Toast reports Q3 adjusted EBITDA $176M vs. $113M last year

Reports Q3 revenue $1.63B, consensus $1.59B. ARR increased 30% year over year to $2.0 billion as of September 30, 2025. Total Locations increased 23% year over year to approximately 156,000. Gross Payment Volume (GPV) increased 24% year over year to $51.5 billion. “Toast (TOST) delivered another strong quarter – ARR grew 30% to over $2.0 billion, Adjusted EBITDA was $176 million, and we added approximately 7,500 net locations and now power 156,000 locations globally,” said Toast CEO Aman Narang. “We have an incredible opportunity to drive sustained growth over the next decade as we expand our leadership across U.S. restaurants, scale in new markets, and further expand our TAM. Our most recent launches of Toast IQ and Toast Advertising are already helping customers both increase revenue and operate more efficiently. With the momentum we have and the investments we’re making in our platform, in AI, and in our partner ecosystem, I’ve never been more confident in the opportunity ahead.”