What is the revenue and EPS growth rate for Toast year over year?

What does Toast do and what are its main business segments?

What is the market's earnings forecast for Toast next quarter?

What is Toast's gross profit margin?

What is Toast's latest dividend and current dividend yield?

What factors drove the changes in Toast's revenue and profit?

What were the key takeaways from Toast's earnings call?

Did Toast beat or miss consensus estimates last quarter?

- **Record Growth**: Q3 ARR hits $2B (30% YoY), driven by core SMB expansion and new TAMs (enterprise, intl, retail).
- **AI Adoption Surge**: Toast IQ used by 25,000+ locations in early rollout, showcasing AI's role in restaurant operations.
- **Profitability**: 35% EBITDA margin in Q3, with free cash flow conversion at ~100%. Raised full-year EBITDA guidance to $615M.
- **Strategic Momentum**: On track for $100M ARR in new TAMs this year, with potential to scale each to $1B+.
- **Resilience**: Minimal impact from AWS outage, highlighting platform reliability and offline-first design.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 ARR reached $2 billion, up 30% YoY, with 34% gross profit growth. Core U.S. SMB business operates at 40% EBITDA margin.
- **Market Share Expansion**: On track to double core market share, with net adds of ~7,500 locations in Q3 (23% YoY growth to 156,000 total locations).
- **AI Innovation**: Toast IQ, an AI-driven restaurant assistant, achieved 25,000+ locations using it over 235,000 times in early adoption. Partnerships with Coca-Cola to enhance sales through data insights.
- **New TAMs**: Enterprise, international, and food & beverage retail collectively on pace for $100M ARR in 2025, with potential to scale to $1B each.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP operating income $84M (vs. $34M YoY), free cash flow $153M. Adjusted EBITDA $176M (35% margin). Raised full-year guidance to 32% gross profit growth and $615M EBITDA.
- **Take Rate Performance**: Total take rate +7bps YoY to 98bps, driven by cost optimization and new products like surcharging.
- **Investment Strategy**: 17% YoY growth in sales & marketing to scale new TAMs; R&D focused on AI-driven products (e.g., Toast IQ, Advertising).

**【Q&A Key Highlights】**
- **GPV Trends**: Q3 GPV per location up slightly YoY due to strong summer sales, but normalized in October. Core SMB same-store sales stable.
- **Competitive Edge**: Win rates vs. peers up YoY, driven by platform differentiation (e.g., Toast IQ, integrated payments/SaaS).
- **Consumer Play**: 100,000+ restaurants enable order-ahead, table reservations, and loyalty programs. Toast Tables and Uber partnership enhance off-premise sales.
- **AWS Outage Resilience**: Minimal impact as restaurants operated offline, then synced transactions post-recovery.
- **2026 Outlook**: Target 20%+ ARR growth, with core margins flat to up as new TAMs scale with healthy unit economics.

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