Toast (TOST)
Market Price (8/26/2026): $36.2 | Market Cap: $20.9 BilSector: Financials | Industry: Transaction & Payment Processing Services
Toast (TOST)
Market Price (8/26/2026): $36.2Market Cap: $20.9 BilSector: FinancialsIndustry: Transaction & Payment Processing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns3Y Excs Rtn is -6.9% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 44x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% Key risksTOST key risks include [1] its heavy reliance on the volatile restaurant industry, Show more. |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns3Y Excs Rtn is -6.9% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 44x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% |
| Key risksTOST key risks include [1] its heavy reliance on the volatile restaurant industry, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/21/2026
Toast (TOST) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.
Toast (TOST) reported robust financial results for its fiscal second quarter ended June 30, 2026, on August 4, 2026. The company announced total revenue of $1.91 billion, marking a 23.1% year-over-year increase and surpassing analyst estimates of $1.87 billion. Net income for the quarter more than doubled to $154 million, compared to $80 million in fiscal Q2 2025. Following these results, management raised its full-year Adjusted EBITDA guidance to a range of $805 million to $825 million, up from the previous outlook of $790 million to $810 million.
2. Record Customer Acquisition and Ecosystem Expansion.
A significant driver of the stock's performance was Toast's impressive growth in its customer base and strategic partnerships. In fiscal Q2 2026, the company added a record 9,500 net new locations, bringing its total locations to approximately 180,000, a 22% increase year-over-year. This expansion was further bolstered by new partnerships, including Toast being named an endorsed POS provider for BWH Hotels, encompassing roughly 4,300 properties, and an expanded payments partnership with Adyen in the United States.
Show more
Toast (TOST) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.
Toast (TOST) reported robust financial results for its fiscal second quarter ended June 30, 2026, on August 4, 2026. The company announced total revenue of $1.91 billion, marking a 23.1% year-over-year increase and surpassing analyst estimates of $1.87 billion. Net income for the quarter more than doubled to $154 million, compared to $80 million in fiscal Q2 2025. Following these results, management raised its full-year Adjusted EBITDA guidance to a range of $805 million to $825 million, up from the previous outlook of $790 million to $810 million.
2. Record Customer Acquisition and Ecosystem Expansion.
A significant driver of the stock's performance was Toast's impressive growth in its customer base and strategic partnerships. In fiscal Q2 2026, the company added a record 9,500 net new locations, bringing its total locations to approximately 180,000, a 22% increase year-over-year. This expansion was further bolstered by new partnerships, including Toast being named an endorsed POS provider for BWH Hotels, encompassing roughly 4,300 properties, and an expanded payments partnership with Adyen in the United States.
Show more
Updated on 8/21/2026
Toast (TOST) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.
Toast (TOST) reported robust financial results for its fiscal second quarter ended June 30, 2026, on August 4, 2026. The company announced total revenue of $1.91 billion, marking a 23.1% year-over-year increase and surpassing analyst estimates of $1.87 billion. Net income for the quarter more than doubled to $154 million, compared to $80 million in fiscal Q2 2025. Following these results, management raised its full-year Adjusted EBITDA guidance to a range of $805 million to $825 million, up from the previous outlook of $790 million to $810 million.
2. Record Customer Acquisition and Ecosystem Expansion.
A significant driver of the stock's performance was Toast's impressive growth in its customer base and strategic partnerships. In fiscal Q2 2026, the company added a record 9,500 net new locations, bringing its total locations to approximately 180,000, a 22% increase year-over-year. This expansion was further bolstered by new partnerships, including Toast being named an endorsed POS provider for BWH Hotels, encompassing roughly 4,300 properties, and an expanded payments partnership with Adyen in the United States.
3. Positive Analyst Sentiment and Price Target Upgrades.
Following the strong earnings report, Wall Street analysts responded positively by re-rating the stock and increasing their price targets. At least eight brokerages raised their price targets within days of the Q2 2026 earnings release. For example, UBS Group raised its target from $34.00 to $39.00 with a "buy" rating, and Citigroup increased its target from $36.00 to $39.00, also maintaining a "buy" rating. The consensus analyst rating for Toast shifted to a "Moderate Buy" or "Buy" based on ratings from 23 to 26 analysts.
4. Strategic Share Repurchase Program.
Toast demonstrated confidence in its valuation and commitment to shareholder returns through its share repurchase program. The company repurchased 19 million shares for $486 million year-to-date through June 30, 2026, signaling management's belief in the long-term value of the stock.
Show less
Toast (TOST) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.
Toast (TOST) reported robust financial results for its fiscal second quarter ended June 30, 2026, on August 4, 2026. The company announced total revenue of $1.91 billion, marking a 23.1% year-over-year increase and surpassing analyst estimates of $1.87 billion. Net income for the quarter more than doubled to $154 million, compared to $80 million in fiscal Q2 2025. Following these results, management raised its full-year Adjusted EBITDA guidance to a range of $805 million to $825 million, up from the previous outlook of $790 million to $810 million.
2. Record Customer Acquisition and Ecosystem Expansion.
A significant driver of the stock's performance was Toast's impressive growth in its customer base and strategic partnerships. In fiscal Q2 2026, the company added a record 9,500 net new locations, bringing its total locations to approximately 180,000, a 22% increase year-over-year. This expansion was further bolstered by new partnerships, including Toast being named an endorsed POS provider for BWH Hotels, encompassing roughly 4,300 properties, and an expanded payments partnership with Adyen in the United States.
3. Positive Analyst Sentiment and Price Target Upgrades.
Following the strong earnings report, Wall Street analysts responded positively by re-rating the stock and increasing their price targets. At least eight brokerages raised their price targets within days of the Q2 2026 earnings release. For example, UBS Group raised its target from $34.00 to $39.00 with a "buy" rating, and Citigroup increased its target from $36.00 to $39.00, also maintaining a "buy" rating. The consensus analyst rating for Toast shifted to a "Moderate Buy" or "Buy" based on ratings from 23 to 26 analysts.
4. Strategic Share Repurchase Program.
Toast demonstrated confidence in its valuation and commitment to shareholder returns through its share repurchase program. The company repurchased 19 million shares for $486 million year-to-date through June 30, 2026, signaling management's belief in the long-term value of the stock.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 29.0% change in TOST stock from 4/30/2026 to 8/25/2026 was primarily driven by a 28.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.52 | 36.80 | 29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,153 | 6,804 | 10.6% |
| Net Income Margin (%) | 5.6% | 7.1% | 28.5% |
| P/E Multiple | 49.0 | 43.8 | -10.7% |
| Shares Outstanding (Mil) | 588 | 578 | 1.7% |
| Cumulative Contribution | 29.0% |
Market Drivers
4/30/2026 to 8/25/2026| Return | Correlation | |
|---|---|---|
| TOST | 29.0% | |
| Market (SPY) | 6.6% | 10.6% |
| Sector (XLF) | 11.9% | 29.4% |
Fundamental Drivers
The 18.3% change in TOST stock from 1/31/2026 to 8/25/2026 was primarily driven by a 53.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.11 | 36.80 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,858 | 6,804 | 16.1% |
| Net Income Margin (%) | 4.7% | 7.1% | 53.3% |
| P/E Multiple | 66.7 | 43.8 | -34.3% |
| Shares Outstanding (Mil) | 585 | 578 | 1.2% |
| Cumulative Contribution | 18.3% |
Market Drivers
1/31/2026 to 8/25/2026| Return | Correlation | |
|---|---|---|
| TOST | 18.3% | |
| Market (SPY) | 11.0% | 26.3% |
| Sector (XLF) | 9.7% | 44.7% |
Fundamental Drivers
The -24.7% change in TOST stock from 7/31/2025 to 8/25/2026 was primarily driven by a -75.4% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.84 | 36.80 | -24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,222 | 6,804 | 30.3% |
| Net Income Margin (%) | 3.0% | 7.1% | 136.1% |
| P/E Multiple | 177.7 | 43.8 | -75.4% |
| Shares Outstanding (Mil) | 575 | 578 | -0.5% |
| Cumulative Contribution | -24.7% |
Market Drivers
7/31/2025 to 8/25/2026| Return | Correlation | |
|---|---|---|
| TOST | -24.7% | |
| Market (SPY) | 22.2% | 30.9% |
| Sector (XLF) | 12.7% | 43.8% |
Fundamental Drivers
The 66.7% change in TOST stock from 7/31/2023 to 8/25/2026 was primarily driven by a 125.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.07 | 36.80 | 66.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,014 | 6,804 | 125.7% |
| P/S Multiple | 3.8 | 3.1 | -18.5% |
| Shares Outstanding (Mil) | 524 | 578 | -9.3% |
| Cumulative Contribution | 66.7% |
Market Drivers
7/31/2023 to 8/25/2026| Return | Correlation | |
|---|---|---|
| TOST | 66.7% | |
| Market (SPY) | 73.2% | 45.7% |
| Sector (XLF) | 72.5% | 45.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TOST Return | -44% | -48% | 1% | 100% | -3% | 3% | -41% |
| Peers Return | -23% | -30% | 45% | 33% | -44% | -26% | -57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| TOST Win Rate | 25% | 33% | 50% | 67% | 50% | 50% | |
| Peers Win Rate | 50% | 40% | 58% | 56% | 40% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TOST Max Drawdown | - | -63% | -48% | -21% | -34% | -39% | |
| Peers Max Drawdown | -47% | -51% | -32% | -26% | -58% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FISV, LSPD, FOUR, PAR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/25/2026 (YTD)
How Low Can It Go
| Event | TOST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.4% | -9.5% |
| % Gain to Breakeven | 65.1% | 10.5% |
| Time to Breakeven | 108 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.7% | -6.7% |
| % Gain to Breakeven | 48.6% | 7.1% |
| Time to Breakeven | 111 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.6% | -24.5% |
| % Gain to Breakeven | 160.5% | 32.4% |
| Time to Breakeven | 912 days | 427 days |
In The Past
Toast's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | TOST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.4% | -9.5% |
| % Gain to Breakeven | 65.1% | 10.5% |
| Time to Breakeven | 108 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.7% | -6.7% |
| % Gain to Breakeven | 48.6% | 7.1% |
| Time to Breakeven | 111 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.6% | -24.5% |
| % Gain to Breakeven | 160.5% | 32.4% |
| Time to Breakeven | 912 days | 427 days |
In The Past
Toast's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Toast (TOST)
Toast, Inc. (TOST) provides a comprehensive cloud-based digital technology platform specifically designed for the restaurant industry in the United States and Ireland. Its integrated suite of products and services aims to streamline all facets of restaurant operations, from enhancing customer experience and order management to optimizing back-office administration and financial processes. Essentially, Toast acts as an all-in-one technology partner, helping restaurants improve efficiency, boost sales, and manage their business more effectively.
The company's main offerings span hardware, software, and financial services. Key hardware products include various point-of-sale (POS) terminals such as Toast POS for on-counter use, Toast Go handheld devices for tableside ordering and payment, and Toast Flex adaptable stations for diverse functions like kiosks or kitchen displays. Software solutions encompass mobile ordering and payment (Toast Order & Pay), online ordering capabilities with a dedicated app, and diverse delivery services. For restaurant management, Toast provides kitchen display systems, multi-location management, inventory and accounting tools (xtraCHEF), payroll and team management, and robust reporting and analytics. Furthermore, Toast offers integrated payment processing solutions and financial services, including loans and insurance tailored for restaurant owners.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Toast (TOST):
- Shopify for restaurants
- Square/Block for restaurants
AI Analysis | Feedback
Hardware Products
- Toast Point of Sale (POS): A foundational hardware device for processing orders and payments in restaurants.
- Toast Flex: A versatile terminal used for on-counter ordering, server stations, guest kiosks, or kitchen display systems.
- Toast Go: A handheld POS device designed to facilitate tableside ordering and payment acceptance.
- Toast Tap: A compact card reader for quick and secure payment processing.
- Toast Flex for Kitchen: A larger, mountable hardware unit serving as a dedicated kitchen display screen.
Software & Platform Solutions
- Toast Order & Pay: Software enabling guests to place orders and pay directly using their mobile devices.
- Kitchen Display System Software: Enhances communication and efficiency by connecting front-of-house with kitchen staff.
- Multi-Location Management Software: Tools for standardizing operations, menus, and reporting across multiple restaurant locations.
- xtraCHEF: Back-office software providing advanced inventory and food cost management capabilities.
- Online Ordering & TakeOut App: A platform that allows restaurants to accept and manage off-premises orders directly through their branded channels.
- First-Party & Partner Delivery Services: Solutions for restaurants to manage their own delivery fleet or utilize a network of third-party delivery drivers.
- Loyalty Programs & Gift Cards: Features designed to build customer retention through rewards programs and customizable gift card options.
- Payroll & Team Management: Products streamlining employee scheduling, payroll processing, and overall team administration.
- Reporting & Analytics: Provides comprehensive data and insights into restaurant performance for informed business decisions.
- Toast Partner Connect & APIs: An ecosystem allowing restaurants to discover, integrate, and connect with various third-party applications and services.
Financial Services
- Payment Processing Solutions: Secure and integrated services for handling credit card and other electronic payments.
- Restaurant Lending & Financing: Offers loans and purchase financing options tailored to the specific needs of restaurants.
- Business Insurance: Provides business owner policies and specialized add-ons to meet restaurant-specific insurance requirements.
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Major Customers of Toast (TOST)
Toast, Inc. primarily sells its cloud-based and digital technology platform, hardware, and software solutions to other businesses within the restaurant industry. The company's products and services are designed to serve the operational needs of various types of restaurants, including single-location establishments and multi-location chains, throughout the United States and Ireland.
Based on the provided company description, specific names of major restaurant customers are not disclosed.
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- DoorDash (DASH)
- Uber Technologies (UBER)
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Aman Narang - Chief Executive Officer, Co-founder, and Director
Aman Narang co-founded Toast in 2011. He assumed the role of Chief Executive Officer on January 1, 2024, having previously served as Co-President since December 2012 and Chief Operating Officer since June 2021. Before co-founding Toast, Mr. Narang worked in product management at Endeca (now Oracle), where he led their mobile business unit and played a key role in developing Endeca's business intelligence and mobile commerce platforms. Endeca was acquired by Oracle in 2012. He holds B.S. and M.S. degrees in Computer Science from MIT.
Elena Gomez - President and Chief Financial Officer
Elena Gomez joined Toast as Chief Financial Officer in May 2021 and was appointed President in February 2025. She oversees global finance, investor relations, corporate development, and business operations. Under her financial leadership, Toast launched its initial public offering in 2021. Prior to Toast, Ms. Gomez served as the CFO of Zendesk, where she contributed to growing its market capitalization to over $15 billion. Her career spans over 30 years, during which she held finance leadership roles at various Fortune 500 companies, including Salesforce, Visa, and Charles Schwab. She holds a B.S. in Business Administration from UC Berkeley's Haas School of Business.
Steve Fredette - President, Co-founder, and Director
Steve Fredette co-founded Toast in 2011 alongside Aman Narang and Jonathan Grimm. He is responsible for leading product and innovation initiatives at Toast. Before Toast, he engaged in several entrepreneurial ventures, including pioneering iPhone app development. He also served as an "intrapreneur" at Endeca (acquired by Oracle in 2012), where he helped lead the Special Operations team and co-founded their mobile commerce business. Mr. Fredette holds a B.S. degree from MIT.
Jonathan Grimm - Chief Technology Officer and Co-Founder
Jonathan Grimm co-founded Toast in 2011 with Steve Fredette and Aman Narang. As Chief Technology Officer, he is instrumental in guiding the company's technological vision and fostering innovation. His professional background includes senior technical roles, such as Advanced Application Development Lead at Oracle and Solution Engineer at Endeca.
Pete Sauerborn - Chief Operating Officer
Pete Sauerborn serves as the Chief Operating Officer for Toast, where he is responsible for managing the core operations of the business.
AI Analysis | Feedback
The key risks to Toast's business include its significant reliance on the restaurant industry, intense competition and pricing pressures within the restaurant technology sector, and its dependence on payment processing revenue coupled with associated regulatory and compliance challenges.
- Reliance on the Restaurant Industry: Toast is almost exclusively focused on the restaurant sector, making its business highly susceptible to the inherent volatility and challenges of this industry. The restaurant industry is characterized by high turnover rates, thin margins, and sensitivity to economic downturns, which can directly impact Toast's customer base and the volume of transactions processed through its platform.
- Intense Competition and Pricing Pressure: Toast operates in a highly dynamic and competitive restaurant technology market. It faces competition from both broad financial technology platforms, like Square, that offer restaurant-specific solutions, and numerous specialized point-of-sale (POS) and restaurant management system providers. This competitive landscape can lead to ongoing pricing pressures, making it challenging for Toast to acquire new customers and retain existing ones, particularly as competitors may offer alternative pricing structures.
- Dependence on Payment Processing Revenue and Regulatory/Compliance Risks: A substantial portion of Toast's revenue is derived from payment processing fees, which are inherently transaction-based and can be subject to cyclical fluctuations. The company also navigates a complex regulatory environment, especially concerning financial technology and payment services. Changes to regulations, such as the Visa-Mastercard interchange fee settlements, can directly impact Toast's fee revenue. Furthermore, the mandatory use of Toast's proprietary payment processing for its customers, sometimes at potentially higher rates, presents a risk of customer dissatisfaction and churn if the perceived value does not outweigh the cost.
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Toast, Inc. (TOST) operates within several large addressable markets, primarily in the United States, with some international presence. The company's main products and services cater to the restaurant technology sector, encompassing point-of-sale (POS) solutions, online ordering and delivery, and broader restaurant management software, which includes payroll, team management, and payment processing.
Addressable Markets for Toast's Main Products and Services:
- Restaurant Point of Sale (POS) Solutions:
- The U.S. restaurant point of sale solutions market size was valued at USD 5.91 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030.
- Another estimate for the U.S. restaurant POS solutions market valued it at US$ 3.50 billion in 2021, expecting it to reach US$ 6.44 billion by 2030, growing at a CAGR of 4.7% from 2022 to 2030.
- The global Restaurant Point of Sale (POS) Terminals Market size was valued at USD 19.45 billion in 2023 and is expected to grow to nearly USD 30.31 billion by 2030, at a CAGR of 6.54% from 2024.
- In terms of locations, Toast's internal total addressable market (TAM), encompassing restaurants, bar & grill, retail, and food-service venues, is estimated to be around 1.4 million potential locations. As of Q3 2025, Toast served approximately 156,000 locations. The U.S. restaurant industry comprises over 1 million restaurant and foodservice outlets.
- Online Ordering & Delivery Services (including First-Party Delivery, Toast Delivery Services, Toast Delivery Partners services, Toast Online Ordering & Toast TakeOut app):
- The U.S. online food delivery market generated a revenue of USD 52.67 billion in 2024 and is expected to reach USD 93.36 billion by 2030, growing at a CAGR of 9.6% from 2025.
- Another projection estimated the U.S. online food delivery market size at USD 66.73 billion in 2024, projected to grow to USD 211.58 billion by 2035, exhibiting a CAGR of 11.0% during the forecast period 2025-2035.
- Globally, the online food delivery services market size is projected at USD 51.40 billion in 2025 and is anticipated to reach USD 187.11 billion by 2034, registering a CAGR of 15.2%.
- Restaurant Management Software (encompassing POS, kitchen display, multi-location management, back-office tools like xtraCHEF, payroll, team management, reporting & analytics):
- The global restaurant technology market size was valued at USD 16 billion in 2024 and is expected to grow to USD 35 billion by 2035, at a CAGR of 7.4% from 2025.
- The North American restaurant technology market was valued at USD 6 billion in 2024, with an expected increase to USD 14 billion in 2035.
- The United States restaurant management market is projected to grow from USD 15.18 billion in 2025 to USD 32.09 billion by 2031, at a 13.29% CAGR.
- The U.S. restaurant management software market generated a revenue of USD 1.56 billion in 2024 and is expected to reach USD 3.36 billion by 2030, at a CAGR of 14.1% from 2025.
- Payment Processing Solutions:
- The global restaurant payments market size reached USD 56.2 billion in 2024 and is forecasted to reach USD 146.3 billion by 2033, growing at a CAGR of 12.5% between 2025 and 2033.
- North America's restaurant payments market accounted for approximately USD 19.6 billion in 2024.
- The European restaurant payments market was USD 11.8 billion in 2024.
- International Markets (Ireland, UK, Canada):
- As of 2024, Toast's estimated total addressable market in Ireland, the UK, and Canada was 280,000 locations.
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Toast (TOST) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Expansion of Restaurant Locations: Toast is focused on significantly increasing its customer base by adding new restaurant locations across the United States. The company reported serving approximately 140,000 restaurant locations by March 31, 2025, a 25% year-over-year increase, and anticipates a similar pace of net location additions in 2025. This includes a strategy to expand within U.S. SMB restaurants and to broaden its reach into enterprise restaurants.
- Product Innovation and Platform Diversification, including AI: Toast is continuously investing in research and development to introduce new products and services, enhancing its existing platform, and expanding its financial technology solutions. This includes leveraging AI to automate restaurant workflows, offer AI agents for tasks like marketing, payroll, and inventory management, and developing AI-driven personalization through tools like ToastIQ. Such innovations are expected to increase customer adoption and differentiate the platform.
- International and New Vertical Market Expansion: The company is actively pursuing geographical expansion, with a particular focus on international markets such as the UK, Canada, Ireland, and Australia, with potential entry into Western Europe. Simultaneously, Toast is broadening its reach into adjacent verticals beyond its traditional small and medium-sized business (SMB) focus, including enterprise restaurants and food and beverage retail.
- Growth in Fintech Solutions and Payment Volume: Toast's financial technology solutions, including payment processing and Toast Capital (loans advanced to restaurants), are expected to continue driving revenue growth. These solutions contribute significantly to recurring gross profit streams, with growth projected in these segments. The company is also working to optimize payment take rates through cost optimization and new products.
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Capital Allocation Decisions for Toast (TOST) (Last 3-5 Years)
Share Repurchases
- Toast initiated a share buyback program in 2024.
- Since the program's inception in 2024, Toast has repurchased approximately 8 million shares for $235 million, with $107 million of that occurring in 2025 through the repurchase of 3 million shares.
- On February 10, 2026, the Board of Directors approved a $500 million increase to the existing share repurchase authorization, signaling confidence in the company's financial health and capital-return strategy.
Share Issuance
- Toast's shares outstanding have consistently increased over the past few years, growing from 0.290 billion at the end of 2021 to 0.591 billion at the end of 2024.
- As of September 30, 2025, shares outstanding were 609 million, representing a 3.22% increase year-over-year.
- The company's IPO in 2021 involved significant share issuance.
Outbound Investments
- Toast acquired Xtra Chef, Inc. for $49 million on June 8, 2021. The consideration included $23.5 million in cash and 0.56 million shares, with additional payments contingent on revenue targets.
- Toast has made strategic integrations and acquisitions aimed at attracting larger enterprise clients and enhancing its platform, such as with Firehouse Subs and Zabar's.
Capital Expenditures
- Capital expenditures for the full year 2025 were $53 million, a slight decrease from $54 million in 2024.
- The company's business model is considered capital-intensive, necessitating cash investments in working capital and capital expenditures, such as building new facilities.
- Toast's capital expenditures are projected to be around 3% of revenue for increased investments in product innovation and expansion efforts, with an estimated $99 million for Q1 2026.
Peer Outperformance in Transaction & Payment Processing Services
nullShare of Transaction & Payment Processing Services constituents that TOST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
28%
of 18 industry peers · -15.3% return
3Y
94%
of 17 industry peers · 73.3% return
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Transaction & Payment Processing Services is TOST's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 6.0% | 130.7% | 139.2% | IBKR 533% · SNEX 256% · GS 190% |
| Reinsurance | 6 | 22.2% | 84.4% | 124.8% | SPNT 144% · RGA 133% · MTG 132% |
| Diversified Banks | 12 | 39.0% | 137.7% | 104.2% | CM 157% · JPM 150% · RY 137% |
| Life & Health Insurance | 19 | 12.2% | 56.9% | 87.9% | UNM 293% · FG 203% · MFC 177% |
| Regional Banks | 264 | 26.6% | 84.7% | 64.3% | GCBC 400% · ESQ 352% · NBN 300% |
| Property & Casualty Insurance | 42 | 14.3% | 77.1% | 64.0% | ASIC 2689900% · HRTG 450% · UVE 285% |
| Multi-line Insurance | 9 | 14.1% | 80.1% | 59.3% | GNW 174% · L 103% · SLF 89% |
| Consumer Finance | 30 | 11.4% | 89.4% | 35.3% | ENVA 658% · EZPW 430% · FCFS 190% |
| Insurance Brokers | 15 | -8.2% | 9.6% | 35.1% | LIFE 643% · AJG 98% · ARX 87% |
| Multi-Sector Holdings | 6 | 3.6% | -4.7% | 35.1% | BRK-B 77% · JEF 75% · VOYA 69% |
| Asset Management & Custody Banks | 82 | -5.8% | 25.1% | 26.7% | SII 361% · WT 323% · VCTR 299% |
| Financial Exchanges & Data | 15 | -0.3% | 13.7% | 18.8% | VIRT 206% · CBOE 164% · CME 72% |
| Commercial & Residential Mortgage Finance | 12 | -32.3% | 17.4% | 5.4% | FNMA 516% · FMCC 472% · ESNT 65% |
| Specialized Finance | 3 | 17.9% | 51.9% | 5.0% | EFC 36% · CACC 5% · HASI -13% |
| Mortgage REITs | 33 | -6.9% | 12.0% | -11.1% | RITM 60% · NREF 57% · DX 42% |
| Transaction & Payment Processing Services ← | 15 | 4.6% | 5.8% | -39.1% | MA 75% · V 73% · CPAY 61% |
| Diversified Capital Markets | 21 | -24.1% | -4.1% | -42.7% | BTCS 660% · OPY 178% · LPLA 151% |
| Diversified Financial Services | 5 | -5.0% | 64.1% | -65.8% | FRHC 170% · EQH 80% · TMS -66% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.80 |
| Mkt Cap | 3.8 |
| Rev LTM | 4,782 |
| Op Inc LTM | 378 |
| FCF LTM | 289 |
| FCF 3Y Avg | 279 |
| CFO LTM | 593 |
| CFO 3Y Avg | 479 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.8% |
| Rev Chg 3Y Avg | 24.0% |
| Rev Chg Q | 18.7% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 17.2% |
| Op Inc Chg 3Y Avg | 24.1% |
| Op Mgn LTM | 6.4% |
| Op Mgn 3Y Avg | 2.4% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 9.3% |
| CFO/Rev 3Y Avg | 8.3% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 7.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.8 |
| P/S | 1.3 |
| P/Op Inc | 6.3 |
| P/EBIT | 5.8 |
| P/E | 10.0 |
| P/CFO | 6.4 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 6,153 | 4,960 | 3,865 | 2,731 | |
| Financial technology solutions | 1,406 | ||||
| Hardware | 112 | ||||
| Professional services | 18 | ||||
| Subscription services | 169 | ||||
| Total | 6,153 | 4,960 | 3,865 | 2,731 | 1,705 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Single Segment | 342 | 19 | -246 | -275 |
| Total | 342 | 19 | -246 | -275 |
Price Behavior
Price Behavior
| Market Price | $36.80 | |
| Market Cap ($ Bil) | 21.6 | |
| First Trading Date | 09/22/2021 | |
| Distance from 52W High | -18.4% | |
| 50 Days | 200 Days | |
| DMA Price | $30.97 | $30.22 |
| DMA Trend | down | up |
| Distance from DMA | 18.8% | 21.8% |
| 3M | 1YR | |
| Volatility | 42.8% | 46.4% |
| Downside Capture | -41.90 | 120.43 |
| Upside Capture | 177.15 | 75.45 |
| Correlation (SPY) | 27.6% | 29.6% |
TOST Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.80 | 0.28 | 0.93 | 1.11 | 1.47 |
| Up Beta | -2.61 | 0.09 | -0.28 | 0.27 | 0.88 | 1.38 |
| Down Beta | 0.39 | 1.55 | 1.48 | 1.50 | 1.62 | 1.68 |
| Up Capture | 272% | 155% | 27% | 94% | 52% | 263% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 27 | 38 | 72 | 131 | 396 |
| Down Capture | 29% | 4% | -35% | 103% | 123% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 16 | 25 | 53 | 120 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TOST | |
|---|---|---|---|---|
| TOST | -16.4% | 46.3% | -0.24 | - |
| Sector ETF (XLF) | 10.2% | 14.5% | 0.44 | 44.2% |
| Equity (SPY) | 19.8% | 12.8% | 1.14 | 29.7% |
| Gold (GLD) | 38.0% | 28.8% | 1.11 | -4.4% |
| Commodities (DBC) | 38.0% | 20.3% | 1.47 | -13.6% |
| Real Estate (VNQ) | 11.9% | 13.6% | 0.58 | 17.5% |
| Bitcoin (BTCUSD) | -32.0% | 44.0% | -0.75 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TOST | |
|---|---|---|---|---|
| TOST | -11.0% | 60.6% | 0.05 | - |
| Sector ETF (XLF) | 10.7% | 18.4% | 0.44 | 44.2% |
| Equity (SPY) | 13.0% | 17.2% | 0.58 | 52.5% |
| Gold (GLD) | 20.7% | 18.6% | 0.90 | 3.8% |
| Commodities (DBC) | 10.1% | 19.6% | 0.40 | 6.8% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 42.5% |
| Bitcoin (BTCUSD) | 12.2% | 52.7% | 0.41 | 29.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TOST | |
|---|---|---|---|---|
| TOST | -5.7% | 60.6% | 0.05 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 44.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 52.5% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 3.8% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 6.8% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 42.5% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 29.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.9% | 3.2% | |
| 5/7/2026 | -14.7% | -21.5% | -18.0% |
| 2/12/2026 | 4.6% | 3.6% | 7.5% |
| 11/4/2025 | 9.5% | 5.8% | 0.1% |
| 8/5/2025 | -3.7% | -7.6% | -13.8% |
| 5/8/2025 | 11.4% | 23.4% | 18.6% |
| 2/19/2025 | 0.7% | -5.9% | -10.3% |
| 11/7/2024 | 14.7% | 23.5% | 17.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 8 |
| # Negative | 7 | 9 | 11 |
| Median Positive | 8.5% | 5.8% | 15.0% |
| Median Negative | -14.7% | -14.7% | -12.7% |
| Max Positive | 16.8% | 23.5% | 22.8% |
| Max Negative | -22.8% | -36.7% | -38.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.9% | 3.2% | |
| 5/7/2026 | -14.7% | -21.5% | -18.0% |
| 2/12/2026 | 4.6% | 3.6% | 7.5% |
| 11/4/2025 | 9.5% | 5.8% | 0.1% |
| 8/5/2025 | -3.7% | -7.6% | -13.8% |
| 5/8/2025 | 11.4% | 23.4% | 18.6% |
| 2/19/2025 | 0.7% | -5.9% | -10.3% |
| 11/7/2024 | 14.7% | 23.5% | 17.2% |
| 8/6/2024 | -6.1% | 2.3% | -0.3% |
| 5/7/2024 | 13.0% | 14.5% | -4.7% |
| 2/15/2024 | 16.8% | 9.8% | 22.4% |
| 11/7/2023 | -13.7% | -14.7% | -12.7% |
| 8/8/2023 | 14.6% | 14.3% | 7.9% |
| 5/9/2023 | 8.5% | -3.8% | 12.7% |
| 2/16/2023 | -22.8% | -21.0% | -34.1% |
| 11/10/2022 | 2.4% | -7.8% | -0.6% |
| 8/11/2022 | 8.2% | 3.9% | 22.8% |
| 5/12/2022 | 4.9% | 3.5% | -1.8% |
| 2/15/2022 | -18.2% | -36.7% | -32.6% |
| 11/9/2021 | -17.7% | -21.0% | -38.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 8 |
| # Negative | 7 | 9 | 11 |
| Median Positive | 8.5% | 5.8% | 15.0% |
| Median Negative | -14.7% | -14.7% | -12.7% |
| Max Positive | 16.8% | 23.5% | 22.8% |
| Max Negative | -22.8% | -36.7% | -38.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 09/22/2021 | 424B4 |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Non-GAAP subscription services and financial technology solutions gross profit | 615.00 Mil | 620.00 Mil | 625.00 Mil | 8.8% | Higher New | Guidance: 570.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | 210.00 Mil | 215.00 Mil | 220.00 Mil | 13.2% | Higher New | Guidance: 190.00 Mil for Q2 2026 | |
| 2026 Non-GAAP subscription services and financial technology solutions gross profit | 2.33 Bil | 2.34 Bil | 2.35 Bil | 1.5% | Raised | Guidance: 2.31 Bil for 2026 | |
| 2026 Adjusted EBITDA | 805.00 Mil | 815.00 Mil | 825.00 Mil | 1.9% | Raised | Guidance: 800.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Non-GAAP subscription services and financial technology solutions gross profit | 565.00 Mil | 570.00 Mil | 575.00 Mil | 11.8% | Higher New | Guidance: 510.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 185.00 Mil | 190.00 Mil | 195.00 Mil | 15.2% | Higher New | Guidance: 165.00 Mil for Q1 2026 | |
| 2026 Non-GAAP subscription services and financial technology solutions gross profit | 2.29 Bil | 2.31 Bil | 2.32 Bil | 0.9% | Raised | Guidance: 2.29 Bil for 2026 | |
| 2026 Adjusted EBITDA | 790.00 Mil | 800.00 Mil | 810.00 Mil | 1.9% | Raised | Guidance: 785.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit | 505.00 Mil | 510.00 Mil | 515.00 Mil | 5.2% | Higher New | Actual: 485.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 160.00 Mil | 165.00 Mil | 170.00 Mil | 13.8% | Higher New | Actual: 145.00 Mil for Q4 2025 | |
| 2026 Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit | 2.27 Bil | 2.29 Bil | 2.30 Bil | 22.2% | Higher New | Actual: 1.87 Bil for 2025 | |
| 2026 Adjusted EBITDA | 775.00 Mil | 785.00 Mil | 795.00 Mil | 27.6% | Higher New | Actual: 615.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Non-GAAP subscription services and financial technology solutions gross profit | 480.00 Mil | 485.00 Mil | 490.00 Mil | 3.2% | Higher New | Guidance: 470.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 140.00 Mil | 145.00 Mil | 150.00 Mil | 0 | Same New | Guidance: 145.00 Mil for Q3 2025 | |
| 2025 Non-GAAP subscription services and financial technology solutions gross profit | 1.86 Bil | 1.87 Bil | 1.88 Bil | 2.5% | Raised | Guidance: 1.82 Bil for 2025 | |
| 2025 Adjusted EBITDA | 610.00 Mil | 615.00 Mil | 620.00 Mil | 7.0% | Raised | Guidance: 575.00 Mil for 2025 | |
Insider Activity
Updated 8/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8252026 | 36.34 | 85,280 | 3,099,075 | 2,542,564 | Form |
| 2 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8212026 | 36.01 | 13,931 | 501,697 | 2,519,686 | Form |
| 3 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8132026 | 36.01 | 13,797 | 496,858 | 2,519,616 | Form |
| 4 | Narang, Aman | CEO | Starlight 2026 Charitable Remainder Trust | Sell | 8112026 | 35.38 | 119,843 | Form | ||
| 5 | Gomez, Elena | President, CFO | Direct | Sell | 8112026 | 35.37 | 5,761 | 203,772 | 5,664,666 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8252026 | 36.34 | 85,280 | 3,099,075 | 2,542,564 | Form |
| 2 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8212026 | 36.01 | 13,931 | 501,697 | 2,519,686 | Form |
| 3 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8132026 | 36.01 | 13,797 | 496,858 | 2,519,616 | Form |
| 4 | Narang, Aman | CEO | Starlight 2026 Charitable Remainder Trust | Sell | 8112026 | 35.38 | 119,843 | Form | ||
| 5 | Gomez, Elena | President, CFO | Direct | Sell | 8112026 | 35.37 | 5,761 | 203,772 | 5,664,666 | Form |
| 6 | Narang, Aman | CEO | Starlight 2026 Charitable Remainder Trust | Sell | 8112026 | 35.13 | 42,105 | 1,479,149 | 4,210,085 | Form |
| 7 | Gomez, Elena | President, CFO | Direct | Sell | 8112026 | 35.10 | 2,163 | 75,926 | 5,823,808 | Form |
| 8 | Narang, Aman | CEO | Starlight 2026 Charitable Remainder Trust | Sell | 8072026 | 35.02 | 13,510 | 473,134 | 5,671,581 | Form |
| 9 | Gomez, Elena | President, CFO | Direct | Sell | 8072026 | 35.02 | 900 | 31,515 | 5,885,447 | Form |
| 10 | Narang, Aman | CEO | Starlight 2026 Charitable Remainder Trust | Sell | 8072026 | 35.29 | 124,542 | 4,395,654 | 6,192,711 | Form |
| 11 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8072026 | 36.02 | 4,700 | 169,308 | 2,520,385 | Form |
| 12 | Gomez, Elena | President, CFO | Direct | Sell | 8072026 | 35.29 | 16,176 | 570,903 | 5,963,637 | Form |
| 13 | Niola, Rossana | Principal Accounting Officer | Direct | Sell | 8052026 | 33.45 | 2,298 | 76,859 | 144,018 | Form |
| 14 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8042026 | 32.89 | 14,280 | 469,626 | 2,300,972 | Form |
| 15 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 7152026 | 30.02 | 2,000 | 60,036 | 2,100,239 | Form |
| 16 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 7152026 | 30.19 | 9,170 | 276,870 | 2,112,483 | Form |
| 17 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 7092026 | 30.03 | 3,150 | 94,591 | 2,101,009 | Form |
| 18 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 7062026 | 28.85 | 6,647 | 191,759 | 2,018,449 | Form |
| 19 | Narang, Aman | CEO | Direct | Sell | 7062026 | 28.85 | 14,365 | 414,416 | 2,032,441 | Form |
| 20 | Elworthy, Brian R | General Counsel | Direct | Sell | 7062026 | 28.85 | 6,352 | 183,249 | 5,680,628 | Form |
| 21 | Fredette, Stephen | President | Direct | Sell | 7062026 | 28.85 | 9,146 | 263,853 | 26,871,372 | Form |
| 22 | Gomez, Elena | President, CFO | Direct | Sell | 7062026 | 28.85 | 11,605 | 334,793 | 5,341,392 | Form |
| 23 | Elworthy, Brian R | General Counsel | Direct | Sell | 6022026 | 25.89 | 108,000 | 2,796,030 | 4,909,673 | Form |
| 24 | Patrick, Deval L | Direct | Sell | 4232026 | 36.95 | 1,667 | 61,587 | 1,692,635 | Form | |
| 25 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 4032026 | 26.19 | 6,438 | 168,592 | 3,839,486 | Form |
| 26 | Elworthy, Brian R | General Counsel | Direct | Sell | 4032026 | 26.19 | 3,664 | 95,949 | 6,380,253 | Form |
| 27 | Fredette, Stephen | President | Direct | Sell | 4032026 | 26.19 | 7,289 | 190,877 | 24,117,834 | Form |
| 28 | Gomez, Elena | President, CFO | Direct | Sell | 4032026 | 26.19 | 8,929 | 233,824 | 4,532,027 | Form |
| 29 | Narang, Aman | CEO | Direct | Sell | 4032026 | 26.19 | 13,463 | 352,556 | 1,414,438 | Form |
| 30 | Chapman-Hughes, Susan | Direct | Sell | 3132026 | 28.97 | 8,500 | 246,245 | 420,934 | Form | |
| 31 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 2042026 | 30.34 | 1,454 | 44,122 | 4,245,053 | Form |
| 32 | Narang, Aman | CEO | Direct | Sell | 2042026 | 30.34 | 1,648 | 50,009 | 10,339,239 | Form |
| 33 | Gomez, Elena | President, CFO | Direct | Sell | 2042026 | 30.34 | 1,437 | 43,606 | 4,995,667 | Form |
| 34 | Fredette, Stephen | President | Direct | Sell | 2042026 | 30.34 | 1,060 | 32,166 | 27,707,018 | Form |
| 35 | Elworthy, Brian R | General Counsel | Direct | Sell | 2042026 | 30.34 | 648 | 19,664 | 7,199,685 | Form |
| 36 | Elworthy, Brian R | General Counsel | Direct | Sell | 1062026 | 34.38 | 3,303 | 113,547 | 8,104,618 | Form |
| 37 | Fredette, Stephen | President | Direct | Sell | 1062026 | 34.38 | 4,866 | 167,278 | 31,303,902 | Form |
| 38 | Gomez, Elena | President, CFO | Direct | Sell | 1062026 | 34.38 | 6,672 | 229,363 | 5,574,334 | Form |
| 39 | Narang, Aman | CEO | Direct | Sell | 1062026 | 34.38 | 8,591 | 295,333 | 11,648,646 | Form |
| 40 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 1062026 | 34.38 | 4,787 | 164,563 | 2,743,353 | Form |
| 41 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 1052026 | 35.86 | 66,390 | 2,380,745 | 3,033,362 | Form |
| 42 | Elworthy, Brian R | General Counsel | Direct | Sell | 11052025 | 35.54 | 1,059 | 37,636 | 8,139,035 | Form |
| 43 | Fredette, Stephen | President | Direct | Sell | 11052025 | 35.54 | 1,732 | 61,554 | 31,994,482 | Form |
| 44 | Gomez, Elena | President, CFO | Direct | Sell | 11052025 | 35.54 | 2,021 | 71,824 | 5,382,844 | Form |
| 45 | Narang, Aman | CEO | Direct | Sell | 11052025 | 35.54 | 1,732 | 61,554 | 11,370,312 | Form |
| 46 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 11052025 | 35.54 | 1,442 | 51,247 | 2,538,338 | Form |
| 47 | Narang, Aman | CEO | Direct | Sell | 10032025 | 35.56 | 13,652 | 485,520 | 11,314,687 | Form |
| 48 | Elworthy, Brian R | General Counsel | Direct | Sell | 10032025 | 35.56 | 4,987 | 177,358 | 8,105,889 | Form |
| 49 | Fredette, Stephen | President | Direct | Sell | 10032025 | 35.56 | 7,550 | 268,508 | 31,953,365 | Form |
| 50 | Gomez, Elena | President, CFO | Direct | Sell | 10032025 | 35.56 | 9,054 | 321,996 | 5,319,379 | Form |
| 51 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 10032025 | 35.56 | 6,530 | 232,233 | 2,487,062 | Form |
| 52 | Bell, Paul D | Direct | Sell | 8222025 | 42.38 | 12,500 | 529,750 | 9,615,683 | Form | |
| 53 | Elworthy, Brian R | General Counsel | Direct | Sell | 8062025 | 48.38 | 1,051 | 50,843 | 10,781,462 | Form |
| 54 | Fredette, Stephen | President | Direct | Sell | 8062025 | 48.38 | 1,720 | 83,207 | 43,094,212 | Form |
| 55 | Gomez, Elena | President, CFO | Direct | Sell | 8062025 | 48.38 | 2,006 | 97,042 | 6,833,739 | Form |
| 56 | Vassil, Jonathan | Chief Revenue Officer | Direct | Sell | 8062025 | 48.38 | 1,427 | 69,033 | 3,062,104 | Form |
| 57 | Narang, Aman | CEO | Direct | Sell | 8062025 | 48.38 | 1,719 | 83,158 | 14,720,817 | Form |
Investor Activity (13F)
Updated Aug 26, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| HMI Capital Management, L.P. | $101.1 Mil | 13.4% | 11 | TRIM -11.4% | 13F |
| Lead Edge Capital Management, LLC | $34.6 Mil | 8.5% | 12 | New | 13F |
| XN LP | $172.6 Mil | 6.3% | 23 | TRIM -27.6% | 13F |
| ValueAct Holdings, L.P. | $341.9 Mil | 6.0% | 18 | ADD +60.9% | 13F |
| Greenvale Capital LLP | $53.0 Mil | 5.8% | 12 | ADD +5.3% | 13F |
| 12 West Capital Management LP | $33.1 Mil | 5.6% | 20 | TRIM -32.5% | 13F |
| Alta Fox Capital Management, LLC | $19.6 Mil | 5.2% | 9 | New | 13F |
| Arohi Asset Management PTE Ltd. | $14.0 Mil | 5.1% | 7 | ADD +118.9% | 13F |
| Shannon River Fund Management LLC | $19.4 Mil | 3.7% | 28 | New | 13F |
| Nixon Capital, LLC | $10.1 Mil | 3.4% | 22 | New | 13F |
| Meritage Group LP | $90.4 Mil | 3.4% | 13 | New | 13F |
| Greenhouse Funds LLLP | $52.3 Mil | 2.5% | 28 | ADD +6.1% | 13F |
| Cander Asset Management LP | $13.7 Mil | 2.5% | 43 | ADD +34.4% | 13F |
| Sands Capital Alternatives, LLC | $8.0 Mil | 1.9% | 21 | Hold | 13F |
| Stony Point Capital LLC | $21.7 Mil | 1.8% | 31 | New | 13F |
| Park West Asset Management LLC | $19.7 Mil | 1.7% | 48 | Hold | 13F |
| Hawk Ridge Capital Management LP | $6.8 Mil | 0.2% | 48 | New | 13F |
| Skye Global Management LP | $6.6 Mil | 0.1% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Meritage Group LP | $90.4 Mil | 3.4% | 13 | New | 13F |
| Lead Edge Capital Management, LLC | $34.6 Mil | 8.5% | 12 | New | 13F |
| Stony Point Capital LLC | $21.7 Mil | 1.8% | 31 | New | 13F |
| Alta Fox Capital Management, LLC | $19.6 Mil | 5.2% | 9 | New | 13F |
| Shannon River Fund Management LLC | $19.4 Mil | 3.7% | 28 | New | 13F |
| Nixon Capital, LLC | $10.1 Mil | 3.4% | 22 | New | 13F |
| Hawk Ridge Capital Management LP | $6.8 Mil | 0.2% | 48 | New | 13F |
| Skye Global Management LP | $6.6 Mil | 0.1% | 44 | New | 13F |
| Arohi Asset Management PTE Ltd. | $14.0 Mil | 5.1% | 7 | ADD +118.9% | 13F |
| ValueAct Holdings, L.P. | $341.9 Mil | 6.0% | 18 | ADD +60.9% | 13F |
| Cander Asset Management LP | $13.7 Mil | 2.5% | 43 | ADD +34.4% | 13F |
| Greenhouse Funds LLLP | $52.3 Mil | 2.5% | 28 | ADD +6.1% | 13F |
| Greenvale Capital LLP | $53.0 Mil | 5.8% | 12 | ADD +5.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Durable Capital Partners LP | $81.6 Mil | 0.8% | 40 | Exited | Dec 31, 2025 | 13F |
| Greenoaks Capital Partners LLC | $24.2 Mil | 0.8% | 10 | Exited | Dec 31, 2025 | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.2 Mil | 1.9% | 46 | Exited | Dec 31, 2025 | 13F |
| Partners Group Holding AG | $6.6 Mil | 0.4% | 49 | Exited | Dec 31, 2025 | 13F |
| 12 West Capital Management LP | $33.1 Mil | 5.6% | 20 | TRIM -32.5% | Mar 31, 2026 | 13F |
| XN LP | $172.6 Mil | 6.3% | 23 | TRIM -27.6% | Mar 31, 2026 | 13F |
| HMI Capital Management, L.P. | $101.1 Mil | 13.4% | 11 | TRIM -11.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ValueAct Holdings, L.P. | $341.9 Mil | 6.0% | 18 | ADD +60.9% | 13F |
| XN LP | $172.6 Mil | 6.3% | 23 | TRIM -27.6% | 13F |
| HMI Capital Management, L.P. | $101.1 Mil | 13.4% | 11 | TRIM -11.4% | 13F |
| Meritage Group LP | $90.4 Mil | 3.4% | 13 | New | 13F |
| Greenvale Capital LLP | $53.0 Mil | 5.8% | 12 | ADD +5.3% | 13F |
| Greenhouse Funds LLLP | $52.3 Mil | 2.5% | 28 | ADD +6.1% | 13F |
| Lead Edge Capital Management, LLC | $34.6 Mil | 8.5% | 12 | New | 13F |
| 12 West Capital Management LP | $33.1 Mil | 5.6% | 20 | TRIM -32.5% | 13F |
| Stony Point Capital LLC | $21.7 Mil | 1.8% | 31 | New | 13F |
| Park West Asset Management LLC | $19.7 Mil | 1.7% | 48 | Hold | 13F |
| Alta Fox Capital Management, LLC | $19.6 Mil | 5.2% | 9 | New | 13F |
| Shannon River Fund Management LLC | $19.4 Mil | 3.7% | 28 | New | 13F |
| Arohi Asset Management PTE Ltd. | $14.0 Mil | 5.1% | 7 | ADD +118.9% | 13F |
| Cander Asset Management LP | $13.7 Mil | 2.5% | 43 | ADD +34.4% | 13F |
| Nixon Capital, LLC | $10.1 Mil | 3.4% | 22 | New | 13F |
| Sands Capital Alternatives, LLC | $8.0 Mil | 1.9% | 21 | Hold | 13F |
| Hawk Ridge Capital Management LP | $6.8 Mil | 0.2% | 48 | New | 13F |
| Skye Global Management LP | $6.6 Mil | 0.1% | 44 | New | 13F |
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