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Clarivate vs Toast: revenue, profit, margins and growth compared

Clarivate brought in $2.5B of revenue in fiscal 2025, Toast $6.2B in fiscal 2025. Revenue changed by -4.0% at Clarivate and +24.1% at Toast on the year before, so Toast grew faster. Clarivate kept -8.2% of its revenue as net profit, Toast 5.6%. Free cash flow was $365.3M at Clarivate and $608M at Toast.

Side by side, latest fiscal year

CLVTTOST
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.5B$6.2B
Revenue growth-4.0%+24.1%
Net income-$201.1M$342M
Net margin-8.2%5.6%
Free cash flow$365.3M$608M
Free cash flow margin14.9%9.9%
Earnings per share (diluted)-$0.30$0.56
Cash$329.2M$1.4B
Debt$4.4Bn/a
Price to earningsn/a54.6
Market value$1.1B$17.7B
Dividend yieldn/an/a
Rank by revenue in sector#137 of 530 · Technology#79 of 530 · Technology

Over the years

Revenue
CLVT FY2018: $968.5MCLVT FY2019: $974.3MCLVT FY2020: $1.3BCLVT FY2021: $1.9BCLVT FY2022: $2.7BCLVT FY2023: $2.6BCLVT FY2024: $2.6BCLVT FY2025: $2.5BTOST FY2019: $665MTOST FY2021: $823MTOST FY2021: $1.7BTOST FY2022: $2.7BTOST FY2023: $3.9BTOST FY2024: $5BTOST FY2025: $6.2BFY18FY19FY20FY21FY22FY23FY24FY25
CLVT $2.5BTOST $6.2B
Net income
CLVT FY2018: -$242.2MCLVT FY2019: -$258.6MCLVT FY2020: -$350.6MCLVT FY2021: -$270.5MCLVT FY2022: -$4BCLVT FY2023: -$911.2MCLVT FY2024: -$636.7MCLVT FY2025: -$201.1MTOST FY2019: -$209MTOST FY2021: -$248MTOST FY2021: -$487MTOST FY2022: -$275MTOST FY2023: -$246MTOST FY2024: $19MTOST FY2025: $342MFY18FY19FY20FY21FY22FY23FY24FY25
CLVT -$201.1MTOST $342M
Net margin
CLVT FY2018: -25.0%CLVT FY2019: -26.5%CLVT FY2020: -28.0%CLVT FY2021: -14.4%CLVT FY2022: -148.9%CLVT FY2023: -34.7%CLVT FY2024: -24.9%CLVT FY2025: -8.2%TOST FY2019: -31.4%TOST FY2021: -30.1%TOST FY2021: -28.6%TOST FY2022: -10.1%TOST FY2023: -6.4%TOST FY2024: 0.4%TOST FY2025: 5.6%FY18FY19FY20FY21FY22FY23FY24FY25
CLVT -8.2%TOST 5.6%
Revenue growth
CLVT FY2019: +0.6%CLVT FY2020: +28.7%CLVT FY2021: +49.7%CLVT FY2022: +41.7%CLVT FY2023: -1.2%CLVT FY2024: -2.7%CLVT FY2025: -4.0%TOST FY2021: +23.8%TOST FY2021: +107.2%TOST FY2022: +60.2%TOST FY2023: +41.5%TOST FY2024: +28.3%TOST FY2025: +24.1%FY19FY20FY21FY22FY23FY24FY25
CLVT -4.0%TOST +24.1%
Free cash flow
CLVT FY2018: -$71.5MCLVT FY2019: $47.7MCLVT FY2020: $155.8MCLVT FY2021: $205.3MCLVT FY2022: $306.4MCLVT FY2023: $501.7MCLVT FY2024: $357.5MCLVT FY2025: $365.3MTOST FY2019: -$135MTOST FY2021: -$153MTOST FY2021: -$10MTOST FY2022: -$172MTOST FY2023: $93MTOST FY2024: $306MTOST FY2025: $608MFY18FY19FY20FY21FY22FY23FY24FY25
CLVT $365.3MTOST $608M

Fiscal years as each company reports them; the two may end in different months.

Questions about Clarivate and Toast

Which is bigger by revenue, Clarivate or Toast?

Toast is bigger by revenue: $6.2B in fiscal 2025, against $2.5B for Clarivate in fiscal 2025.

Which keeps more of its revenue as profit, Clarivate or Toast?

Clarivate had a net margin of -8.2% in fiscal 2025; Toast had 5.6% in fiscal 2025.

Which grew revenue faster, Clarivate or Toast?

In their latest fiscal years revenue changed by -4.0% at Clarivate and +24.1% at Toast.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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