Toast, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
TOST$34.52-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(unaudited)(in millions)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $241 | $(13) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 48 | 35 |
| Stock-based compensation expense | 186 | 193 |
| Amortization of deferred contract acquisition costs | 73 | 59 |
| Change in fair value of warrant liability | (2) | 37 |
| Credit loss expense | 66 | 50 |
| Stock-based charitable contribution expense | 6 | 5 |
| Asset impairments | 2 | 2 |
| Gain on warrant extinguishment | — | (14) |
| Other non-cash items | 5 | (5) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (20) | (54) |
| Other current assets | (22) | (11) |
| Deferred contract acquisition costs | (109) | (95) |
| Inventories, net | 14 | 12 |
| Accounts payable | 11 | (1) |
| Accrued expenses and other current liabilities | (23) | (7) |
| Deferred revenue | 6 | 23 |
| Operating lease right-of-use assets and operating lease liabilities, net | (6) | (1) |
| Other assets and liabilities | (9) | (2) |
| Net cash provided by operating activities | 467 | 213 |
| Cash flows from investing activities: | ||
| Capital expenditures | (37) | (41) |
| Purchases of marketable securities | (371) | (353) |
| Proceeds from the sale of marketable securities | 135 | 80 |
| Maturities of marketable securities | 253 | 290 |
| Net cash used in investing activities | (20) | (24) |
| Cash flows from financing activities: | ||
| Payments of issuance costs of the revolving credit facility | (3) | — |
| Change in customer funds obligations, net | 49 | 40 |
| Proceeds from issuance of common stock | 78 | 84 |
| Warrant repurchase | — | (61) |
| Repurchases of Class A common stock | (54) | (56) |
| Net cash provided by financing activities | 70 | 7 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3 | 1 |
| Net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash | 520 | 197 |
| Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period | 1,085 | 747 |
| Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period | $1,605 | $944 |
| Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash | ||
| Cash and cash equivalents | 1,357 | 761 |
| Cash held on behalf of customers | 172 | 127 |
| Restricted cash | 76 | 56 |
| Total cash, cash equivalents, cash held on behalf of customers and restricted cash | $1,605 | $944 |
| Supplemental disclosure of cash flow information: | ||
| Stock-based compensation included in capitalized software | $8 | $10 |
| Cash paid for amounts included in the measurement of lease liabilities | 12 | 11 |
| Right-of-use assets obtained in exchange for new operating lease liabilities / (reduction) of lease liabilities from lease terminations and modifications | 4 | 12 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.