PerpEquities

Equity · Technology

Toast, Inc. (TOST) perpetual futures

Toast, Inc. provides a cloud-based digital platform and hardware, including POS systems, for restaurants, with software for ordering, payments, payroll, and delivery.

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Trading data

Perpetual market activity

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24h volume
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Open interest
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Best liquidity
-
Tightest spread
-
Highest volume
-
Settlement mix
USDT · 1/1
Perp/spot vol.
-
OI / float
-
Spot performance
1D+0.03%
5D+3.95%
1M-2.49%
6M+23.31%
YTD-11.80%
1Y-12.61%

Venue matrix

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Company data

Company fundamentals

Updated 59m ago
Market cap
$18.2B
Updated 59m ago
Revenue
$6.8B
Trailing 12 months
Revenue growth
+21%
Next fiscal year
Profit margin
+7.1%
P/E
37.7
Peer P/E 33.2
Free cash flow
$576M
Trailing 12 months
More metrics
Net income
$486M
Trailing 12 months
P/S
2.7
Peer P/E
33.2
Similar listed perps
Revenue estimate
$7.5B
Next fiscal year
Earnings
2026-11-03
Revenue est. $2B · Updated 59m ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$6.2B
Net margin+5.6%
Free cash flow$608M
Net debt-$1.3B
2020$823M
2021$1.7B
2022$2.7B
2023$3.9B
2024$5B
2025$6.2B
PeriodRevenueGrowthNet incomeFCF
2020$823M+24%-$248M-$161M
2021$1.7B+107%-$487M-$17M
2022$2.7B+60%-$275M-$189M
2023$3.9B+42%-$246M$93M
2024$5B+28%$19M$306M
2025$6.2B+24%$342M$608M
PeriodGross marginOperating marginNet marginROEROA
2020+17.0%-26.7%-30.1%+52.7%-32.0%
2021+18.4%-13.4%-28.6%-44.6%-28.1%
2022+18.7%-14.1%-10.1%-25.0%-15.6%
2023+21.6%-7.4%-6.4%-20.6%-12.6%
2024+24.0%+0.3%+0.4%+1.2%+0.8%
2025+25.8%+5.0%+5.6%+16.1%+10.9%
PeriodCashDebtNet debtCurrent ratio
2020$581.8M$1B$438.8M4.81
2021$809M$99M-$710M4.13
2022$547M$94M-$453M2.75
2023$605M$44M-$561M2.28
2024$903M$34M-$869M2.34
2025$1.4B$40M-$1.3B2.75
PeriodMarket capEnterprise valueP/SP/E
2020$28.8B$29.3B35.0-115.8
2021$17.4B$16.6B10.2-35.8
2022$9.2B$8.8B3.4-25.0
2023$9.7B$9.2B2.5-38.9
2024$20.4B$19.5B4.11,072.1
2025$20.7B$19.4B3.460.2
Q3 2024$1.3B
Q4 2024$1.3B
Q1 2025$1.3B
Q2 2025$1.6B
Q3 2025$1.6B
Q4 2025$1.6B
Q1 2026$1.6B
Q2 2026$1.9B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$1.3B+26%$56M$97M
Q4 2024$1.3B+29%$32M$134M
Q1 2025$1.3B+24%$56M$69M
Q2 2025$1.6B+25%$80M$208M
Q3 2025$1.6B+25%$105M$153M
Q4 2025$1.6B+22%$101M$178M
Q1 2026$1.6B+22%$126M$115M
Q2 2026$1.9B+23%$154M$130M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+24.7%+2.6%+4.3%+3.9%+2.5%
Q4 2024+24.9%+2.4%+2.4%+2.1%+1.3%
Q1 2025+25.9%+3.2%+4.2%+3.3%+2.2%
Q2 2025+25.3%+5.2%+5.2%+4.4%+2.9%
Q3 2025+26.5%+5.1%+6.4%+5.2%+3.5%
Q4 2025+25.7%+5.5%+6.2%+4.8%+3.2%
Q1 2026+27.4%+6.7%+7.7%+6.3%+4.1%
Q2 2026+27.0%+8.0%+8.1%+7.5%+4.8%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$761M$38M-$723M2.32
Q4 2024$903M$34M-$869M2.34
Q1 2025$1B$22M-$983M2.42
Q2 2025$1.2B$19M-$1.2B2.50
Q3 2025$1.4B$18M-$1.3B2.64
Q4 2025$1.4B$40M-$1.3B2.75
Q1 2026$1.1B$17M-$1.1B2.44
Q2 2026$1B$0-$1B2.40
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$15.9B$15.2B12.278.6
Q4 2024$20.7B$19.9B15.5162.1
Q1 2025$19.1B$18.1B14.385.1
Q2 2025$25.7B$24.5B16.679.1
Q3 2025$21.4B$20B13.150.7
Q4 2025$20.9B$19.6B12.852.2
Q1 2026$15.6B$14.5B9.531.6
Q2 2026$16.1B$15.1B8.425.8

Refreshed 59m ago

Charts: revenue, profit, cash flow & valuation
Revenue$1.9BQ2 2026
$477M$954M$1.4B$1.9BQ3 2023: $1BQ4 2023: $1BQ1 2024: $1.1BQ2 2024: $1.2BQ3 2024: $1.3BQ4 2024: $1.3BQ1 2025: $1.3BQ2 2025: $1.6BQ3 2025: $1.6BQ4 2025: $1.6BQ1 2026: $1.6BQ2 2026: $1.9BQ3 2023Q2 2026
Net income$154MQ2 2026
-$23.8M$35.5M$94.8M$154MQ3 2023: -$31MQ4 2023: -$36MQ1 2024: -$83MQ2 2024: $14MQ3 2024: $56MQ4 2024: $32MQ1 2025: $56MQ2 2025: $80MQ3 2025: $105MQ4 2025: $101MQ1 2026: $126MQ2 2026: $154MQ3 2023Q2 2026
EBITDA$174MQ2 2026
$24.8M$74.5M$124.3M$174MQ3 2023: -$23MQ4 2023: -$25MQ1 2024: -$4MQ2 2024: $21MQ3 2024: $69MQ4 2024: $48MQ1 2025: $69MQ2 2025: $97MQ3 2025: $117MQ4 2025: $118MQ1 2026: $141MQ2 2026: $174MQ3 2023Q2 2026
Free cash flow$130MQ2 2026
$27.3M$87.5M$147.8M$208MQ3 2023: $38MQ4 2023: $81MQ1 2024: -$33MQ2 2024: $108MQ3 2024: $97MQ4 2024: $134MQ1 2025: $69MQ2 2025: $208MQ3 2025: $153MQ4 2025: $178MQ1 2026: $115MQ2 2026: $130MQ3 2023Q2 2026
EPS$0.26Q2 2026
-$0.05$0.06$0.16$0.26Q3 2023: -$0.09Q4 2023: -$0.07Q1 2024: -$0.15Q2 2024: $0.02Q3 2024: $0.07Q4 2024: $0.06Q1 2025: $0.09Q2 2025: $0.13Q3 2025: $0.16Q4 2025: $0.16Q1 2026: $0.2Q2 2026: $0.26Q3 2023Q2 2026
Cash / Debt$1BQ2 2026
$339.3M$678.5M$1B$1.4BQ3 2023 · Cash: $514MQ3 2023 · Debt: $32MQ4 2023 · Cash: $605MQ4 2023 · Debt: $44MQ1 2024 · Cash: $578MQ1 2024 · Debt: $41MQ2 2024 · Cash: $691MQ2 2024 · Debt: $40MQ3 2024 · Cash: $761MQ3 2024 · Debt: $38MQ4 2024 · Cash: $903MQ4 2024 · Debt: $34MQ1 2025 · Cash: $1BQ1 2025 · Debt: $22MQ2 2025 · Cash: $1.2BQ2 2025 · Debt: $19MQ3 2025 · Cash: $1.4BQ3 2025 · Debt: $18MQ4 2025 · Cash: $1.4BQ4 2025 · Debt: $40MQ1 2026 · Cash: $1.1BQ1 2026 · Debt: $17MQ2 2026 · Cash: $1BQ2 2026 · Debt: $0Q3 2023Q2 2026
CashDebt
Profitability+27.0%Q2 2026
+1.1%+9.9%+18.6%+27.4%Q3 2023 · Gross margin: +21.9%Q4 2023 · Gross margin: +21.8%Q1 2024 · Gross margin: +23.2%Q2 2024 · Gross margin: +23.0%Q3 2024 · Gross margin: +24.7%Q4 2024 · Gross margin: +24.9%Q1 2025 · Gross margin: +25.9%Q2 2025 · Gross margin: +25.3%Q3 2025 · Gross margin: +26.5%Q4 2025 · Gross margin: +25.7%Q1 2026 · Gross margin: +27.4%Q2 2026 · Gross margin: +27.0%Q3 2023 · Operating margin: -5.7%Q4 2023 · Operating margin: -5.4%Q1 2024 · Operating margin: -5.2%Q2 2024 · Operating margin: +0.4%Q3 2024 · Operating margin: +2.6%Q4 2024 · Operating margin: +2.4%Q1 2025 · Operating margin: +3.2%Q2 2025 · Operating margin: +5.2%Q3 2025 · Operating margin: +5.1%Q4 2025 · Operating margin: +5.5%Q1 2026 · Operating margin: +6.7%Q2 2026 · Operating margin: +8.0%Q3 2023 · Net margin: -3.0%Q4 2023 · Net margin: -3.5%Q1 2024 · Net margin: -7.7%Q2 2024 · Net margin: +1.1%Q3 2024 · Net margin: +4.3%Q4 2024 · Net margin: +2.4%Q1 2025 · Net margin: +4.2%Q2 2025 · Net margin: +5.2%Q3 2025 · Net margin: +6.4%Q4 2025 · Net margin: +6.2%Q1 2026 · Net margin: +7.7%Q2 2026 · Net margin: +8.1%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+23.1%Q2 2026
+7.3%+14.6%+21.9%+29.2%Q2 2024: +27.0%Q3 2024: +26.5%Q4 2024: +29.2%Q1 2025: +24.4%Q2 2025: +24.8%Q3 2025: +25.1%Q4 2025: +22.0%Q1 2026: +21.9%Q2 2026: +23.1%Q3 2023Q2 2026
Shares outstanding590MQ2 2026
152.3M304.5M456.8M609MQ3 2023: 536MQ4 2023: 541MQ1 2024: 547MQ2 2024: 587MQ3 2024: 590MQ4 2024: 600MQ1 2025: 603MQ2 2025: 605MQ3 2025: 609MQ4 2025: 607MQ1 2026: 602MQ2 2026: 590MQ3 2023Q2 2026
Valuation25.8Q2 2026
15.794.6173.6252.6Q3 2023 · P/E: -51.1Q4 2023 · P/E: -63.3Q1 2024 · P/E: -40.6Q2 2024 · P/E: 252.6Q3 2024 · P/E: 78.6Q4 2024 · P/E: 162.1Q1 2025 · P/E: 85.1Q2 2025 · P/E: 79.1Q3 2025 · P/E: 50.7Q4 2025 · P/E: 52.2Q1 2026 · P/E: 31.6Q2 2026 · P/E: 25.8Q3 2023 · P/S: 9.7Q4 2023 · P/S: 9.5Q1 2024 · P/S: 12.4Q2 2024 · P/S: 11.4Q3 2024 · P/S: 12.2Q4 2024 · P/S: 15.5Q1 2025 · P/S: 14.3Q2 2025 · P/S: 16.6Q3 2025 · P/S: 13.1Q4 2025 · P/S: 12.8Q1 2026 · P/S: 9.5Q2 2026 · P/S: 8.4Q3 2023Q2 2026
P/EP/S
Revenue$6.2B2025
$1.5B$3.1B$4.6B$6.2B2019: $665M2020: $823M2021: $1.7B2022: $2.7B2023: $3.9B2024: $5B2025: $6.2B20192025
Net income$342M2025
-$279.8M-$72.5M$134.8M$342M2019: -$209M2020: -$248M2021: -$487M2022: -$275M2023: -$246M2024: $19M2025: $342M20192025
EBITDA$413M2025
-$239.5M-$22M$195.5M$413M2019: -$205M2020: -$209M2021: -$457M2022: -$253M2023: -$212M2024: $108M2025: $413M20192025
Free cash flow$608M2025
$10.3M$209.5M$408.8M$608M2019: -$141M2020: -$161M2021: -$17M2022: -$189M2023: $93M2024: $306M2025: $608M20192025
EPS$0.562025
-$0.59-$0.2$0.18$0.562019: -$0.452020: -$0.542021: -$0.972022: -$0.722023: -$0.472024: $0.032025: $0.5620192025
Cash / Debt$1.4B2025
$338.3M$676.5M$1B$1.4B2019 · Cash: $150.4M2019 · Debt: $455.8M2020 · Cash: $581.8M2020 · Debt: $1B2021 · Cash: $809M2021 · Debt: $99M2022 · Cash: $547M2022 · Debt: $94M2023 · Cash: $605M2023 · Debt: $44M2024 · Cash: $903M2024 · Debt: $34M2025 · Cash: $1.4B2025 · Debt: $40M20192025
CashDebt
Profitability+25.8%2025
-17.6%-3.1%+11.3%+25.8%2019 · Gross margin: +9.3%2020 · Gross margin: +17.0%2021 · Gross margin: +18.4%2022 · Gross margin: +18.7%2023 · Gross margin: +21.6%2024 · Gross margin: +24.0%2025 · Gross margin: +25.8%2019 · Operating margin: -32.0%2020 · Operating margin: -26.7%2021 · Operating margin: -13.4%2022 · Operating margin: -14.1%2023 · Operating margin: -7.4%2024 · Operating margin: +0.3%2025 · Operating margin: +5.0%2019 · Net margin: -31.4%2020 · Net margin: -30.1%2021 · Net margin: -28.6%2022 · Net margin: -10.1%2023 · Net margin: -6.4%2024 · Net margin: +0.4%2025 · Net margin: +5.6%20192025
Gross marginOperating marginNet margin
Revenue growth+24.1%2025
+26.8%+53.6%+80.4%+107.2%2020: +23.8%2021: +107.2%2022: +60.2%2023: +41.5%2024: +28.3%2025: +24.1%20192025
Shares outstanding607M2025
151.8M303.5M455.3M607M2019: 461.2M2020: 461.2M2021: 502.6M2022: 512.2M2023: 533M2024: 591M2025: 607M20192025
Valuation60.22025
163.8466.6769.31,072.12019 · P/E: -138.92020 · P/E: -115.82021 · P/E: -35.82022 · P/E: -25.02023 · P/E: -38.92024 · P/E: 1,072.12025 · P/E: 60.22019 · P/S: 43.42020 · P/S: 35.02021 · P/S: 10.22022 · P/S: 3.42023 · P/S: 2.52024 · P/S: 4.12025 · P/S: 3.420192025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-03
Revenue est. $2B · Updated 59m ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.37$7.5B+21%12
FY 20271.73$8.8B+44%12
FY 20282.18$10.4B+68%8
FY 20292.62$12B+95%5
Q1 20280.48$2.3B+41%8
Q1 20280.48$2.3B+40%4

Company events

6
2026-11-03EarningsActual - / Estimate 0.36-
2026-08-04EarningsActual 0.34 / Estimate 0.32Beat
2026-05-07EarningsActual 0.29 / Estimate 0.27Beat
2026-02-12EarningsActual 0.23 / Estimate 0.24Miss
2025-11-04EarningsActual 0.25 / Estimate 0.24Beat
2025-08-05EarningsActual 0.24 / Estimate 0.23Beat

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
HTGD$18.2B1.629.1+5.4%1KBLAM$18B5.531.9+17.1%2ACCELINK$17.1B8.699.2+8.7%1LONGSYS$17.1B3.610.0+36.1%1XIECHUANG$16.6B5.629.2+13.0%1HUAHONG$19.9B7.4197.1+3.8%2FN$16.4B3.534.5+10.2%2YJTECH$21.3B107.9213.1+51.4%1

FMP company data

Company intelligence

Updated: Sep 22, 2026, 03:35 PM UTC

Company profile

Sector
Technology
Industry
Software - Infrastructure
Chief executive
Aman Narang
Employees
6,500
IPO date
Sep 22, 2021
Country
US
Exchange
New York Stock Exchange
Website
Altman Z-scorei11.94
Piotroski scorei6/9
FMP ratingiB+
Owner earningsi$141.61M$0.24 per share
ESG risk ratingiBIndustry rank: 125 out of 163

Rating factors

Return on equityi
5
Return on assetsi
5
Debt to equityi
1
Price to earningsi
2
Price to booki
1

Company press releases

Toast Announces Participation at Goldman Sachs Communacopia & Technology ConferenceBusiness WireAdyen Expands Global Partnership with Toast into U.S.PRNewsWireArriving Now: AI-Powered Toast Ordering on Google MapsBusiness WireBWH® Hotels Names Toast an Endorsed POS Provider to Enhance Guest and Hotel Experiences Across North AmericaBusiness WireToast Announces Second Quarter 2026 Financial ResultsBusiness WireToast Announces Release Date Of Second Quarter 2026 Financial ResultsBusiness Wire

Congressional disclosures

Senate

House

Market cap history
$17.22B+21.0%Jun 26 – Sep 26
$14.24B$17.73B$21.22BHigh: $21.22B · 2026-08-24Low: $14.24B · 2026-06-22Latest: $17.22B · 2026-09-21Jun 26Jul 26Aug 26Sep 26
Latest: $17.22B · 2026-09-21High: $21.22B · 2026-08-24Low: $14.24B · 2026-06-22
Largest fund holders
FundWeightShares held
IJH0.43%16.4M
XAW.TO0.02%16.4M
VTI0.02%15.6M
FCNKX0.27%15M
VB0.21%11.3M
VBK0.48%6.5M
VXF0.19%5.5M
MDY0.42%3.5M
NIW0.38%3.1M
CGGR0.36%2.9M
IJK0.84%2.7M
IWP0.45%2.7M

Analyst track record

How the analysts covering TOST have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings136375
Analysts3339
Buy / hold / sell98 / 38 / 0215 / 149 / 11
Upgrades / downgrades / initiations5 / 3 / 813 / 9 / 23
Price targets hit / missed7 / 110 (6%)113 / 209 (35%)
Avg. return after a rating (TipRanks)-21.4%-7.0%
Best / worst call+17.4% / -49.1%+103.5% / -49.1%

After buy calls on this stock: median 21-day move +0.9% vs S&P 500 -0.1% (n = 213)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. David KoningRobert W. Baird100% hit rate on this stock · 8 targets measuredHoldtarget $38.00Aug 5, 2026
  2. David HynesCanaccord Genuity88% hit rate on this stock · 8 targets measuredBuytarget $40.00Aug 5, 2026
  3. Samad SamanaJefferies80% hit rate on this stock · 15 targets measuredBuytarget $40.00Sep 25, 2026

Latest ratings

DateAnalystCallTarget
Sep 25, 2026Samad SamanaJefferiesBuyMaintained$40.00article ↗
Sep 24, 2026Timothy ChiodoUBSBuyMaintained$39.00article ↗
Sep 25, 2026Timothy ChiodoUBSBuyReiterated$39.00article ↗
Sep 24, 2026Timothy ChiodoUBSBuyMaintained$39.00
Sep 25, 2026Samad SamanaJefferiesBuyMaintained$40.00
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$25.00$30.00$35.00$40.00$45.00$50.00Nov 25 · Buy 13 · Hold 9 · Sell 0Nov 25Dec 25 · Buy 15 · Hold 7 · Sell 0Jan 26 · Buy 16 · Hold 9 · Sell 0Jan 26Feb 26 · Buy 18 · Hold 8 · Sell 0Mar 26 · Buy 17 · Hold 9 · Sell 0Mar 26Apr 26 · Buy 16 · Hold 8 · Sell 0May 26 · Buy 16 · Hold 10 · Sell 0May 26Jun 26 · Buy 17 · Hold 10 · Sell 0Jul 26 · Buy 20 · Hold 6 · Sell 0Jul 26Aug 26 · Buy 21 · Hold 8 · Sell 0Sep 26 · Buy 21 · Hold 8 · Sell 0Sep 26Oct 26 · Buy 21 · Hold 8 · Sell 0Nov 25 · avg. target $48.28Dec 25 · avg. target $47.84Jan 26 · avg. target $46.59Feb 26 · avg. target $40.30Mar 26 · avg. target $39.57Apr 26 · avg. target $37.71May 26 · avg. target $34.91Jun 26 · avg. target $34.79Jul 26 · avg. target $34.74Aug 26 · avg. target $38.80Sep 26 · avg. target $39.21Oct 26 · avg. target $39.21Nov 25 · month-end close $34.19Dec 25 · month-end close $35.51Jan 26 · month-end close $31.11Feb 26 · month-end close $27.31Mar 26 · month-end close $26.51Apr 26 · month-end close $28.52May 26 · month-end close $26.03Jun 26 · month-end close $27.82Jul 26 · month-end close $32.27Aug 26 · month-end close $34.09Sep 26 · month-end close $28.99Oct 26 · month-end close $31.31

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 9, 2026 · 136 ratings

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