Toast, Inc.

NYSE-TOST

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	105	80	56	32	56	14
Net Income
Depreciation & Amortization	13	16	19	11	12	12
Depreciation and Amortization
Share-Based Compensation Expense	72	60	60	60	65	67
Stock-Based Compensation Expense
Stock-Based Charitable Contribution Expense
Other Adjustments	46	50	42	53	29	37
Amortization of Deferred Contract Acquisition Costs
Change in Fair Value of Derivative Liability
Change in Fair Value of Warrant Liability
Loss on Debt Extinguishment
Credit Loss Expense
Change in Deferred Income Taxes
Non-Cash Interest on Convertible Notes
Change in Fair Value of Contingent Consideration
Asset Impairments
Gain on Warrant Extinguishment
Other Non-Cash Items
Operating Lease Right-of-Use Assets
Operating Lease Liabilities
Operating Lease Right-of-Use Assets and Operating Lease Liabilities, Net
Changes in Trade Receivables	-4	-7	-9	-18	-9	-23
Accounts Receivable, Net
Changes in Inventories	-1	8	7	-12	4	10
Inventories, Net
Changes in Accounts Payable	-2	3	10	6	-3	-14
Accounts Payable
Changes in Accrued Expenses	-20	53	-56	55	-8	38
Accrued Expenses and Other Current Liabilities
Changes in Unearned Revenue	4	3	-1	—	-1	13
Deferred Revenue
Changes in Other Operating Activities	-48	-43	-49	-40	-30	-30
Merchant Cash Advances and Acquired Loans Repaid
Other Current Assets
Deferred Contract Acquisition Costs
Other Assets and Liabilities
Cash from Operating Activities	165	223	79	147	109	124
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-12	-15	-10	-13	-12	-16
Purchases of Property and Equipment
Capital Expenditures
Purchases of Intangible Assets	—	—	—	—	—	—
Capitalized Software
Purchases of Investments	-90	-171	-110	-120	-77	-131
Purchases of Marketable Securities
Proceeds from Sale of Investments	98	148	142	118	98	143
Proceeds from the Sale of Marketable Securities
Maturities of Marketable Securities
Payments for Business Acquisitions	—	—	—	—	—	—
Cash Paid for Acquisition, Net of Cash Acquired
Other Investing Activities	—	—	—	—	—	—
Other Investing Activities
Cash from Investing Activities	-4	-38	22	-15	9	-4
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayments of Secured Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	—	—	—	—	—
Extinguishment of Convertible Notes
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	38	14	26	15	29	27
Proceeds from Initial Public Offering, Net
Proceeds from Issuance of Common Stock
Proceeds from Issuance of Restricted Stock
Proceeds from Exercise of Common Stock Warrants
Repurchases of Common Shares	-23	-14	-17	—	-20	-32
Repurchases of Class a Common Stock
Net Issuance / (Repurchases) of Common Shares	15	—	9	15	9	-5
Issuance of Preferred Shares	—	—	—	—	—	—
Proceeds from Issuance of Series E and Series F Preferred
Repurchases of Preferred Shares	—	—	—	—	—	—
Redemption of Series B Preferred
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	4	-22	64	-4	-49	-21
Payments of Issuance Costs of the Revolving Credit Facility
Change in Customer Funds Obligations, Net
Payment of Deferred Offering Costs
Warrant Repurchase
Other Proceeds from Financing Activities
Payment of Contingent Consideration
Other Financing Activities
Cash from Financing Activities	19	-22	73	11	-40	-26
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	153	208	69	134	97	108
NOPAT	84.8	77.1	41.5	32	33.4	5
Levered Free Cash Flow	39	105	-24	39	18	27
Unlevered Free Cash Flow	18.8	102.1	-38.5	39	-4.6	18
Net Change in Cash	180	163	174	143	78	94