Toast, Inc. (TOST): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de restaurantes, a Toast, Inc. (TOST) surge como uma plataforma que muda o jogo que transforma como os estabelecimentos de refeições gerenciam suas operações. Ao integrar perfeitamente os sistemas de ponto de venda, processamento de pagamentos e ferramentas abrangentes de gerenciamento, a Toast criou um ecossistema revolucionário que capacita restaurantes de todos os tamanhos para otimizar seus processos de negócios. Esse mergulho profundo no modelo de negócios da Toast, Canvas, revela o plano estratégico por trás de sua abordagem inovadora, oferecendo informações sobre como elas estão remodelando a interseção de tecnologia e hospitalidade.

Toast, Inc. (TOST) - Modelo de negócios: Parcerias -chave

Fabricantes de hardware de ponto de venda (POS)

A brinde parceiros com fabricantes específicos de hardware para fornecer soluções integradas de tecnologia de restaurantes.

Fabricante	Detalhes da parceria	Tipo de hardware
Epson	Parceiro de hardware certificado	Impressoras de recebimento
Micrônicos de estrela	Hardware POS compatível	Impressoras de cozinha

Redes de processamento de pagamento

A brinde colabora com várias redes de processamento de pagamento para ativar transações perfeitas.

• Visa
• MasterCard
• American Express
• Descobrir

Provedores de software de tecnologia de restaurantes

Parcerias estratégicas de integração de software aprimoram o ecossistema de Toast.

Provedor de software	Tipo de integração
Aloha (NCR)	Integração do Sistema de POS Legados
Compat	Integração de software contábil

Plataformas de entrega de terceiros

Toast se integra às principais plataformas de entrega para expandir a conectividade do restaurante.

• Doordash
• Uber come
• GRUBHUB

Fornecedores de computação em nuvem e infraestrutura

As parcerias críticas de infraestrutura em nuvem suportam a plataforma de tecnologia da Toast.

Provedor	Tipo de serviço
Amazon Web Services (AWS)	Infraestrutura em nuvem
Microsoft Azure	Serviços em nuvem de backup

Toast, Inc. (TOST) - Modelo de negócios: atividades -chave

Desenvolvimento de software de gerenciamento de restaurantes

A Toast desenvolveu uma plataforma de gerenciamento de restaurantes baseada em nuvem com as seguintes especificações:

Métrica	Valor
Total de clientes de restaurantes	85.000+ a partir do quarto trimestre 2023
Receita recorrente anual de software	US $ 548,4 milhões em 2023
Investimento em desenvolvimento de software	US $ 272,6 milhões em despesas de P&D em 2023

Innovação tecnológica de processamento de pagamento

Os recursos de tecnologia de pagamento incluem:

• Volume de pagamento total processado: US $ 66 bilhões em 2023
• Taxas de processamento de transações: US $ 309,7 milhões em 2023
• Tecnologia de pagamento Pedidos de patente: 12 arquivados em 2023

Serviços de suporte e implementação do cliente

Métrica de suporte	Desempenho
Tamanho da equipe de suporte ao cliente	672 Profissionais de suporte dedicado
Tempo médio de integração do cliente	3-5 dias úteis
Investimento de suporte ao cliente	US $ 87,3 milhões em 2023

Design de produto de hardware e software

Recursos de design de produto:

• Linhas de produtos de hardware: 4 sistemas de ponto de venda integrados
• Tamanho da equipe de design: 156 designers de produtos
• Investimento de design de produto: US $ 124,5 milhões em 2023

Expansão do ecossistema de tecnologia de restaurantes

Métrica do ecossistema	Valor
Integrações de terceiros	Mais de 250 parceiros de tecnologia
Parceiros de aplicativos do Marketplace	78 aplicativos de software ativos
Investimento de desenvolvimento de ecossistemas	US $ 64,2 milhões em 2023

Toast, Inc. (TOST) - Modelo de negócios: Recursos -chave

Plataforma proprietária de software de gerenciamento de restaurantes

A partir do quarto trimestre 2023, a plataforma de software da Toast suporta mais de 85.000 locais de restaurantes nos Estados Unidos.

Métrica da plataforma	Dados quantitativos
Total de restaurantes servidos	85,000+
Receita recorrente anual de software	US $ 537,4 milhões (2023)
Assinatura mensal média por restaurante	$438

Infraestrutura de tecnologia baseada em nuvem

A torrada aproveita os Serviços da Web da Amazon (AWS) para sua infraestrutura em nuvem.

• 99,99% Garantia de tempo de atividade
• Processamento de transações em tempo real
• Arquitetura em nuvem escalável

Equipes de engenharia e desenvolvimento de produtos qualificados

Composição da equipe	Número
Total de funcionários de engenharia	1,200+
Gerentes de produto	180
Desenvolvedores de software	850

Extensa rede da indústria de restaurantes

Alcance da rede: Parcerias com mais de 10.000 fornecedores e fornecedores de tecnologia de restaurantes.

Arquitetura de tecnologia escalável

• Design baseado em microsserviços
• Suporta 2 milhões de transações diárias
• Lida com o processamento de pagamentos em vários canais

Métricas de escalabilidade da tecnologia	Dados de desempenho
Volume diário de transação	2,000,000+
Velocidade de processamento de pagamento	Tempo de resposta do subsegunda
Capacidade de armazenamento de dados	500 TB

Toast, Inc. (TOST) - Modelo de negócios: proposições de valor

Solução de tecnologia de restaurantes tudo-em-um

O Toast fornece uma plataforma abrangente de tecnologia de restaurantes que atende 74.000 locais de restaurantes a partir do terceiro trimestre de 2023. A plataforma suporta US $ 66 bilhões em volume anual de pagamento.

Cobertura de tecnologia	Segmento de clientes
74.000 locais de restaurantes	Principais restaurantes de tamanho médio
Volume de pagamento anual de US $ 66 bilhões	No mercado de restaurantes dos Estados Unidos

Sistemas de pagamento e gerenciamento integrados

As transações de processos de soluções de pagamento integrado da Toast com as seguintes métricas principais:

• As taxas de processamento de pagamento variam entre 2,49% - 2,99% por transação
• Os custos de hardware para os sistemas de ponto de venda começam em US $ 799
• As assinaturas mensais de software variam de US $ 69 a US $ 229

Eficiência operacional simplificada para restaurantes

A plataforma da Toast oferece eficiência operacional por meio de:

Recurso operacional	Métrica de eficiência
Gerenciamento de pedidos	Reduz o tempo de processamento de pedidos manuais em 45%
Rastreamento de inventário	Diminui as discrepâncias do inventário em 35%

Insights e análises de negócios em tempo real

A Toast fornece análises em tempo real com os seguintes recursos:

• Relatórios diários de vendas
• Gerenciamento de custos de mão -de -obra
• Rastreamento de comportamento do cliente

Plataforma de tecnologia flexível e personalizável

As opções de personalização incluem:

Tipo de personalização	Opções disponíveis
Configurações de hardware	7 configurações diferentes de hardware POS
Módulos de software	12 módulos distintos de gerenciamento de restaurantes

Toast, Inc. (TOST) - Modelo de Negócios: Relacionamentos do Cliente

Auto-serviço digital a integração

A torrada fornece um processo de integração digital simplificada com as seguintes métricas -chave:

Métrica de integração	Valor
Tempo médio de integração	48 horas
Taxa de conclusão de inscrição digital	92%
Plataformas de integração online	Web e aplicativo móvel

Equipes de sucesso do cliente dedicados

A estratégia de sucesso do cliente da Toast inclui:

• Gerentes de contas dedicadas para segmentos de restaurantes
• Suporte personalizado de implementação
• Reuniões trimestrais de revisão de negócios

Métrica de sucesso do cliente	Valor
Tamanho da equipe de sucesso do cliente	387 representantes
Tempo médio de resposta	2,3 horas
Pontuação de satisfação do cliente	4.6/5

Atualizações contínuas do recurso de produto

Toast libera atualizações de produtos com as seguintes características:

Atualizar métrica	Valor
Atualizações anuais do produto	18-24 lançamentos
Frequência de aprimoramento de recursos	Trimestral
Recursos solicitados pelo cliente implementados	62%

Recursos de suporte on -line e treinamento

Toast fornece infraestrutura abrangente de suporte digital:

• Base de conhecimento online 24/7
• Biblioteca de Tutorial em vídeo
• Fórum comunitário

Métrica de suporte	Valor
Artigos de centro de ajuda online	1.247 recursos
Treinando visualizações de vídeo	378.000 anualmente
Taxa de resolução de autoatendimento	76%

Desenvolvimento de produtos orientado pela comunidade

A torrada aproveita o feedback do cliente para inovação de produtos:

Métrica de engajamento da comunidade	Valor
Membros da comunidade de usuários	42,500
Sugestões anuais de recursos	3,200
Taxa de implementação de feedback do cliente	48%

Toast, Inc. (TOST) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a equipe de vendas direta da Toast compreendia 1.245 representantes de vendas direcionados a negócios de restaurantes e hospitalidade. Receita média anual por representante de vendas: US $ 782.000.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	1,245
Receita média anual por representante	$782,000
Cobertura da equipe de vendas	50 estados dos EUA

Site online e marketing digital

Os canais de marketing digital da Toast geraram US $ 124,7 milhões em receita em 2023. Tráfego do site: 3,2 milhões de visitantes únicos mensais.

• Orçamento de marketing digital: US $ 18,4 milhões
• Taxa de conversão: 4,3%
• Geração de leads online: 52.000 leads mensais

Feiras de comércio da indústria de restaurantes

O Toast participou de 37 feiras de tecnologia de restaurantes em 2023, gerando 6.500 leads de negócios diretos.

Métrica da feira	2023 dados
TOTAL DE FERRAS COMERCIAIS	37
Leads gerados	6,500
Locais de eventos	22 cidades dos EUA

Redes de referência de parceiros

A rede parceira da Toast incluiu 2.876 parceiros ativos em 2023, contribuindo com US $ 87,3 milhões em receita de referência.

• Categorias de parceiros totais: 12
• Comissão média de parceiro: 15,6%
• Aquisição de clientes orientada por parceiro: 28%

Demonstrações de produtos digitais

As demonstrações de produtos on -line atingiram 124.000 espectadores exclusivos em 2023, com uma taxa de conversão de 22,7% para assinaturas pagas.

Métrica de demonstração do produto	2023 dados
Total de espectadores exclusivos	124,000
Taxa de conversão	22.7%
Duração média da demonstração	37 minutos

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

Restaurantes pequenos e médios

A partir do quarto trimestre de 2023, o Toast atende a aproximadamente 85.000 clientes de restaurantes. A receita média anual para esses restaurantes varia de US $ 500.000 a US $ 3 milhões.

Características do segmento	Número de clientes	Receita média anual
Pequenos restaurantes (1-3 locais)	62,500	$750,000
Restaurantes médios (4-10 locais)	22,500	$2,500,000

Correntes de restaurantes de serviço rápido

A Toast suporta 15.000 locais de restaurante de serviço rápido (QSR) nos Estados Unidos.

• Volume médio mensal de transação: US $ 85.000
• Tamanho mediano do restaurante: 2.3 locais por marca
• Gastes anuais típicos de tecnologia: US $ 24.000 por local

Estabelecimentos para refeições com serviço completo

A Toast atende a 35.000 locais de restaurantes de serviço completo, com uma receita média anual de US $ 1,8 milhão por restaurante.

Tipo de restaurante	Número de locais	Receita média anual
Refeições casuais	22,000	US $ 2,1 milhões
Refeições requintadas	13,000	US $ 1,5 milhão

Adotantes de tecnologia emergentes de restaurantes

Aproximadamente 25% da base de clientes da Toast representa os adotantes de tecnologia precoce, representando 21.250 locais de restaurantes.

• Investimento médio de tecnologia: US $ 36.000 anualmente
• Porcentagem usando recursos avançados de POS: 68%
• Taxa de adoção de pedidos móveis: 42%

Grupos de restaurantes de várias localizações

O Toast suporta 7.500 grupos de restaurantes multi-localização, com uma média de 6,2 locais por grupo.

Tamanho do grupo	Número de grupos	Locais totais
4-10 locais	5,200	31,200
11-50 locais	2,300	46,000

Toast, Inc. (TOST) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Toast, Inc. registrou despesas de P&D de US $ 234,1 milhões, representando 31,7% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 234,1 milhões	31.7%
2022	US $ 188,3 milhões	28.5%

Despesas de vendas e marketing

A Toast, Inc. gastou US $ 283,6 milhões em vendas e marketing em 2023, que foi de 38,4% da receita total.

• 2023 Despesas de vendas e marketing: US $ 283,6 milhões
• 2022 Despesas de vendas e marketing: US $ 240,2 milhões
• Crescimento ano a ano: 18,1%

Manutenção da infraestrutura em nuvem

Os custos de infraestrutura em nuvem da Toast, Inc. em 2023 foram de aproximadamente US $ 42,7 milhões.

Provedor de serviços em nuvem	Custo anual	Porcentagem do total de despesas de infraestrutura
Amazon Web Services (AWS)	US $ 31,5 milhões	73.8%
Microsoft Azure	US $ 11,2 milhões	26.2%

Custos de produção de hardware

As despesas de produção de hardware para os sistemas de ponto de venda da Toast em 2023 totalizaram US $ 97,4 milhões.

• Custo de produção da unidade de hardware: US $ 450 por terminal
• Unidades de hardware total produzidas: 216.444
• Margem bruta nas vendas de hardware: 22,6%

Aquisição e retenção de talentos

A Toast, Inc. investiu US $ 156,2 milhões em despesas de capital humano durante 2023.

Categoria de despesa	Quantia	Porcentagem de total
Salários	US $ 112,4 milhões	72%
Benefícios	US $ 28,1 milhões	18%
Recrutamento	US $ 15,7 milhões	10%

Toast, Inc. (TOST) - Modelo de negócios: fluxos de receita

Taxas de assinatura de software recorrentes

A partir do quarto trimestre de 2023, a receita de assinatura da Toast era de US $ 289,5 milhões, representando um crescimento de 16% ano a ano. A plataforma oferece modelos de preços em camadas que variam de US $ 50 a US $ 500 por mês, dependendo do tamanho e dos recursos do restaurante.

Camada de assinatura	Preço mensal	Principais recursos
Basic	$50	Ponto de venda, gerenciamento de menu
Pró	$200	Relatórios avançados, gerenciamento de inventário
Empresa	$500	Suíte completa, integração personalizada

Receitas de transação de processamento de pagamento

Em 2023, a torrada processou US $ 66 bilhões em volume total de pagamento. A receita da transação foi de aproximadamente US $ 724,3 milhões, com uma taxa média de processamento de 2,49% por transação.

Vendas e instalação de hardware

A receita de hardware em 2023 totalizou US $ 107,2 milhões. A Toast vende pacotes de hardware no ponto de venda, que variam de US $ 1.000 a US $ 3.500 por restaurante.

Pacote de hardware	Faixa de preço	Componentes
POS padrão	$1,000 - $1,500	Tablet, impressora, gaveta de dinheiro
POS premium	$2,500 - $3,500	Terminais avançados, exibição de cozinha, várias impressoras

Serviços profissionais e consultoria

A receita de serviços profissionais atingiu US $ 42,6 milhões em 2023, com um custo médio de consultoria de US $ 5.000 a US $ 25.000 por restaurante.

Monetização do recurso complementar

Os recursos do complemento geraram US $ 63,4 milhões em 2023. Os principais recursos monetizados incluem:

• Pedido on -line: US $ 50/mês
• Automação de marketing: US $ 100/mês
• Gerenciamento de inventário: US $ 75/mês
• Analítica avançada: US $ 150/mês

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.