Toast, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
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.
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Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Subscription services | $244 | $189 | $680 | $506 |
| Financial technology solutions | 1,345 | 1,067 | 3,703 | 2,963 |
| Hardware and professional services | 44 | 49 | 137 | 153 |
| Total revenue | 1,633 | 1,305 | 4,520 | 3,622 |
| Costs of revenue: | ||||
| Subscription services | 67 | 56 | 197 | 159 |
| Financial technology solutions | 1,032 | 835 | 2,855 | 2,323 |
| Hardware and professional services | 101 | 91 | 295 | 279 |
| Amortization of acquired intangible assets | 1 | 1 | 3 | 4 |
| Total costs of revenue | 1,201 | 983 | 3,350 | 2,765 |
| Gross profit | 432 | 322 | 1,170 | 857 |
| Operating expenses: | ||||
| Sales and marketing | 144 | 119 | 418 | 340 |
| Research and development | 102 | 89 | 277 | 258 |
| General and administrative | 102 | 80 | 260 | 229 |
| Restructuring expenses | — | — | 8 | 46 |
| Total operating expenses | 348 | 288 | 963 | 873 |
| Income (loss) from operations | 84 | 34 | 207 | (16) |
| Other income (expense): | ||||
| Interest income, net | 13 | 9 | 36 | 30 |
| Change in fair value of warrant liability | 7 | (1) | 2 | (37) |
| Other income (expense), net | — | 15 | — | 13 |
| Income (loss) before taxes | 104 | 57 | 245 | (10) |
| Income tax (expense) benefit | 1 | (1) | (4) | (3) |
| Net income (loss) | $105 | $56 | $241 | $(13) |
| Net income (loss) per share attributable to common stockholders: | ||||
| Basic | $0.18 | $0.10 | $0.42 | $(0.02) |
| Diluted | $0.16 | $0.07 | $0.39 | $(0.02) |
| Weighted-average shares used in computing net income (loss) per share: | ||||
| Basic | 585 | 563 | 580 | 556 |
| Diluted | 609 | 590 | 606 | 556 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.