Filing Flows › Toast (TOST) › Q3 2026 › vs Q3 2025
Toast (TOST) Q3 2026 vs Q3 2025 (year over year)
Toast's revenue rose $348M (+21%) from $1.6B in Q3 2025 to $2.0B in Q3 2026. The biggest changes: Financial technology solutions +$274M (+20%); Subscription services +$73.0M (+30%); Hardware and professional services +$1.0M (+2%). Gross margin 27.4% against 26.5% (+1.0 pts).
Toast, Q3 2026: revenue $2.0B (+21% year over year), operating margin 8.3%, net earnings $169M, operating cash flow $198M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 27.4% | 26.5% | +1.0 pts |
| Operating margin | 8.3% | 5.1% | +3.2 pts |
| Net margin | 8.5% | 6.4% | +2.1 pts |
| Free cash flow margin | 9.1% | 9.4% | -0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Financial technology solutions | $1.6B | $1.3B | $274M | +20% |
| Subscription services | $317M | $244M | $73.0M | +30% |
| Hardware and professional services | $45.0M | $44.0M | $1.0M | +2% |
| Revenue | $2.0B | $1.6B | $348M | +21% |
| Gross profit | $543M | $432M | $111M | +26% |
| Cost of revenue | $1.4B | $1.2B | $237M | +20% |
| Other income, net | $11.0M | $20.0M | −$9.0M | -45% |
| Operating profit | $165M | $84.0M | $81.0M | +96% |
| Operating expenses | $378M | $348M | $30.0M | +9% |
| Pre-tax earnings | $176M | $104M | $72.0M | +69% |
| Research & development | $103M | $102M | $1.0M | +1% |
| Sales & marketing | $171M | $144M | $27.0M | +19% |
| General & admin | $98.0M | $102M | −$4.0M | -4% |
| Net earnings | $169M | $105M | $64.0M | +61% |
| Income tax | $7.0M | −$1.0M | $8.0M | — |
| Depreciation & amortization | $12.0M | $13.0M | −$1.0M | -8% |
| Share-based compensation | $49.0M | $66.0M | −$17.0M | -26% |
| Working capital & other | $32.0M | $19.0M | $13.0M | +68% |
| Operating cash flow | $198M | $165M | $33.0M | +20% |
| Free cash flow (company-reported) | $181M | $153M | $28.0M | +18% |
| Capital expenditures | $17.0M | $12.0M | $5.0M | +42% |
Questions
How much did Toast's revenue grow year over year in Q3 2026?
Toast's revenue rose $348M (+21%) from $1.6B in Q3 2025 to $2.0B in Q3 2026.
What drove Toast's revenue change in Q3 2026?
Financial technology solutions +$274M (+20%); Subscription services +$73.0M (+30%); Hardware and professional services +$1.0M (+2%).