Booked Applebee’s, Toast’s largest deal in company history

Added over 6,000 net new Locations in first quarter 2025

Annualized recurring run-rate (ARR) as of March 31, 2025 grew 31% to $1.7 billion

Net income was $56 million and Adjusted EBITDA was $133 million in first quarter

BOSTON: Toast (NYSE: TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the first quarter ended March 31, 2025.

“Toast kicked off the year with a fantastic first quarter - we added over 6,000 net new locations, grew our recurring gross profit streams1 37%, and delivered $133 million in Adjusted EBITDA,” said Toast CEO and Co-Founder Aman Narang. “We continue to see strong momentum across both our core business as well as our new verticals in international, retail, and enterprise including marquee wins in Applebee’s and Topgolf. We are starting to see our scale and data across our 140,000 locations help our customers be more successful, which sets us up well as we continue to build out the platform and scale globally.”

Financial Highlights for the First Quarter of 2025

• ARR as of March 31, 2025 was $1.7 billion, up 31% year over year.
• Total Locations increased 25% year over year to approximately 140,000.
• Gross Payment Volume (GPV) increased 22% year over year to $42.2 billion.
• GAAP subscription services and financial technology solutions gross profit was up 35% year over year to $394 million. Non-GAAP subscription services and financial technology solutions gross profit grew 37% year over year to $415 million.
• GAAP income from operations was $43 million in Q1 2025 compared to GAAP loss from operations of $(56) million in Q1 2024.
• GAAP net income was $56 million in Q1 2025 compared to GAAP net loss of $(83) million in Q1 2024. Adjusted EBITDA was $133 million in Q1 2025 compared to Adjusted EBITDA of $57 million in Q1 2024.
• Net cash provided by operating activities of $79 million and Free Cash Flow of $69 million in Q1 2025, compared to net cash used in operating activities of $(20) million and Free Cash Flow of $(33) million, respectively, in Q1 2024.

Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Key Business Metrics” and “Non-GAAP Financial Measures,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Outlook2

For the second quarter ending June 30, 2025, Toast expects to report:

• Non-GAAP subscription services and financial technology solutions gross profit in the range of $435 million to $445 million (26-29% growth compared to Q2 2024)
• Adjusted EBITDA in the range of $130 million to $140 million

For the full year ending December 31, 2025, Toast expects to report:

• Non-GAAP subscription services and financial technology solutions gross profit in the range of $1,775 million to $1,795 million (25-27% growth compared to 2024, up from 23-25% growth)
• Adjusted EBITDA in the range of $540 million to $560 million (up from $510 million to $530 million)

The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding “Forward-looking Statements” in this press release.

Credit Facility Renewal

On May 6, 2025, Toast closed a $350 million revolving credit facility, amending and restating its previous $330 million facility established in 2021.

Recent Business Highlights

• Toast introduced ToastIQ, an intelligence engine to help customers drive more revenue, improve decisions, operate more efficiently, and provide a differentiated guest experience. Built natively into Toast’s end-to-end platform and fusing millions of transactions a day across Toast’s 140,000 locations with Toast’s deep hospitality expertise, the first ToastIQ service features—Menu Upsells, Shift at a Glance, and Digital Chits—are designed to enhance service while AI-Marketing Assistant and Advertising help simplify the process of attracting new guests and fostering long-term loyalty.
• Toast signed an agreement with Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill + Bar®, IHOP®, and Fuzzy’s Taco Shop®, to implement Toast technology at Applebee’s locations in the U.S., representing Toast’s largest deal to-date.
• Toast recently signed an agreement with Topgolf, the leader in modern golf entertainment that pairs a “no golf knowledge needed” experience with a full-service restaurant and bar. Topgolf will implement Toast Enterprise Solutions across its venues in the United States.

Conference Call Information

Toast will host a live conference call at 5:00 p.m. Eastern Time on Thursday, May 8, 2025. The live webcast of the conference call can be accessed through Toast’s investor relations website at http://investors.toasttab.com. A replay of the webcast will be available for a period of 90 days after the call.

Toast has used, and intends to continue to use, its Investor Relations website (http://investors.toasttab.com), as well as the Toast Newsroom (https://pos.toasttab.com/news), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Toast’s Investor Relations website, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Toast’s Investor Relations website address, and any hyperlinks are only inactive textual references.

About Toast

Toast is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com.

Forward-looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements about expected financial positions or growth; results of operations; cash flows; guidance on financial results for the second fiscal quarter and full year of 2025; statements about future operating results; the expectations of demand for Toast’s products and growth of its business; statements about new products and offerings and the benefits thereof; the growth rates in the markets in which Toast competes; Toast’s investments in technology and infrastructure; Toast’s ability to deliver innovative solutions; Toast’s ability to attract and retain customers and the commitments from its customers; financing plans; business strategy; operating plans; competitive positions; and growth opportunities for existing products.

The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast’s filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations'' in Toast’s Annual Report on Form 10-K for the year ended December 31, 2024, Toast’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025 that will be filed following this earnings release, and Toast’s subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast’s views as of any date subsequent to the date of this press release.

TOAST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except for number of shares and par value)
	March 31, 2025				December 31, 2024
Assets:
Current assets:
Cash and cash equivalents	$	1,005			$	903
Marketable securities		484				514
Accounts receivable, net		118				115
Inventories, net		111				118
Other current assets		404				325
Total current assets		2,122				1,975
Property and equipment, net		93				98
Operating lease right-of-use assets		23				25
Intangible assets, net		19				20
Goodwill		113				113
Restricted cash		67				59
Other non-current assets		127				118
Total non-current assets		442				433
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