Toast, Inc. (TOST) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Toast published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Toast reports no adjusted EPS. Its non-GAAP measures are Adjusted EBITDA, non-GAAP subscription services and financial technology solutions gross profit (which Toast calls its recurring gross profit streams) and free cash flow.
• Toast President and CFO Elena Gomez will step down from the role at the end of 2026; SVP of Finance Michael Senno becomes CFO on January 1, 2027.

Source: Toast Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Toast splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Toast's Subscription services revenue was $317 million in Q3 2026, up 30% from $244 million in Q3 2025, 16% of total revenue.
• Toast's Financial technology solutions revenue was $1.6 billion in Q3 2026, up 20% from $1.3 billion in Q3 2025, 82% of total revenue.
• Toast's Hardware and professional services revenue was $45.0 million in Q3 2026, up 2% from $44.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are Toast's outlook for Q4 2026 and the last two for the full year 2026. Toast does not guide revenue or EPS.

In its Q3 2026 release, Toast said:

“Non-GAAP subscription services and financial technology solutions gross profit in the range of $610 million to $620 million (22-24% growth compared to Q4 2025).”

“Adjusted EBITDA in the range of $200 million to $210 million.”

“Non-GAAP subscription services and financial technology solutions gross profit in the range of $2,375 million to $2,385 million (26% growth compared to 2025, up from 23-25% growth).”

“Adjusted EBITDA in the range of $840 million to $850 million (up from $805 million to $825 million).”

Source: Toast Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TOST forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue in millions and diluted EPS, each as first reported in that quarter's release. Q4 2025 and Q3 2025 revenue were both $1,633 million as reported.

We do not hold a confirmed date for Toast's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Toast's revenue was $1,981 million in Q3 2026, up 21% from $1,633 million. Financial technology solutions, mostly payment processing, were $1,619 million of that, subscription services $317 million and hardware and professional services $45 million. Toast said the increase came mainly from more Locations on its platform and continued product adoption. (Toast Q3 2026 release, Nov 3, 2026; Toast Form 10-Q, Q3 2026, Nov 4, 2026)

Toast's payments revenue carries a much thinner gross margin than its software. Financial technology solutions had $1,239 million of costs of revenue in the quarter against $1,619 million of revenue, while subscription services cost $67 million against $317 million. The figure Toast leads with is subscription services and financial technology solutions gross profit, which grew 29% to $630 million on a GAAP basis. (Toast Q3 2026 release, Nov 3, 2026)

Subscription fees are charged per location, at a rate that varies with the number of software products, hardware configuration and employee count. Financial technology solutions revenue is recognized net of refunds when a transaction is authorized, and also includes fees from marketing and servicing loans through Toast Capital, which a third-party bank originates. (Toast Form 10-K, 2025, Feb 18, 2026)

Toast served approximately 189,000 Locations at September 30, 2026, up 21%, after adding approximately 8,500 net new Locations in the quarter. Gross payment volume was $61.8 billion, up 20%, and $225 billion over the trailing 12 months. Toast's fintech revenue per Toast Processing Location has historically been stronger in the second and third quarters, because customers sell more in warmer months. (Toast Q3 2026 release, Nov 3, 2026; Toast Form 10-Q, Q3 2026, Nov 4, 2026)

Toast reports one EPS figure, GAAP diluted EPS, which rose to $0.29 from $0.16. Operating income nearly doubled to $165 million from $84 million, as total operating expenses rose 9% against 21% revenue growth. The quarter included $6 million of restructuring expenses. Toast's Adjusted EBITDA, which excludes stock-based compensation and related payroll tax among other items, was $240 million against $176 million. (Toast Q3 2026 release, Nov 3, 2026; Toast Form 10-Q, Q3 2026, Nov 4, 2026)

Toast's income tax expense was $7 million on $176 million of pre-tax income because it keeps a full valuation allowance against its U.S. net deferred tax assets. Diluted shares fell to 592 million from 609 million. Toast repurchased $486 million of Class A stock in the first nine months of 2026, none of it in Q3, and had approximately $100 million left under its authorization at September 30. (Toast Q3 2026 release, Nov 3, 2026; Toast Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Toast guides gross profit and Adjusted EBITDA, not revenue or EPS. For Q4 2026 it expects non-GAAP subscription services and financial technology solutions gross profit of $610 million to $620 million (22-24% growth) and Adjusted EBITDA of $200 million to $210 million. (Toast Q3 2026 release, Nov 3, 2026)

Toast raised its full-year 2026 outlook: non-GAAP subscription services and financial technology solutions gross profit of $2,375 million to $2,385 million (26% growth, up from 23-25%) and Adjusted EBITDA of $840 million to $850 million, up from $805 million to $825 million. (Toast Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Toast, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Toast's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TOST is on is TOST a buy or a sell?, what analysts expect next is on the TOST forecast, and what the company does is on the Toast, Inc. (TOST) stock page.

Every number on this page can be traced to a document Toast published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.