Toast, Inc. (TOST) Income Statement
TOST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTOST revenue and net income
Where TOST's revenue goes
2025Each bar shows an amount and its share of revenue. TOST kept 5.6% of revenue as net income.
TOST profit margins
TOST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +24.1% | +31.1% | +49.5% | — |
| Gross profit | +33.2% | +45.8% | +62.5% | — |
| Operating income | +1,806.2% | — | — | — |
| Net income | +1,700.0% | — | — | — |
| EPS (diluted) | +63.9% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TOST quarterly EPS vs estimates
Toast beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.26).
TOST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.15B | $4.96B | $3.87B | $2.73B | $1.71B | $823.0M | $665.0M |
| Cost of revenue | $4.56B | $3.77B | $3.03B | $2.22B | $1.39B | $683.0M | $603.0M |
| Gross profit | $1.58B | $1.19B | $834.0M | $511.0M | $314.0M | $140.0M | $62.0M |
| Research & development | $371.0M | $351.0M | $358.0M | $282.0M | $163.0M | $109.0M | $64.0M |
| Sales, general & admin | $915.0M | $777.0M | $763.0M | $613.0M | $379.0M | $251.0M | $211.0M |
| Total operating expenses | $1.28B | $1.17B | $1.12B | $895.0M | $542.0M | $360.0M | $275.0M |
| Operating income | $305.0M | $16.0M | −$287.0M | −$384.0M | −$228.0M | −$220.0M | −$213.0M |
| Interest income | $51.0M | $42.0M | $33.0M | $11.0M | $84,000 | $842,000 | $2.1M |
| Interest expense | — | — | $37.0M | $11.0M | $12.0M | $12.7M | $1.0M |
| Income before taxes | $346.0M | $22.0M | −$244.0M | −$277.0M | −$490.0M | −$248.0M | −$212.0M |
| Income taxes | $4.0M | $3.0M | $2.0M | −$2.0M | −$3.0M | $261,000 | −$3.0M |
| Net income | $342.0M | $19.0M | −$246.0M | −$275.0M | −$487.0M | −$248.0M | −$209.0M |
| EBITDA | $413.0M | $108.0M | −$212.0M | −$253.0M | −$457.0M | −$209.0M | −$205.0M |
| EPS (diluted) | $1.00 | $0.61 | −$0.44 | −$0.72 | −$2.24 | −$0.84 | −$0.31 |
| Gross margin | 25.8% | 24.0% | 21.6% | 18.7% | 18.4% | 17.0% | 9.3% |
| Operating margin | 5.0% | 0.3% | −7.4% | −14.1% | −13.4% | −26.7% | −32.0% |
| Net margin | 5.6% | 0.4% | −6.4% | −10.1% | −28.6% | −30.1% | −31.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.91B | $1.63B | $1.63B | $1.63B | $1.55B | $1.34B | $1.34B | $1.30B | $1.24B | $1.07B | $1.04B | $1.03B |
| Cost of revenue | $1.39B | $1.18B | $1.21B | $1.20B | $1.16B | $991.0M | $1.00B | $983.0M | $956.0M | $826.0M | $810.0M | $806.0M |
| Gross profit | $516.0M | $447.0M | $420.0M | $432.0M | $392.0M | $346.0M | $333.0M | $322.0M | $286.0M | $249.0M | $226.0M | $226.0M |
| Research & development | $109.0M | $97.0M | $95.0M | $102.0M | $91.0M | $84.0M | $93.0M | $89.0M | $87.0M | $83.0M | $94.0M | $87.0M |
| Sales, general & admin | $255.0M | $240.0M | $237.0M | $246.0M | $220.0M | $212.0M | $208.0M | $199.0M | $190.0M | $181.0M | $188.0M | $198.0M |
| Total operating expenses | $364.0M | $337.0M | $331.0M | $348.0M | $312.0M | $303.0M | $301.0M | $288.0M | $281.0M | $305.0M | $282.0M | $285.0M |
| Operating income | $152.0M | $110.0M | $89.0M | $84.0M | $80.0M | $43.0M | $32.0M | $34.0M | $5.0M | −$56.0M | −$56.0M | −$59.0M |
| Interest income | $11.0M | — | $15.0M | $13.0M | $11.0M | — | $12.0M | $9.0M | $10.0M | — | — | $10.0M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $29.0M | — |
| Income before taxes | $162.0M | $131.0M | $101.0M | $104.0M | $83.0M | $58.0M | $32.0M | $57.0M | $14.0M | −$82.0M | −$35.0M | −$31.0M |
| Income taxes | −$8.0M | $5.0M | — | −$1.0M | $3.0M | $2.0M | — | $1.0M | $1.0M | $1.0M | $1.0M | −$28.0M |
| Net income | $154.0M | $126.0M | $101.0M | $105.0M | $80.0M | $56.0M | $32.0M | $56.0M | $14.0M | −$83.0M | −$36.0M | −$31.0M |
| EBITDA | $174.0M | $141.0M | $118.0M | $117.0M | $97.0M | $69.0M | $48.0M | $69.0M | $21.0M | −$4.0M | −$25.0M | −$23.0M |
| EPS (diluted) | $0.26 | $0.29 | $0.27 | $0.28 | $0.25 | $0.20 | $0.18 | $0.17 | $0.15 | $0.11 | −$0.08 | −$0.09 |
| Gross margin | 27.0% | 27.4% | 25.7% | 26.5% | 25.3% | 25.9% | 24.9% | 24.7% | 23.0% | 23.2% | 21.8% | 21.9% |
| Operating margin | 8.0% | 6.7% | 5.5% | 5.1% | 5.2% | 3.2% | 2.4% | 2.6% | 0.4% | −5.2% | −5.4% | −5.7% |
| Net margin | 8.1% | 7.7% | 6.2% | 6.4% | 5.2% | 4.2% | 2.4% | 4.3% | 1.1% | −7.7% | −3.5% | −3.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TOST's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TOST financial results
In fiscal year 2025 (ended December 31, 2025), Toast reported revenue of $6.2 billion, up 24.1% from the year before. It had net income of $342.0 million (up 1,700.0%), a net profit margin of 5.6%. Diluted earnings per share came to $1.00. Over five years revenue grew at an average rate of 49.5% a year.
See the TOST stock overview for the latest quote and news, or the TOST chart for price history and technical indicators.
TOST income statement FAQ
What is Toast's annual revenue?
Toast reported total revenue of $6.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 24.1% from $5.0 billion the previous year.
Is Toast profitable?
Yes. Toast reported net income of $342.0 million in fiscal 2025, a net profit margin of 5.6%; its operating margin was 5.0%.
What is Toast's gross margin?
Toast's gross margin was 25.8% in fiscal 2025: for every $100 of revenue, Toast kept $26 after the direct cost of its products and services.
How much does Toast spend on research and development?
Toast spent $371.0 million on research and development in fiscal 2025, 6.0% of revenue.
How fast is Toast growing?
Revenue grew 49.5% a year on average over the last five fiscal years, from $823.0 million to $6.2 billion.
What are Toast's earnings per share?
Toast earned $1.00 per diluted share in fiscal 2025, compared with $0.61 a year earlier.
When will Toast report its next earnings?
Toast is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Toast's fiscal year end?
Toast's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.