Toast, Inc. (TOST) Balance Sheet

NYSE: TOSTAssets, liabilities, debt and equity over 7 years.

TOST balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.15B assets = $1.02B liabilities + $2.12B equity

Both columns are drawn to the same scale: what TOST owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TOST financial health

Current ratio2.75

Comfortable · current assets cover current liabilities 2.75×

Debt / equity0.02

Low leverage · $0.02 of debt for each $1 of equity

Equity / assets67.5%

Equity-funded · of assets funded by shareholders

Cash / debt4,977.5%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles4.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TOST balance sheet trends, 2019–2025

Toast, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$305.7M2019	$3.15B2025	+47.5%/yr
Total liabilities	$636.2M2019	$1.02B2025	+8.2%/yr
Shareholders’ equity	−$330.4M2019	$2.12B2025	—
Cash & short-term investments	$150.4M2019	$1.99B2025	+53.8%/yr
Total debt	$455.8M2019	$40.0M2025	−33.3%/yr
Net cash (debt)	−$305.4M2019	$1.95B2025	+$2.3B
Working capital	$88.8M2019	$1.70B2025	+$1.6B
Book value per share	−$0.722019	$3.502025	—
Current ratio	1.642019	2.752025	+1.12
Debt / equity	0.092021	0.022025	−0.07
Shares outstanding	461.2M2019	607.0M2025	+4.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TOST assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TOST liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TOST debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TOST balance sheet

Toast, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	$1.99B	$1.42B	$1.12B	$1.02B	$1.27B	$581.8M	$150.4M
Cash & equivalents	$1.35B	$903.0M	$605.0M	$547.0M	$809.0M	$581.8M	$150.4M
Short-term investments	$638.0M	$514.0M	$519.0M	$474.0M	$457.0M	$0	—
Receivables	$127.0M	$115.0M	$127.0M	$77.0M	$55.0M	$33.8M	$44.6M
Inventory	$114.0M	$118.0M	$124.0M	$130.0M	$63.0M	$19.3M	$15.4M
Other current assets	$437.0M	$251.0M	$135.0M	$135.0M	$71.0M	$21.3M	$18.1M
Total current assets	$2.67B	$1.90B	$1.51B	$1.36B	$1.46B	$656.3M	$228.5M
Property, plant & equipment (net)	$132.0M	$123.0M	$111.0M	$138.0M	$120.0M	$34.1M	$20.0M
Goodwill & intangible assets	$127.0M	$133.0M	$139.0M	$243.0M	$90.0M	$52.8M	$52.5M
Long-term investments	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$217.0M	$306.0M	$198.0M	$17.0M	$70.0M	$32.9M	$4.8M
Total assets	$3.15B	$2.46B	$1.96B	$1.76B	$1.74B	$776.0M	$305.7M
Liabilities
Accounts payable	$47.0M	$37.0M	$32.0M	$30.0M	$40.0M	$30.6M	$31.5M
Short-term debt	—	$10.0M	$11.0M	$14.0M	$22.0M	$44.0M	$9.2M
Deferred revenue	$68.0M	$59.0M	$39.0M	$39.0M	$44.0M	$44.0M	$39.5M
Total current liabilities	$969.0M	$811.0M	$663.0M	$496.0M	$352.0M	$136.4M	$139.7M
Long-term debt	$0	$0	$0	$0	$0	$171.7M	$0
Lease obligations	$20.0M	$24.0M	$44.0M	$94.0M	$99.0M	$0	—
Other long-term liabilities	$52.0M	$107.0M	$101.0M	$167.0M	$292.0M	$938.8M	$496.5M
Total liabilities	$1.02B	$918.0M	$764.0M	$663.0M	$644.0M	$1.25B	$636.2M
Shareholders' equity
Common stock & paid-in capital	—	$22.0M	$64.0M	$68.0M	$181.0M	—	—
Retained earnings (deficit)	−$1.26B	−$1.60B	−$1.62B	−$1.38B	−$1.10B	−$615.9M	−$385.9M
Accumulated other comprehensive income	$2.0M	−$1.0M	—	−$2.0M	−$1.0M	$228,000	−$55,000
Total shareholders' equity	$2.12B	$1.54B	$1.19B	$1.10B	$1.09B	−$471.0M	−$330.4M
Key figures
Total debt	$40.0M	$34.0M	$44.0M	$94.0M	$99.0M	$1.02B	$455.8M
Net cash (debt)	$1.95B	$1.38B	$1.08B	$927.0M	$1.17B	−$438.8M	−$305.4M
Working capital	$1.70B	$1.09B	$847.0M	$867.0M	$1.10B	$519.9M	$88.8M
Tangible book value	$2.00B	$1.41B	$1.05B	$855.0M	$1.00B	−$523.8M	−$383.0M
Book value per share	$3.50	$2.61	$2.24	$2.14	$2.17	−$1.02	−$0.72
Shares outstanding	607.0M	591.0M	533.0M	512.2M	502.6M	461.2M	461.2M
Current ratio	2.75	2.34	2.28	2.75	4.13	4.81	1.64
Quick ratio	2.19	1.89	1.89	2.21	3.75	4.51	1.40
Debt / equity	0.02	0.02	0.04	0.09	0.09	—	—
Equity / assets	67.5%	62.7%	61.0%	62.4%	62.9%	−60.7%	−108.1%

Toast, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.71B	$1.77B	$1.99B	$1.86B	$1.70B	$1.49B	$1.42B	$1.27B	$1.22B	$1.11B	$1.12B	$1.03B
Cash & equivalents	$1.01B	$1.10B	$1.35B	$1.36B	$1.19B	$1.00B	$903.0M	$761.0M	$691.0M	$578.0M	$605.0M	$514.0M
Short-term investments	$698.0M	$672.0M	$638.0M	$500.0M	$508.0M	$484.0M	$514.0M	$511.0M	$528.0M	$537.0M	$519.0M	$516.0M
Receivables	$142.0M	$138.0M	$127.0M	$121.0M	$121.0M	$118.0M	$115.0M	$174.0M	$171.0M	$157.0M	$127.0M	$95.0M
Inventory	$217.0M	$136.0M	$114.0M	$104.0M	$103.0M	$111.0M	$118.0M	$106.0M	$110.0M	$120.0M	$124.0M	$108.0M
Other current assets	$578.0M	$548.0M	$437.0M	$324.0M	$308.0M	$327.0M	$251.0M	$180.0M	$172.0M	$195.0M	$135.0M	$191.0M
Total current assets	$2.65B	$2.59B	$2.67B	$2.41B	$2.23B	$2.04B	$1.90B	$1.73B	$1.67B	$1.59B	$1.51B	$1.42B
Property, plant & equipment (net)	$149.0M	$138.0M	$132.0M	$123.0M	$118.0M	$116.0M	$123.0M	$126.0M	$123.0M	$116.0M	$111.0M	$92.0M
Goodwill & intangible assets	$124.0M	$126.0M	$127.0M	$129.0M	$130.0M	$132.0M	$133.0M	$135.0M	$136.0M	$138.0M	$139.0M	$141.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$258.0M	$238.0M	$217.0M	$313.0M	$285.0M	$271.0M	$306.0M	$234.0M	$224.0M	$211.0M	$198.0M	$177.0M
Total assets	$3.18B	$3.09B	$3.15B	$2.97B	$2.77B	$2.56B	$2.46B	$2.23B	$2.15B	$2.05B	$1.96B	$1.83B
Liabilities
Accounts payable	$40.0M	$70.0M	$47.0M	$50.0M	$49.0M	$48.0M	$37.0M	$30.0M	$33.0M	$49.0M	$32.0M	$27.0M
Short-term debt	—	—	—	—	—	—	$10.0M	$11.0M	$11.0M	$11.0M	$11.0M	$10.0M
Deferred revenue	$77.0M	$73.0M	$68.0M	$63.0M	$60.0M	$58.0M	$59.0M	$62.0M	$62.0M	$50.0M	$39.0M	$38.0M
Total current liabilities	$1.10B	$1.06B	$969.0M	$911.0M	$894.0M	$844.0M	$811.0M	$748.0M	$736.0M	$713.0M	$663.0M	$574.0M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	—	$17.0M	$20.0M	$18.0M	$19.0M	$22.0M	$24.0M	$38.0M	$40.0M	$41.0M	$44.0M	$32.0M
Other long-term liabilities	$32.0M	$40.0M	$52.0M	$46.0M	$55.0M	$47.0M	$107.0M	$59.0M	$136.0M	$136.0M	$101.0M	$111.0M
Total liabilities	$1.14B	$1.10B	$1.02B	$957.0M	$949.0M	$891.0M	$918.0M	$807.0M	$872.0M	$849.0M	$764.0M	$685.0M
Shareholders' equity
Common stock & paid-in capital	—	$11.0M	—	$20.0M	$27.0M	$19.0M	$22.0M	$27.0M	$101.0M	$100.0M	$64.0M	$72.0M
Retained earnings (deficit)	−$982.0M	−$1.14B	−$1.26B	−$1.36B	−$1.47B	−$1.55B	−$1.60B	−$1.64B	−$1.69B	−$1.71B	−$1.62B	−$1.59B
Accumulated other comprehensive income	−$2.0M	−$1.0M	$2.0M	$3.0M	$2.0M	—	−$1.0M	$3.0M	−$1.0M	−$1.0M	—	−$2.0M
Total shareholders' equity	$2.04B	$1.99B	$2.12B	$2.01B	$1.82B	$1.67B	$1.54B	$1.42B	$1.28B	$1.20B	$1.19B	$1.15B
Key figures
Total debt	—	$17.0M	$40.0M	$18.0M	$19.0M	$22.0M	$34.0M	$38.0M	$40.0M	$41.0M	$44.0M	$32.0M
Net cash (debt)	—	$1.75B	$1.95B	$1.84B	$1.68B	$1.47B	$1.38B	$1.23B	$1.18B	$1.07B	$1.08B	$998.0M
Working capital	$1.55B	$1.53B	$1.70B	$1.50B	$1.34B	$1.20B	$1.09B	$984.0M	$936.0M	$874.0M	$847.0M	$850.0M
Tangible book value	$1.92B	$1.86B	$2.00B	$1.89B	$1.69B	$1.54B	$1.41B	$1.28B	$1.15B	$1.06B	$1.05B	$1.01B
Book value per share	$3.47	$3.31	$3.50	$3.31	$3.00	$2.77	$2.58	$2.41	$2.19	$2.20	$2.21	$2.14
Shares outstanding	590.0M	602.0M	607.0M	609.0M	605.0M	603.0M	600.0M	590.0M	587.0M	547.0M	541.0M	536.0M
Current ratio	2.40	2.44	2.75	2.64	2.50	2.42	2.34	2.32	2.27	2.23	2.28	2.48
Quick ratio	1.68	1.79	2.19	2.17	2.04	1.90	1.89	1.93	1.89	1.78	1.89	1.96
Debt / equity	—	0.01	0.02	0.01	0.01	0.01	0.02	0.03	0.03	0.03	0.04	0.03
Equity / assets	64.3%	64.3%	67.5%	67.8%	65.7%	65.2%	62.7%	63.8%	59.5%	58.6%	61.0%	62.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

TOST financial position

At the end of fiscal 2025 (December 31, 2025), Toast had total assets of $3.1 billion (up 27.7% from a year earlier), total liabilities of $1.0 billion and shareholders' equity of $2.1 billion. It held $2.0 billion in cash and short-term investments against $40.0 million of debt, a net cash position of $2.0 billion. Its current ratio was 2.75. In the latest quarter (ended June 30, 2026) total assets were $3.2 billion and equity $2.0 billion.

Related: TOST income statement, TOST cash flow statement, TOST key metrics. See the TOST stock overview for the latest quote and news.

TOST balance sheet FAQ

What are Toast's total assets?

Toast reported total assets of $3.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.5 billion a year earlier.

How much debt does Toast have?

Toast had $40.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.02.

How much cash does Toast have?

Toast held $2.0 billion in cash and short-term investments at the end of fiscal 2025; with $40.0 million of debt that is net cash of $2.0 billion.

What is Toast's book value?

Toast's shareholders' equity (book value) was $2.1 billion at the end of fiscal 2025, or $3.50 per share.

What is Toast's current ratio?

Toast had current assets of $2.7 billion and current liabilities of $969.0 million, a current ratio of 2.75 (it can cover its short-term obligations).

How much goodwill does Toast have?

Toast carried $127.0 million of goodwill and intangible assets, 4.0% of total assets, at the end of fiscal 2025.