Toast, Inc. (TOST): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Restauranttechnologie entwickelt sich Toast, Inc. (TOST) zu einer bahnbrechenden Plattform, die die Art und Weise verändert, wie Gastronomiebetriebe ihre Abläufe verwalten. Durch die nahtlose Integration von Point-of-Sale-Systemen, Zahlungsabwicklung und umfassenden Verwaltungstools hat Toast ein revolutionäres Ökosystem geschaffen, das Restaurants jeder Größe in die Lage versetzt, ihre Geschäftsprozesse zu optimieren. Dieser tiefe Einblick in Toasts Business Model Canvas enthüllt den strategischen Plan hinter ihrem innovativen Ansatz und bietet Einblicke in die Art und Weise, wie sie die Schnittstelle zwischen Technologie und Gastgewerbe neu gestalten.

Toast, Inc. (TOST) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Point-of-Sale (POS)-Hardware

Toast arbeitet mit bestimmten Hardwareherstellern zusammen, um integrierte Restaurant-Technologielösungen anzubieten.

Hersteller	Einzelheiten zur Partnerschaft	Hardwaretyp
Epson	Zertifizierter Hardware-Partner	Bondrucker
Star Micronics	Kompatible POS-Hardware	Küchendrucker

Zahlungsabwicklungsnetzwerke

Toast arbeitet mit mehreren Zahlungsabwicklungsnetzwerken zusammen, um nahtlose Transaktionen zu ermöglichen.

• Visum
• Mastercard
• American Express
• Entdecken

Anbieter von Restauranttechnologie-Software

Strategische Software-Integrationspartnerschaften verbessern das Ökosystem von Toast.

Softwareanbieter	Integrationstyp
Aloha (NCR)	Integration älterer Kassensysteme
Konkurrieren	Integration von Buchhaltungssoftware

Lieferplattformen von Drittanbietern

Toast lässt sich in die wichtigsten Lieferplattformen integrieren, um die Restaurantkonnektivität zu erweitern.

• DoorDash
• Uber isst
• Grubhub

Cloud-Computing- und Infrastrukturanbieter

Wichtige Cloud-Infrastrukturpartnerschaften unterstützen die Technologieplattform von Toast.

Anbieter	Servicetyp
Amazon Web Services (AWS)	Cloud-Infrastruktur
Microsoft Azure	Backup-Cloud-Dienste

Toast, Inc. (TOST) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Restaurantmanagement-Software

Toast hat eine cloudbasierte Restaurant-Management-Plattform mit den folgenden Spezifikationen entwickelt:

Metrisch	Wert
Gesamtzahl der Restaurantkunden	85.000+ ab Q4 2023
Jährlicher wiederkehrender Umsatz mit Software	548,4 Millionen US-Dollar im Jahr 2023
Investitionen in die Softwareentwicklung	272,6 Millionen US-Dollar an F&E-Ausgaben im Jahr 2023

Innovation in der Zahlungsabwicklungstechnologie

Zu den Funktionen der Zahlungstechnologie gehören:

• Gesamtes verarbeitetes Zahlungsvolumen: 66 Milliarden US-Dollar im Jahr 2023
• Transaktionsbearbeitungsgebühren: 309,7 Millionen US-Dollar im Jahr 2023
• Patentanmeldungen für Zahlungstechnologie: 12 im Jahr 2023 eingereicht

Kundensupport und Implementierungsdienste

Support-Metrik	Leistung
Größe des Kundensupport-Teams	672 engagierte Support-Experten
Durchschnittliche Kunden-Onboarding-Zeit	3-5 Werktage
Investition in den Kundensupport	87,3 Millionen US-Dollar im Jahr 2023

Hardware- und Softwareproduktdesign

Produktdesignfähigkeiten:

• Hardware-Produktlinien: 4 integrierte Point-of-Sale-Systeme
• Größe des Designteams: 156 Produktdesigner
• Investition in Produktdesign: 124,5 Millionen US-Dollar im Jahr 2023

Erweiterung des Restaurant-Technologie-Ökosystems

Ökosystemmetrik	Wert
Integrationen von Drittanbietern	Über 250 Technologiepartner
Marketplace-Anwendungspartner	78 aktive Softwareanwendungen
Investitionen in die Ökosystementwicklung	64,2 Millionen US-Dollar im Jahr 2023

Toast, Inc. (TOST) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Restaurant-Management-Softwareplattform

Ab dem vierten Quartal 2023 unterstützt die Softwareplattform von Toast mehr als 85.000 Restaurantstandorte in den Vereinigten Staaten.

Plattformmetrik	Quantitative Daten
Insgesamt bediente Restaurants	85,000+
Jährlicher wiederkehrender Umsatz mit Software	537,4 Millionen US-Dollar (2023)
Durchschnittliches monatliches Abonnement pro Restaurant	$438

Cloudbasierte Technologieinfrastruktur

Toast nutzt Amazon Web Services (AWS) für seine Cloud-Infrastruktur.

• 99,99 % Verfügbarkeitsgarantie
• Transaktionsverarbeitung in Echtzeit
• Skalierbare Cloud-Architektur

Kompetente Ingenieurs- und Produktentwicklungsteams

Teamzusammensetzung	Nummer
Gesamtzahl der technischen Mitarbeiter	1,200+
Produktmanager	180
Softwareentwickler	850

Umfangreiches Netzwerk der Restaurantbranche

Netzwerkreichweite: Partnerschaften mit über 10.000 Anbietern und Lieferanten von Restauranttechnologie.

Skalierbare Technologiearchitektur

• Microservices-basiertes Design
• Unterstützt mehr als 2 Millionen Transaktionen pro Tag
• Übernimmt die Zahlungsabwicklung über mehrere Kanäle hinweg

Kennzahlen zur Technologieskalierbarkeit	Leistungsdaten
Tägliches Transaktionsvolumen	2,000,000+
Geschwindigkeit der Zahlungsabwicklung	Reaktionszeit unter einer Sekunde
Datenspeicherkapazität	500 TB

Toast, Inc. (TOST) – Geschäftsmodell: Wertversprechen

Komplettlösung für Restauranttechnologie

Toast bietet eine umfassende Restaurant-Technologieplattform, die ab dem dritten Quartal 2023 74.000 Restaurantstandorte bedient. Die Plattform unterstützt ein jährliches Zahlungsvolumen von 66 Milliarden US-Dollar.

Technologieberichterstattung	Kundensegment
74.000 Restaurantstandorte	Hauptsächlich kleine bis mittelgroße Restaurants
Jährliches Zahlungsvolumen von 66 Milliarden US-Dollar	Auf dem gesamten Restaurantmarkt der Vereinigten Staaten

Integrierte Zahlungs- und Verwaltungssysteme

Die integrierten Zahlungslösungen von Toast verarbeiten Transaktionen mit den folgenden Schlüsselkennzahlen:

• Die Gebühren für die Zahlungsabwicklung liegen zwischen 2,49 % und 2,99 % pro Transaktion
• Die Hardwarekosten für Point-of-Sale-Systeme beginnen bei 799 US-Dollar
• Monatliche Softwareabonnements kosten zwischen 69 und 229 US-Dollar

Vereinfachte betriebliche Effizienz für Restaurants

Die Plattform von Toast bietet betriebliche Effizienz durch:

Betriebsfunktion	Effizienzmetrik
Auftragsverwaltung	Reduziert die manuelle Auftragsbearbeitungszeit um 45 %
Bestandsverfolgung	Reduziert Bestandsabweichungen um 35 %

Geschäftseinblicke und -analysen in Echtzeit

Toast bietet Echtzeitanalysen mit den folgenden Funktionen:

• Tägliche Verkaufsberichte
• Arbeitskostenmanagement
• Verfolgung des Kundenverhaltens

Flexible und anpassbare Technologieplattform

Zu den Anpassungsoptionen gehören:

Anpassungstyp	Verfügbare Optionen
Hardwarekonfigurationen	7 verschiedene POS-Hardware-Setups
Softwaremodule	12 verschiedene Restaurantmanagementmodule

Toast, Inc. (TOST) – Geschäftsmodell: Kundenbeziehungen

Digitales Self-Service-Onboarding

Toast bietet einen optimierten digitalen Onboarding-Prozess mit den folgenden Schlüsselkennzahlen:

Onboarding-Metrik	Wert
Durchschnittliche Onboarding-Zeit	48 Stunden
Abschlussrate digitaler Anmeldungen	92%
Online-Onboarding-Plattformen	Web- und Mobile-App

Engagierte Kundenerfolgsteams

Die Kundenerfolgsstrategie von Toast umfasst:

• Dedizierte Account Manager für Restaurantsegmente
• Personalisierte Implementierungsunterstützung
• Vierteljährliche Business-Review-Meetings

Kundenerfolgsmetrik	Wert
Größe des Kundenerfolgsteams	387 Vertreter
Durchschnittliche Reaktionszeit	2,3 Stunden
Kundenzufriedenheitswert	4.6/5

Kontinuierliche Aktualisierungen der Produktfunktionen

Toast veröffentlicht Produktaktualisierungen mit den folgenden Merkmalen:

Metrik aktualisieren	Wert
Jährliche Produktaktualisierungen	18-24 Veröffentlichungen
Häufigkeit der Funktionsverbesserung	Vierteljährlich
Vom Kunden gewünschte Funktionen implementiert	62%

Online-Support und Schulungsressourcen

Toast bietet eine umfassende digitale Support-Infrastruktur:

• Online-Wissensdatenbank rund um die Uhr
• Video-Tutorial-Bibliothek
• Community-Forum

Support-Metrik	Wert
Artikel im Online-Hilfecenter	1.247 Ressourcen
Aufrufe von Schulungsvideos	378.000 jährlich
Self-Service-Lösungsrate	76%

Community-gesteuerte Produktentwicklung

Toast nutzt Kundenfeedback für Produktinnovationen:

Community-Engagement-Metrik	Wert
Benutzer-Community-Mitglieder	42,500
Jährliche Feature-Vorschläge	3,200
Umsetzungsrate des Kundenfeedbacks	48%

Toast, Inc. (TOST) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 bestand das Direktvertriebsteam von Toast aus 1.245 Vertriebsmitarbeitern, die sich an Restaurant- und Gastgewerbeunternehmen richteten. Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter: 782.000 US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	1,245
Durchschnittlicher Jahresumsatz pro Repräsentant	$782,000
Abdeckung des Vertriebsteams	50 US-Bundesstaaten

Online-Website und digitales Marketing

Die digitalen Marketingkanäle von Toast erwirtschafteten im Jahr 2023 einen Umsatz von 124,7 Millionen US-Dollar. Website-Verkehr: 3,2 Millionen einzelne Besucher pro Monat.

• Budget für digitales Marketing: 18,4 Millionen US-Dollar
• Conversion-Rate: 4,3 %
• Online-Lead-Generierung: 52.000 monatliche Leads

Messen für die Gastronomiebranche

Toast nahm im Jahr 2023 an 37 Messen für Restauranttechnologie teil und generierte 6.500 direkte Geschäftskontakte.

Messemetrik	Daten für 2023
Gesamtzahl der Messen	37
Leads generiert	6,500
Veranstaltungsorte	22 US-Städte

Partner-Empfehlungsnetzwerke

Das Partnernetzwerk von Toast umfasste im Jahr 2023 2.876 aktive Partner, die 87,3 Millionen US-Dollar an Empfehlungseinnahmen beisteuerten.

• Gesamtzahl der Partnerkategorien: 12
• Durchschnittliche Partnerprovision: 15,6 %
• Partnergesteuerte Kundenakquise: 28 %

Digitale Produktvorführungen

Online-Produktdemonstrationen erreichten im Jahr 2023 124.000 Einzelzuschauer, mit einer Conversion-Rate von 22,7 % zu kostenpflichtigen Abonnements.

Produktdemo-Metrik	Daten für 2023
Insgesamt einzigartige Zuschauer	124,000
Conversion-Rate	22.7%
Durchschnittliche Demodauer	37 Minuten

Toast, Inc. (TOST) – Geschäftsmodell: Kundensegmente

Kleine bis mittelgroße Restaurants

Im vierten Quartal 2023 bedient Toast etwa 85.000 Restaurantkunden. Der durchschnittliche Jahresumsatz dieser Restaurants liegt zwischen 500.000 und 3 Millionen US-Dollar.

Segmentmerkmale	Anzahl der Kunden	Durchschnittlicher Jahresumsatz
Kleine Restaurants (1-3 Standorte)	62,500	$750,000
Mittlere Restaurants (4–10 Standorte)	22,500	$2,500,000

Schnellrestaurantketten

Toast unterstützt 15.000 Schnellrestaurantstandorte (QSR) in den Vereinigten Staaten.

• Durchschnittliches monatliches Transaktionsvolumen: 85.000 $
• Durchschnittliche Restaurantgröße: 2,3 Standorte pro Marke
• Typische jährliche Technologieausgaben: 24.000 US-Dollar pro Standort

Full-Service-Gastronomiebetriebe

Toast bedient 35.000 Full-Service-Restaurantstandorte mit einem durchschnittlichen Jahresumsatz von 1,8 Millionen US-Dollar pro Restaurant.

Restauranttyp	Anzahl der Standorte	Durchschnittlicher Jahresumsatz
Lässiges Essen	22,000	2,1 Millionen US-Dollar
Feines Essen	13,000	1,5 Millionen Dollar

Aufstrebende Anwender von Restauranttechnologie

Ungefähr 25 % des Kundenstamms von Toast sind Frühanwender der Technologie und repräsentieren 21.250 Restaurantstandorte.

• Durchschnittliche Technologieinvestitionen: 36.000 US-Dollar pro Jahr
• Prozentsatz der Nutzung erweiterter POS-Funktionen: 68 %
• Akzeptanzrate mobiler Bestellungen: 42 %

Restaurantgruppen mit mehreren Standorten

Toast unterstützt 7.500 Restaurantgruppen mit mehreren Standorten mit durchschnittlich 6,2 Standorten pro Gruppe.

Gruppengröße	Anzahl der Gruppen	Gesamtzahl der Standorte
4-10 Standorte	5,200	31,200
11–50 Standorte	2,300	46,000

Toast, Inc. (TOST) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Toast, Inc. Forschungs- und Entwicklungskosten in Höhe von 234,1 Millionen US-Dollar, was 31,7 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	234,1 Millionen US-Dollar	31.7%
2022	188,3 Millionen US-Dollar	28.5%

Vertriebs- und Marketingkosten

Toast, Inc. gab im Jahr 2023 283,6 Millionen US-Dollar für Vertrieb und Marketing aus, was 38,4 % des Gesamtumsatzes entspricht.

• Vertriebs- und Marketingausgaben 2023: 283,6 Millionen US-Dollar
• Vertriebs- und Marketingausgaben 2022: 240,2 Millionen US-Dollar
• Wachstum im Jahresvergleich: 18,1 %

Wartung der Cloud-Infrastruktur

Die Kosten für die Cloud-Infrastruktur für Toast, Inc. beliefen sich im Jahr 2023 auf etwa 42,7 Millionen US-Dollar.

Cloud-Dienstanbieter	Jährliche Kosten	Prozentsatz der gesamten Infrastrukturausgaben
Amazon Web Services (AWS)	31,5 Millionen US-Dollar	73.8%
Microsoft Azure	11,2 Millionen US-Dollar	26.2%

Hardware-Produktionskosten

Die Hardware-Produktionskosten für die Point-of-Sale-Systeme von Toast beliefen sich im Jahr 2023 auf insgesamt 97,4 Millionen US-Dollar.

• Produktionskosten der Hardwareeinheit: 450 USD pro Terminal
• Insgesamt produzierte Hardwareeinheiten: 216.444
• Bruttomarge beim Hardware-Umsatz: 22,6 %

Talentakquise und -bindung

Toast, Inc. investierte im Jahr 2023 156,2 Millionen US-Dollar in Personalausgaben.

Ausgabenkategorie	Betrag	Prozentsatz der Gesamtsumme
Gehälter	112,4 Millionen US-Dollar	72%
Vorteile	28,1 Millionen US-Dollar	18%
Rekrutierung	15,7 Millionen US-Dollar	10%

Toast, Inc. (TOST) – Geschäftsmodell: Einnahmequellen

Wiederkehrende Software-Abonnementgebühren

Im vierten Quartal 2023 beliefen sich die Abonnementeinnahmen von Toast auf 289,5 Millionen US-Dollar, was einem Wachstum von 16 % gegenüber dem Vorjahr entspricht. Die Plattform bietet gestaffelte Preismodelle zwischen 50 und 500 US-Dollar pro Monat, abhängig von der Größe und Ausstattung des Restaurants.

Abonnementstufe	Monatspreis	Hauptmerkmale
Basic	$50	Point of Sale, Menüverwaltung
Profi	$200	Erweiterte Berichterstattung, Bestandsverwaltung
Unternehmen	$500	Vollständige Suite, benutzerdefinierte Integration

Einnahmen aus Zahlungsabwicklungstransaktionen

Im Jahr 2023 wickelte Toast ein Gesamtzahlungsvolumen von 66 Milliarden US-Dollar ab. Der Transaktionsumsatz belief sich auf etwa 724,3 Millionen US-Dollar, bei einer durchschnittlichen Bearbeitungsgebühr von 2,49 % pro Transaktion.

Hardware-Verkauf und Installation

Der Hardware-Umsatz belief sich im Jahr 2023 auf insgesamt 107,2 Millionen US-Dollar. Toast verkauft Point-of-Sale-Hardwarepakete im Preis von 1.000 bis 3.500 US-Dollar pro Restaurant.

Hardwarepaket	Preisspanne	Komponenten
Standard-POS	$1,000 - $1,500	Tablet, Drucker, Kassenschublade
Premium-POS	$2,500 - $3,500	Erweiterte Terminals, Küchendisplay, mehrere Drucker

Professionelle Dienstleistungen und Beratung

Der Umsatz mit professionellen Dienstleistungen erreichte im Jahr 2023 42,6 Millionen US-Dollar, bei durchschnittlichen Beratungskosten von 5.000 bis 25.000 US-Dollar pro Restaurant.

Monetarisierung von Add-on-Funktionen

Zusatzfunktionen generierten im Jahr 2023 63,4 Millionen US-Dollar. Zu den wichtigsten monetarisierten Funktionen gehören:

• Online-Bestellung: 50 $/Monat
• Marketingautomatisierung: 100 $/Monat
• Bestandsverwaltung: 75 $/Monat
• Erweiterte Analysen: 150 $/Monat

Toast, Inc. (TOST) - Canvas Business Model: Value Propositions

All-in-one platform: POS, payments, and operations management in one system

You see the value in consolidating the technology stack, which is exactly what Toast, Inc. delivers by integrating point-of-sale (POS), payments, and back-office functions.

The sheer scale of adoption shows this proposition is working; as of September 30, 2025, Toast powered approximately 156,000 total locations globally. This represented a 23% year-over-year increase in total locations. The platform processes massive transaction volumes, evidenced by the Gross Payment Volume (GPV) reaching $51.5 billion in the third quarter of 2025 alone.

The platform's revenue streams reflect this integration:

• Annual Recurring Revenue (ARR) surpassed $2.0 billion as of September 30, 2025.
• For the first time, both Payments ARR and SaaS ARR each exceeded $1 billion.
• The company projects full-year 2025 Non-GAAP subscription services and financial technology solutions gross profit in the range of $1,865 million to $1,875 million.

This dual-engine approach provides resilience; the SaaS subscriptions offer stickiness, while the payments volume drives scale.

Operational efficiency: Streamlining workflows to reduce labor costs and errors

The platform's design is intended to make restaurant operations hum more smoothly, which translates directly to the bottom line for your clients.

The financial results from Q3 2025 show this efficiency is translating into profitability:

Metric	Q3 2025 Value	Comparison/Context
Adjusted EBITDA	$176 million	Up from $113 million in Q3 2024.
Adjusted EBITDA Margin	35%	Up 13 percentage points year-over-year.
Free Cash Flow (FCF)	$153 million	Nearly 100% conversion from Adjusted EBITDA in Q3 2025.
Total Take Rate	98 basis points	Up seven basis points year-over-year.

The focus on disciplined cost management is clear; management raised the full-year 2025 Adjusted EBITDA guidance to $610 million to $620 million. That's a clear signal of confidence in the unit economics.

Integrated FinTech: Access to working capital via Toast Capital and payment processing

For a restaurant owner needing cash flow support, the integration of Toast Capital directly into the POS ecosystem is a major value driver, as repayment flexes with sales volume.

Key details on the capital offering include:

• Loans range from $1,000 to $300,000 per location, based on eligibility.
• Target repayment terms are set at 90, 270, or 360 days.
• Repayment is automated as a fixed percentage of daily card transactions processed through Toast.
• The cost is a fixed fee, with no compounding interest or late fees mentioned.

The growth in the financial technology segment is strong; Subscription Services and Financial Technology Solutions gross profit grew 34% year-over-year in Q3 2025 to $490 million (GAAP).

Data-driven insights: AI-powered tools for menu optimization and guest feedback

You're seeing the shift from just processing transactions to actively advising on business performance, driven by AI tools like Toast IQ.

The adoption and impact of these tools are quantifiable:

• Over 25,000 restaurants used Toast IQ since its early October rollout.
• The tool has been used over 235,000 times since its launch.
• One example showed Toast IQ flagging a drink promotion that was costing a restaurant approximately $700 a day in lost profit.

The company also launched Toast Advertising, which, alongside Toast IQ, is cited as helping customers increase revenue and operate more efficiently.

Purpose-built for restaurants: Industry-specific features for various service models

The platform's ability to handle complexity beyond the small-to-medium business (SMB) segment is a key differentiator now, proving its industry-specific design scales up.

This is validated by recent large-scale customer wins:

• Secured a deal with Nordstrom to roll out the platform at nearly 200 of its dining locations.
• Secured the entire U.S. operation of TGI Fridays.
• Enterprise wins in Q1 2025 included Applebee's and Topgolf.

The platform's capability to manage complex operations, like the integration of restaurant and entertainment functions at Topgolf, underscores its industry-specific feature set.

Toast, Inc. (TOST) - Canvas Business Model: Customer Relationships

You're managing customer relationships across a base that has grown to approximately 156,000 total locations globally as of the end of the third quarter of 2025. This scale means the approach to customer interaction must be segmented, moving from high-touch for the largest accounts to automated efficiency for the Small and Midsize Business (SMB) core.

Dedicated direct sales and account management teams for enterprise clients are clearly evidenced by the marquee wins secured throughout 2025. Toast, Inc. signed deals with major operators, including rolling out the platform at nearly 200 dining locations for Nordstrom and moving TGI Fridays' entire US operation onto the platform. This follows the landmark Q1 2025 win of Applebee's Neighborhood Grill + Bar, a chain comprising 2,000 restaurants. These large-scale operators necessitate dedicated, high-touch support from contract signing through implementation and ongoing account management.

High-touch onboarding and implementation for new locations is a necessary function for these complex enterprise rollouts, ensuring deep integration across hundreds of sites. For the broader base, the company added approximately 7,500 net new locations in the third quarter of 2025 alone, demonstrating the continuous need for scalable, yet effective, initial setup procedures across all tiers.

Automated, in-app, and self-service support for SMBs is crucial for managing the sheer volume of the installed base. The platform's increasing sophistication allows for this scale. For instance, the adoption of Toast IQ, the conversational AI assistant, is strong, with over 25,000 restaurants using it more than 235,000 times since its early October launch. This suggests a significant shift toward AI-driven, self-service guidance for day-to-day operational questions, reducing reliance on direct human support for the majority of locations.

Community building and educational resources for restaurateurs are being delivered through platform innovations that provide tangible return on investment. The Toast Advertising tool, for example, helped one early-testing customer, Pizza by the Sea, estimate generating $400,000 in sales from their campaigns, which represented an estimated 20x return on ad spend in initial tests. This data-driven education helps solidify the value proposition beyond the core point-of-sale system.

Personalized hospitality tools via Amex/Resy/Tock integration represent a strategic push into enhancing the guest experience, which directly impacts the restaurant's success and, therefore, the relationship with Toast, Inc. A strategic, multi-year partnership with American Express aims to combine Resy and Tock's guestbook capabilities with Toast's Digital Chits technology. This allows staff to view important customer information directly on handhelds and POS terminals during service. This integration is designed to leverage the network effect, as Resy and Tock together added approximately 27,000 restaurants/venues to the American Express Global Dining network as of 2024.

Here are the key metrics defining the scale of Toast, Inc.'s customer base as of late 2025:

Metric	Value (as of Q3 2025)	Context
Total Global Locations Powered	156,000	Total installed base
Net New Locations Added (Q3 2025)	Approx. 7,500	Quarterly growth in customer count
Annual Recurring Revenue (ARR)	Over $2.0 billion	Total ARR as of September 30, 2025
Enterprise Customer Location Count (Nordstrom)	Nearly 200	Locations in a single major enterprise rollout
Toast IQ User Base	Over 25,000 restaurants	Adoption of the AI assistant feature

The focus on advanced tooling and enterprise integration shows a clear tiered approach to customer relationships:

• Dedicated sales engagement for large chains like TGI Fridays and Nordstrom.
• AI-driven self-service support via Toast IQ for the broader SMB base.
• Integration of reservation/guest data through the American Express/Resy/Tock partnership.
• Tools like Toast Advertising providing measurable ROI, such as a 20x return on ad spend in tests.

Toast, Inc. (TOST) - Canvas Business Model: Channels

You're looking at how Toast, Inc. gets its platform into the hands of restaurateurs and how their end-customers transact. It's a multi-pronged approach, blending high-touch sales with digital ubiquity, which is key to their growth trajectory.

Direct Sales Force: Primary channel for new customer acquisition.

Toast uses a dual sales model to cover the Total Addressable Market (TAM) of an estimated 1.4 million restaurant locations, of which they estimate they have penetrated only about 10% as of late 2025. The strategy involves field sales reps focusing on high-density areas where in-person engagement is critical for closing deals, while inside sales teams cover lower-density regions. This direct effort is clearly driving volume; for example, in Q3 2025, Toast added approximately 7,500 net new locations. The enterprise segment is also a key focus for this force, signing major deals like Nordstrom, which is implementing the platform at nearly 200 dining locations across approximately 100 stores.

Here's a look at the location growth that this channel mix is driving:

Metric	As of March 31, 2025 (Q1 End)	As of June 30, 2025 (Q2 End)	As of September 30, 2025 (Q3 End)
Total Customer Locations	Approximately 140,000	Approximately 148,000	Approximately 156,000
Net New Locations Added in Quarter	Over 6,000	Record 8,500	Approximately 7,500
Enterprise/New Market Locations	Tracking toward surpassing 10,000 in 2025	Passed 10,000 live locations	N/A

The success of the direct sales motion is also reflected in their overall market position, holding approximately 24.30% of the POS market, second only to Square's 28.01% as of early 2025.

Online/In-app Ordering: Digital channels for end-customer transactions.

The platform's integrated digital ordering capabilities are a core part of the value proposition, processing a significant portion of the $51.5 billion in Gross Payment Volume (GPV) recorded in Q3 2025. For end-customers, there's a clear trend favoring direct digital interaction; research indicates a notable preference for ordering through a restaurant's own website rather than a third-party app. This preference holds across demographics, suggesting Toast's direct digital storefront solutions are capturing valuable transaction flow.

Third-Party Delivery Integrations: Direct links to platforms like Uber Eats.

While Toast, Inc. provides direct links and integrations for delivery platforms, the channel strategy appears to favor direct customer ordering. The platform serves as the restaurant operating system, connecting front-of-house and back-of-house operations across service models including delivery. Specific financial breakdowns of revenue contribution from partners like Uber Eats aren't public, but the overall GPV growth to $51.5 billion in Q3 2025 shows high transaction volume across all fulfillment methods.

Toast App Marketplace: Ecosystem for third-party software integrations.

The ecosystem approach is supported by the App Marketplace, which allows restaurants to extend the platform's functionality. This is part of the strategy to increase platform adoption through data and AI. While specific metrics like the number of active third-party apps or developer adoption rates aren't explicitly stated for late 2025, the focus on expanding the intelligence ecosystem with features like the conversational AI assistant within Toast IQ shows a commitment to platform depth.

Local Partner Network: Resellers and integrators for regional reach.

Toast supports its direct sales efforts with a network of local partners. The company explicitly highlights this channel, noting that 'Local partners. Helping clients succeed has never been so rewarding'. This network likely aids in regional market penetration and localized support, which is crucial in the relationship-driven restaurant business, complementing the field sales force's territory planning.

Finance: draft 13-week cash view by Friday.

Toast, Inc. (TOST) - Canvas Business Model: Customer Segments

You're looking at the customer base for Toast, Inc. as of late 2025; it's a massive, multi-faceted group that the company is segmenting for focused growth. The foundation remains the U.S. restaurant sector, but the expansion into larger accounts and adjacent verticals is what's driving the current narrative.

Core U.S. SMB Restaurants: Small and medium-sized full-service and quick-service eateries.

This is the engine room. Toast, Inc. is an industry leader in the U.S. core business, holding an estimated market share of around 15% in the U.S. restaurant sector as of 2024. Management has a clear path to doubling its market share in this segment. The platform targets mid-market restaurants, which are often defined as those generating over $1 million in annual revenue. The overall footprint grew significantly, ending Q3 2025 with approximately 156,000 total locations globally. For context on the pace, Q3 2025 saw approximately 7,500 net new locations added, following a record 8,500 net additions in Q2 2025.

Enterprise/Large-Scale Operators: Multi-location chains like Nordstrom and TGI Fridays.

This segment is a key growth vector, proving the platform's ability to handle complexity beyond the small-to-medium business (SMB) scale. Toast, Inc. landed its two largest deals ever in 2025. You see marquee names like Nordstrom, which is rolling out the platform across nearly 200 of its dining locations. Another major win involves moving TGI Fridays' entire U.S. operation onto the platform. Furthermore, the company secured Firehouse Subs, a QSR enterprise brand with 1,300 locations. These wins validate the investment in above-store capabilities for multi-location management.

Food & Beverage Retail: Businesses like bakeries, cafes, and specialty food stores (e.g., Zabar's).

The expansion into retail is a deliberate move to broaden the Total Addressable Market (TAM). This vertical includes bakeries, cafes, convenience stores, and butcher shops. A specific example of a retail concept welcomed to the platform is Zabar's. The company is seeing traction here, with the combined new segments-including retail-on track to surpass $100 million in Annual Recurring Revenue (ARR) collectively by the end of 2025.

International Markets: Restaurants in Canada, UK, Ireland, and Australia.

Toast, Inc. is applying its U.S. playbook to scale in new markets. By Q2 2025, the company crossed the 10,000 live location milestone across its new TAMs, which includes International, Enterprise, and Retail. Early international efforts, particularly in English-speaking markets, showed strong growth, with Software as a Service (SaaS) Average Revenue Per User (ARPU) in these regions growing by 50% year-over-year in 2024. The platform is bringing features like loyalty programs and email marketing abroad.

Diverse service models: Quick service, fine dining, bars, and ghost kitchens.

The platform's architecture supports a wide array of operational styles, which is key to its broad appeal. The customer base is not monolithic; it spans the spectrum of the hospitality industry.

Here's a quick look at the scale across segments as of mid-2025:

Segment Category	Key Metric/Data Point (Late 2025)	Specific Example/Context
Total Global Locations	Approximately 156,000 (as of Q3 2025)	Up 23% year-over-year from Q3 2024
Core U.S. SMB	Estimated 15% U.S. market share (as of 2024)	Management aims to double this market share
Enterprise/New TAMs	Crossed 10,000 live locations (by Q2 2025)	Projected to surpass $100 million in ARR collectively by year-end 2025
Enterprise Scale	Largest deals ever signed in 2025	Nordstrom rollout at nearly 200 locations

The platform supports everything from quick service and bars to fine dining and, implicitly, ghost kitchens through its digital ordering and online storefront suites. The focus is on providing an integrated ecosystem, which drives high switching costs for these diverse operators.

You should check the Q4 2025 guidance for the expected total location count by year-end, as that will give you the final number for the full year's customer acquisition.

Toast, Inc. (TOST) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Toast, Inc. as of late 2025, which is heavily weighted toward growth and platform investment. The cost structure reflects a company scaling rapidly while pushing for operational leverage.

Cost of Revenue: Primarily payment processing fees and hardware costs. The total cost of revenue for Q3 2025 was reported as $1.201 billion. This figure directly relates to the Gross Payment Volume (GPV) processed, which hit $51.5 billion in Q3 2025. For context, GAAP subscription services and financial technology solutions gross profit was $490 million in the same quarter.

Significant R&D expenses: Investment in platform development and AI, specifically Toast IQ, is a major cost driver. Research and development expenses for the twelve months ending September 30, 2025, totaled $369 million. This sustained investment is intended to differentiate the platform and drive future Annual Recurring Revenue (ARR).

Sales and Marketing expenses: These costs remain high to fuel customer acquisition and location additions. In Q1 2025, operating costs rose about 12%, which management attributed to increased spending on sales and marketing. The company added approximately 7,500 net new locations in Q3 2025 alone.

Personnel costs: Salaries and stock-based compensation are significant components of the operating expenses. Stock-based compensation defintely impacts the GAAP Earnings Per Share (EPS) calculation, which was reported at $0.16 for Q3 2025, missing expectations.

Hardware manufacturing and inventory costs: These costs are embedded within the Cost of Revenue, as Toast provides hardware solutions alongside its software. The need to provision hardware for new locations, like the 7,500 added in Q3, directly influences this cost line.

Here's a quick look at the key Q3 2025 financial metrics that define the cost and revenue environment:

Metric	Amount (Q3 2025)
Total Revenue	$1.63 billion
Cost of Revenue (Stated)	$1.201 billion
GAAP Gross Profit	$490 million
Adjusted EBITDA	$176 million
Total Locations Powered	156,000
Net New Locations Added	7,500

The cost structure is managed to achieve operating leverage, as evidenced by the rising margins:

• GAAP income from operations was $84 million in Q3 2025.
• Operating Margin reached 5.1% in Q3 2025.
• Free Cash Flow (FCF) was $153 million in Q3 2025.
• The core U.S. SMB business is already operating at the long-term target margin of 40% Adjusted EBITDA.

Finance: draft 13-week cash view by Friday.

Toast, Inc. (TOST) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Toast, Inc. (TOST) revenue generation as of late 2025. The model is heavily weighted toward recurring revenue, but the transaction volume remains the foundational driver.

Financial Technology Solutions: Transaction fees on Gross Payment Volume (GPV)

This is the largest piece of the pie, honestly. Toast generates revenue by taking a percentage, known as a take rate, on every dollar processed through its payments platform. For the third quarter ended September 30, 2025, the Gross Payment Volume (GPV) hit a massive $51.5 billion. This scale is what fuels the financial technology solutions revenue stream.

The total take rate for all financial technology and subscription services combined stood at 98 basis points in Q3 2025. To be clear, that means for every dollar processed, Toast kept just under one cent. The payments component of that take rate, the pure transaction fee, was 49 basis points as of Q3 2025. The combined GAAP gross profit for subscription services and financial technology solutions in Q3 2025 was $490 million, with the non-GAAP figure reaching $506 million. Management guided for the full year 2025 Non-GAAP subscription services and financial technology solutions gross profit to land between $1,865 million and $1,875 million.

Subscription Services: Recurring SaaS fees for software modules

This is the stickier, higher-margin part of the business you want to see growing fast. As of September 30, 2025, Toast, Inc. surpassed $2.0 billion in Annual Recurring Revenue (ARR). That is a 30% year-over-year increase for the total ARR. Crucially, for the first time, both Payments ARR and SaaS ARR individually surpassed the $1.0 billion mark. The SaaS gross margin for the quarter was reported at 79%. The platform supported approximately 156,000 total locations globally by the end of Q3 2025.

Here's a quick look at the scale of the platform as of the latest reported quarter:

Metric	Value (Q3 2025)
Total Annual Recurring Revenue (ARR)	$2.0 billion
Total Locations Served	Approximately 156,000
Gross Payment Volume (GPV)	$51.5 billion
GAAP Subscription & FinTech Gross Profit	$490 million

Hardware Sales

Revenue from hardware sales, like POS terminals and peripherals, is a one-time component of the model. While the company launched its newest handheld, the Toast Go® 3, the financial reporting focuses on the combined subscription and financial technology solutions gross profit, which is the core recurring revenue. The non-recurring revenue streams are generally bundled into the 'License' category when broken down by segment, which accounted for 15.36% of total revenue in Q3 2025.

FinTech Solutions: Interest and fees from Toast Capital

Toast Capital, the restaurant lending arm, contributes directly through interest and fees generated from originations. In the third quarter of 2025, this non-payments fintech segment contributed $58 million in gross profit. This represented a take rate contribution of 11 basis points for that quarter. This is a growing area, especially as the company moves upmarket to serve larger chains. If onboarding takes 14+ days, churn risk rises, but lending provides an alternative revenue stream independent of daily transaction volume fluctuations.

Advertising and Marketing Services

Toast is actively building out services to help restaurants drive more business directly through the platform. The company launched Toast Advertising, which is already helping customers increase revenue. This stream is designed to capture fees for promoting restaurants on the platform, similar to how other digital marketplaces monetize visibility. While specific revenue figures for this nascent stream weren't broken out separately in the Q3 2025 summary, its inclusion signals a strategic push to monetize customer success beyond core processing and software.

You should keep an eye on these key operational metrics as they signal the health of the revenue base:

• SaaS ARR growth rate: 30% year-over-year as of September 30, 2025.
• Total Locations added in Q3 2025: Approximately 7,500 net new locations.
• Full Year 2025 Adjusted EBITDA guidance midpoint: $615 million.

Finance: draft 13-week cash view by Friday.