Filing Flows › Toast (TOST) › Q4 2025
Toast (TOST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Toast (TOST) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and 0% from the quarter before. Operating margin was 5.2%, net earnings $101M (6.2% of revenue).
Toast, Q4 2025: revenue $1.6B (+22% year over year), operating margin 5.2%, net earnings $101M, operating cash flow $194M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | 0% | +22% |
| Gross profit | $423M | -2% | +27% |
| Operating profit | $85.0M | +1% | +166% |
| Net earnings | $101M | -4% | +216% |
| Operating cash flow | $194M | +18% | +32% |
| Free cash flow | $178M | +16% | +33% |
What changed
Revenue was $1.6B in Q4 2025, up 22% year over year and roughly flat from the previous quarter. Financial technology solutions was the largest line at 82% of revenue.
Gross margin was 25.9%, up 1.0 points from a year earlier. Operating profit was $0.09B, a 5.2% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 2% margin then. Operating expenses grew 12% against revenue growth of 22%. The fastest-growing cost line was Sales & marketing (+18%). Net earnings were $0.10B, up 216% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.19B (up 32% year over year), 192% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.02B. Capital expenditures of $0.02B left free cash flow of $0.18B.
Questions
What was Toast's revenue in the fourth quarter 2025?
Toast (TOST) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and 0% from the quarter before.
Was Toast profitable in the fourth quarter 2025?
Operating profit was $85.0M (5.2% of revenue) and net earnings $101M.
Source: Toast 10-K on SEC EDGAR.