Toast, Inc. (TOST): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el paisaje en rápida evolución de la tecnología de restaurantes, Toast, Inc. (TOST) surge como una plataforma que cambia el juego que transforma cómo los establecimientos de restaurantes administran sus operaciones. Al integrar a la perfección los sistemas de punto de venta, el procesamiento de pagos y las herramientas de gestión integrales, Toast ha creado un ecosistema revolucionario que capacita a los restaurantes de todos los tamaños para racionalizar sus procesos comerciales. Esta profunda inmersión en el lienzo de modelo de negocio de Toast revela el plan estratégico detrás de su enfoque innovador, ofreciendo información sobre cómo están remodelando la intersección de la tecnología y la hospitalidad.

Toast, Inc. (TOST) - Modelo de negocio: asociaciones clave

Fabricantes de hardware de punto de venta (POS)

Toast se asocia con fabricantes de hardware específicos para proporcionar soluciones integradas de tecnología de restaurantes.

Fabricante	Detalles de la asociación	Tipo de hardware
Epson	Socio de hardware certificado	Impresoras de recibo
Micronics estrella	Hardware POS compatible	Impresoras de cocina

Redes de procesamiento de pagos

Toast colabora con múltiples redes de procesamiento de pagos para habilitar transacciones sin problemas.

• Visa
• Tarjeta MasterCard
• tarjeta American Express
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Proveedores de software de tecnología de restaurantes

Las asociaciones de integración de software estratégico mejoran el ecosistema de Toast.

Proveedor de software	Tipo de integración
Aloha (NCR)	Integración del sistema Legacy POS
Compensar	Integración de software de contabilidad

Plataformas de entrega de terceros

Toast se integra con las principales plataformas de entrega para expandir la conectividad del restaurante.

• Doordash
• Uber come
• Grubhub

Proveedores de computación e infraestructura en la nube

Las asociaciones críticas de infraestructura en la nube admiten la plataforma de tecnología de Toast.

Proveedor	Tipo de servicio
Servicios web de Amazon (AWS)	Infraestructura en la nube
Microsoft Azure	Servicios en la nube de respaldo

Toast, Inc. (TOST) - Modelo de negocio: actividades clave

Desarrollo de software de gestión de restaurantes

Toast desarrolló una plataforma de gestión de restaurantes basada en la nube con las siguientes especificaciones:

Métrico	Valor
Total de clientes de restaurantes	85,000+ a partir del cuarto trimestre 2023
Ingresos recurrentes anuales del software	$ 548.4 millones en 2023
Inversión de desarrollo de software	$ 272.6 millones en gastos de I + D en 2023

Innovación de tecnología de procesamiento de pagos

Las capacidades de tecnología de pago incluyen:

• Volumen total de pago procesado: $ 66 mil millones en 2023
• Tasas de procesamiento de transacciones: $ 309.7 millones en 2023
• Tecnología de pago Solicitudes de patente: 12 presentados en 2023

Servicios de atención al cliente y implementación

Métrico de soporte	Actuación
Tamaño del equipo de atención al cliente	672 profesionales de apoyo dedicados
Tiempo promedio de incorporación del cliente	3-5 días hábiles
Inversión de atención al cliente	$ 87.3 millones en 2023

Diseño de productos de hardware y software

Capacidades de diseño de productos:

• Líneas de productos de hardware: 4 sistemas integrados de punto de venta
• Tamaño del equipo de diseño: 156 diseñadores de productos
• Inversión de diseño de productos: $ 124.5 millones en 2023

Expansión del ecosistema de tecnología de restaurantes

Métrico del ecosistema	Valor
Integraciones de terceros	Más de 250 socios de tecnología
Socios de aplicación del mercado	78 aplicaciones de software activas
Inversión en desarrollo del ecosistema	$ 64.2 millones en 2023

Toast, Inc. (TOST) - Modelo de negocio: recursos clave

Plataforma de software de gestión de restaurantes patentados

A partir del cuarto trimestre de 2023, la plataforma de software de Toast admite más de 85,000 ubicaciones de restaurantes en los Estados Unidos.

Métrica de plataforma	Datos cuantitativos
Total de restaurantes servidos	85,000+
Ingresos recurrentes anuales del software	$ 537.4 millones (2023)
Suscripción mensual promedio por restaurante	$438

Infraestructura tecnológica basada en la nube

Toast aprovecha los servicios web de Amazon (AWS) para su infraestructura en la nube.

• Garantía de tiempo de actividad del 99.99%
• Procesamiento de transacciones en tiempo real
• Arquitectura de nube escalable

Equipos de ingeniería calificada y desarrollo de productos

Composición del equipo	Número
Total de empleados de ingeniería	1,200+
Gerentes de productos	180
Desarrolladores de software	850

Extensa red de la industria de restaurantes

Alcance de la red: Asociaciones con más de 10,000 proveedores y proveedores de tecnología de restaurantes.

Arquitectura de tecnología escalable

• Diseño basado en microservicios
• Admite más de 2 millones de transacciones diarias
• Maneja el procesamiento de pagos en múltiples canales

Métricas de escalabilidad tecnológica	Datos de rendimiento
Volumen de transacciones diarias	2,000,000+
Velocidad de procesamiento de pagos	Tiempo de respuesta sub-segundo
Capacidad de almacenamiento de datos	500 TB

Toast, Inc. (TOST) - Modelo de negocio: propuestas de valor

Solución de tecnología de restaurantes todo en uno

Toast ofrece una plataforma integral de tecnología de restaurantes que atiende a 74,000 ubicaciones de restaurantes a partir del tercer trimestre de 2023. La plataforma admite $ 66 mil millones en volumen de pago anual.

Cobertura tecnológica	Segmento de clientes
74,000 ubicaciones de restaurantes	Principalmente restaurantes pequeños a medianos
Volumen de pago anual de $ 66 mil millones	En todo el mercado de restaurantes de los Estados Unidos

Sistemas integrados de pagos y gestión

Toast's Integrated Pague Solutions Process Transactions con las siguientes métricas clave:

• Las tarifas de procesamiento de pagos oscilan entre 2.49% - 2.99% por transacción
• Los costos de hardware para los sistemas de punto de venta comienzan en $ 799
• Las suscripciones de software mensuales varían de $ 69 a $ 229

Eficiencia operativa simplificada para restaurantes

La plataforma de Toast ofrece eficiencia operativa a través de:

Característica operativa	Métrica de eficiencia
Gestión de pedidos	Reduce el tiempo de procesamiento de pedidos manuales en un 45%
Seguimiento de inventario	Disminuye las discrepancias de inventario en un 35%

Insights y análisis comerciales en tiempo real

Toast proporciona análisis en tiempo real con las siguientes capacidades:

• Informes de ventas diarias
• Gestión de costos laborales
• Seguimiento de comportamiento del cliente

Plataforma de tecnología flexible y personalizable

Las opciones de personalización incluyen:

Tipo de personalización	Opciones disponibles
Configuraciones de hardware	7 configuraciones de hardware POS diferentes
Módulos de software	12 módulos de gestión de restaurantes distintos

Toast, Inc. (TOST) - Modelo de negocio: relaciones con los clientes

Incorporación digital de autoservicio

Toast proporciona un proceso de incorporación digital optimizado con las siguientes métricas clave:

Métrica de incorporación	Valor
Tiempo de incorporación promedio	48 horas
Tasa de finalización de registro digital	92%
Plataformas de incorporación en línea	Aplicación web y móvil

Equipos dedicados de éxito del cliente

La estrategia de éxito del cliente de Toast incluye:

• Gerentes de cuentas dedicados para segmentos de restaurantes
• Soporte de implementación personalizado
• Reuniones trimestrales de revisión comercial

Métrica de éxito del cliente	Valor
Tamaño del equipo de éxito del cliente	387 representantes
Tiempo de respuesta promedio	2.3 horas
Puntuación de satisfacción del cliente	4.6/5

Actualizaciones de características de productos continuos

Toast libera actualizaciones de productos con las siguientes características:

Actualizar métrica	Valor
Actualizaciones anuales de productos	18-24 lanzamientos
Frecuencia de mejora de características	Trimestral
Características solicitadas por el cliente implementadas	62%

Recursos de apoyo y capacitación en línea

Toast proporciona infraestructura integral de soporte digital:

• Base de conocimiento en línea 24/7
• Biblioteca de video tutorial
• Foro comunitario

Métrico de soporte	Valor
Artículos del centro de ayuda en línea	1,247 recursos
Vistas de video de entrenamiento	378,000 anualmente
Tasa de resolución de autoservicio	76%

Desarrollo de productos impulsado por la comunidad

Toast aprovecha los comentarios de los clientes para la innovación de productos:

Métrica de compromiso de la comunidad	Valor
Miembros de la comunidad de usuarios	42,500
Sugerencias anuales de características	3,200
Tasa de implementación de comentarios de comentarios de los clientes	48%

Toast, Inc. (TOST) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Toast comprendía 1,245 representantes de ventas dirigidos a restaurantes y negocios de hospitalidad. Ingresos anuales promedio por representante de ventas: $ 782,000.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	1,245
Ingresos anuales promedio por repetición	$782,000
Cobertura del equipo de ventas	50 estados de EE. UU.

Sitio web en línea y marketing digital

Los canales de marketing digital de Toast generaron $ 124.7 millones en ingresos en 2023. Tráfico del sitio web: 3.2 millones de visitantes únicos mensuales.

• Presupuesto de marketing digital: $ 18.4 millones
• Tasa de conversión: 4.3%
• Generación de leads en línea: 52,000 clientes potenciales mensuales

Ferias comerciales de la industria de restaurantes

Toast participó en 37 ferias comerciales de tecnología de restaurantes en 2023, generando 6.500 clientes potenciales directos.

Métrica de la feria comercial	2023 datos
Total de ferias comerciales	37
Cables generados	6,500
Ubicación de eventos	22 ciudades estadounidenses

Redes de referencia de socios

La red de socios de Toast incluyó 2,876 socios activos en 2023, contribuyendo con $ 87.3 millones en ingresos por referencias.

• Categorías totales de socios: 12
• Comisión promedio de socios: 15.6%
• Adquisición de clientes impulsado por el socio: 28%

Demostraciones de productos digitales

Las demostraciones de productos en línea llegaron a 124,000 espectadores únicos en 2023, con una tasa de conversión del 22.7% a suscripciones pagas.

Métrica de demostración de productos	2023 datos
Totales espectadores únicos	124,000
Tasa de conversión	22.7%
Duración promedio de demostración	37 minutos

Toast, Inc. (TOST) - Modelo de negocio: segmentos de clientes

Restaurantes pequeños a medianos

A partir del cuarto trimestre de 2023, Toast sirve a aproximadamente 85,000 clientes de restaurantes. Los ingresos anuales promedio para estos restaurantes varían de $ 500,000 a $ 3 millones.

Características de segmento	Número de clientes	Ingresos anuales promedio
Pequeños restaurantes (1-3 ubicaciones)	62,500	$750,000
Restaurantes medianos (4-10 ubicaciones)	22,500	$2,500,000

Cadenas de restaurantes de servicio rápido

Toast admite 15,000 ubicaciones de restaurantes de servicio rápido (QSR) en todo Estados Unidos.

• Volumen de transacción mensual promedio: $ 85,000
• Media tamaño del restaurante: 2.3 ubicaciones por marca
• Gasto de tecnología anual típica: $ 24,000 por ubicación

Establecimientos de comidas de servicio completo

Toast sirve 35,000 ubicaciones de restaurantes de servicio completo con un ingreso anual promedio de $ 1.8 millones por restaurante.

Tipo de restaurante	Número de ubicaciones	Ingresos anuales promedio
Comedor informal	22,000	$ 2.1 millones
Gastronomía	13,000	$ 1.5 millones

Adoptores de tecnología de restaurantes emergentes

Aproximadamente el 25% de la base de clientes de Toast representa a los primeros usuarios de tecnología, que representa 21,250 ubicaciones de restaurantes.

• Inversión de tecnología promedio: $ 36,000 anualmente
• Porcentaje utilizando características avanzadas de POS: 68%
• Tasa de adopción de pedidos móviles: 42%

Grupos de restaurantes de múltiples ubicaciones

Toast admite 7.500 grupos de restaurantes de varias ubicaciones con un promedio de 6.2 ubicaciones por grupo.

Tamaño de grupo	Número de grupos	Ubicaciones totales
4-10 ubicaciones	5,200	31,200
11-50 ubicaciones	2,300	46,000

Toast, Inc. (TOST) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Toast, Inc. reportó gastos de I + D de $ 234.1 millones, lo que representa el 31.7% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 234.1 millones	31.7%
2022	$ 188.3 millones	28.5%

Gastos de ventas y marketing

Toast, Inc. gastó $ 283.6 millones en ventas y marketing en 2023, que fue del 38.4% de los ingresos totales.

• 2023 Gastos de ventas y marketing: $ 283.6 millones
• 2022 Gastos de ventas y marketing: $ 240.2 millones
• Crecimiento año tras año: 18.1%

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura en la nube para Toast, Inc. en 2023 fueron de aproximadamente $ 42.7 millones.

Proveedor de servicios en la nube	Costo anual	Porcentaje de gastos de infraestructura total
Servicios web de Amazon (AWS)	$ 31.5 millones	73.8%
Microsoft Azure	$ 11.2 millones	26.2%

Costos de producción de hardware

Los gastos de producción de hardware para los sistemas de punto de venta de Toast en 2023 totalizaron $ 97.4 millones.

• Costo de producción de la unidad de hardware: $ 450 por terminal
• Unidades de hardware totales producidas: 216,444
• Margen bruto en ventas de hardware: 22.6%

Adquisición y retención de talentos

Toast, Inc. invirtió $ 156.2 millones en gastos de capital humano durante 2023.

Categoría de gastos	Cantidad	Porcentaje de total
Salarios	$ 112.4 millones	72%
Beneficios	$ 28.1 millones	18%
Reclutamiento	$ 15.7 millones	10%

Toast, Inc. (TOST) - Modelo de negocio: flujos de ingresos

Tarifas de suscripción de software recurrentes

A partir del cuarto trimestre de 2023, los ingresos por suscripción de Toast eran de $ 289.5 millones, lo que representa un crecimiento año tras año del 16%. La plataforma ofrece modelos de precios escalonados que van desde $ 50 a $ 500 por mes, dependiendo del tamaño y las características del restaurante.

Nivel de suscripción	Precio mensual	Características clave
Basic	$50	Punto de venta, gestión de menú
Pro	$200	Informes avanzados, gestión de inventario
Empresa	$500	Suite completa, integración personalizada

Ingresos de la transacción de procesamiento de pagos

En 2023, Toast procesó $ 66 mil millones en volumen de pago total. Los ingresos por transacciones fueron de aproximadamente $ 724.3 millones, con una tarifa de procesamiento promedio de 2.49% por transacción.

Venta e instalación de hardware

Los ingresos por hardware en 2023 totalizaron $ 107.2 millones. Toast vende paquetes de hardware de punto de venta que van desde $ 1,000 a $ 3,500 por restaurante.

Paquete de hardware	Gama de precios	Componentes
POS estándar	$1,000 - $1,500	Tableta, impresora, cajón de efectivo
POS premium	$2,500 - $3,500	Terminales avanzados, pantalla de cocina, impresoras múltiples

Servicios profesionales y consultoría

Los ingresos por servicios profesionales alcanzaron los $ 42.6 millones en 2023, con un costo promedio de participación de consultoría de $ 5,000 a $ 25,000 por restaurante.

Monetización de características de complemento

Las características complementarias generaron $ 63.4 millones en 2023. Las características monetizadas clave incluyen:

• Pedidos en línea: $ 50/mes
• Automatización de marketing: $ 100/mes
• Gestión de inventario: $ 75/mes
• Análisis avanzado: $ 150/mes

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.