Toast, Inc. (TOST): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie des restaurants en évolution, Toast, Inc. (TOST) apparaît comme une plate-forme qui change la donne qui transforme la façon dont les établissements de restauration gèrent leurs opérations. En intégrant parfaitement les systèmes de points de vente, le traitement des paiements et les outils de gestion complets, Toast a conçu un écosystème révolutionnaire qui permet aux restaurants de toutes tailles pour rationaliser leurs processus métier. Cette plongée profonde dans la toile du modèle commercial de Toast révèle le plan stratégique derrière leur approche innovante, offrant un aperçu de la façon dont ils rehapsaient l'intersection de la technologie et de l'hospitalité.

Toast, Inc. (TOST) - Modèle d'entreprise: partenariats clés

Fabricants de matériel de point de vente (POS)

Toast s'associe à des fabricants de matériel spécifiques pour fournir des solutions de technologie de restauration intégrées.

Fabricant	Détails du partenariat	Type de matériel
Epson	Partenaire matériel certifié	Imprimantes de réception
Micronics Star	Matériel de point de vente compatible	Imprimantes de cuisine

Réseaux de traitement des paiements

Toast collabore avec plusieurs réseaux de traitement de paiement pour permettre des transactions transparentes.

• Visa
• MasterCard
• American Express
• Découvrir

Fournisseurs de logiciels de technologie des restaurants

Les partenariats d'intégration de logiciels stratégiques améliorent l'écosystème de Toast.

Fournisseur de logiciels	Type d'intégration
Aloha (NCR)	Intégration du système POS hérité
Se compatter	Intégration du logiciel comptable

Plates-formes de livraison tierces

Toast s'intègre aux principales plateformes de livraison pour étendre la connectivité des restaurants.

• Doordash
• Uber mange
• Grubhub

Fournisseurs de cloud computing et d'infrastructure

Les partenariats critiques d'infrastructure cloud prennent en charge la plate-forme technologique de Toast.

Fournisseur	Type de service
Amazon Web Services (AWS)	Infrastructure cloud
Microsoft Azure	Sauvegarde des services cloud

Toast, Inc. (TOST) - Modèle d'entreprise: activités clés

Développement de logiciels de gestion des restaurants

Toast a développé une plate-forme de gestion des restaurants basée sur le cloud avec les spécifications suivantes:

Métrique	Valeur
Total des clients des restaurants	85 000+ auprès du quatrième trimestre 2023
Revenus récurrents annuels du logiciel	548,4 millions de dollars en 2023
Investissement de développement logiciel	272,6 millions de dollars en dépenses de R&D en 2023

Innovation technologique de traitement des paiements

Les capacités de la technologie de paiement comprennent:

• Volume de paiement total traité: 66 milliards de dollars en 2023
• Frais de traitement des transactions: 309,7 millions de dollars en 2023
• Technologie de paiement Demandes de brevet: 12 déposées en 2023

Services de support client et de mise en œuvre

Métrique de soutien	Performance
Taille de l'équipe du support client	672 professionnels du soutien dédié
Temps d'embarquement moyen du client	3-5 jours ouvrables
Investissement du support client	87,3 millions de dollars en 2023

Conception de produits matériels et logiciels

Capacités de conception des produits:

• Lignes de produit matériel: 4 systèmes de point de vente intégrés
• Taille de l'équipe de conception: 156 concepteurs de produits
• Investissement de conception des produits: 124,5 millions de dollars en 2023

Expansion de l'écosystème de la technologie des restaurants

Métrique écosystème	Valeur
Intégrations tierces	Plus de 250 partenaires technologiques
Partenaires d'application du marché	78 Applications logicielles actives
Investissement de développement des écosystèmes	64,2 millions de dollars en 2023

Toast, Inc. (TOST) - Modèle d'entreprise: Ressources clés

Plateforme de logiciels de gestion des restaurants propriétaires

Au quatrième trimestre 2023, la plate-forme logicielle de Toast prend en charge plus de 85 000 emplacements de restaurants à travers les États-Unis.

Métrique de la plate-forme	Données quantitatives
Total des restaurants servis	85,000+
Revenus récurrents annuels du logiciel	537,4 millions de dollars (2023)
Abonnement mensuel moyen par restaurant	$438

Infrastructure technologique basée sur le cloud

Toast exploite Amazon Web Services (AWS) pour son infrastructure cloud.

• Garantie de disponibilité de 99,99%
• Traitement des transactions en temps réel
• Architecture cloud évolutive

Équipes d'ingénierie et de développement de produits qualifiés

Composition de l'équipe	Nombre
Total des employés d'ingénierie	1,200+
Chefs de produit	180
Développeurs de logiciels	850

Réseau étendu de l'industrie de la restauration

Réalisation du réseau: Partenariats avec plus de 10 000 fournisseurs et fournisseurs de technologies de restauration.

Architecture technologique évolutive

• Conception basée sur les microservices
• Prend en charge 2 millions de transactions quotidiennes et plus
• Gère le traitement des paiements sur plusieurs canaux

Métriques d'évolutivité technologique	Données de performance
Volume de transaction quotidien	2,000,000+
Vitesse de traitement des paiements	Temps de réponse inférieur à la seconde
Capacité de stockage de données	500 To

Toast, Inc. (TOST) - Modèle d'entreprise: propositions de valeur

Solution de technologie du restaurant tout-en-un

Toast fournit une plate-forme complète de technologie de restauration desservant 74 000 emplacements de restaurants au troisième trimestre 2023. La plate-forme prend en charge 66 milliards de dollars en volume de paiement annuel.

Couverture technologique	Segment de clientèle
74 000 emplacements de restaurants	Principalement des restaurants de taille moyenne à moyenne
Volume de paiement annuel de 66 milliards de dollars	Sur le marché des restaurants américains

Systèmes de paiement et de gestion intégrés

Les transactions de processus de solutions de paiement intégrées de Toast avec les mesures clés suivantes:

• Les frais de traitement des paiements se situent entre 2,49% et 2,99% par transaction
• Les coûts matériels pour les systèmes de points de vente commencent à 799 $
• Les abonnements à logiciel mensuel varient de 69 $ à 229 $

Efficacité opérationnelle simplifiée pour les restaurants

La plate-forme de Toast offre une efficacité opérationnelle à travers:

Caractéristique opérationnelle	Métrique d'efficacité
Gestion des commandes	Réduit le temps de traitement des commandes manuelle de 45%
Suivi des stocks	Diminue les écarts d'inventaire de 35%

Insistance et analyse commerciales en temps réel

Toast fournit des analyses en temps réel avec les capacités suivantes:

• Reportage des ventes quotidiennes
• Gestion des coûts de la main-d'œuvre
• Suivi du comportement des clients

Plate-forme technologique flexible et personnalisable

Les options de personnalisation incluent:

Type de personnalisation	Options disponibles
Configurations matérielles	7 configurations de matériel POS différentes
Modules logiciels	12 modules de gestion des restaurants distincts

Toast, Inc. (TOST) - Modèle d'entreprise: relations clients

Intégration numérique en libre-service

Toast fournit un processus d'intégration numérique rationalisé avec les mesures clés suivantes:

Métrique d'intégration	Valeur
Temps d'intégration moyen	48 heures
Taux d'achèvement de l'inscription numérique	92%
Plates-formes d'intégration en ligne	Application Web et mobile

Équipes de réussite client dédiées

La stratégie de réussite client de Toast comprend:

• Gestionnaires de comptes dédiés aux segments de restaurants
• Assistance de mise en œuvre personnalisée
• Réunions de révision des entreprises trimestrielles

Métrique de réussite du client	Valeur
Taille de l'équipe de réussite du client	387 représentants
Temps de réponse moyen	2,3 heures
Score de satisfaction du client	4.6/5

Mises à jour des fonctionnalités du produit continu

Toast publie des mises à jour des produits avec les caractéristiques suivantes:

Mettre à jour la métrique	Valeur
Mises à jour annuelles du produit	18-24 sorties
Fréquence d'amélioration des fonctionnalités	Trimestriel
Fonctionnalités demandées par le client implémentées	62%

Ressources de soutien et de formation en ligne

Toast fournit une infrastructure complète de support numérique:

• Base de connaissances en ligne 24/7
• Bibliothèque de didacticiels vidéo
• Forum communautaire

Métrique de soutien	Valeur
Articles du centre d'aide en ligne	1 247 ressources
Formation des vues vidéo	378 000 par an
Taux de résolution en libre-service	76%

Développement de produits axé sur la communauté

Le toast exploite les commentaires des clients pour l'innovation des produits:

Métrique de l'engagement communautaire	Valeur
Membres de la communauté des utilisateurs	42,500
Suggestions de fonctionnalités annuelles	3,200
Taux de mise en œuvre des commentaires des clients	48%

Toast, Inc. (TOST) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Toast comprenait 1 245 représentants des ventes ciblant les entreprises et les entreprises hôtelières. Revenu annuel moyen par représentant des ventes: 782 000 $.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	1,245
Revenu annuel moyen par représentant	$782,000
Couverture de l'équipe de vente	50 États américains

Site Web en ligne et marketing numérique

Les canaux de marketing numériques de Toast ont généré 124,7 millions de dollars de revenus en 2023. Trafic de site Web: 3,2 millions de visiteurs uniques mensuels.

• Budget de marketing numérique: 18,4 millions de dollars
• Taux de conversion: 4,3%
• Génération de leads en ligne: 52 000 pistes mensuelles

Salons commerciaux de l'industrie de la restauration

Toast a participé à 37 salons de la technologie des restaurants en 2023, générant 6 500 prospects directs.

Métrique du salon	2023 données
Total Trade Shower	37
Leads générés	6,500
Emplacements des événements	22 villes américaines

Réseaux de référence partenaires

Le réseau de partenaires de Toast comprenait 2 876 partenaires actifs en 2023, ce qui a contribué 87,3 millions de dollars de revenus de référence.

• Catégories totales de partenaires: 12
• Commission des partenaires moyens: 15,6%
• Acquisition de clients axée sur les partenaires: 28%

Démonstrations de produits numériques

Les démonstrations de produits en ligne ont atteint 124 000 téléspectateurs uniques en 2023, avec un taux de conversion de 22,7% en abonnements payants.

Métrique de démonstration du produit	2023 données
Visionneurs uniques totaux	124,000
Taux de conversion	22.7%
Durée de démonstration moyenne	37 minutes

Toast, Inc. (TOST) - Modèle d'entreprise: segments de clientèle

Restaurants de petite à moyenne

Au quatrième trimestre 2023, Toast dessert environ 85 000 clients de restauration. Le chiffre d'affaires annuel moyen de ces restaurants varie de 500 000 $ à 3 millions de dollars.

Caractéristiques du segment	Nombre de clients	Revenus annuels moyens
Petits restaurants (1-3 emplacements)	62,500	$750,000
Restaurants moyens (4-10 emplacements)	22,500	$2,500,000

Chaînes de restaurants à service rapide

Toast soutient 15 000 emplacements de restaurants à service rapide (QSR) à travers les États-Unis.

• Volume de transaction mensuel moyen: 85 000 $
• Taille médiane du restaurant: 2,3 emplacements par marque
• Dépenses de technologie annuelle typiques: 24 000 $ par emplacement

Établissements de restauration à service complet

Toast dessert 35 000 emplacements de restaurants à service complet avec un chiffre d'affaires annuel moyen de 1,8 million de dollars par restaurant.

Type de restaurant	Nombre d'emplacements	Revenus annuels moyens
Salle à manger décontractée	22,000	2,1 millions de dollars
Gastronomie	13,000	1,5 million de dollars

Emerging Restaurant Technology adopte

Environ 25% de la clientèle de Toast représente les premiers adoptants de technologie, représentant 21 250 emplacements de restaurants.

• Investissement technologique moyen: 36 000 $ par an
• Pourcentage à l'aide de fonctionnalités avancées POS: 68%
• Taux d'adoption de commande mobile: 42%

Groupes de restaurants à plusieurs emplacements

Le toast soutient 7 500 groupes de restaurants multi-emplacements avec une moyenne de 6,2 emplacements par groupe.

Taille du groupe	Nombre de groupes	Total des emplacements
4 à 10 emplacements	5,200	31,200
11-50 emplacements	2,300	46,000

Toast, Inc. (TOST) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Toast, Inc. a déclaré des dépenses de R&D de 234,1 millions de dollars, ce qui représente 31,7% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	234,1 millions de dollars	31.7%
2022	188,3 millions de dollars	28.5%

Dépenses de vente et de marketing

Toast, Inc. a dépensé 283,6 millions de dollars pour les ventes et le marketing en 2023, soit 38,4% des revenus totaux.

• 2023 frais de vente et de marketing: 283,6 millions de dollars
• 2022 dépenses de vente et de marketing: 240,2 millions de dollars
• Croissance d'une année à l'autre: 18,1%

Maintenance des infrastructures cloud

Les coûts d'infrastructure cloud pour Toast, Inc. en 2023 étaient d'environ 42,7 millions de dollars.

Fournisseur de services cloud	Coût annuel	Pourcentage des dépenses totales d'infrastructure
Amazon Web Services (AWS)	31,5 millions de dollars	73.8%
Microsoft Azure	11,2 millions de dollars	26.2%

Coûts de production matérielle

Les dépenses de production de matériel pour les systèmes de points de vente de Toast en 2023 ont totalisé 97,4 millions de dollars.

• Coût de production d'unité matérielle: 450 $ par terminal
• Unités matérielles totales produites: 216 444
• Marge brute sur les ventes de matériel: 22,6%

Acquisition et rétention de talents

Toast, Inc. a investi 156,2 millions de dollars dans les dépenses en capital humain au cours de 2023.

Catégorie de dépenses	Montant	Pourcentage du total
Salaires	112,4 millions de dollars	72%
Avantages	28,1 millions de dollars	18%
Recrutement	15,7 millions de dollars	10%

Toast, Inc. (TOST) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement logiciel récurrent

Au quatrième trimestre 2023, le chiffre d'affaires de Toast a été de 289,5 millions de dollars, ce qui représente une croissance de 16% en glissement annuel. La plate-forme propose des modèles de prix à plusieurs niveaux allant de 50 $ à 500 $ par mois en fonction de la taille et des fonctionnalités du restaurant.

Niveau d'abonnement	Prix ​​mensuel	Caractéristiques clés
Basic	$50	Point de vente, gestion du menu
Pro	$200	Rapports avancés, gestion des stocks
Entreprise	$500	Suite complète, intégration personnalisée

Revenus de transaction de traitement des paiements

En 2023, Toast a traité 66 milliards de dollars de volume de paiement total. Les revenus des transactions étaient d'environ 724,3 millions de dollars, avec des frais de traitement moyens de 2,49% par transaction.

Ventes et installation de matériel

Les revenus matériels en 2023 ont totalisé 107,2 millions de dollars. Toast vend des forfaits matériels de point de vente allant de 1 000 $ à 3 500 $ par restaurant.

Forfait matériel	Fourchette	Composants
Point de vente standard	$1,000 - $1,500	Tablette, imprimante, tiroir en espèces
Pos premium	$2,500 - $3,500	Terminaux avancés, affichage de la cuisine, plusieurs imprimantes

Services professionnels et conseil

Les revenus des services professionnels ont atteint 42,6 millions de dollars en 2023, avec un coût moyen d'engagement de conseil de 5 000 $ à 25 000 $ par restaurant.

Monétisation des fonctionnalités complémentaires

Les fonctionnalités complémentaires générées de 63,4 millions de dollars en 2023. Les fonctionnalités monétisées clés comprennent:

• Commande en ligne: 50 $ / mois
• Automatisation du marketing: 100 $ / mois
• Gestion des stocks: 75 $ / mois
• Advanced Analytics: 150 $ / mois

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.