Toast, Inc.TOST

Toast, Inc. Segments Disclosure

10-KFiled Feb 18, 20262 min read
Segment Information
We have one reportable segment, Toast, Inc., consisting of a comprehensive platform of software-as-a-service, or SaaS, products, financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We manage the business activities on a consolidated basis. The types of software and services from which we generate revenue are described under our “Revenue Recognition” policy within our “Summary of Significant Accounting Policies.”

Our chief operating decision maker, or CODM, is our Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on net income (loss) that is also reported on the Consolidated Statements of Operations as consolidated net income (loss). The CODM does not use any segment asset measures to assess performance and decide how to allocate resources.

The following table sets out our measure of profit or loss and significant segment expenses (in millions):
Year Ended December 31,
2025
2024
2023
Revenue
$
6,153 
$
4,960 
$
3,865 
Costs of revenue(1)
(4,522)
(3,726)
(2,985)
Sales and marketing(1)
(511)
(412)
(340)
Research and development(1)
(280)
(263)
(261)
General and administrative(1)
(281)
(241)
(278)
Stock-based compensation and related payroll taxes
(255)
(256)
(288)
Other items(2)
38 
(43)
41 
Net income (loss)
$
342 
$
19 
$
(246)
(1) These expenses exclude stock-based compensation and related payroll taxes. Stock-based compensation and related payroll taxes are presented separately as an additional significant segment expense. The amounts consist of both stock-based compensation (refer to Note 9, “Stock-Based Compensation” for tabular disclosure of amounts included within other significant segment expenses) and the corresponding payroll taxes.
(2) Other items include restructuring and restructuring-related expenses, interest income, net, change in fair value of warrant liability, other income, net and income tax (expense) benefit.

We have significant operations in the United States, Ireland, and India. We did not earn material revenue in any country other than the United States during the fiscal years ended December 31, 2025, 2024, and 2023.

The following table sets forth the breakdown of long-lived assets based on geography (in millions):
December 31,
20252024
United States
$
115 
$
111 
Ireland
4 
5 
India
9 
6 
Other
4 
1 
Total long-lived assets
$
132 
$
123 
Tangible long-lived assets consist of property and equipment and operating lease right-of-use assets. Long-lived assets attributed to specific countries are based upon the country in which the asset is located.
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Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 26, 2025
2023Feb 27, 2024
2022Mar 1, 2023
2021Mar 1, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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