Filing Flows › Toast (TOST) › Q2 2026 › vs Q2 2025
Toast (TOST) Q2 2026 vs Q2 2025 (year over year)
Toast's revenue rose $358M (+23%) from $1.6B in Q2 2025 to $1.9B in Q2 2026. The biggest changes: Financial technology solutions +$294M (+23%); Subscription services +$63.0M (+28%); Hardware and professional services +$1.0M (+2%). Gross margin 27.0% against 25.3% (+1.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 27.0% | 25.3% | +1.8 pts |
| Operating margin | 8.0% | 5.2% | +2.8 pts |
| Net margin | 8.1% | 5.2% | +2.9 pts |
| Free cash flow margin | 6.8% | 13.4% | -6.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Financial technology solutions | $1.6B | $1.3B | $294M | +23% |
| Subscription services | $290M | $227M | $63.0M | +28% |
| Hardware and professional services | $48.0M | $47.0M | $1.0M | +2% |
| Revenue | $1.9B | $1.6B | $358M | +23% |
| Gross profit | $516M | $392M | $124M | +32% |
| Cost of revenue | $1.4B | $1.2B | $234M | +20% |
| Other income, net | $10.0M | $3.0M | $7.0M | +233% |
| Operating profit | $152M | $80.0M | $72.0M | +90% |
| Operating expenses | $364M | $312M | $52.0M | +17% |
| Pre-tax earnings | $162M | $83.0M | $79.0M | +95% |
| Research & development | $109M | $91.0M | $18.0M | +20% |
| Sales & marketing | $166M | $141M | $25.0M | +18% |
| General & admin | $89.0M | $79.0M | $10.0M | +13% |
| Net earnings | $154M | $80.0M | $74.0M | +92% |
| Income tax | $8.0M | $3.0M | $5.0M | +167% |
| Depreciation & amortization | $12.0M | $16.0M | −$4.0M | -25% |
| Share-based compensation | $55.0M | $60.0M | −$5.0M | -8% |
| Working capital & other | $77.0M | −$67.0M | $144M | — |
| Operating cash flow | $144M | $223M | −$79.0M | -35% |
| Free cash flow (OCF − capex) | $130M | $208M | −$78.0M | -38% |
| Capital expenditures | $14.0M | $15.0M | −$1.0M | -7% |
Questions
How much did Toast's revenue grow year over year in Q2 2026?
Toast's revenue rose $358M (+23%) from $1.6B in Q2 2025 to $1.9B in Q2 2026.
What drove Toast's revenue change in Q2 2026?
Financial technology solutions +$294M (+23%); Subscription services +$63.0M (+28%); Hardware and professional services +$1.0M (+2%).