The earnings call for Toast, regarding the period ending December 31, 2024, was held on February 19, 2025, at 5:00 p.m. ET. The agenda included prepared remarks, a Q&A session, and an introduction to the call participants.
The call began with the conference operator, Sarah, introducing Michael Senno, Senior Vice President of Finance, who provided an overview of the event. Presenting the financial details, Michael Senno handed over to CEO and Co-founder Aman Narang, and CFO Elena Gomez. The attendees were reminded of the forward-looking statements’ implications and were guided to their press release for further details.
During the call, Aman Narang highlighted Toast’s significant growth in 2024, including the addition of 28,000 net locations, yielding a 34% increase in recurring gross profit streams. Toast achieved GAAP profitability for the first time, with adjusted EBITDA reaching $373 million. Aman expressed pride in the team’s accomplishments and optimism for Toast’s strategies in the upcoming year.
Aman outlined the company’s mission to support restaurants, stating their vertical strategy has been successful in addressing industry needs. The year saw growth in Toast’s market share within SMB and mid-market restaurants in the U.S., along with expansions into new customer segments and geographies, including notable partnerships with the likes of Potbelly and Hilton Hotels.
The company looks to further expand its addressable market through strategic investments in international markets and food and beverage retail segments, noting successes in these areas encourage planned investments for faster growth in 2025. Aman spoke to priorities for 2025, emphasizing scaling core U.S. operations, driving growth in new markets, enhancing customer adoption, and investing in areas with high growth potential.
Elena Gomez then detailed Toast’s financial performance and outlook for 2025. Toast added 28,000 net locations, processing about $160 billion in payment volume in 2024, showing a business-wide adjusted EBITDA of $373 million. Elena expressed confidence that these investments will drive substantial future growth while maintaining a disciplined approach to market expansion and financial management.
The call then moved to a Q&A session where analysts, including Will Nance, Joshua Baer, and others, inquired about Toast’s strategies and financial metrics such as market growth, enterprise initiatives, pricing changes, and AI product developments. Both Aman Narang and Elena Gomez provided insights into various company operations, signaling a robust plan for continued growth and diversification in both domestic and international markets.
The session concluded with analysts acknowledging Toast’s achievements and strong market positioning. The overall tone of the call was one of optimism and a clear vision for sustaining growth momentum, further strengthening Toast’s business foundations as it capitalizes on future opportunities.
