Toast Statistics 2026: ARR, GPV & Revenue Data

Toast processed $195.1 billion in Gross Payment Volume across its restaurant platform in 2025, up 23% year over year. Toast (NYSE: TOST), the Boston-headquartered hospitality technology platform, also reported GAAP net income of $342 million for the full year 2025, compared with $19 million in 2024, alongside Adjusted EBITDA of $633 million.

Toast, Inc. trades on the New York Stock Exchange under the ticker TOST. CEO Aman Narang co-founded the company in 2011 with Steve Fredette and Jonathan Grimm. The data below covers Toast’s annualized recurring revenue mix, payment volume trajectory, take rate, profitability, free cash flow, location growth, Toast Capital lending program, workforce, international footprint, and guidance, drawn from the company’s Form 8-K Exhibit 99.1 earnings release dated February 12, 2026, and its FY2024 Annual Report on Form 10-K.

Key Takeaways

• Toast added a record 30,000 net locations in 2025, including approximately 8,000 in the fourth quarter, bringing the platform to approximately 164,000 live locations.
• Total Annualized Recurring Run-Rate reached over $2.0 billion as of December 31, 2025, up 26% year over year.
• Gross Payment Volume grew to $195.1 billion for the full year 2025, up 23% year over year.
• GAAP net income reached $342 million in FY2025 versus $19 million in FY2024, while Adjusted EBITDA was $633 million compared with $373 million.
• Free Cash Flow grew to $608 million in FY2025 from $306 million in FY2024, while net cash provided by operating activities reached $661 million.
• Subscription Annualized Recurring Run-Rate of 1,061 (up 28%) now exceeds Payments ARR of $986 (up 24%), per Toast’s Form 8-K Exhibit 99.1, with both metrics reported in millions.
• Recurring gross profit grew 33% in 2025 while Adjusted EBITDA margins reached 34%, per CEO Aman Narang’s prepared remarks.

Editor’s Choice

• Total revenue reached $6,153 in FY2025, up from $4,960 in FY2024.
• Gross Payment Volume was $195.1 billion for the full year 2025, up 23% year over year.
• Financial technology solutions revenue totaled $5,037 in FY2025, up from $4,053 in FY2024.
• Subscription services revenue grew to $936 in FY2025 from $706 in FY2024.
• Total Annualized Recurring Run-Rate crossed over $2.0 billion as of December 31, 2025.
• Toast added approximately 30,000 net locations in 2025, the largest annual location addition in the company’s history.

Recent Developments

• February 12, 2026: Toast released Q4 and full-year 2025 financial results in Form 8-K Exhibit 99.1, reporting $195.1 billion in FY2025 GPV and over $2.0 billion in Total ARR.
• February 10, 2026: Toast’s Board of Directors authorized a $500 million increase to the existing share repurchase program for Class A common stock.
• Q1 2026 guidance: Toast expects Non-GAAP subscription services and financial technology solutions gross profit in the range of $505 million to $515 million (22-24% growth versus Q1 2025), with Adjusted EBITDA between $160 million and $170 million.
• FY2026 guidance: Toast expects Non-GAAP subscription and FTS gross profit between $2,270 million and $2,300 million (20-22% growth), with Adjusted EBITDA between $775 million and $795 million.
• Q4 2025 results: Quarterly net income reached $101 million compared with $33 million in Q4 2024, while Adjusted EBITDA was $163 million versus $111 million a year earlier.
• Recurring gross profit growth: Recurring gross profit grew 33% in 2025, with Adjusted EBITDA margins reaching 34%, per CEO Aman Narang’s earnings commentary.

Toast Locations Statistics

• Toast added 30,000 net locations in 2025, the largest single-year addition in company history.
• Approximately 8,000 net locations were added in the fourth quarter of 2025 alone.
• Total live locations reached approximately 164,000 as of December 31, 2025, up 22% year over year.
• Toast served approximately 93,000 restaurant locations as of June 30, 2023, per the company’s leadership-transition press release.
• Toast defines a live Location as a unique location using Toast Point of Sale to record transaction volumes above a minimum threshold and not marked as churned.
• US restaurant locations on the Toast platform account for approximately 15% of the US restaurant market, per the company’s FY2024 10-K disclosure.

The 30,000 net adds in 2025 sit against the stated US penetration of roughly 15%, indicating runway in the home market before international scaling matures.

Source: Toast, Inc. SEC filings

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How many restaurants use Toast?

Approximately 164,000 restaurant locations use Toast as of December 31, 2025, up 22% year over year. This represents approximately 15% of the US restaurant market, per Toast’s FY2024 10-K, a footprint the company built from approximately 93,000 locations as of June 30, 2023.

Toast Annualized Recurring Revenue (ARR)

• Total Annualized Recurring Run-Rate reached over $2.0 billion as of December 31, 2025, up 26% year over year.
• Payments Annualized Recurring Run-Rate was $986 at year-end 2025, up 24% from $794 a year earlier.
• Subscription Annualized Recurring Run-Rate reached $1,061 at year-end 2025, up 28% from $832 a year earlier.
• Total ARR at year-end 2024 was $1,626, up 34% from $1,218 at year-end 2023.
• Subscription ARR ($1,061) now exceeds Payments ARR ($986) in both absolute scale and growth rate, the first reporting period where the mix tilts toward subscription. The differential is roughly seventy-five (in millions), with the growth-rate gap widening by 4 percentage points (28% vs 24%).
• Toast exceeded $1 billion in ARR for the first time as of June 30, 2023, per the company’s leadership-transition disclosure.

By the numbers: Toast’s Subscription ARR of $1,061 now exceeds Payments ARR of $986 at year-end 2025, per the company’s Form 8-K Exhibit 99.1. Subscription ARR also grew 28% versus Payments ARR’s 24%, the first reporting period where SaaS-side scale and growth both lead the mix.

Source: Toast, Inc. SEC filings

Toast Gross Payment Volume (GPV)

• Full year 2025 GPV was $195.1 billion, up 23% year over year.
• Q4 2025 GPV was $51.4 billion, up 22% year over year from $42.2 billion in Q4 2024.
• FY2024 GPV was $159.1 billion, up 26% from $126.1 billion in FY2023.
• Gross Payment Volume represents the sum of total dollars processed through the Toast payments platform across Toast Processing Locations in a given period, per the company’s FY2024 10-K.
• The three-year GPV growth trend shows compression: 26% in 2024, followed by 23% in 2025 as the volume base expanded. Annual GPV growth slowed by approximately 3 percentage points between 2024 and 2025 as the comparable base widened from $126.1 billion to $159.1 billion.

Source: Toast, Inc. SEC filings

Toast Take Rate and Unit Economics

• Financial technology solutions revenue was $5,037 in FY2025 against $195.1 billion in GPV. Dividing FY2025 FTS revenue of $5,037 by FY2025 GPV of $195.1 billion yields an effective take rate of roughly two-and-a-half cents per dollar of payments throughput.
• FTS revenue grew from $4,053 in FY2024 to $5,037 in FY2025, an increase of roughly one-quarter on the prior year ($5,037 versus $4,053).
• FTS revenue consists primarily of transaction-based fees calculated as a percentage of the total transaction amount processed, plus a per-transaction fee, per the FY2024 10-K.
• FY2024 FTS revenue was $4,053, up 27% from $3,189 in FY2023.

The reported take rate sits above the band typical of horizontal merchant processors. The premium reflects what restaurant operators pay for an integrated stack: POS software, online ordering, payroll, and capital access bundled into one contract. Comparable processor economics appear in our Stripe payment data coverage.

The takeaway: Toast’s vertical-specialist model lets the company embed software value into transaction pricing, producing an FTS-to-GPV ratio of roughly two-and-a-half cents per dollar in FY2025. The figure is derived from $5,037 in FTS revenue divided by $195.1 billion in GPV, both disclosed in the Form 8-K Exhibit 99.1.

What is Toast’s take rate?

Toast’s effective take rate is roughly two-and-a-half cents per dollar of GPV in FY2025, derived from $5,037 in financial technology solutions revenue against $195.1 billion in GPV. The FTS line covers transaction-based fees calculated as a percentage of the total amount processed plus a per-transaction fee, per Toast’s FY2024 10-K, pricing that bundles software value into payments economics.

Toast Revenue Mix

• Total revenue reached $6,153 in FY2025, up from $4,960 in FY2024.
• Subscription services revenue grew to $936 in FY2025 from $706 in FY2024.
• Financial technology solutions revenue was $5,037 in FY2025 versus $4,053 in FY2024.
• Hardware and professional services revenue was $180 in FY2025 compared with $201 in FY2024.
• FY2024 subscription revenue of $706 grew 41% from $500 in FY2023.
• FY2024 total revenue grew 28% year over year from $3,865 to $4,960.
• FY2025 subscription services revenue grew approximately one-third year over year, derived from $936 versus $706.

How much revenue does Toast make?

Toast generated $6,153 in total revenue for the full year 2025, up from $4,960 in FY2024 (in millions). Financial technology solutions contributed $5,037 (the payments line), subscription services contributed $936, and hardware plus professional services contributed $180, a mix increasingly tilted toward software economics.

Toast Profitability and Adjusted EBITDA

• GAAP net income was $342 million in FY2025, compared with $19 million in FY2024.
• GAAP income from operations was $292 million in FY2025 versus $16 million in FY2024.
• Adjusted EBITDA reached $633 million in FY2025 versus $373 million in FY2024, an increase of roughly seventy percent on the prior year ($633 million versus $373 million).
• Q4 2025 GAAP net income was $101 million versus $33 million in Q4 2024, while Q4 2025 Adjusted EBITDA was $163 million versus $111 million a year earlier.
• Q4 2025 GAAP income from operations was $85 million, compared with $32 million in Q4 2024.
• Recurring gross profit grew 33% in 2025 while Adjusted EBITDA margins reached 34%, per CEO Aman Narang’s earnings remarks.

Key finding: According to Toast’s Form 8-K Exhibit 99.1, GAAP net income grew from $19 million in FY2024 to $342 million in FY2025, an inflection driven by $5,037 in financial technology solutions revenue and 34% Adjusted EBITDA margins on recurring gross profit.

Is Toast profitable?

Yes. Toast reported $342 million in GAAP net income for full year 2025, compared with $19 million in FY2024, on $6,153 in revenue. Adjusted EBITDA grew to $633 million from $373 million, while GAAP income from operations reached $292 million versus $16 million a year earlier, per the company’s Form 8-K Exhibit 99.1 released February 12, 2026.

Toast Free Cash Flow Statistics

• Free Cash Flow was $608 million in FY2025, up from $306 million in FY2024, roughly doubling year over year ($608 million versus $306 million).
• Net cash provided by operating activities was $661 million in FY2025 versus $360 million in FY2024.
• Q4 2025 Free Cash Flow was $178 million in Q4 2025.
• Q4 2025 net cash provided by operating activities was $194 million.
• The FY2025 Free Cash Flow figure of $608 million represents roughly a doubling over the $306 million reported in FY2024.

Source: Toast, Inc. SEC filings

Toast Capital Lending Statistics

• Toast Capital loans are issued by a bank partner and generally repaid through a portion of the borrower’s daily transactions, per Toast’s FY2024 10-K.
• Toast holds a potential purchase obligation on loans extended by the bank partner, capped such that purchased loans cannot exceed 15% of the original principal amount of loans made in the applicable quarter.
• Toast uses proprietary systems incorporating data science models, historical POS data, and payment processing volume to assist with loan origination.
• Approved borrowers can access funds as soon as the next business day after signing a credit agreement, per the FY2024 10-K disclosure.

Toast Capital is structured as business-purpose lending under state commercial-lending supervision, not consumer credit under TILA/Reg Z. The bank partner originates, Toast services, and holds a capped purchase obligation.

Worth noting: Toast Capital loans are issued by a bank partner and repaid through a portion of daily transactions, per Toast’s FY2024 10-K. Toast’s purchase obligation is capped at 15% of original principal per quarter, a structural limit on direct credit exposure that differentiates the program from balance-sheet lenders. The business-purpose lending sits under state commercial supervision rather than TILA/Reg Z.

Toast Employee and Workforce Statistics

• Toast had approximately 5,700 employees worldwide as of December 31, 2024, per the company’s FY2024 10-K Human Capital disclosure.
• Workforce grew from 50 employees in 2015 to 4,500 employees as of December 31, 2022, per the company’s leadership-transition press release.
• Headcount expanded by more than two orders of magnitude between 2015 and December 31, 2024, from 50 to 5,700 employees, tracking the platform’s expansion from a single-city Boston deployment to a global restaurant-technology operation.
• Toast’s workforce is concentrated in the United States, with significant operations also in Ireland and India, per the company’s FY2024 10-K.

Toast International Footprint

• Toast has significant operations in the United States, Ireland, and India, per the company’s FY2024 Form 10-K.
• Toast did not earn material revenue in any country other than the United States during the three fiscal years 2024, 2023, and 2022, per the FY2024 10-K.
• The majority of Toast’s revenue is derived from customers located in the United States, with international expansion identified as a long-term growth lever in the same filing.
• Toast has limited experience with international customers and in selling its platform internationally, per the company’s risk-factor disclosures.

Toast’s international footprint is still small relative to its US revenue base; the FY2024 10-K states no material non-US revenue across the three most recent fiscal years. Readers comparing Toast to internationally scaled peers should weigh US penetration above international rollout when modeling near-term growth.

Toast Market Share and Competitor Context

• Toast estimates that US restaurant locations on its platform account for approximately 15% of the US restaurant market, per the FY2024 Form 10-K.
• The remaining roughly five-sixths of US restaurant locations represent an unaddressed market opportunity, based on Toast’s own 15% US restaurant-market penetration estimate in the FY2024 10-K.
• Toast expects the restaurant industry to continue shifting toward innovative, digital, cloud-based solutions, per the FY2024 10-K outlook.
• Toast positions itself as an all-in-one digital technology platform built for hospitality, per the February 12, 2026 Form 8-K Exhibit 99.1.

Source: Toast, Inc. SEC filings

Is Toast bigger than Square?

Toast reports approximately 15% of the US restaurant market as locations on its platform per the FY2024 10-K, but does not disclose comparable competitor penetration data. Direct head-to-head market-share comparisons between Toast and Square (Block Inc.’s POS arm) require pulling each company’s separately-reported metrics on a like-for-like basis. Toast publishes restaurant-location counts while Square publishes seller-counts that include non-restaurant sellers. The vertical-specialist versus horizontal-processor positioning is more durable than any single quarter’s share number suggests.

Toast Outlook and Guidance

• Q1 2026 guidance: Non-GAAP subscription services and FTS gross profit between $505 million and $515 million (22-24% growth versus Q1 2025).
• Q1 2026 Adjusted EBITDA guidance: $160 million to $170 million.
• FY2026 guidance: Non-GAAP subscription and FTS gross profit between $2,270 million and $2,300 million (20-22% growth versus 2025).
• FY2026 Adjusted EBITDA guidance: $775 million to $795 million.
• The board authorized a $500 million increase to Toast’s previously authorized share repurchase program on February 10, 2026.

Source: Toast, Inc. SEC filings

Toast Leadership and Corporate History

• Aman Narang became CEO of Toast effective January 1, 2024, succeeding Chris Comparato, who had served as CEO since February 2015 and remains on the Board.
• Toast was co-founded in 2011 by Aman Narang alongside Steve Fredette and Jonathan Grimm, with headquarters in Boston, Massachusetts.
• Toast’s initial public offering closed on September 24, 2021, with 25,000,000 shares of Class A common stock sold at a public offering price of $40.00 per share.
• Total gross IPO proceeds were approximately $1 billion, before deducting underwriting discounts and commissions.
• Class A common stock began trading on the New York Stock Exchange under the ticker TOST on September 22, 2021.
• Chris Comparato’s tenure as CEO saw Toast grow from 50 to 4,500 employees globally and reach approximately 93,000 restaurant locations by June 30, 2023, per the company’s leadership-transition press release.

The leadership transition kept operating continuity intact: a co-founder who had served as COO took over after the 2021 IPO scale-up. Toast’s NYSE listing fits the broader public-markets fintech pattern documented in our retail investing data coverage.

Who is the CEO of Toast?

Aman Narang is the CEO of Toast, effective January 1, 2024. Narang co-founded Toast in 2011 with Steve Fredette and Jonathan Grimm, served as Co-President since December 2012 and Chief Operating Officer since June 2021, and succeeded Chris Comparato, who had served as CEO from February 2015 through December 2023 and remains on the Board.

Is Toast a public company?

Yes. Toast is a public company. Class A common stock began trading on the New York Stock Exchange under the ticker TOST on September 22, 2021, after an IPO that closed September 24, 2021, with 25,000,000 shares at $40.00 per share for approximately $1 billion in gross proceeds.

Conclusion

Toast’s FY2025 results crystallize the structural transition the company has been building since IPO. Gross Payment Volume of $195.1 billion, GAAP net income of $342 million, and Adjusted EBITDA of $633 million on $6,153 in revenue mark a clean break from the break-even economics of prior years. Total Annualized Recurring Run-Rate crossed over $2.0 billion at year-end 2025, while approximately 164,000 live locations and 30,000 net adds in 2025 represent the largest single-year platform expansion in the company’s history.

Three durable trends sit beneath the FY2025 headline numbers. Subscription ARR ($1,061) now leads Payments ARR ($986) in both scale and growth. The effective take rate of approximately 2.58% remains above typical horizontal merchant-processor bands. With stated US restaurant penetration around 15% in the FY2024 10-K, the runway through 2026 is more about depth-in-category execution than new geography.