The company maintains a pristine financial position with a negligible debt-to-equity ratio of 0.01 and a robust current ratio of 2.44 as of 2026Q1.
| Total Current Assets | 2.59B | 2.67B | 1.9B | 1.51B | 1.36B | 1.46B | 656.27M | 228.47M |
| Cash & Short-Term Investments | 1.77B | 1.99B | 1.42B | 1.12B | 1.02B | 1.27B | 581.82M | 150.37M |
| Cash Only | 1.1B | 1.35B | 903M | 605M | 547M | 809M | 581.82M | 150.37M |
| Short-Term Investments | 672M | 638M | 514M | 519M | 474M | 457M | 0 | 0 |
| Accounts Receivable | 138M | 127M | 115M | 127M | 77M | 55M | 33.8M | 44.63M |
| Days Sales Outstanding | 7.18 | 7.53 | 8.46 | 11.99 | 10.29 | 11.77 | 14.99 | 24.49 |
| Inventory | 136M | 114M | 118M | 124M | 130M | 63M | 19.33M | 15.39M |
| Days Inventory Outstanding | 8.78 | 9.13 | 11.42 | 14.93 | 21.37 | 16.53 | 10.33 | 9.31 |
| Other Current Assets | 548M | 437M | 251M | 111M | 108M | 41M | 10.64M | 6.71M |
| Total Non-Current Assets | 502M | 476M | 562M | 448M | 398M | 280M | 119.69M | 77.28M |
| Property, Plant & Equipment | 138M | 132M | 123M | 111M | 138M | 120M | 34.06M | 19.96M |
| Fixed Asset Turnover | 50.46x | 46.61x | 40.33x | 34.82x | 19.79x | 14.21x | 24.17x | 33.32x |
| Goodwill | 113M | 113M | 113M | 113M | 0 | 74M | 35.89M | 35.89M |
| Intangible Assets | 13M | 14M | 20M | 26M | 136M | 16M | 16.89M | 16.66M |
| Long-Term Investments | 210M | 71M | 59M | 55M | 28M | 8M | 1.21M | 2.31M |
| Other Non-Current Assets | 238M | 146M | 192M | 143M | 96M | 62M | 31.64M | 2.46M |
| Total Assets | 3.09B | 3.15B | 2.46B | 1.96B | 1.76B | 1.74B | 775.96M | 305.74M |
| Asset Turnover | 2.15x | 1.96x | 2.01x | 1.97x | 1.55x | 0.98x | 1.06x | 2.18x |
| Asset Growth % | 110.17% | 27.69% | 25.79% | 11.19% | 1.5% | 123.6% | 153.79% | - |
| Total Current Liabilities | 1.06B | 969M | 811M | 663M | 496M | 352M | 136.41M | 139.7M |
| Accounts Payable | 70M | 47M | 37M | 32M | 30M | 40M | 30.55M | 31.52M |
| Days Payables Outstanding | 4.15 | 3.76 | 3.58 | 3.85 | 4.93 | 10.5 | 16.33 | 19.08 |
| Short-Term Debt | 0 | 0 | 10M | 11M | 14M | 22M | 0 | 9.22M |
| Deferred Revenue (Current) | 264M | 68M | 59M | 39M | 39M | 44M | 43.97M | 39.51M |
| Other Current Liabilities | 921M | 854M | 579M | 478M | 339M | 203M | 42.2M | 42.62M |
| Current Ratio | 2.44x | 2.75x | 2.34x | 2.28x | 2.75x | 4.13x | 4.81x | 1.64x |
| Quick Ratio | 2.31x | 2.64x | 2.20x | 2.09x | 2.49x | 3.95x | 4.67x | 1.53x |
| Cash Conversion Cycle | 11.8 | 12.9 | 16.3 | 23.07 | 26.73 | 17.81 | 8.99 | 14.73 |
| Total Non-Current Liabilities | 40M | 52M | 107M | 101M | 167M | 292M | 1.11B | 496.47M |
| Long-Term Debt | 17M | 20M | 0 | 0 | 0 | 0 | 1.02B | 446.56M |
| Capital Lease Obligations | 57M | 20M | 24M | 33M | 80M | 77M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 55M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 23M | 12M | 28M | 68M | 80M | 203M | 55.85M | 4.02M |
| Total Liabilities | 1.1B | 1.02B | 918M | 764M | 663M | 644M | 1.25B | 636.17M |
| Total Debt | 17M | 40M | 34M | 44M | 94M | 99M | 1.02B | 455.78M |
| Net Debt | -1.08B | -1.31B | -869M | -561M | -453M | -710M | 438.78M | 305.41M |
| Debt / Equity | 0.01x | 0.02x | 0.02x | 0.04x | 0.09x | 0.09x | - | - |
| Debt / EBITDA | 0.04x | 0.11x | 0.55x | - | - | - | - | - |
| Net Debt / EBITDA | -2.58x | -3.53x | -14.02x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -19.00x | -18.65x | - |
| Total Equity | 1.99B | 2.12B | 1.54B | 1.19B | 1.1B | 1.09B | -470.98M | -330.43M |
| Equity Growth % | 139.95% | 37.48% | 29.4% | 8.74% | 0.64% | 331.65% | -42.54% | - |
| Book Value per Share | 3.31 | 3.50 | 2.61 | 2.24 | 2.14 | 2.17 | -1.02 | -0.72 |
| Total Shareholders' Equity | 1.99B | 2.12B | 1.54B | 1.19B | 1.1B | 1.09B | -470.98M | -330.43M |
| Common Stock | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.14B | -1.26B | -1.6B | -1.62B | -1.38B | -1.1B | -615.87M | -385.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -665K | -460K |
| Accumulated OCI | -1M | 2M | -1M | 0 | -2M | -1M | 228K | -55K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Credit exposure in lending
As reported in recent financial statements, Toast has successfully expanded its total assets from $2.0 billion in 2023Q4 to $3.1 billion by 2026Q1, a trend that underscores the company's transition toward a more robust and self-sustaining financial position as it scales its core restaurant technology platform.
The consistent growth in total assets, coupled with a simultaneous reduction in accumulated deficits, suggests that the business is effectively converting its operational scale into tangible balance sheet strength. This trajectory indicates that the company is moving past its initial capital-intensive phase, allowing for a more stable foundation that supports future organic growth initiatives.
Based on the latest quarterly data, Toast maintains a strong liquidity position with a current ratio of 2.44 as of 2026Q1, supported by a cash balance of $1.1 billion that provides a significant buffer against potential macroeconomic shocks or seasonal fluctuations in restaurant industry transaction volumes.
The company's ability to maintain a current ratio consistently above 2.0 over the last ten quarters suggests a conservative approach to liquidity management, which is prudent given the inherent volatility of payment processing and the credit risks associated with the Toast Capital lending portfolio. This liquidity profile provides management with the flexibility to pursue strategic investments or weather periods of reduced consumer discretionary spending without needing to access external financing.
According to the provided balance sheet data, Toast operates with a negligible debt-to-equity ratio of 0.01 as of 2026Q1, reflecting a strategic decision to minimize interest-bearing liabilities and rely primarily on equity and internally generated cash flow to fund its ongoing operational and capital requirements.
The near-absence of long-term debt on the balance sheet is a significant competitive advantage, as it insulates the company from interest rate volatility and eliminates the risk of debt-service constraints during cyclical downturns. This capital structure appears designed to prioritize operational agility, allowing the firm to focus its resources on market share expansion rather than servicing debt obligations.
As indicated by the company's financial filings, total equity has grown from $1.2 billion in 2023Q4 to $2.0 billion in 2026Q1, a development that reflects the gradual narrowing of retained earnings deficits and the successful execution of a business model that is increasingly generating positive net income.
The improvement in equity quality suggests that the company is successfully transitioning away from the heavy reliance on dilutive financing that characterized its earlier growth stages. Investors should monitor the impact of recent share repurchase activity on this equity base, as it may signal a shift toward returning capital to shareholders now that the business has reached a sustainable level of profitability.
While the headline balance sheet appears pristine, the expansion of the Toast Capital lending portfolio warrants careful investigation, as the $3.1 billion in total assets may mask underlying credit risks that could materialize if the restaurant sector faces a prolonged period of economic stress or labor inflation.
The reliance on transactional data to underwrite loans to restaurant operators introduces a layer of credit risk that is not immediately apparent in standard liquidity metrics. Analysts should scrutinize the quality of these assets, as any deterioration in the repayment capacity of the company's customer base could lead to unexpected impairments that would directly impact the reported equity and overall balance sheet health.
Quick answers to the most common questions about buying TOST stock.
As of 2025, Toast, Inc. (TOST) had total assets of $3.15B including $2.67B in current assets.
Toast, Inc. (TOST) carries total debt of $40.0M, offset by $1.99B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Toast, Inc. (TOST) has total shareholders' equity (book value) of $2.12B ($3.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Toast, Inc. (TOST) reported a current ratio of 2.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.