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Side-by-side financial comparison of Corpay (CPAY) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× Corpay). Corpay runs the higher net margin — 21.2% vs 6.2%, a 15.0% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 20.7%). Corpay produced more free cash flow last quarter ($760.3M vs $178.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 15.5%).
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CPAY vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.6B |
| Net Profit | $264.5M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 45.2% | 5.2% |
| Net Margin | 21.2% | 6.2% |
| Revenue YoY | 20.7% | 22.0% |
| Net Profit YoY | 7.5% | 215.6% |
| EPS (diluted) | $3.74 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $975.7M | $1.2B | ||
| Q1 24 | $935.3M | $1.1B |
| Q4 25 | $264.5M | $101.0M | ||
| Q3 25 | $277.9M | $105.0M | ||
| Q2 25 | $284.2M | $80.0M | ||
| Q1 25 | $243.2M | $56.0M | ||
| Q4 24 | $246.0M | $32.0M | ||
| Q3 24 | $276.4M | $56.0M | ||
| Q2 24 | $251.6M | $14.0M | ||
| Q1 24 | $229.8M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 45.2% | 5.2% | ||
| Q3 25 | 44.6% | 5.1% | ||
| Q2 25 | 43.5% | 5.2% | ||
| Q1 25 | 42.5% | 3.2% | ||
| Q4 24 | 47.2% | 2.5% | ||
| Q3 24 | 45.5% | 2.6% | ||
| Q2 24 | 44.4% | 0.4% | ||
| Q1 24 | 42.5% | -5.2% |
| Q4 25 | 21.2% | 6.2% | ||
| Q3 25 | 23.7% | 6.4% | ||
| Q2 25 | 25.8% | 5.2% | ||
| Q1 25 | 24.2% | 4.2% | ||
| Q4 24 | 23.8% | 2.4% | ||
| Q3 24 | 26.9% | 4.3% | ||
| Q2 24 | 25.8% | 1.1% | ||
| Q1 24 | 24.6% | -7.7% |
| Q4 25 | $3.74 | $0.18 | ||
| Q3 25 | $3.91 | $0.16 | ||
| Q2 25 | $3.98 | $0.13 | ||
| Q1 25 | $3.40 | $0.09 | ||
| Q4 24 | $3.43 | $0.09 | ||
| Q3 24 | $3.90 | $0.07 | ||
| Q2 24 | $3.52 | $0.02 | ||
| Q1 24 | $3.12 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $1.4B |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $2.1B |
| Total Assets | $26.4B | $3.1B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $1.6B | $903.0M | ||
| Q3 24 | $1.3B | $761.0M | ||
| Q2 24 | $1.4B | $691.0M | ||
| Q1 24 | $1.3B | $578.0M |
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.9B | $2.1B | ||
| Q3 25 | $4.1B | $2.0B | ||
| Q2 25 | $3.9B | $1.8B | ||
| Q1 25 | $3.5B | $1.7B | ||
| Q4 24 | $3.1B | $1.5B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $2.8B | $1.3B | ||
| Q1 24 | $3.3B | $1.2B |
| Q4 25 | $26.4B | $3.1B | ||
| Q3 25 | $19.7B | $3.0B | ||
| Q2 25 | $20.4B | $2.8B | ||
| Q1 25 | $18.5B | $2.6B | ||
| Q4 24 | $18.0B | $2.4B | ||
| Q3 24 | $17.6B | $2.2B | ||
| Q2 24 | $16.2B | $2.2B | ||
| Q1 24 | $15.8B | $2.1B |
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $812.7M | $194.0M |
| Free Cash FlowOCF − Capex | $760.3M | $178.0M |
| FCF MarginFCF / Revenue | 60.9% | 10.9% |
| Capex IntensityCapex / Revenue | 4.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.07× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $812.7M | $194.0M | ||
| Q3 25 | $-378.9M | $165.0M | ||
| Q2 25 | $1.1B | $223.0M | ||
| Q1 25 | $-74.2M | $79.0M | ||
| Q4 24 | $648.7M | $147.0M | ||
| Q3 24 | $400.8M | $109.0M | ||
| Q2 24 | $540.9M | $124.0M | ||
| Q1 24 | $350.2M | $-20.0M |
| Q4 25 | $760.3M | $178.0M | ||
| Q3 25 | $-429.8M | $153.0M | ||
| Q2 25 | $1.1B | $208.0M | ||
| Q1 25 | $-118.9M | $69.0M | ||
| Q4 24 | $604.6M | $134.0M | ||
| Q3 24 | $355.0M | $97.0M | ||
| Q2 24 | $496.8M | $108.0M | ||
| Q1 24 | $309.0M | $-33.0M |
| Q4 25 | 60.9% | 10.9% | ||
| Q3 25 | -36.7% | 9.4% | ||
| Q2 25 | 98.7% | 13.4% | ||
| Q1 25 | -11.8% | 5.2% | ||
| Q4 24 | 58.4% | 10.0% | ||
| Q3 24 | 34.5% | 7.4% | ||
| Q2 24 | 50.9% | 8.7% | ||
| Q1 24 | 33.0% | -3.1% |
| Q4 25 | 4.2% | 1.0% | ||
| Q3 25 | 4.3% | 0.7% | ||
| Q2 25 | 4.8% | 1.0% | ||
| Q1 25 | 4.5% | 0.7% | ||
| Q4 24 | 4.3% | 1.0% | ||
| Q3 24 | 4.4% | 0.9% | ||
| Q2 24 | 4.5% | 1.3% | ||
| Q1 24 | 4.4% | 1.2% |
| Q4 25 | 3.07× | 1.92× | ||
| Q3 25 | -1.36× | 1.57× | ||
| Q2 25 | 4.01× | 2.79× | ||
| Q1 25 | -0.30× | 1.41× | ||
| Q4 24 | 2.64× | 4.59× | ||
| Q3 24 | 1.45× | 1.95× | ||
| Q2 24 | 2.15× | 8.86× | ||
| Q1 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
