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Toast (TOST) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Toast (TOST) Q3 2026 earnings results →

Q3 2026 Revenue up 21% year over year to $2.0B · 9¢ of every $1 of revenue kept as net profit · operating margin 8.3%

Toast made $2.0B in Q3 2026 (+21% Y/Y): Financial technology solutions $1.6B, Subscription services $317M, Hardware and professional services $45.0M. Operating margin 8.3%, net earnings $169M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.0B
Year over year+21%
Operating margin8.3%
Net earnings$169M
Operating cash flow$198M

Drawing the Sankey…

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Toast Q3 2026 revenue breakdown: Sankey diagram of revenue (Financial technology solutions, Subscription services, Hardware and professional services), costs, profit and cash flow
Toast Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.0B in Q3 2026, up 21% year over year and up 4% from the previous quarter. Financial technology solutions was the largest line at 82% of revenue. Financial technology solutions added $0.27B year over year (up 20%), 79% of the total change.

Gross margin was 27.4%, up 1.0 points from Q3 2025. Operating profit was $0.17B, a 8.3% margin (up 3.2 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, above the 5% margin then. Operating expenses grew 9% against revenue growth of 21%. The fastest-growing cost line was Sales & marketing (+19%). Net earnings were $0.17B, up 61% year over year. The effective tax rate was 4.0%.

Operating cash flow was $0.20B (up 20% year over year), 117% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.03B. After capital expenditures ($0.02B), free cash flow as the company reports it was $0.18B.

Quarterly history

Toast revenue by quarterToast revenue by quarter$1.3BQ1 2025$1.6BQ2 2025$1.6BQ3 2025$1.6BQ4 2025$1.6BQ1 2026$1.9BQ2 2026$2.0BQ3 2026
Toast net earnings by quarterToast net earnings by quarter$56.0MQ1 2025$80.0MQ2 2025$105MQ3 2025$101MQ4 2025$126MQ1 2026$154MQ2 2026$169MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.0B+21%8.3%$169M$198M
Q2 202610-QAug 5, 2026$1.9B+23%8.0%$154M$144M
Q1 202610-QMay 8, 2026$1.6B+22%6.7%$126M$132M
Q4 202510-KFeb 18, 2026$1.6B+22%5.2%$101M$194M
Q3 202510-QNov 5, 2025$1.6B+25%5.1%$105M$165M
Q2 202510-QAug 6, 2025$1.6B+25%5.2%$80.0M$223M
Q1 202510-QMay 9, 2025$1.3B+24%3.2%$56.0M$79.0M

Charts

Toast: revenue growth, year over year and quarter over quarterToast: revenue growth, year over year and quarter over quarterY/YQ/Q+24%Q1 2025+25%+16%Q2 2025+25%+5%Q3 2025+22%+0%Q4 2025+22%0%Q1 2026+23%+17%Q2 2026+21%+4%Q3 2026
Latest (Q3 2026): Y/Y +21%, Q/Q +4%.
Toast: where the cash came from (+) and went (−), TTM to Q3 2026Toast: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$668MBuybacks−$539MOther investing−$260MCash drawn (+) / kept (−)$172MCapital spending−$64.0MShares issued$38.0MOther financing−$12.0MNot reconciled−$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Toast: profit against cash, quarter by quarterToast: profit against cash, quarter by quarterNet incomeOperating cash flow$32.0M$147MQ4 2024$56.0M$79.0MQ1 2025$80.0M$223MQ2 2025$105M$165MQ3 2025$101M$194MQ4 2025$126M$132MQ1 2026$154M$144MQ2 2026$169M$198MQ3 2026
Latest (Q3 2026): Net income $169M, Operating cash flow $198M.
Toast: diluted shares by fiscal year (split-adjusted)Toast: diluted shares by fiscal year (split-adjusted)400MFY2020580MFY2021512MFY2022533MFY2023591MFY2024607MFY2025
+51.8% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2022.
Toast in its industry: growth against margin (65 companies, SIC 7374)Toast in its industry: growth against margin (65 companies, SIC 7374)revenue growth, year over year →↑ operating marginmedian +9%median -8%ADPDXCWDAYRDDTVRSKRNGPLTKCLVTFAPEGAAPLDFIVNTASKEVTCCARGNRDSHNGELFTORAMPGDRXLZEGHTUPWKCARSIBEXSSTKLIFYEXTTCXINODOOMAHAWKGLOOBRUNFIRYVERIBIRDINFQNXTTQMLSTRAKMOVEQBTSSHAZDTCXSDCHONFOBHICKWIKSEQCPHUNWORXONEICASTDTSTHTCRPWDYPVITMYX Inc.NTCSSTWIRADCCRCWHNITTOST (+21%, 8%)
Services-Computer Processing & Data Preparation; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Toast

Toast, Inc., which we refer to as Toast, we, or the Company, is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. We provide a comprehensive platform of software-as-a-service, or SaaS, products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail.

In its own words, from its 10-K, filed Feb 18, 2026.

Toast against its Services-Computer Processing & Data Preparation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +6%. Operating margin: 8.3% against the peers' median 11.8%.

CompanyQuarterRevenueY/YOp. margin
TOST ToastQ3 2026$2.0B+21%8.3%
ADP Automatic Data ProcessingQ1 FY27$5.5B+6%23.9%
DXC DXC TechnologyQ2 FY27$3.0B-4%6.2%
WDAY WorkdayQ2 FY27$2.6B+13%11.8%
RDDT RedditQ3 2026$895M+53%29.2%
VRSK Verisk AnalyticsQ3 2026$809M+5%45.2%
RNG RingCentralQ3 2026$676M+6%8.0%
PLTK Playtika HoldingQ3 2026$674M-0.1%17.2%
CLVT ClarivateQ3 2026$482M-9%8.3%

Source: Toast 10-Q on SEC EDGAR · CIK 1650164 · Services-Computer Processing & Data Preparation

Guidance and outlook

Toast: what its forward-looking statements are about (10-Q filed 2026-11-04)Toast: what its forward-looking statements are about (10-Q filed 2026-11-04)Other1Demand1Financing1
3 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns TOST and who is buying

Largest holders of TOST (13F)Largest holders of TOST (13F)Vanguard Group$1.6BBlackRock$1.4BFMR LLC$933MCapital International Investors$744MVanguard Portfolio Management LLC$614MVanguard Capital Management LLC$609MState Street$470MPrincipal Financial Group$422MValueAct Holdings, L.P.$393MMorgan Stanley$317M
Funds' net buying of TOST by quarter (13F)Funds' net buying of TOST by quarter (13F)$482M2024-09−$726M2024-12$66.7M2025-03$791M2025-06−$38.1M2025-09$238M2025-12−$340M2026-03$849M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TOST

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Toast（TOST）财报

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