{"url_path":"/sec/tost/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1650164/0001650164-26-000114-index.html","accession_number":"0001650164-26-000114","cik":"0001650164","ticker":"TOST","issuer_name":"Toast, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1650164/0001650164-26-000114-index.html","primary_entity_key":"0001650164","primary_entity_name":"Toast, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number 001-40819\n\nToast, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware45-4168768\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n333 Summer Street\n\nBoston, Massachusetts\n02210\n\n(Address of principal executive offices)(Zip code)\n\n(617) 297-1005\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A common stock, par value of $0.000001 per shareTOSTNew York Stock Exchange\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☒\nAccelerated filer\n☐\n\nNon-accelerated filer\n☐\nSmaller reporting company\n☐\n\nEmerging growth company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nThe registrant had outstanding 516 million shares of Class A common stock and 64 million shares of Class B common stock as of May 4, 2026.\n\ni\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations, financial condition, business strategy, plans and objectives of management for future operations, our market opportunity and the potential growth of that market, our liquidity and capital needs and other similar matters, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements concerning the following:\n\n•our future financial performance, including our profitability, revenue, costs of revenue or expenses, or other operating results;\n\n•our ability to successfully execute our business and growth strategy;\n\n•anticipated trends and growth rates in our business and in the markets in which we operate;\n\n•our ability to effectively manage our growth and future expenses;\n\n•our anticipated investments in sales and marketing and research and development;\n\n•our ability to maintain the security and availability of our platform;\n\n•our ability to increase the number of customers using our platform;\n\n•our ability to retain, and to sell additional products and services to, our existing customers;\n\n•our ability to successfully expand in our existing markets and into new markets;\n\n•our expectations concerning relationships with third parties;\n\n•our estimated total addressable market;\n\n•our ability to compete effectively with existing competitors and new market entrants;\n\n•the attraction and retention of qualified employees and key personnel and the impacts of any restructuring activities;\n\n•the impact of our share repurchase program;\n\n•our ability to maintain, protect and enhance our intellectual property;\n\n•our ability to comply with modified or new laws and regulations applying to our business;\n\n•our ability to successfully defend litigation brought against us;\n\n•our ability to prevent and successfully remediate material weaknesses, if any, in internal controls over financial reporting;\n\n•the impact of global financial, economic, political, and health events, such as U.S. presidential administration-related changes, fluctuations in inflation and interest rates, capital market disruptions, tariffs, sanctions, or economic slowdowns or recessions, on our business and the industries we serve;\n\n•our ability to source, finance, and integrate companies and assets that we have or may acquire; and\n\n•the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs.\n\nYou should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors listed or described from time to time in our filings with the Securities and Exchange Commission, or the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.\n\nii\n\nThe forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information provides a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.\n\niii\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I. Financial Information](#i12862463ea97411f8b841d15dc966337_13)\n\n[1](#i12862463ea97411f8b841d15dc966337_13)\n\n[Item 1.](#i12862463ea97411f8b841d15dc966337_16)\n\n[Financial Statements (unaudited)](#i12862463ea97411f8b841d15dc966337_16)\n\n[1](#i12862463ea97411f8b841d15dc966337_16)\n\n[Condensed Consolidated Balance Sheets](#i12862463ea97411f8b841d15dc966337_19)\n\n[1](#i12862463ea97411f8b841d15dc966337_19)\n\n[Condensed Consolidated Statements of Operations](#i12862463ea97411f8b841d15dc966337_25)\n\n[2](#i12862463ea97411f8b841d15dc966337_25)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)](#i12862463ea97411f8b841d15dc966337_28)\n\n[3](#i12862463ea97411f8b841d15dc966337_28)\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#i12862463ea97411f8b841d15dc966337_31)\n\n[4](#i12862463ea97411f8b841d15dc966337_31)\n\n[Condensed Consolidated Statements of Cash Flows](#i12862463ea97411f8b841d15dc966337_34)\n\n[5](#i12862463ea97411f8b841d15dc966337_34)\n\n[Notes to Condensed Consolidated Financial Statements](#i12862463ea97411f8b841d15dc966337_37)\n\n[6](#i12862463ea97411f8b841d15dc966337_37)\n\n[Item 2.](#i12862463ea97411f8b841d15dc966337_97)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i12862463ea97411f8b841d15dc966337_97)\n\n[15](#i12862463ea97411f8b841d15dc966337_97)\n\n[Item 3.](#i12862463ea97411f8b841d15dc966337_154)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i12862463ea97411f8b841d15dc966337_154)\n\n[21](#i12862463ea97411f8b841d15dc966337_154)\n\n[Item 4.](#i12862463ea97411f8b841d15dc966337_160)\n\n[Controls and Procedures](#i12862463ea97411f8b841d15dc966337_160)\n\n[22](#i12862463ea97411f8b841d15dc966337_160)\n\n[Part II. Other Information](#i12862463ea97411f8b841d15dc966337_163)\n\n[23](#i12862463ea97411f8b841d15dc966337_163)\n\n[Item 1.](#i12862463ea97411f8b841d15dc966337_166)\n\n[Legal Proceedings](#i12862463ea97411f8b841d15dc966337_166)\n\n[23](#i12862463ea97411f8b841d15dc966337_166)\n\n[Item 1A.](#i12862463ea97411f8b841d15dc966337_169)\n\n[Risk Factors](#i12862463ea97411f8b841d15dc966337_169)\n\n[23](#i12862463ea97411f8b841d15dc966337_169)\n\n[Item 2.](#i12862463ea97411f8b841d15dc966337_175)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i12862463ea97411f8b841d15dc966337_175)\n\n[23](#i12862463ea97411f8b841d15dc966337_175)\n\n[Item 3.](#i12862463ea97411f8b841d15dc966337_181)\n\n[Defaults Upon Senior Securities](#i12862463ea97411f8b841d15dc966337_181)\n\n[23](#i12862463ea97411f8b841d15dc966337_181)\n\n[Item 4.](#i12862463ea97411f8b841d15dc966337_184)\n\n[Mine Safety Disclosures](#i12862463ea97411f8b841d15dc966337_184)\n\n[24](#i12862463ea97411f8b841d15dc966337_184)\n\n[Item 5.](#i12862463ea97411f8b841d15dc966337_187)\n\n[Other Information](#i12862463ea97411f8b841d15dc966337_187)\n\n[24](#i12862463ea97411f8b841d15dc966337_187)\n\n[Item 6.](#i12862463ea97411f8b841d15dc966337_193)\n\n[Exhibits](#i12862463ea97411f8b841d15dc966337_193)\n\n[25](#i12862463ea97411f8b841d15dc966337_193)\n\n[Signatures](#i12862463ea97411f8b841d15dc966337_196)\n\n[26](#i12862463ea97411f8b841d15dc966337_196)\n\niv\n\n[Table of Contents](#i12862463ea97411f8b841d15dc966337_10)\n\nPART I. FINANCIAL INFORMATION"}