TOST Q4 2025 Earnings
Reported Feb 12, 2026 at 4:12 PM ET · SEC Source
Q4 25 EPS
$0.16
MISS 33.33%
Est. $0.24
Q4 25 Revenue
$1.63B
BEAT +1.17%
Est. $1.61B
vs S&P Since Q4 25
+12.4%
BEATING MARKET
TOST +18.1% vs S&P +5.7%
Full Year 2025 Results
FY 25 EPS
$0.56
MISS 44.48%
Est. $1.01
FY 25 Revenue
$6.15B
BEAT +0.31%
Est. $6.13B
Market Reaction
Did TOST Beat Earnings? Q4 2025 Results
Toast served up a mixed quarter to close out fiscal 2025, delivering a top-line beat alongside a notable earnings miss that sent shares lower despite record operational momentum. The restaurant technology company posted Q4 revenue of $1.63 billion, a… Read more Toast served up a mixed quarter to close out fiscal 2025, delivering a top-line beat alongside a notable earnings miss that sent shares lower despite record operational momentum. The restaurant technology company posted Q4 revenue of $1.63 billion, ahead of the $1.61 billion consensus and up 22.1% year over year, yet earnings per share of $0.16 fell well short of the $0.24 analysts had expected, a gap of 33.33%. The headline driver behind the quarter's divergent story was accelerating investment in growth, as Toast added roughly 8,000 net locations in Q4 alone to finish the full year with a record 30,000 net new locations and approximately 164,000 total, up 22% year over year. Annualized Recurring Revenue crossed $2.05 billion, growing 26%, underscoring the durability of the company's subscription model. Despite the EPS shortfall, Toast guided full-year 2026 Adjusted EBITDA of $775 million to $795 million, signaling confidence that expanding profitability and sustained location growth will continue converting scale into earnings power.
Key Takeaways
- • Record 30,000 net new locations added in 2025, including approximately 8,000 in Q4
- • ARR grew 26% year over year to over $2.0 billion
- • GPV increased 22% year over year to $51.4 billion in Q4
- • Non-GAAP subscription services and financial technology solutions gross profit grew 28% year over year in Q4
- • Adjusted EBITDA margins reached 34% for the full year
TOST Forward Guidance & Outlook
For Q1 2026, Toast expects non-GAAP subscription services and financial technology solutions gross profit in the range of $505 million to $515 million (22-24% growth vs. Q1 2025) and Adjusted EBITDA of $160 million to $170 million. For the full year 2026, Toast expects non-GAAP subscription services and financial technology solutions gross profit of $2,270 million to $2,300 million (20-22% growth vs. 2025) and Adjusted EBITDA of $775 million to $795 million.
TOST YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
TOST Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a strong year for Toast, adding a record 30,000 net locations, growing recurring gross profit 33%, and delivering Adjusted EBITDA margins of 34%.”
— Aman Narang, Q4 2025 Earnings Press Release
TOST Earnings Trends
TOST vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TOST EPS Trend
Earnings per share: estimate vs actual
TOST Revenue Trend
Quarterly revenue: estimate vs actual
TOST Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.24 | $0.16 | -33.33% | $1.63B | +1.17% |
| FY Full Year | $1.01 | $0.56 | -44.48% | $6.15B | +0.31% |
| Q3 25 MISS | $0.23 | $0.16 | -31.45% | $1.63B | +2.95% |
| Q2 25 MISS | $0.22 | $0.13 | -41.78% | $1.55B | +2.07% |
| Q1 25 MISS | $0.19 | $0.09 | -51.64% | $1.34B | -0.38% |