Toast, Inc. Goldman Sachs Communacopia + Technology Conference 2026

Thanks for having us. Okay.

Yeah. First of all, good morning, everyone. Thank you for joining us. Day-to-day in our business, we're working so hard to execute day after day, month after month, quarter after quarter, and it's easy to lose sight of just the progress we've made. To your point, in five years, we have grown the business over 6x. We've scaled the business both in the bottom line and the top line. I think at its core, obviously, it comes back to the execution of the team. You look at, I think, what we've been able to do, one, in our core business. This is the U.S. SMB restaurant business. We have established ourselves in a market leadership position, and we continue to scale as strong clip. Two, I think when we started the business 15 years ago, it was largely U.S. SMB restaurants. When we went public five years ago, we had started to talk about, okay, what is the long-term opportunity here beyond that core TAM?

Two, three years ago, we started to build out our international business, our enterprise business, and our retail business. Today, Toast firmly is a business that is in many countries. It is both an SMB and an enterprise, and it's in many ways, probably maybe most importantly, also in many verticals. We're seeing really good traction in those new TAM that we're going after. I think that's a big part of the story as well. As I think about really the next five years, I think one, we are taking GPV share in our core business faster than any of the competitors we typically see.

We've got the most GPV share in our core, so continuing to lean in, and we think there's an opportunity to double market share in our core business. That's the top priority. In our new TAM, Elena and I have shared this before, but there's no question that as we take a five- and 10-year outlook, these businesses could be very significant. Across all these three TAMs, we see massive opportunity to continue to grow and scale. We're adding sales capacity across them. I think the last thing I'll say is when we went public, that was the beginnings of us really moving from a point-of-sale application to more of a platform. We had launched products for guests, employees, suppliers. Those were all pretty nascent.

The ARPU at the IPO was maybe 8K or 9K, don't quote me on the exact numbers, but today it's over 13K. We're seeing this platform story evolve, and as we think about the next five years, with AI, there's a big opportunity to really expand and accelerate that growth. We're seeing that with products like Toast IQ Grow. I think those are some of the key focus areas the next five years that we'll continue to lean into.

I think the biggest thing that's changed is we have gone from maybe 4% or 5% market share to over 20% share on locations. More than that on GPV, because bigger restaurants typically choose Toast. I think as you look at the growth in our core, it's a couple things. One is right from day one, we have focused on building out the platform and going deep on the needs of the restaurant vertical. I think one of the misunderstandings about the restaurant business is people think of it as one product with one set of needs, but actually within restaurants, there's so many sub-verticals. One of the expressions we've used to talk about our business is to build out the thousand little things that our customers need.

Starting off with QSR restaurants and FSRs and bars and nightclubs, hotel restaurants, non-English speaking restaurants, cafeterias, the list goes on. Each of these TAMs has different needs. Just recently I was talking to a prospect and they were talking about using our QR codes, scanning a QR code in a hotel environment to then add service charges and charge it to a room. If you look at sports entertainment, they have specific requirements around all these different locations managed across a shared kitchen, both for pickup and in-store orders. There's lots of different features and capabilities, and we're comfortable with that complexity, that vertical depth that's needed to support restaurants. I think that is at the core of what's allowed us to continue to drive really strong win rates and the growth that we continue to see in our core business.