TOSTHIGH SIGNALFINANCIAL10-K

Toast demonstrates exceptionally strong financial momentum with operating cash flow substantially higher year-over-year alongside meaningful revenue growth and improved profitability metrics.

The company's operating cash flow grew substantially while maintaining strong revenue growth of 24%, indicating Toast is successfully scaling its restaurant technology platform with improving unit economics. The meaningful expansion in gross profit margins combined with a stronger balance sheet position suggests the business model is maturing and generating more predictable cash flows from its merchant base.

Comparing 2026-02-18 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Toast delivered robust financial performance across all key metrics, with revenue growing 24% to $6.2B and gross profit expanding 34% to $1.6B, indicating improving operational leverage. The balance sheet strengthened considerably with cash growing to $1.4B and stockholders' equity expanding 38% to $2.1B, while operating cash flow reached substantially higher levels. The company also increased share buybacks to $107M, reflecting management's confidence in the business trajectory and strong cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+91.1%
$56.0M→$107.0M

Share repurchases increased 91.1% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+83.6%
$360.0M→$661.0M

Operating cash flow surged 83.6% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+49.8%
$903.0M→$1.4B

Cash position surged 49.8% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+37.5%
$1.5B→$2.1B

Equity base grew 37.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+35.1%
$2.0B→$2.7B

Current assets grew 35.1% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+33.9%
$1.2B→$1.6B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Capital Expenditure
Cash Flow
+33.3%
$12.0M→$16.0M

Capital expenditure jumped 33.3% — major investment cycle underway; assess returns on deployment.

Total Assets
Balance Sheet
+30.6%
$2.4B→$3.1B

Asset base grew 30.6% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+24.1%
$5.0B→$6.2B

Revenue growing 24.1% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
+19.5%
$811.0M→$969.0M

Current liabilities rose 19.5% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-26
ADDED
The registrant had outstanding 524 million shares of Class A common stock and 65 million shares of Class B common stock as of February 12, 2026.
We use artificial intelligence in our platform and product offerings, and our success is dependent upon our ability to leverage data, develop competitive products, and manage related risks.
Interruptions or performance problems associated with our technology and infrastructure may adversely affe ct our business and operating results.
At the same time, these businesses operate in a dynamic environment with changing input costs, labor constraints, evolving consumer preferences, and the imperative to utilize technology and data to innovate.
Over the last several years, consumer preference towards omnichannel commerce and digital engagement options has accelerated.
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REMOVED
The registrant had outstanding 494 million shares of Class A common stock and 81 million shares of Class B common stock as of February 20, 2025.
3 T able of Contents RISK FACTORS SUMMARY The following is a summary of the principal risks that could materially adversely affect our business, results of operations, and financial condition.
We are subject to risks associated with certain financial products we offer and our handling of customer funds, including counterparty risk with key partners, the ability of our customers to pay their obligations, and the risk of fraud.
4 T able of Contents Interruptions or performance problems associated with our technology and infrastructure may adversely affe ct our business and operating results.
Our principal stockholders will continue to have significant influence over the election of our Board of Directors, or our Board, and approval of any significant corporate actions, including any sale of our company.
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