Steve Fredette | $1B+
Get in touch with Steve Fredette | Steve Fredette, cofounder and president of Toast, helped build the company into one of the most important software platforms in the restaurant industry. Since launching Toast in 2011, he has played a central role in product and innovation, helping turn the business from a startup into a publicly traded technology company serving restaurants with point-of-sale, payments, digital ordering, and operations software. Known for marrying technical depth with industry focus, Fredette has become a key figure in restaurant tech.
Steve Fredette is the President, Co-founder, and a Director of Toast, where he leads product and innovation initiatives. Prior to Toast, he was involved in a number of entrepreneurial endeavors, including competing with Facebook while it was still a project out of a Harvard dorm room, and being an early pioneer in iPhone app development. He was also an “intrapreneur” at Endeca, helping to lead the Special Operations team that was instrumental in launching Endeca’s business intelligence platform and founding the Endeca mobile commerce business. Steve holds a B.S. degree from MIT.
Steve Fredette, cofounder and president of Toast, helped build the company into one of the most important software platforms in the restaurant industry. Since launching Toast in 2011, he has played a central role in product and innovation, helping turn the business from a startup into a publicly traded technology company serving restaurants with point-of-sale, payments, digital ordering, and operations software. Known for marrying technical depth with industry focus, Fredette has become a key figure in restaurant tech.
Toast, Inc. is an American technology company that provides a cloud-based, all-in-one digital platform tailored for the restaurant industry, encompassing point-of-sale (POS) systems, online ordering, payroll management, marketing tools, and operational analytics to streamline restaurant operations, boost revenue, and improve guest experiences.[1][2]Founded in 2011 by MIT graduates Steve Fredette, Aman Narang, and Jonathan Grimm in Boston, Massachusetts, Toast initially aimed to simplify restaurant technology after the founders identified inefficiencies in traditional POS systems during their time at Endeca, a data management firm acquired by Oracle.[3][4] The company incorporated in Delaware in December 2011 and launched its core POS product to address pain points like slow service and fragmented software, quickly gaining traction by signing 1,000 customers within two years of inception.[3][4]Toast went public on the New York Stock Exchange (NYSE: TOST) in September 2021, raising significant capital to fuel expansion amid the digital transformation accelerated by the COVID-19 pandemic.[5] By 2025, the company employs approximately 5,700 people, operates internationally in markets including the United States, Ireland, and India, and serves approximately 156,000 restaurant locations with a market capitalization of approximately $21 billion as of November 2025.[6][7]Key offerings include the Toast Flex POS hardware, Toast Go 2 handheld devices for table service, integrated online ordering and delivery integrations, and AI-powered features like ToastIQ for operational insights and automation, all designed to create a unified ecosystem that reduces reliance on multiple vendors.[2][8] In its third quarter of 2025, Toast reported revenue of $1.63 billion—a 25% year-over-year increase—annual recurring revenue surpassing $2 billion for the first time, and net income of $105 million, reflecting sustained profitability and growth in the competitive restaurant tech sector.[7]
Company Background
Founding and Early Development
Toast, Inc. was incorporated in December 2011 under the name Opti Systems, Inc. in Boston, Massachusetts, by co-founders Aman Narang, Jonathan Grimm, and Steve Fredette, all MIT alumni and former colleagues at Endeca, a software company acquired by Oracle earlier that year.[9][10] The idea originated from the founders' frustrating experience at a local restaurant, where they observed significant operational inefficiencies, including long waits for checks, reliance on paper menus and manual order-taking, and servers struggling to coordinate with managers for approvals.[10] These observations during Narang's time interacting with the eatery highlighted the outdated technology in the restaurant industry, inspiring the team to develop digital solutions to streamline operations for small businesses.[10] The company rebranded to Toast, Inc. in May 2012.[9]Facing skepticism from traditional venture capital firms, the founders bootstrapped initial efforts with limited resources, operating out of Narang's basement for the first nine months before moving to a rented apartment in Cambridge's Central Square.[10] In early 2013, they secured their first seed funding of $500,000 from Steve Papa, Endeca's former CEO and a mentor to the group, who stepped in when VCs declined to back the unproven concept.[11] This investment provided crucial capital to prototype and refine their product amid challenges like small contract values, demanding customers, and internal debates over direction.[12]In 2013, Toast launched its inaugural Point of Sale (POS) app, built on the Android operating system for its affordability and flexibility, enabling mobile ordering, payments, and basic management features via cloud connectivity.[13][12] The platform targeted full-service restaurants as the primary market, where complex table service and inventory needs amplified the gaps in legacy systems, allowing Toast to differentiate from simpler tools aimed at quick-service venues.[14] Early adoption came from local establishments like Firebrand Saints, a Cambridge bar, validating the app's potential to reduce friction in high-volume settings despite ongoing bootstrapping constraints.[11]
Headquarters and Leadership
Toast, Inc. is headquartered in Boston, Massachusetts, at 333 Summer Street in the Seaport District, a location the company relocated to in 2024 to accommodate its growing operations and foster innovation in the restaurant technology sector.[15] This central hub supports the company's engineering, product development, and executive functions, reflecting its roots in the vibrant Boston tech ecosystem. In addition to its Boston headquarters, Toast maintains offices across North America, including in San Francisco, Omaha, Chicago, and Toronto, Canada, as well as international locations in Dublin, Ireland; London, United Kingdom; and other sites in Europe and Asia to support global expansion efforts as of 2025.[16][17]The company's leadership is headed by Aman Narang, who serves as Chief Executive Officer and Co-founder since January 2024, bringing expertise in sales, marketing, and business development to drive Toast's growth in restaurant technology.[18] Complementing Narang is Elena Gomez, appointed Chief Financial Officer in 2021 and President in 2025, overseeing financial strategy and operations with over 30 years of experience in finance and technology sectors.[19][20] Steve Fredette, another Co-founder, acts as President and Director, focusing on product innovation tailored to restaurant needs. The Board of Directors, chaired by Mark Hawkins since 2024, includes members with deep tech backgrounds, such as Anu Bharadwaj, President at Atlassian, appointed in October 2025, alongside experts in finance and consumer technology to guide strategic decisions in the competitive POS market.[21][22]As of 2024, Toast employs approximately 5,700 people worldwide, organized into key divisions including engineering for platform development, sales for market expansion, and customer success teams dedicated to supporting restaurant clients with implementation and ongoing service.[23] This structure enables scalable operations across its global footprint, with a focus on agile teams that address the unique demands of the hospitality industry. Toast launched diversity, equity, and inclusion (DEI) initiatives in 2020, embedding these principles into hiring practices, business policies, and employee resource groups to build a more representative workforce and foster an inclusive culture amid rapid growth.[24][25]
Historical Milestones
Pre-IPO Growth
Following its founding, Toast experienced significant venture-backed expansion from 2014 to 2020, securing multiple funding rounds that fueled product development and market penetration. The company raised $1.5 million in its Series A round on December 31, 2013, at a $10 million post-money valuation, marking its first institutional investment. Subsequent rounds included a $30 million Series B in January 2016 led by Bessemer Venture Partners, a $101 million Series C in July 2017, a $115 million Series D in July 2018, a $250 million Series E in March 2019, and a $400 million Series F in February 2020 co-led by Bessemer Venture Partners and TPG, with participation from Greenoaks Capital and Tiger Global Management. By 2020, these efforts had cumulatively raised over $900 million from prominent investors including Bessemer Venture Partners and TPG, enabling Toast to scale its operations and technology infrastructure.Toast's user base grew rapidly during this period, evolving from serving a handful of restaurants in Boston shortly after launch to approximately 40,000 locations by the end of 2020. This expansion was particularly accelerated by the COVID-19 pandemic, which prompted a surge in demand for digital ordering and contactless payment solutions as restaurants adapted to restrictions on dine-in services. The company's platform facilitated this shift, processing billions in transactions and helping operators manage off-premise sales amid widespread closures.Key product innovations further supported this growth, with Toast launching its Online Ordering platform in May 2017 to streamline takeout and delivery operations, including integrated mapping features rolled out later that year. In May 2019, Toast introduced Payroll & Team Management, a specialized HR and payroll solution that integrated directly with its point-of-sale system to automate wage calculations, tip pooling, and employee onboarding for restaurant staff. These developments enhanced the platform's appeal by addressing operational pain points beyond basic transactions.During the pre-IPO years, Toast broadened its market reach by entering the quick-service restaurant (QSR) and enterprise segments, tailoring its offerings for high-volume operations and larger chains while maintaining focus on independent full-service venues. This diversification contributed to robust financial momentum, with annualized recurring revenue (ARR) reaching $326 million as of December 31, 2020, reflecting a 77% year-over-year increase from $184 million in 2019.
Initial Public Offering and Expansion
Toast, Inc. completed its initial public offering on September 22, 2021, pricing 21.75 million shares at $40 each on the New York Stock Exchange under the ticker symbol TOST, raising approximately $870 million and achieving an initial valuation of about $20 billion.[26] The offering closed on September 24, 2021, following the full exercise of underwriters' options for additional shares.[27] This transition to public markets provided capital for scaling operations amid strong pre-IPO growth, building on prior private funding rounds that had supported product development and market penetration.Following the IPO, Toast pursued strategic acquisitions to bolster its platform's capabilities in team management and operations. In July 2022, the company acquired Sling, an employee scheduling and communication platform, integrating it to enhance Toast's Payroll & Team Management suite and address labor challenges in the restaurant sector.[28] This move aimed to streamline workforce operations for restaurant clients, particularly in a tight labor market.Toast expanded internationally post-IPO, targeting mid-market restaurants with its full platform. The company launched in Canada in April 2023 as its first market outside the U.S., followed by the United Kingdom and Ireland shortly thereafter, enabling access to its cloud-based point-of-sale, payments, and management tools in these regions.[29][30]The company's stock experienced significant volatility in 2022, dropping over 80% from its post-IPO peak of $65.22 in November 2021 to a low of $12.68 in May 2022, amid broader market downturns driven by rising interest rates and economic uncertainty affecting growth stocks.[31] Recovery began in 2023, supported by robust financial performance, including annualized recurring revenue surpassing $1 billion by mid-year—reaching $1.1 billion as of June 30 and $1.2 billion by September—along with positive adjusted EBITDA for the first time.[32]
Post-2021 Developments
In 2024, Toast integrated artificial intelligence features into its platform to enhance operational efficiency, including tools for predictive inventory management that forecast demand and optimize stock levels to reduce waste, as well as personalized marketing capabilities that generate tailored campaigns based on customer data.[33][34] These advancements were part of broader updates aimed at leveraging AI for data-driven decision-making in the restaurant sector. By late 2024, the AI marketing assistant enabled restaurants to draft targeted messages and promotions instantly, reflecting Toast's push toward automation amid evolving industry needs.[33]Toast expanded its delivery services through a deepened partnership with Uber in 2024, integrating Uber Direct with Toast Delivery Services to allow U.S. restaurants to lower fees and extend delivery radii using Uber's logistics network.[35] This collaboration built on prior integrations and aimed to streamline third-party delivery operations. In November 2025, the partnership was further extended into a multi-year global agreement, incorporating Uber Eats marketplace access and Toast's local delivery options in markets like Canada, with the goal of driving incremental guest demand and simplifying order fulfillment for Toast's restaurant clients.[36][37]Facing persistent industry challenges such as labor shortages and inflation in 2025, Toast launched enhanced cost-management tools, including advanced reporting in its xtraCHEF integration for tracking price variances, vendor comparisons, and overall expense optimization.[38] These features helped operators monitor rising food and labor costs, with surveys indicating inflation as a top concern for 20% of U.S. restaurant leaders and labor issues affecting hiring strategies.[39] The tools supported proactive adjustments, such as menu engineering and payroll analysis, to maintain profitability amid economic pressures.[40]During the third quarter of 2025, Toast achieved significant growth by adding approximately 7,500 net new restaurant locations, bringing its total to over 156,000 clients worldwide.[7] This expansion underscored Toast's continued penetration in the restaurant technology market, powering operations for a diverse range of establishments from independent venues to chains.
Products and Services
Core Point of Sale Platform
Toast's Core Point of Sale (POS) platform is a cloud-based software solution designed specifically for restaurant operations, enabling seamless management of orders, payments, and customer interactions from a centralized system. It supports mobile ordering through handheld devices such as Toast Go 3, which allow servers to take orders tableside and transmit them instantly to the kitchen, reducing wait times and improving service efficiency. The platform also facilitates table management by providing real-time visibility into table status, occupancy, and reservation integrations, helping restaurants optimize seating and turnover. Additionally, it offers real-time sales tracking, allowing managers to monitor transactions, revenue streams, and performance metrics across locations via the Toast Web dashboard, accessible from any device.[41][42]Key functionalities of the core POS include advanced check handling, such as splitting bills among multiple guests with options for even or custom divisions, and automated gratuity application for large parties or events, configurable through Toast Web to ensure fair tip distribution. Gratuity handling extends to tip pooling and sharing via integrated tools like Toast Tips Manager, which tracks and disburses tips while complying with labor regulations. The system integrates directly with Kitchen Display Systems (KDS) for efficient order routing, where orders are automatically sent to appropriate prep stations based on menu item configurations, eliminating paper tickets and minimizing errors in high-volume environments. This KDS connectivity supports dynamic views for cooks, bumping completed items, and expediter screens for oversight. In 2025, updates include Food Runner Fulfillment for enhanced KDS efficiency.[43][44][45][46][47]Security is a foundational aspect of the platform, featuring PCI-compliant payment processing that adheres to Payment Card Industry Data Security Standards through encrypted transactions and secure key management handled by Toast. Tokenization is employed to replace sensitive card data with unique identifiers during processing, safeguarding customer information and reducing the scope of PCI compliance requirements for restaurant operators. These measures ensure that all payment data is protected end-to-end, from capture on Toast Go devices to settlement.[48][49]The platform's modular design allows for customization by enabling restaurants to activate and integrate features like loyalty programs directly within the POS interface, where customers can earn and redeem points at the point of sale without switching applications. This extensibility supports over 200 third-party integrations while maintaining a unified user experience, permitting tailored workflows for different restaurant types, from quick-service to fine dining. Hardware compatibility, such as with Toast's own terminals and peripherals, ensures smooth operation without disrupting core software functions.[41][42]
Complementary Software Tools
Toast's complementary software tools extend the capabilities of its core point of sale (POS) platform by providing integrated solutions for operational efficiency and customer growth in the restaurant industry. These tools leverage data from the POS to automate routine tasks, optimize resource allocation, and drive revenue through targeted engagement, helping restaurants streamline management without relying on disparate systems.[50]In inventory management, Toast offers real-time tracking that updates stock levels automatically based on sales data from the POS, allowing operators to monitor ingredient quantities and values on mobile devices even offline. The system includes recipe costing features that calculate the cost of goods sold (COGS) by linking inventory to menu items, enabling precise pricing adjustments and profitability analysis. Additionally, waste reduction analytics identify patterns in shrinkage, theft, or spoilage through comparisons of actual versus theoretical usage, helping restaurants minimize losses and improve margins.[51]Toast's payroll and scheduling tools automate employee shift management by syncing hours, breaks, and tips directly from the POS, supporting multiple pay rates and overtime calculations across locations. Tip pooling is facilitated through integration with Toast Tips Manager, which distributes pooled tips via payroll to simplify end-of-shift processes and ensure fair allocation. The platform also ensures compliance with labor laws by flagging issues like unapproved tips or missing employee data, and it includes an HR toolkit with regulatory alerts tailored to restaurant operations. In 2025, payroll features include built-in proactive alerts.[52][53]The marketing suite provides tools for email campaigns that use AI to generate personalized messages, such as welcome series or "miss you" promotions, with automated drip sequences based on guest behavior. Customer data analytics draw from POS and online ordering data to segment audiences, track campaign performance in real-time, and measure uplift in sales. Loyalty programs integrate seamlessly to offer personalized rewards, like VIP discounts or birthday offers, encouraging repeat visits and increasing customer retention rates.[54][55]For online ordering and delivery, Toast's software enables seamless integration that captures off-premise sales by syncing orders with the POS for unified menu management and inventory updates. The platform supports takeout and delivery through customizable digital storefronts optimized for mobile, including promotions and payment options like Apple Pay to boost order volume by up to 23%. Self-service kiosk software allows guests to place orders independently via touchscreen interfaces, reducing wait times and enhancing throughput during peak hours.[56]
Hardware and Integrations
Toast's hardware lineup includes the Toast Flex POS terminal, a countertop device with an intuitive touchscreen designed for efficient order processing and payments in restaurant settings.[57] The Toast Go 3 handheld device enables mobile order taking and supports contactless payments like Apple Pay and Google Pay, facilitating service in high-traffic areas. It features IP65-rated durability, 24-hour battery life, and cellular connectivity for off-site use.[58] Kitchen printers, such as the Toast Kitchen Printer and certified Epson models like the TM-U220B (a legacy model still supported), ensure reliable printing of orders in back-of-house environments.[59][60][61]These devices feature restaurant-grade durability, including spill-proof construction to withstand food and beverage spills, heat, and grease without causing downtime.[57] An offline mode allows uninterrupted operations during connectivity issues, maintaining payment processing and order management.[62] Built for high-traffic settings, the hardware undergoes internal testing for robustness beyond basic splash resistance.[58]Setup is plug-and-play with self-service installation support included in starter kits, minimizing on-site expertise needs.[63] Maintenance includes remote support capabilities through Toast's SaaS platform and 24/7 customer care for diagnostics and troubleshooting. In 2025, updates include Device Hub for hardware management and live chat support.[64][50][65]Toast hardware integrates seamlessly with over 200 third-party applications via its marketplace, enabling compatibility with accounting software like QuickBooks through tools such as xtraCHEF Sync.[50][66] It also connects with delivery platforms to aggregate orders directly into the POS system, streamlining third-party fulfillment.[67]
Business Operations
Revenue Model
Toast's revenue model is primarily built around a combination of software-as-a-service (SaaS) subscriptions and transaction-based payment processing, designed to align with the operational needs of restaurants of varying sizes. The company offers tiered subscription plans that provide access to its core point-of-sale (POS) platform and complementary tools, with pricing starting at $69 per month for the basic Point of Sale plan, which includes essential features like order management and reporting. Higher tiers, such as custom "Build Your Own" bundles, incorporate advanced analytics, inventory management, and enterprise-level support, allowing restaurants to scale their subscriptions based on complexity and volume.[68][69]A significant portion of Toast's income derives from payment processing fees, where the company acts as the gateway for customer transactions through its integrated financial technology solutions. These fees are structured as a percentage of the gross payment volume—typically 2.99% plus $0.15 per transaction for standard in-person payments—enabling Toast to capture value from the high-volume, recurring nature of restaurant sales. Hardware financing options further support this stream, offering flexible leasing arrangements that bundle devices like terminals and kitchen displays into monthly payments or pay-as-you-go models tied to sales activity.[70][71]To enhance accessibility, Toast incorporates add-on revenues through optional premium features, such as advanced reporting tools, custom integrations with third-party services, and specialized modules for loyalty programs or payroll. These are priced separately or as upgrades to base subscriptions, encouraging upselling as restaurants grow. Freemium elements, including free 90-day trials for select tools like online ordering and basic hardware leasing with no upfront costs, help lower entry barriers for small and independent operators, facilitating initial adoption before transitioning to paid tiers.[68]
Partnerships and Acquisitions
Toast has pursued a strategy of growth through targeted acquisitions to bolster its restaurant management ecosystem, acquiring five companies between 2019 and 2024. In 2019, the company acquired StratEx, a Chicago-based provider of HR and payroll software tailored for the restaurant industry, enhancing its workforce management capabilities.[72] This was followed by the 2021 acquisition of xtraCHEF, a back-office software platform offering accounts payable automation and inventory management tools, which integrated seamlessly to provide restaurants with better financial insights.[73] In 2022, Toast acquired Sling, an employee scheduling solution, to strengthen its team management offerings amid labor market challenges.[28] The 2023 purchase of Delphi Display Systems added digital menu board technology for drive-thru operations, expanding Toast's hardware integrations for quick-service restaurants.[74] Most recently, in May 2024, Toast completed a merger/acquisition with MWG, a business productivity software firm focused on inventory and pricing tools, particularly for beverage management in restaurants.[75]Strategic partnerships have been central to Toast's expansion in delivery and off-premise services. In 2024, Toast integrated with Uber Direct for delivery fulfillment, allowing restaurants to manage orders and expand reach through Uber's network; this partnership was expanded in late 2024 and further in November 2025 to include promotions, local advertising on Uber Eats, and global preferred status for Toast merchants beginning in 2026.[35] Toast maintains ongoing alliances with DoorDash and Grubhub, enabling seamless order management, menu synchronization, and fulfillment directly from its POS platform to support broader off-premise dining options.[76][77]Co-innovation initiatives with technology partners have focused on AI-driven enhancements, notably a 2025 collaboration with The Coca-Cola Company to develop AI-powered menu optimizations using Toast's data for personalized recommendations and revenue growth.[78] In August 2025, Toast announced a multi-year strategic partnership with American Express, integrating with the Resy and Tock platforms to leverage consumer dining data for personalized hospitality experiences, menu recommendations, and increased revenue.[79]For global expansion, Toast entered the UK market in May 2023 through collaborations with local payment processors and providers to ensure compliant, integrated payment solutions tailored to European regulations, facilitating its rollout across the region alongside Canada and Ireland.[30][80]
Financial Performance
Key Financial Metrics
Toast, Inc. has demonstrated consistent revenue growth, with quarterly revenue reaching $1.63 billion in the third quarter of 2025, marking a 25.1% increase year-over-year from approximately $1.30 billion in the third quarter of 2024.[7][81] For the full year 2024, the company reported total revenue of $4.96 billion, reflecting a 28% year-over-year increase driven by expansion in its core platform adoption among restaurants.[82]The company achieved its first GAAP net income positive quarter in the fourth quarter of 2024, reporting $33 million in net income.[83] Building on this milestone, Toast posted $105 million in GAAP net income for the third quarter of 2025, compared to $56 million in the same period of 2024, alongside an Adjusted EBITDA of $176 million, representing a margin expansion to 11% of total revenue.[7]Annual Recurring Revenue (ARR) surpassed $2 billion in the third quarter of 2025, a 30% increase from the prior year, underscoring the scalability of its subscription-based model.[84] This growth highlights Toast's strengthening position in recurring revenue streams, which now form a significant portion of its overall financial performance.Gross margins reflect the efficiency of Toast's dual revenue structure, with subscription services and SaaS gross margins reaching 79% in the third quarter of 2025, up from 77% in the year-ago period due to operational leverage and product mix improvements.[85] In contrast, the payments segment maintained gross margins around 22% during 2025, consistent with industry norms for transaction processing where volume drives scale but thin margins prevail.[7]
Stock and Market Position
Toast, Inc. maintains a significant presence in the public markets, with a market capitalization of approximately $21.6 billion as of early November 2025.[86] Following the release of its third-quarter 2025 earnings on November 4, shares traded around $37, reflecting a 10% increase amid strong revenue results despite an earnings per share miss.[87] The company's enterprise value stood at about $24.3 billion for the trailing twelve months as of March 31, 2025, highlighting its scale in the fintech and restaurant technology sectors before moderating to around $19.4 billion by June 30, 2025.[88]In the competitive landscape, Toast leads the U.S. restaurant point-of-sale (POS) market, capturing roughly 16% of the $962 billion in restaurant payments volume as of April 2025, outpacing rivals like Clover.[89] Key competitors include Square (operated by Block, Inc.), which offers broader small-business tools but less specialized restaurant features, and Lightspeed Commerce, known for its retail and hospitality integrations.[90]Investor relations efforts underscore Toast's growth trajectory through quarterly earnings calls, where management consistently highlights 25-30% year-over-year expansion in key metrics like annualized recurring revenue (ARR), which reached $2.0 billion in Q3 2025, up 30% from the prior year.[7] These communications emphasize scalable profitability, with adjusted EBITDA hitting $176 million in the same quarter, signaling confidence in sustained double-digit growth amid restaurant digitization trends.[84] Discussions around capital returns, including potential dividend initiation, have surfaced in 2025 investor analyses, though the company has not yet announced any payouts, prioritizing reinvestment in platform enhancements.[91]Toast faces market challenges tied to its heavy reliance on the restaurant industry, which exposes it to economic downturns that curb consumer spending and operator investments.[92] Inflation and rising costs remain top concerns for U.S. restaurants in 2025, potentially slowing location additions and fintech adoption despite Toast's resilient 23% year-over-year increase to 156,000 total locations.[93] This sensitivity contributes to stock volatility, as seen in pre-earnings dips, though the firm's focus on enterprise solutions and international expansion helps mitigate broader cyclical risks.[94]
Recognition and Impact
Awards and Industry Accolades
Toast, Inc. has earned recognition for its cloud-based platform and contributions to restaurant technology through various industry rankings and awards. In 2021, the company was ranked fifth on the Forbes Cloud 100 list, which highlights the top private cloud companies worldwide for their SaaS excellence and innovation.[95] Earlier inclusions on the same list occurred in 2018 (ranked #29) and 2017, underscoring Toast's consistent standing in cloud computing for the hospitality sector.[96][97]The company has also been acknowledged for rapid growth and operational excellence. In 2017, Toast ranked third on the Deloitte Technology Fast 500, an annual list of the fastest-growing technology firms in North America based on revenue growth.[98] In 2025, Toast was recognized by Built In as one of the 100 Best Places to Work in the U.S. for large companies, along with awards for best workplaces in Chicago and other categories.[99]Customer reviews further highlight Toast's reliability and user-friendliness. As of 2025, the Toast POS system holds a 4.2 out of 5 rating on G2 based on over 327 verified reviews, with users frequently praising its ease of use and integration capabilities.[100] On Capterra, it scores 4.1 out of 5 from 541 reviews, noting strong performance in streamlining restaurant operations.[101]
Influence on Restaurant Technology
Toast has significantly contributed to the digitization of the U.S. restaurant industry by providing cloud-based point-of-sale (POS) systems that streamline operations and minimize reliance on paper-based processes. As a leading provider, Toast serves approximately 156,000 restaurant locations as of September 2025, representing about 15% of the market and facilitating the broader shift toward digital tools. This adoption has helped propel cloud-based POS platforms to 57% penetration in the U.S. restaurant sector by 2025, enabling real-time data management, inventory tracking, and contactless payments that reduce manual record-keeping and operational inefficiencies.[7][102][89]In response to key 2025 industry trends, Toast's platform addresses persistent challenges such as labor shortages and rising costs through integrated tools like AI-powered scheduling and analytics, as highlighted in its annual Voice of the Restaurant Industry Survey. The survey reveals that 47% of operators are prioritizing staff efficiency amid hiring difficulties, with 16% identifying sourcing talent as a top pain point, while 20% view inflation as the primary challenge driving up to 48% of operators to consider menu price increases. Toast's AI features, including automation for shift optimization and cost forecasting, support these efforts by enhancing productivity without replacing human roles, aligning with 81% of operators planning greater AI utilization in the coming year.[39][103][104]Toast also advances sustainability in the restaurant sector with features designed to curb food waste and promote eco-friendly practices, resonating with growing diner demand for green initiatives. The Changemaker Suite and Food Waste Reduction tools provide actionable insights into waste patterns, helping operators track spoilage and optimize portioning to lower costs and environmental impact. Additionally, the Packaging Preferences feature has enabled over 2.3 million to-go orders to forgo unnecessary packaging in fiscal year 2024, supporting broader movements toward zero-waste operations and aligning with industry efforts to divert 90% or more of waste from landfills.[105][106][107]However, Toast has faced challenges impacting its influence, including a data breach in July 2025 that resulted in unauthorized access to its payroll system, exposing personal information such as Social Security numbers of restaurant employees. Notifications were sent to affected individuals in September 2025. Additionally, an Amazon Web Services (AWS) outage in October 2025 caused widespread system failures for Toast users, disrupting operations at many restaurants.[108][109]Looking ahead, Toast's investments in AI for predictive analytics position it as a frontrunner in applying Industry 4.0 principles to hospitality, fostering smarter, data-driven decision-making. Tools like demand forecasting and real-time inventory analytics prevent overstocking and spoilage, while the newly launched Conversational AI Assistant offers personalized recommendations to accelerate operational updates. With 86% of operators expressing comfort with AI and plans for expanded use, Toast's focus on these technologies underscores its role in driving resilient, efficient restaurant ecosystems amid evolving economic pressures.
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