Toast — Feb 10, 2026 release

We have momentum across the business — we’re scaling our core restaurant business, accelerating growth in new markets, increasing platform adoption, and investing with focus. We’re confident we’re building a platform that can serve many multiples of our current locations and scale to $5 billion and $10 billion in ARR over the next decade.” Financial Highlights for the Fourth Quarter of 2025 • ARR as of December 31, 2025 was over $2.0 billion, up 26% year over year. • Total Locations increased 22% year over year to approximately 164,000. • Gross Payment Volume (GPV) increased 22% year over year to $51.4 billion. • GAAP subscription services and financial technology solutions gross profit was up 29% year over year to $487 million. Non-GAAP subscription services and financial technology solutions gross profit grew 28% year over year to $502 million. • GAAP income from operations was $85 million in Q4 2025 compared to $32 million in Q4 2024. • GAAP net income was $101 million in Q4 2025 compared to $33 million in Q4 2024. Adjusted EBITDA was $163 million in Q4 2025 compared to Adjusted EBITDA of $111 million in Q4 2024. • Net cash provided by operating activities of $194 million and Free Cash Flow of $178 million in Q 4 2025 , compared to net cash provided by operating activities of $147 million and Free Cash Flow of $134 million in Q 4 2024 . Financial Highlights for the Full Year 2025 • GPV for the full year 2025 increased 23% year over year to $195.1 billion. • GAAP subscription services