Filing Flows › Toast (TOST) › Q3 2025
Toast (TOST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Toast (TOST) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +25% from a year earlier and +5% from the quarter before. Operating margin was 5.1%, net earnings $105M (6.4% of revenue).
Toast, Q3 2025: revenue $1.6B (+25% year over year), operating margin 5.1%, net earnings $105M, operating cash flow $165M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +5% | +25% |
| Gross profit | $432M | +10% | +34% |
| Operating profit | $84.0M | +5% | +147% |
| Net earnings | $105M | +31% | +88% |
| Operating cash flow | $165M | -26% | +51% |
| Free cash flow | $153M | -26% | +58% |
What changed
Revenue was $1.6B in Q3 2025, up 25% year over year and up 5% from the previous quarter. Financial technology solutions was the largest line at 82% of revenue. Financial technology solutions added $0.28B year over year (up 26%), 85% of the total change. Hardware and professional services declined 10%.
Gross margin was 26.5%, up 1.8 points from a year earlier. Operating profit was $0.08B, a 5.1% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, above the 3% margin then. Operating expenses grew 21% against revenue growth of 25%. The fastest-growing cost line was General & admin (+27%). Net earnings were $0.10B, up 88% year over year. The effective tax rate was -1.0%.
Operating cash flow was $0.17B (up 51% year over year), 157% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.02B. Capital expenditures of $0.01B left free cash flow of $0.15B.
Questions
What was Toast's revenue in the third quarter 2025?
Toast (TOST) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +25% from a year earlier and +5% from the quarter before.
Was Toast profitable in the third quarter 2025?
Operating profit was $84.0M (5.1% of revenue) and net earnings $105M.
Source: Toast 10-Q on SEC EDGAR.