0001650164-26-000057
SEC filingToast, Inc. reported strong financial performance for fiscal year 2025, achieving total revenue of $6.15 billion and generating net income of $342 million. The company's gross profit reached $1.59 billion with a gross margin of 25.9%, while operating income stood at $292 million. Key drivers included robust operating cash flow of $661 million, supported by significant stock-based compensation expense of $242 million and effective working capital management. The balance sheet remained healthy with total assets of $3.15 billion, including $1.35 billion in cash and cash equivalents, and stockholders' equity of $2.12 billion. The company demonstrated solid profitability with basic and diluted earnings per share of $1.00, reflecting improved operational efficiency and financial stability.
Toast, Inc. delivered solid financial results for fiscal year 2025, reporting total revenue of $6.15 billion and net income of $342 million. The company achieved operating income of $292 million, demonstrating improved profitability from operations. Gross profit reached $1.59 billion, representing a gross margin of 25.9%. Operating expenses totaled $1.30 billion, comprising sales and marketing ($571 million), research and development ($374 million), general and administrative ($344 million), and restructuring expenses ($12 million). The company generated strong operating cash flow of $661 million, significantly exceeding net income due to substantial non-cash adjustments including stock-based compensation expense of $242 million and depreciation and amortization of $64 million.
The filing does not provide segment breakdown or geographic mix data for revenue analysis. The total revenue of $6.15 billion represents the consolidated performance across all business activities. No specific revenue drivers, product categories, or customer segments are disclosed in the provided financial data. The absence of segment reporting suggests the company may operate as a single reporting segment or has chosen not to disclose segment-level information in this filing.
Toast achieved a gross margin of 25.9% for fiscal year 2025, with cost of revenue totaling $4.56 billion including $5 million in amortization of acquired intangible assets. The operating margin was 4.7%, reflecting efficient management of operating expenses relative to revenue. The company's profitability was supported by other income of $51 million in net interest income, partially offset by a $3 million change in fair value of warrant liability. Income tax expense was minimal at $4 million, contributing to the net income margin of 5.6%.
The company generated $661 million in operating cash flow, with key adjustments including $242 million in stock-based compensation, $99 million in amortization of deferred contract acquisition costs, and $91 million in credit loss expense. Investing activities used $172 million primarily for capital expenditures ($53 million) and purchases of marketable securities ($633 million). Financing activities provided $7 million net cash. The balance sheet shows total assets of $3.15 billion, including current assets of $2.67 billion with $1.35 billion in cash and cash equivalents and $638 million in marketable securities. Total liabilities were $1.02 billion, resulting in stockholders' equity of $2.12 billion and a debt-to-equity ratio of 0.48.
The filing does not contain management guidance, strategic priorities, or specific risk factors in the provided content. No forward-looking statements, growth projections, or business outlook information is included in the extracted financial data. Investors should refer to the complete 10-K filing for management's discussion and analysis of financial condition and results of operations, which typically includes outlook information, strategic initiatives, and risk factors that are not captured in the numerical financial statements alone.