TOST Toast, Inc.

Overview and Growth

In fiscal 2025, Toast, Inc. recorded $6.15B of revenue, net income of $342.00M, and an operating cash inflow of $661.00M. At $6.15B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $4.96B in fiscal 2024, revenue recorded a 24.1% year-over-year increase. Diluted earnings per share were $0.56, translating the period’s attributable earnings into the amount reported for each diluted share. The revenue-to-assets relationship was 1.96x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $1.59B as gross profit before recognizing operating expenses and other items. Gross profit represented 25.9% of revenue, showing how much of the top line remained after direct costs. Operating income was $292.00M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 4.7%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $342.00M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 5.6% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $346.00M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 5.6%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $4.00M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 1.2%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 16.1%, relating annual net income to the equity capital on the balance sheet. Net income represented 10.9% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $3.15B of assets against $1.02B of liabilities and $2.12B of equity, revealing how the asset base was financed. At period end, current assets of $2.67B compared with current liabilities of $969.00M, defining the company’s short-term resource position. The current ratio was 2.75x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $1.35B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 139.6%, excluding receivables and other current assets. Relative to total assets, liabilities measured 32.5%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 43.0%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 30.6% higher than fiscal 2024 assets of $2.41B, measuring the company’s own balance-sheet change. Against $1.54B of equity in fiscal 2024, the current book-equity balance moved 37.5% and ended higher.

Cash Flow and Earnings Quality

Cash flow from operations was $661.00M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.93x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $53.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 8.0%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $608.00M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 9.9%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 19.3% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.