For the year ending 2025-12-31, TOST had $498M increase in cash & cash equivalents over the period. $608M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 342 | 19 | -246 | -275 |
| Depreciation and amortization | 64 | 46 | 32 | 24 |
| Stock-based compensation expense | 242 | 253 | 277 | 228 |
| Amortization of deferred costs | - | - | - | 44 |
| Amortization of deferred contract acquisition costs | 99 | 82 | 62 | - |
| Change in fair value of derivative liability | - | - | 0 | 0 |
| Change in fair value of warrant liability | -3 | 49 | -3 | -95 |
| Change in deferred income taxes | - | - | - | -5 |
| Loss on debt extinguishment | - | - | 0 | 0 |
| Credit loss expense | 91 | 70 | 64 | 34 |
| Non-cash interest on convertible notes | - | - | 0 | 0 |
| Stock-based charitable contribution expense | 6 | 5 | 10 | 10 |
| Asset impairments | 3 | 5 | 15 | - |
| Change in fair value of contingent consideration | - | - | - | 3 |
| Gain on warrant extinguishment | 0 | 14 | - | - |
| Other non-cash items | -8 | 7 | 17 | -5 |
| Accounts receivable, net | 33 | 72 | 3 | 35 |
| Acquired loans and merchant cash advances repaid | - | - | - | 4 |
| Prepaid expenses and other current assets | - | - | - | 40 |
| Other current assets | 52 | 15 | 12 | - |
| Deferred contract acquisition costs | 147 | 130 | 107 | 71 |
| Inventories, net | -4 | 0 | 7 | 68 |
| Operating lease right-of-use assets | - | - | - | 4 |
| Accounts payable | 11 | 5 | 1 | -11 |
| Accrued expenses and other current liabilities | 21 | 48 | 81 | 116 |
| Deferred revenue | 6 | 23 | -5 | -11 |
| Operating lease liabilities | - | - | - | 4 |
| Operating lease right-of-use assets and operating lease liabilities, net | -6 | -4 | 1 | - |
| Other assets and liabilities | -5 | 3 | 8 | 13 |
| Net cash provided by operating activities | 661 | 360 | 135 | -156 |
| Cash paid for acquisition, net of cash acquired | 0 | 0 | 9 | 46 |
| Capitalized software | - | - | - | 17 |
| Purchases of property and equipment | - | - | - | 16 |
| Capital expenditures | 53 | 54 | 42 | - |
| Purchases of marketable securities | 633 | 473 | 623 | 434 |
| Proceeds from the sale of marketable securities | 178 | 126 | 35 | 46 |
| Maturities of marketable securities | 336 | 362 | 556 | 369 |
| Other investing activities | 0 | 0 | 3 | 0 |
| Net cash (used in) investing activities | -172 | -39 | -86 | -98 |
| Proceeds from initial public offering, net | - | - | 0 | 0 |
| Payment of deferred offering costs | - | - | - | 0 |
| Payment of contingent consideration | - | - | - | 2 |
| Repayments of secured borrowings | - | - | - | 0 |
| Payments of issuance costs of the revolving credit facility | 3 | - | - | - |
| Extinguishment of convertible notes | - | - | 0 | 0 |
| Proceeds from issuance of common stock | 81 | 99 | 36 | - |
| Change in customer funds obligations, net | 36 | 36 | 27 | 26 |
| Proceeds from issuance of long-term debt | - | - | - | 0 |
| Proceeds from exercise of stock options | - | - | - | 15 |
| Proceeds from issuance of restricted stock | - | - | - | 0 |
| Proceeds from issuance of series e and series f preferred | - | - | - | 0 |
| Redemption of series b preferred | - | - | - | 0 |
| Warrant repurchase | 0 | 61 | - | - |
| Proceeds from exercise of common stock warrants | - | - | - | 0 |
| Repurchases of class a common stock | 107 | 56 | - | - |
| Other financing activities | - | 0 | 0 | -1 |
| Net cash provided by financing activities | 7 | 18 | 63 | 38 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 2 | -1 | - | - |
| Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash | - | - | 112 | -216 |
| Net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash | 498 | 338 | - | - |
| Cash and cash equivalents at beginning of period | 1,085 | 747 | 635 | 851 |
| Cash and cash equivalents at end of period | 1,583 | 1,085 | 747 | 635 |
Toast, Inc. (TOST)
Toast, Inc. (TOST)