Strong Market Position & Advantage:
Toast is widely viewed as a leader in U.S. restaurant POS and operations software with one of the largest cloud installed bases (~164,000 locations by year‑end 2025) and enterprise wins like Applebee’s that signal movement up‑market.
Resilient & Sustainable Growth:
Record net adds (~30,000 in 2025), ARR surpassing $2B, and GPV of roughly $195B demonstrate durable expansion, with guidance calling for continued double‑digit growth in recurring gross profit into 2026.
Profitability:
GAAP profitability in 2025 alongside rising adjusted EBITDA and strong free cash flow, plus an expanded share repurchase authorization, indicate improving operating leverage and cash‑generative scale.
