8-K filing — Toast, Inc. (TOST)
Filed: 2026-10-01 AccNo: 0001650164-26-000191 Size: 138 KB Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
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BNP Paribas Downgrades Toast to Neutral, Lowers Price Target to $35
BNP Paribas analyst Thomas Poutrieux downgrades Toast (NYSE:TOST) from Outperform to Neutral and lowers the price target from $38 to $35.
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Toast, a digital payments and restaurant management software provider, is posting strong financial results with 23% revenue growth and 92.5% net income growth, yet trades at only 20x 2026 earnings despite rapid profit expansion. The company added 9,500 new customer locations in Q2 and is expanding beyond restaurants into new markets like gas stations, which could drive higher valuations if growth momentum continues.
Toast Turned $1.91 Billion in Revenue Into $154 Million in Profit. The Payments Half Is Doing the Heavy Lifting.
Toast reported Q2 revenue of $1.91 billion with net income of $154 million (80.7% margin). The payments business drives profitability with $360 million in gross profit, while the subscription services segment has the highest margins at 78% gross margin. The hardware segment operates at negative margins as a customer acquisition strategy. Toast's business model leverages payments to acquire customers for higher-margin subscription services.