Restructuring and cost reductionsnegative · 4 filings
“This increase was primarily driven by higher employee-related costs, partially offset by a decrease in restructuring expenses.”10-Q · May 8, 2026 ↗
Toast, Inc.
TOST
Market read
Toast, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 21.9% versus the comparable filing period.
Company-1.6% todayVolume comparison unavailable
Market group0 of 16 activeSoftware - Application · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- TOST's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if TOST's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 21.9% versus the comparable filing period.
- Operating margin improved 3.5 percentage points.
- Net income increased 125.0% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- TOST's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods7
Price observations327
Usable filing statements69
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +24.1% year over year.
- Operating margin changed +4.4 percentage points in the latest annual period.
- Net margin changed +5.2 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 2.7% in the latest annual period.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 11645% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 238% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
31.956m+11.3%12m-21.9%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.7B+107.2%$-1.68+45.0%
2022-12-31$2.7B+60.2%$-0.72—
2023-12-31$3.9B+41.5%$-0.47+4.1%
2024-12-31$5.0B+28.3%$0.03+10.9%
2025-12-31$6.2B+24.1%$0.56+2.7%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 3 filings
“Research and Development Year Ended December 31, Change (dollars in millions) 2025 2024 Amount % Research and development $ 374 $ 351 $ 23 7 % The increase in research and development expenses during the fiscal year ended December 31, 2025 was primarily attri…”10-K · Feb 18, 2026 ↗
Capital investment and capacitynegative · 2 filings
“The decrease in net cash used in investing activities during the nine months ended September 30, 2025, as compared to the same period last year, was primarily driven by a decrease in cash outflows related to capital expenditures.”10-Q · Nov 5, 2025 ↗
Macroeconomic conditionsmixed · 1 filings
“While it is difficult to accurately measure the impact of inflation due to the lack of precise estimates, we believe the effects of inflation, if any, on our results of operations and financial condition have been immaterial.”10-K · Feb 18, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.2× · EV/sales 2.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
31.95-1.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TOST. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-08 against the comparable filing from 2025-05-09.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 21.9% versus the comparable filing period.
- Operating margin improved 3.5 percentage points.
- Net income increased 125.0% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Three Months ended March 31, (in millions) 2026 2025 Net cash provided by operating activities $ 132 $ 79 Net cash provided by (used in) investing activities (75) 22 Net cash provided (used in) by financing activities (227) 73 Effect of exchange rate changes on cash and cash equivalents and restricted cash — — Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash $ (170) $ 174 Cash, cash equivalents and marketable securities The net decrease in cash, cash equivalents and marketable securities in the three months ended March 31, 2026 was primarily driven by cash used in financing activities of $227 million and cash used in investing activitie...”
“The increase in net cash provided by operating activities during the three months ended March 31, 2026, compared to the same period in 2025, was primarily driven by net income of $126 million during the three months ended March 31, 2026 as compared to a net income of $56 million during the same period last year.”
“The increase in net cash used in investing activities during the three months ended March 31, 2026, compared to the same period in 2025, was primarily driven by an increase in cash paid to purchase marketable securities.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind TOST
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMZNAmazon.com, Inc.supplierFeb 18, 2026 ▾
“Our highly scalable, services-based, multi-tenant architecture runs on Amazon Web Services.”
MAMastercard IncorporatedpartnerFeb 18, 2026 ▾
“14 Table of Contents Card Network and Nacha Rules We rely on our relationships with financial institutions and third-party payment processors to access the payment card networks, such as Visa and Mastercard, which enable the acceptance of credit cards and deb…”
Depended on by
FOURShift4 Payments, Inc.competitorFeb 27, 2026 ▾
“For certain services and solutions, including end-to-end payments, we compete with non-integrated payment processors (such as Chase Paymentech, Elavon, Worldpay, Fiserv and Global Payments) and integrated payment providers (such as Adyen, Lightspeed, Shopify,…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TOST is currently a Follower in the organic co-movement group Software - Application. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.