TOST Q2 2025 Earnings
Reported Aug 5, 2025 at 4:12 PM ET · SEC Source
Q2 25 EPS
$0.13
MISS 41.78%
Est. $0.22
Q2 25 Revenue
$1.55B
BEAT +2.07%
Est. $1.52B
vs S&P Since Q2 25
-52.1%
TRAILING MARKET
TOST -38.2% vs S&P +13.9%
Market Reaction
Did TOST Beat Earnings? Q2 2025 Results
Toast posted a mixed but fundamentally strong Q2 2025, with revenue of $1.55 billion growing 24.8% year over year and topping the $1.52 billion consensus by 2.07%, while GAAP diluted EPS of $0.13 fell well short of the $0.22 analyst estimate, a miss … Read more Toast posted a mixed but fundamentally strong Q2 2025, with revenue of $1.55 billion growing 24.8% year over year and topping the $1.52 billion consensus by 2.07%, while GAAP diluted EPS of $0.13 fell well short of the $0.22 analyst estimate, a miss of 41.78%. The headline earnings gap was overshadowed by the operational momentum underneath, as the company added a record 8,500 net new locations in the quarter, pushing its total footprint to roughly 148,000 and driving annualized recurring run-rate to $1.93 billion, up 31% year over year. Adjusted EBITDA nearly doubled to $161 million from $92 million a year ago, and free cash flow climbed to $208 million, reflecting deepening operating leverage across the platform. A newly announced multi-year partnership with American Express, designed to connect dining guests across Resy, Tock, and Toast's restaurant network, underscored the company's push beyond pure payments. Management raised full-year Adjusted EBITDA guidance to $565 million to $585 million, up from the prior $540 million to $560 million range, signaling continued confidence in the growth trajectory.
Key Takeaways
- • Record 8,500 net new locations added in Q2 2025
- • Total locations grew 24% YoY to approximately 148,000
- • ARR grew 31% YoY to $1.9 billion
- • GPV increased 23% YoY to $49.9 billion
- • Recurring gross profit (Non-GAAP subscription services and fintech gross profit) grew 35% YoY
- • Enterprise, international, and food & beverage retail surpassed 10,000 live locations
TOST YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
TOST Revenue by Segment
With YoY comparisons, source: SEC Filings
“I'm proud of the team for delivering another strong quarter - we added a record 8,500 net new locations, recurring gross profit grew 35% year over year, and Adjusted EBITDA scaled to $161 million. Both our core U.S. restaurant business and our new market segments performed very well, with enterprise, international, and food and beverage retail passing 10,000 live locations. We are thrilled to welcome another 1,300+ unit chain to Toast as we continue to move upmarket and our international team has launched our first customer in Australia. We are also excited to announce the release of Toast Go® 3, our most powerful handheld yet, as well as a partnership with American Express aimed at delivering personalized experiences and expanding guest reach to help our customers provide better hospitality and grow. We're building a platform to help local businesses thrive and I've never been more confident in our ability to deliver on that ambition and lead this industry.”
— Aman Narang, Q2 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% |