Jun 2026 (Q2 FY26) — Aug 4, 2026
Toast Q2 FY26 — Record Location Adds and AI-Driven ARPU Growth
Read the full callToast (TOST) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Toast earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,908 | +23.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 8.0 | +2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 154 | +92.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
27 of 27 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA margin -- core (ex-new-TAM) segment target | 40% | Sep 2025 | The margins in our core business are already over 40%, and we expect the margin to continue to scale and be meaningfully higher longer term. | Achieved |
| Full-year adjusted EBITDA guidance | $775 million to $795 million | Dec 2025 | adjusted EBITDA to be $805 million to $825 million | Revised Up |
| Adjusted EBITDA margin -- company-wide medium/long-term target | 30% to 35% (medium-term) | Sep 2024 | That keeps us on a path to 40% plus long-term adjusted EBITDA margins with the timing firmly in our control. | On Track |
12 of Toast, Inc.'s 39 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Recurring gross profit streams grew over 28% year-over-year in Q2.
- GAAP operating income margins expanded to 26% in Q2.
- Record 9,500 net location adds in Q2, growing total locations by 22% year-over-year to approximately 180,000.
- Adjusted EBITDA grew 38% to $221 million in Q2, with margins expanding 240 basis points to 37%.
- Toast IQ Grow is on track to become the fastest-growing product to $10 million in ARR.
Qualified
- Hardware and Professional services gross profit was negative at 11% of recurring gross profit streams in Q2.
- Free cash flow was $130 million in Q2, down year-over-year due to a strategic decision to acquire and hold more hardware inventory.
- Full-year adjusted EBITDA guidance was raised by less than the Q2 beat, as a $10 million tariff refund was strategically reinvested into key growth initiatives.
Price
$31.62 −1.86% · −$0.6
Performance −15.0% 1Y
1Y: $37.22 on 15 Oct 2025 → $31.62. High $39.02 (5 Nov 2025), low $22.33 (13 May 2026).
- Previous close
- $32.22
- 52-week range
- $22.33 – $39.02
- One year
- −15.45%
Overview
- Symbol
- TOST
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
27 of 27 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA margin -- core (ex-new-TAM) segment target | 40% | Sep 2025 | The margins in our core business are already over 40%, and we expect the margin to continue to scale and be meaningfully higher longer term. | Achieved |
| Full-year adjusted EBITDA guidance | $775 million to $795 million | Dec 2025 | adjusted EBITDA to be $805 million to $825 million | Revised Up |
| Adjusted EBITDA margin -- company-wide medium/long-term target | 30% to 35% (medium-term) | Sep 2024 | That keeps us on a path to 40% plus long-term adjusted EBITDA margins with the timing firmly in our control. | On Track |
Claimed
- Recurring gross profit streams grew over 28% year-over-year in Q2.
- GAAP operating income margins expanded to 26% in Q2.
- Record 9,500 net location adds in Q2, growing total locations by 22% year-over-year to approximately 180,000.
- Adjusted EBITDA grew 38% to $221 million in Q2, with margins expanding 240 basis points to 37%.
- Toast IQ Grow is on track to become the fastest-growing product to $10 million in ARR.
Qualified
- Hardware and Professional services gross profit was negative at 11% of recurring gross profit streams in Q2.
- Free cash flow was $130 million in Q2, down year-over-year due to a strategic decision to acquire and hold more hardware inventory.
- Full-year adjusted EBITDA guidance was raised by less than the Q2 beat, as a $10 million tariff refund was strategically reinvested into key growth initiatives.
The full ledger
Open Toast, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 39 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Toast Q1 FY26 — Strong Growth in Recurring Gross Profit and Expanded Margins
Read the full callEvery analysed call
Toast earnings calls (TOST)
Financials
What the filings say
Net profit, year on year: +93% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,305 | 1,338 | 1,337 | 1,550 | 1,633 | 1,633 | 1,630 | 1,908 |
| Operating profit | 34 | 33 | 43 | 80 | 84 | 85 | 110 | 152 |
| Operating margin | 2.6% | 2.5% | 3.2% | 5.2% | 5.1% | 5.2% | 6.8% | 8.0% |
| Profit before tax | 57 | 33 | 58 | 83 | 104 | 101 | 131 | 162 |
| Tax rate | 1.8% | 3.0% | 3.5% | 3.6% | −1.0% | 0.0% | 3.8% | 4.9% |
| Net profit | 56 | 32 | 56 | 80 | 105 | 101 | 126 | 154 |
| EPS ($ per share) | 0.10 | — | 0.10 | 0.14 | 0.18 | — | 0.21 | 0.27 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -616 | -1,102 | -1,377 | -1,623 | -1,604 | -1,262 |
| Total liabilities | — | 398 | 644 | 663 | 764 | 863 | 1,021 |
| Fixed assets | — | 44 | 41 | 61 | 75 | 98 | 132 |
| Total assets | — | 776 | 1,735 | 1,761 | 1,958 | 2,408 | 3,145 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -126 | -125 | 2 | -156 | 135 | 360 | 661 |
| Cash from investing | -47 | -36 | -503 | -98 | -86 | -39 | -172 |
| Cash from financing | 256 | 594 | 759 | 38 | 63 | 18 | 7 |
| Net cash flow | — | — | — | -216 | 112 | 338 | 498 |
| Capital expenditure | -9 | -28 | -12 | -16 | -42 | -54 | -53 |
| Free cash flow | -135 | -153 | -10 | -172 | 93 | 306 | 608 |
TOST revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +23.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TOST operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Net locations added | 7,000We added 7,000 net locations and are broadening who we serve from local restaurants across the US to enterprise chains, international markets and retail.Source: earnings call transcript | 9,500We had a record 9,500 net location adds in the quarter, 1,000 more than our previous high watermark.Source: earnings call transcript | +35.7% |
| Live locations | 171KBuilding on last year's momentum, we added 7,000 net locations in Q1 and ended the quarter with 171,000 live locations, up 22% from a year ago.Source: earnings call transcript | ~180KWe added a record 9,500 net new locations in Q2, growing total locations 22% from a year ago to approximately 180,000.Source: earnings call transcript | — |
| Payments volume | $51BGPV was $51 billion, up 22% year-over-year with GPV per location down 1% versus last year.Source: earnings call transcript | $61BGPV was $61 billion, up 22% with GPV per location flat.Source: earnings call transcript | +19.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
168 filings between Nov 1, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$28.37M
57 sales by 7 insiders
47% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 104
- Option exercise — converted options into shares
Also filed: 6 gifts, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Narang Aman | — | $12.19M | Oct 2, 2026 |
| Vassil Jonathan | — | $9.28M | Oct 5, 2026 |
| Elworthy Brian R | — | $3.44M | Oct 2, 2026 |
| Gomez Elena | — | $2.14M | Oct 2, 2026 |
| Fredette Stephen | — | $990.7K | Oct 2, 2026 |
| Chapman-Hughes Susan | — | $246.2K | Mar 12, 2026 |
| Niola Rossana | — | $76.9K | Aug 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 7,623 | $16.8K |
| Oct 5, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 7,623 | $230.2K |
| Oct 2, 2026 | Elworthy Brian R General Counsel | Sale | 6,507 | $191.0K |
| Oct 2, 2026 | Gomez Elena President, CFO | Sale | 11,886 | $348.9K |
| Oct 2, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 6,657 | $14.7K |
| Oct 2, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 6,808 | $199.8K |
| Oct 2, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 6,657 | $199.9K |
| Oct 2, 2026 | Narang Aman CEO | Sale | 14,713 | $431.9K |
| Oct 2, 2026 | Fredette Stephen President | Sale | 9,368 | $275.0K |
| Oct 1, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 3,430 | — |
| Oct 1, 2026 | Fredette Stephen President | Option exercise | 3,858 | — |
| Oct 1, 2026 | Fredette Stephen President | Option exercise | 4,403 | — |
| Oct 1, 2026 | Fredette Stephen President | Option exercise | 5,698 | — |
| Oct 1, 2026 | Narang Aman CEO | Option exercise | 3,302 | — |
| Oct 1, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 1,101 | — |
| Oct 1, 2026 | Narang Aman CEO | Option exercise | 8,574 | — |
| Oct 1, 2026 | Gomez Elena President, CFO | Option exercise | 4,716 | — |
| Oct 1, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 4,987 | — |
| Oct 1, 2026 | Elworthy Brian R General Counsel | Option exercise | 3,578 | — |
| Oct 1, 2026 | Elworthy Brian R General Counsel | Option exercise | 3,482 | — |
| Oct 1, 2026 | Elworthy Brian R General Counsel | Option exercise | 2,572 | — |
| Oct 1, 2026 | Gomez Elena President, CFO | Option exercise | 6,330 | — |
| Oct 1, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 4,748 | — |
| Oct 1, 2026 | Gomez Elena President, CFO | Option exercise | 6,316 | — |
| Oct 1, 2026 | Gomez Elena President, CFO | Option exercise | 6,331 | — |
| Oct 1, 2026 | Fredette Stephen President | Option exercise | 5,652 | — |
| Oct 1, 2026 | Narang Aman CEO | Option exercise | 6,331 | — |
| Oct 1, 2026 | Narang Aman CEO | Option exercise | 12,598 | — |
| Oct 1, 2026 | Elworthy Brian R General Counsel | Option exercise | 3,989 | — |
| Sep 2, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 5,100 | $171.1K |
| Sep 2, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 9,180 | $313.0K |
| Sep 2, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 14,280 | $31.6K |
| Aug 21, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 85,280 | $3.10M |
| Aug 21, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 47,673 | $828.6K |
| Aug 21, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 37,607 | $651.7K |
| Aug 19, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 13,931 | $501.7K |
| Aug 19, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 7,399 | $128.6K |
| Aug 19, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 6,532 | $113.2K |
| Aug 11, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 6,146 | $106.5K |
| Aug 11, 2026 | Vassil Jonathan Chief Revenue Officer | Option exercise 10b5-1 plan | 7,651 | $133.0K |
| Aug 11, 2026 | Vassil Jonathan Chief Revenue Officer | Sale 10b5-1 plan | 13,797 | $496.9K |
| Aug 10, 2026 | Narang Aman CEO | Sale 10b5-1 plan | 119,843 | $4.24M |
| Aug 10, 2026 | Gomez Elena President, CFO | Sale 10b5-1 plan | 5,761 | $203.8K |
| Aug 7, 2026 | Narang Aman CEO | Sale 10b5-1 plan | 42,105 | $1.48M |
| Aug 7, 2026 | Gomez Elena President, CFO | Sale 10b5-1 plan | 2,163 | $75.9K |
| Aug 6, 2026 | Narang Aman CEO | Sale 10b5-1 plan | 13,510 | $473.1K |
| Aug 6, 2026 | Gomez Elena President, CFO | Sale 10b5-1 plan | 900 | $31.5K |
| Aug 5, 2026 | Gomez Elena President, CFO | Sale 10b5-1 plan | 200 | $7.2K |
| Aug 5, 2026 | Narang Aman CEO | Sale 10b5-1 plan | 124,458 | $4.39M |
| Aug 5, 2026 | Narang Aman CEO | Sale 10b5-1 plan | 84 | $3.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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