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Side-by-side financial comparison of JOYY Inc. (JOYY) 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 $1.5B, roughly 1.1× JOYY Inc.). JOYY Inc. runs the higher net margin — 10.4% vs 6.2%, a 4.2% gap on every dollar of revenue. Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 16.8%).
JOYY Inc. is a global social media technology firm operating digital entertainment platforms including live streaming, short video and social services like Bigo Live and Likee. It serves users across Southeast Asia, Middle East, Latin America and other emerging markets, delivering interactive immersive digital content experiences for user groups.
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.
JOYY vs TOST — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.6B |
| Net Profit | $160.1M | $101.0M |
| Gross Margin | 36.1% | 25.9% |
| Operating Margin | 2.4% | 5.2% |
| Net Margin | 10.4% | 6.2% |
| Revenue YoY | — | 22.0% |
| Net Profit YoY | — | 215.6% |
| EPS (diluted) | — | $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 | $1.5B | $1.6B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $494.4M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $564.6M | $1.1B |
| Q4 25 | — | $101.0M | ||
| Q3 25 | $160.1M | $105.0M | ||
| Q2 25 | $100.9M | $80.0M | ||
| Q1 25 | $42.9M | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | $143.9M | $56.0M | ||
| Q2 24 | $87.9M | $14.0M | ||
| Q1 24 | $40.2M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | 36.1% | 26.5% | ||
| Q2 25 | 36.3% | 25.3% | ||
| Q1 25 | 36.1% | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | 35.7% | 24.7% | ||
| Q2 24 | 34.9% | 23.0% | ||
| Q1 24 | 34.6% | 23.2% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 2.4% | 5.1% | ||
| Q2 25 | 1.8% | 5.2% | ||
| Q1 25 | 2.5% | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 1.3% | 2.6% | ||
| Q2 24 | 0.5% | 0.4% | ||
| Q1 24 | 0.6% | -5.2% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 10.4% | 6.4% | ||
| Q2 25 | 10.1% | 5.2% | ||
| Q1 25 | 8.7% | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 8.5% | 4.3% | ||
| Q2 24 | 7.8% | 1.1% | ||
| Q1 24 | 7.1% | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-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 | $383.8M | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.6B | $2.1B |
| Total Assets | $7.5B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $383.8M | $1.4B | ||
| Q2 25 | $401.0M | $1.2B | ||
| Q1 25 | $801.5M | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | $481.8M | $761.0M | ||
| Q2 24 | $607.1M | $691.0M | ||
| Q1 24 | $728.2M | $578.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $6.6B | $2.0B | ||
| Q2 25 | $6.6B | $1.8B | ||
| Q1 25 | $6.6B | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $5.3B | $1.4B | ||
| Q2 24 | $5.3B | $1.3B | ||
| Q1 24 | $5.3B | $1.2B |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $7.5B | $3.0B | ||
| Q2 25 | $7.5B | $2.8B | ||
| Q1 25 | $7.6B | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $8.1B | $2.2B | ||
| Q2 24 | $8.1B | $2.2B | ||
| Q1 24 | $8.6B | $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 | — | $194.0M |
| Free Cash FlowOCF − Capex | — | $178.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | — | $165.0M | ||
| Q2 25 | — | $223.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $147.0M | ||
| Q3 24 | — | $109.0M | ||
| Q2 24 | — | $124.0M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
