Toast (TOST) Operating Expenses (2020 - 2026)
Toast (TOST) recorded Operating Expenses of $364 million in Q2 2026, up 16.7% from $312 million a year earlier and up 8.0% from the prior quarter.
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Analysis
Toast (TOST) Operating Expenses (2020 - 2026) Analysis & Trends
On a TTM basis, Toast's Operating Expenses came in at $1.39 billion as of Jun 30, 2026, up 15.2% year-over-year; for FY2025, it came in at $1.3 billion, up 10.8% from FY2024.
- Annual Operating Expenses has increased for six straight years, with a five-year compound annual growth rate of 29.3% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $1.17 billion in FY2024 (+4.7%), $1.12 billion in FY2023 (+25.3%), $895 million in FY2022 (+65.1%) and $542 million in FY2021 (+50.6%).
- The Q2 2026 figure is the highest quarterly Operating Expenses in data going back to Q3 2020.
- On a year-over-year basis, Operating Expenses has increased for five consecutive quarters, with growth averaging 9.9% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 156.8% in Q1 2022, against a decline of 2.4% in Q2 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $337 million (Q1 2026), $338 million (Q4 2025) and $348 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bryn | 945.00 Bn | 945.00 Bn | - | 178,646.00 |
| 2 | Veeva Systems | 45.35 Bn | 17.59 Bn | 695.95 Mn | 420.93 Mn |
| 3 | Samsara | 22.20 Bn | 18.97 Bn | 392.58 Mn | 387.71 Mn |
| 4 | Toast | 17.53 Bn | 10.20 Bn | 516.00 Mn | 364.00 Mn |
| 5 | Ptc | 15.47 Bn | 14.28 Bn | 490.47 Mn | 323.96 Mn |
| 6 | Trimble | 13.41 Bn | 12.48 Bn | 674.90 Mn | 542.90 Mn |
| 7 | Duolingo | 12.56 Bn | 7.73 Bn | 216.74 Mn | 182.80 Mn |
| 8 | Manhattan Associates | 11.77 Bn | 10.77 Bn | 168.33 Mn | 231.56 Mn |
| 9 | Costar | 10.95 Bn | 4.91 Bn | 728.00 Mn | 652.00 Mn |
| 10 | Bentley Systems | 9.44 Bn | 8.90 Bn | 336.74 Mn | 248.13 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 364.00 Mn |
| Mar 31, 2026 | 337.00 Mn |
| Dec 31, 2025 | 338.00 Mn |
| Sep 30, 2025 | 348.00 Mn |
| Jun 30, 2025 | 312.00 Mn |
| Mar 31, 2025 | 303.00 Mn |
| Dec 31, 2024 | 301.00 Mn |
| Sep 30, 2024 | 288.00 Mn |
| Jun 30, 2024 | 281.00 Mn |
| Mar 31, 2024 | 305.00 Mn |
| Dec 31, 2023 | 282.00 Mn |
| Sep 30, 2023 | 285.00 Mn |
| Jun 30, 2023 | 288.00 Mn |
| Mar 31, 2023 | 266.00 Mn |
| Dec 31, 2022 | 257.00 Mn |
| Sep 30, 2022 | 236.00 Mn |
| Jun 30, 2022 | 212.00 Mn |
| Mar 31, 2022 | 190.00 Mn |
| Dec 31, 2021 | 189.00 Mn |
| Sep 30, 2021 | 138.00 Mn |
API Access
Toast Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TOST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TOST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TOST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();