Toast Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$20.32B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Strong Q2 performance + momentum signals (good)
- Recurring gross profit streams: +28% YoY (management’s key metric).
- GAAP operating income margin: 26%; also cited “Rule of 50” framework and recurring gross profit growth + operating margin peaking at 57% in 2Q.
- Net location adds: 9,500 in Q2 (record, +1,000 vs prior high watermark).
- Total locations: ~180,000, +22% YoY.
- ARR: +25% YoY; SaaS ARR +27% YoY with mid-single-digit ARPU growth and location-driven scale.
Guidance raised for 2026; Q3 outlook steady (good)
- Q3 (subscription + fintech gross profit): +22% to +24% YoY; Adj. EBITDA: $210M–$220M.
- Full-year 2026 outlook raised:
- Recurring gross profit: +23% to +25% YoY
- Adjusted EBITDA: $805M–$825M
- Management said the EBITDA increase is less than the 2Q beat, implying conservatism on sustainability of one-time items (see risks).
AI “Agentic” product narrative is a key opportunity, with early traction (opportunity/surprising)
- Toast IQ Grow (marketing agent) highlighted as the fastest-growing product ever and on track to reach $10M ARR.
- Customers are showing same-store sales growth and examples cited:
- Spirits Food & Friends: -70% monthly agency spend and >$100k marketing-attributed sales in <2 months.
- AI approach described as AI-generated first draft + human review/approval, with gross margins already improving early; management expressed no long-term margin concerns for this product.
- Strategic intent: expand beyond marketing into payroll/scheduling, tax/bookkeeping, inventory/accounting, and demand forecasting—aiming to take on outsourced work to lift ARPU.
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Share Statistics
| Market cap | $20.32 Billion |
|---|---|
| Enterprise Value | $19.38 Billion |
| Earnings per Share | $0.59 |
| Beta | 1.74 |
| Outstanding Shares | 578,000,000 |
Return
| Return on Equity | 23.77% |
|---|---|
| Return on Assets | 15.28% |
| Return on Invested Capital | 22.39% |
Valuation & Multiples
| P/E Ratio | 38.17 |
|---|---|
| PEG | 41.26 |
| Price to Sales | 3.2 |
| Price to Book Ratio | 11.72 |
| Enterprise Value to Revenue | 2.85 |
| Enterprise Value to EBIT | 41.69 |
| Enterprise Value to Net Income | 39 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.04 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$0.37
Consensus analyst estimateRevenue Estimate
$1.97 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$0.34
Consensus analyst estimateRevenue Estimate
$1.96 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 82.51% |
|---|---|
| Total Calls | 40,700▼ 99.73% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.87%▼ 79.50% |
|---|---|
| Total Invested | $648.10M▼ 95.17% |
| Investors Holding | 280▼ 545.00% |
About Toast Inc
2,021 employees
