Filing Flows › Toast (TOST) › Q2 2026 › vs Q1 2026
Toast (TOST) Q2 2026 vs Q1 2026 (quarter over quarter)
Toast's revenue rose $278M (+17%) from $1.6B in Q1 2026 to $1.9B in Q2 2026. The biggest changes: Financial technology solutions +$247M (+19%); Subscription services +$22.0M (+8%); Hardware and professional services +$9.0M (+23%). Gross margin 27.0% against 27.4% (-0.4 pts).
Toast, Q2 2026: revenue $1.9B (+23% year over year), operating margin 8.0%, net earnings $154M, operating cash flow $144M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 27.0% | 27.4% | -0.4 pts |
| Operating margin | 8.0% | 6.7% | +1.2 pts |
| Net margin | 8.1% | 7.7% | +0.3 pts |
| Free cash flow margin | 6.8% | 7.1% | -0.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Financial technology solutions | $1.6B | $1.3B | $247M | +19% |
| Subscription services | $290M | $268M | $22.0M | +8% |
| Hardware and professional services | $48.0M | $39.0M | $9.0M | +23% |
| Revenue | $1.9B | $1.6B | $278M | +17% |
| Gross profit | $516M | $447M | $69.0M | +15% |
| Cost of revenue | $1.4B | $1.2B | $209M | +18% |
| Other income, net | $10.0M | $21.0M | −$11.0M | -52% |
| Operating profit | $152M | $110M | $42.0M | +38% |
| Operating expenses | $364M | $337M | $27.0M | +8% |
| Pre-tax earnings | $162M | $131M | $31.0M | +24% |
| Research & development | $109M | $97.0M | $12.0M | +12% |
| Sales & marketing | $166M | $156M | $10.0M | +6% |
| General & admin | $89.0M | $84.0M | $5.0M | +6% |
| Net earnings | $154M | $126M | $28.0M | +22% |
| Income tax | $8.0M | $5.0M | $3.0M | +60% |
| Depreciation & amortization | $12.0M | $10.0M | $2.0M | +20% |
| Share-based compensation | $55.0M | $54.0M | $1.0M | +2% |
| Working capital & other | $77.0M | $58.0M | $19.0M | +33% |
| Operating cash flow | $144M | $132M | $12.0M | +9% |
| Free cash flow (OCF − capex) | $130M | $115M | $15.0M | +13% |
| Capital expenditures | $14.0M | $17.0M | −$3.0M | -18% |
Questions
How much did Toast's revenue grow quarter over quarter in Q2 2026?
Toast's revenue rose $278M (+17%) from $1.6B in Q1 2026 to $1.9B in Q2 2026.
What drove Toast's revenue change in Q2 2026?
Financial technology solutions +$247M (+19%); Subscription services +$22.0M (+8%); Hardware and professional services +$9.0M (+23%).