earnings		-616	-1,102	-1,377	-1,623	-1,604	-1,262
Treasury stock		0	0	0	0
Other comprehensive income		0	-1	-2	0	-1	2
Shareholders' equity	-330	-471	1,091	1,098	1,194	1,545	2,124
Total equity	-330	-471	1,091	1,098	1,194	1,545	2,124
Total liabilities and equity		776	1,735	1,761	1,958	2,408	3,145
Shares outstanding		220	0

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-209	-248	-487	-275	-246	19	342
Depreciation and amortization	7	27	21	24	32	46	64
Stock-based compensation	34	86	140	228	277	253	242
Deferred income tax	-3	0	-3	-5	-1	0	0
Change in receivables	-4	-13	-23	-35	-3	-72	-33
Change in inventory	-7	-4	-23	-68	-7	0	4
Change in payables	15	-6	15	-11	1	5	11
Cash from operations	-126	-125	2	-156	135	360	661
Capital expenditures	-9	-28	-12	-16	-42	-54	-53
Acquisitions	-41	0	-26	-46	-9	0	0
Purchases of investments	0	0	-469	-434	-623	-473	-633
Sales and maturities of investments	0	0	5	369	556	362	336
Cash from investing	-47	-36	-503	-98	-86	-39	-172
Stock issued	0	3	34	15	36	99	81
Share buybacks				0	0	-56	-107
Cash from financing	256	594	759	38	63	18	7
Exchange rate effect	0	2	-1	0	0	-1	2
Net change in cash	83	433	258	-216	112	338	498
Free cash flow	-135	-153	-10	-172	93	306	608
Interest paid	0	5	13	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.7%	Gross profit / revenue.
Operating margin	6.3%	Operating income / revenue.
EBITDA margin	7.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Effective tax rate	2.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.3%	Net income / average total assets.
Return on invested capital (ROIC)	40.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.0%	Research and development expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	49.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	46.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	62.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,725.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	474.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,700.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,767.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	83.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	98.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	37.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	30.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	32.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	24.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.40x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.7%	Total liabilities / total assets.
Working capital	$1.55B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.92B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.14x	Revenue / average total assets.
Fixed asset turnover	45.7x	Revenue / average property, plant and equipment.
Inventory turnover	23.0x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Receivables turnover	47.9x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	21 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.82	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.53	Revenue / diluted weighted shares.
FCF per share	$0.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.08	Cash from operations / diluted weighted shares.
Book value per share	$3.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.26	Tangible book value / shares outstanding.
Cash per share	$1.72	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	97.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.69B	Share price x shares outstanding.
Enterprise value	$16.67B	Market cap + total debt - cash - short-term investments.
P/E	36.4x	Market cap / net income. Only when net income is positive.
P/S	2.60x	Market cap / revenue.
P/B	8.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.21x	Market cap / tangible book value, when positive.
P/FCF	30.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.9x	Market cap / cash from operations, when positive.
EV/Sales	2.45x	Enterprise value / revenue.
EV/EBIT	38.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was Toast, Inc.'s revenue in fiscal 2025?

Toast, Inc. reported revenue of $6.15B for fiscal 2025, 24.1% higher than the year before.

Was Toast, Inc. profitable in fiscal 2025?

Yes. Net income was $342.0M, a net margin of 5.6%.

How much free cash flow did Toast, Inc. generate in fiscal 2025?

Cash from operations of $661.0M minus capital expenditures of $53.0M left free cash flow of $608.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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