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Toast cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$181M in Q3 2026 · $604M over twelve months

Operating cash flow$198M
Capital spending−$17.0M
Free cash flow+$181M
Cash / net income1.2×
Cash conversion cycle18 days

Analysis

In Q3 2026, Toast generated $198M of operating cash flow and spent $17.0M on capital projects, leaving free cash flow of $181M. That is $28.0M more than in Q3 2025 ($153M).

Over the twelve months to Sep 30, 2026, operating cash flow was $668M; the largest uses were buybacks ($539M), other investing ($260M), capital spending ($64.0M); besides operations, cash came from shares issued ($38.0M); the cash balance fell by $172M.

Operating cash flow was $198M against net income of $169M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$49.0M, inventory −$28.0M, accrued liabilities −$20.0M.

Its cash conversion cycle was 18 days (receivables 7 + inventory 15 − payables 3).

Free cash flow

Toast: free cash flow by quarterToast: free cash flow by quarter$134MQ4 2024$69.0MQ1 2025$208MQ2 2025$153MQ3 2025$178MQ4 2025$115MQ1 2026$130MQ2 2026$181MQ3 2026
Operating cash flow less capital spending.
Toast: operating cash flow against capital spendingToast: operating cash flow against capital spendingOperating cash flowCapital spending$147M$13.0MQ4 2024$79.0M$10.0MQ1 2025$223M$15.0MQ2 2025$165M$12.0MQ3 2025$194M$16.0MQ4 2025$132M$17.0MQ1 2026$144M$14.0MQ2 2026$198M$17.0MQ3 2026
Latest (Q3 2026): Operating cash flow $198M, Capital spending $17.0M.

Capital allocation, year by year

Toast: where the cash came from (up) and went (down), by fiscal yearToast: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.0MFY2021: Shares issued $55.0MFY2021: Capital spending −$19.0MFY2021: Acquisitions −$26.0M$57.0MFY2021FY2022: Operating cash flow −$156MFY2022: Shares issued $30.0MFY2022: Capital spending −$33.0MFY2022: Acquisitions −$46.0M$30.0MFY2022FY2023: Operating cash flow $135MFY2023: Shares issued $36.0MFY2023: Capital spending −$42.0MFY2023: Acquisitions −$9.0M$171MFY2023FY2024: Operating cash flow $360MFY2024: Shares issued $99.0MFY2024: Capital spending −$54.0MFY2024: Buybacks −$56.0M$459MFY2024FY2025: Operating cash flow $661MFY2025: Shares issued $81.0MFY2025: Capital spending −$53.0MFY2025: Buybacks −$107M$742MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were capital spending ($201M) and buybacks ($163M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debtnone
Net cash$1.2B

Toast funds itself: free cash flow was $604M over the last twelve months, with $1.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Toast: sources (+) and uses (−) of cash, Q3 2026Toast: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$198MCash drawn (+) / kept (−)−$129MOther financing−$56.0MShares issued$18.0MCapital spending−$17.0MOther investing−$13.0MExchange rates−$1.0M
Toast: sources (+) and uses (−) of cash, TTM to Q3 2026Toast: sources (+) and uses (−) of cash, 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 profit to cash

Toast: net income to operating cash flow, Q3 2026Toast: net income to operating cash flow, Q3 2026Net income$169MDepreciation & amortization$12.0MStock-based pay$49.0MOther non-cash$4.0MReceivables−$7.0MInventory−$28.0MPayables$11.0MAccrued liabilities−$20.0MDeferred revenue−$1.0MPrepaid and other assets−$1.0MOther operating capital−$1.0MOperating cash flow$198M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026715318
Q2 2026712415
Q1 2026710412
Q4 202578412
Q3 202578411
Q2 202578412
Q1 2025810414
Q4 2024810315

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$198M−$17.0M—$18.0M−$129M$181M
Q2 2026$144M−$14.0M−$163M$3.0M$109M$130M
Q1 2026$132M−$17.0M−$323M$14.0M$170M$115M
Q4 2025$194M−$16.0M−$53.0M$3.0M$22.0M$178M
Q3 2025$165M−$12.0M−$23.0M$38.0M−$180M$153M
Q2 2025$223M−$15.0M−$14.0M$14.0M−$166M$208M
Q1 2025$79.0M−$10.0M−$17.0M$26.0M−$174M$69.0M
Q4 2024$147M−$13.0M—$15.0M−$141M$134M

Toast: income statement and cash flow

Toast, Q3 2026: revenue $2.0B (+21% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

Toast: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.