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Dec 31, 2025
Toast Q4 2025 Earnings Report
Toast reported Q4 2025 revenue of $1633000000 and net income of $101000000, with strong growth in GPV and ARR and improved profitability.
Key Takeaways
Toast delivered solid Q4 2025 results with revenue of $1633000000, up from $1338000000 year-over-year. Net income reached $101000000 and Adjusted EBITDA was $163000000. Gross Payment Volume rose to $51400000000 and ARR surpassed $2000000000.
Revenue increased to $1633000000 in Q4 2025.
Net income was $101000000 with diluted EPS of $0.16.
Adjusted EBITDA reached $163000000 in the quarter.
Gross Payment Volume grew to $51400000000.
Revenue by Segment
Forward Guidance
For Q1 2026, Toast expects Non-GAAP subscription services and financial technology solutions gross profit between $505000000 and $515000000 and Adjusted EBITDA between $160000000 and $170000000.
Positive Outlook
- Q1 2026 Non-GAAP subscription and fintech gross profit expected between $505000000 and $515000000.
- Q1 2026 Adjusted EBITDA expected between $160000000 and $170000000.
- Full year 2026 Non-GAAP subscription and fintech gross profit expected between $2270000000 and $2300000000.
- Full year 2026 Adjusted EBITDA expected between $775000000 and $795000000.
- Continued ARR growth momentum entering 2026.
Challenges Ahead
- Guidance provided as ranges, reflecting macro uncertainty.
- Ongoing investment in platform and growth initiatives.
- Exposure to restaurant industry demand fluctuations.
- Dependence on payment volume trends.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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