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Side-by-side financial comparison of ICON PLC (ICLR) and Toast, Inc. (TOST). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $1.6B, roughly 1.3× Toast, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs 0.1%, a 6.1% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 0.6%). ICON PLC produced more free cash flow last quarter ($333.9M vs $178.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
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.
ICLR vs TOST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.6B |
| Net Profit | $2.4M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 4.2% | 5.2% |
| Net Margin | 0.1% | 6.2% |
| Revenue YoY | 0.6% | 22.0% |
| Net Profit YoY | -98.8% | 215.6% |
| EPS (diluted) | $0.03 | $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 | — | $1.6B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $2.0B | $1.6B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.1B | $1.2B | ||
| Q1 24 | $2.1B | $1.1B |
| Q4 25 | — | $101.0M | ||
| Q3 25 | $2.4M | $105.0M | ||
| Q2 25 | $183.0M | $80.0M | ||
| Q1 25 | $154.2M | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | $197.1M | $56.0M | ||
| Q2 24 | $146.9M | $14.0M | ||
| Q1 24 | $187.4M | $-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 | — | 5.2% | ||
| Q3 25 | 4.2% | 5.1% | ||
| Q2 25 | 10.4% | 5.2% | ||
| Q1 25 | 11.0% | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 14.1% | 2.6% | ||
| Q2 24 | 10.8% | 0.4% | ||
| Q1 24 | 13.7% | -5.2% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 0.1% | 6.4% | ||
| Q2 25 | 9.1% | 5.2% | ||
| Q1 25 | 7.7% | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 9.7% | 4.3% | ||
| Q2 24 | 6.9% | 1.1% | ||
| Q1 24 | 9.0% | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.03 | $0.16 | ||
| Q2 25 | $2.30 | $0.13 | ||
| Q1 25 | $1.90 | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $2.36 | $0.07 | ||
| Q2 24 | $1.76 | $0.02 | ||
| Q1 24 | $2.25 | $-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 | $468.9M | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $2.1B |
| Total Assets | $16.5B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $468.9M | $1.4B | ||
| Q2 25 | $390.4M | $1.2B | ||
| Q1 25 | $526.7M | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | $695.5M | $761.0M | ||
| Q2 24 | $506.6M | $691.0M | ||
| Q1 24 | $396.1M | $578.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $9.3B | $2.0B | ||
| Q2 25 | $9.6B | $1.8B | ||
| Q1 25 | $9.5B | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $9.8B | $1.4B | ||
| Q2 24 | $9.6B | $1.3B | ||
| Q1 24 | $9.4B | $1.2B |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $16.5B | $3.0B | ||
| Q2 25 | $16.6B | $2.8B | ||
| Q1 25 | $16.7B | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $17.2B | $2.2B | ||
| Q2 24 | $17.0B | $2.2B | ||
| Q1 24 | $17.0B | $2.1B |
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 | $387.6M | $194.0M |
| Free Cash FlowOCF − Capex | $333.9M | $178.0M |
| FCF MarginFCF / Revenue | 16.3% | 10.9% |
| Capex IntensityCapex / Revenue | 2.6% | 1.0% |
| Cash ConversionOCF / Net Profit | 164.59× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | $387.6M | $165.0M | ||
| Q2 25 | $146.2M | $223.0M | ||
| Q1 25 | $268.2M | $79.0M | ||
| Q4 24 | — | $147.0M | ||
| Q3 24 | $402.7M | $109.0M | ||
| Q2 24 | $218.6M | $124.0M | ||
| Q1 24 | $327.1M | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | $333.9M | $153.0M | ||
| Q2 25 | $113.9M | $208.0M | ||
| Q1 25 | $239.3M | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | $359.3M | $97.0M | ||
| Q2 24 | $182.3M | $108.0M | ||
| Q1 24 | $299.9M | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | 16.3% | 9.4% | ||
| Q2 25 | 5.6% | 13.4% | ||
| Q1 25 | 12.0% | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | 17.7% | 7.4% | ||
| Q2 24 | 8.6% | 8.7% | ||
| Q1 24 | 14.3% | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 1.6% | 1.0% | ||
| Q1 25 | 1.4% | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 2.1% | 0.9% | ||
| Q2 24 | 1.7% | 1.3% | ||
| Q1 24 | 1.3% | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | 164.59× | 1.57× | ||
| Q2 25 | 0.80× | 2.79× | ||
| Q1 25 | 1.74× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 2.04× | 1.95× | ||
| Q2 24 | 1.49× | 8.86× | ||
| Q1 24 | 1.74× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
