Toast (TOST) UBS’s 2025 Global Technology and AI Conference summary

2025 performance highlights

• Achieved over $2 billion in recurring gross profit, growing at 32% with a 33% margin.

• Exceeded medium-term targets set at Investor Day, driven by strong operational execution.

• Focused on penetrating core markets, expanding TAM, innovation, and disciplined capital allocation.

• Emerging businesses surpassed $100 million in ARR, with notable enterprise wins and international expansion.

• Momentum and execution provide confidence heading into 2026.

Expansion into new markets and business segments

• Applied proven playbook to enterprise, international, and retail, targeting fragmented markets with legacy players.

• International traction strong in English-speaking countries; retail focus on inventory capabilities.

• Enterprise segment enhanced with above-store capabilities.

• New segments expected to gradually increase ARPU and cash flow over time.

Core business growth and market share

• Net location adds in core SMB and mid-market remain strong, with similar growth expected through 2026.

• Still significant runway in core markets before net adds begin to taper.

• Goal to double market share in core, supported by rising win rates and strong salesforce productivity.

• Consistent share gains achieved each quarter.