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Side-by-side financial comparison of Pinnacle West Capital (PNW) 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 $1.1B, roughly 1.4× Pinnacle West Capital). Toast, Inc. runs the higher net margin — 6.2% vs 1.6%, a 4.6% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 3.0%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $-192.7M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 8.9%).
Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).
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.
PNW vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.6B |
| Net Profit | $17.6M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 10.7% | 5.2% |
| Net Margin | 1.6% | 6.2% |
| Revenue YoY | 3.0% | 22.0% |
| Net Profit YoY | 798.0% | 215.6% |
| EPS (diluted) | $0.12 | $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 | $1.1B | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $951.7M | $1.1B |
| Q4 25 | $17.6M | $101.0M | ||
| Q3 25 | $417.5M | $105.0M | ||
| Q2 25 | $196.9M | $80.0M | ||
| Q1 25 | $-338.0K | $56.0M | ||
| Q4 24 | $-2.5M | $32.0M | ||
| Q3 24 | $399.3M | $56.0M | ||
| Q2 24 | $208.1M | $14.0M | ||
| Q1 24 | $21.2M | $-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 | 10.7% | 5.2% | ||
| Q3 25 | 32.0% | 5.1% | ||
| Q2 25 | 22.6% | 5.2% | ||
| Q1 25 | 5.5% | 3.2% | ||
| Q4 24 | 7.7% | 2.5% | ||
| Q3 24 | 30.9% | 2.6% | ||
| Q2 24 | 24.0% | 0.4% | ||
| Q1 24 | 7.0% | -5.2% |
| Q4 25 | 1.6% | 6.2% | ||
| Q3 25 | 22.9% | 6.4% | ||
| Q2 25 | 14.5% | 5.2% | ||
| Q1 25 | -0.0% | 4.2% | ||
| Q4 24 | -0.2% | 2.4% | ||
| Q3 24 | 22.6% | 4.3% | ||
| Q2 24 | 15.9% | 1.1% | ||
| Q1 24 | 2.2% | -7.7% |
| Q4 25 | $0.12 | $0.18 | ||
| Q3 25 | $3.39 | $0.16 | ||
| Q2 25 | $1.58 | $0.13 | ||
| Q1 25 | $-0.04 | $0.09 | ||
| Q4 24 | $-0.04 | $0.09 | ||
| Q3 24 | $3.37 | $0.07 | ||
| Q2 24 | $1.76 | $0.02 | ||
| Q1 24 | $0.15 | $-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 | $6.6M | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.0B | $2.1B |
| Total Assets | $30.0B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.6M | $1.4B | ||
| Q3 25 | $30.9M | $1.4B | ||
| Q2 25 | $18.8M | $1.2B | ||
| Q1 25 | $10.0M | $1.0B | ||
| Q4 24 | $3.8M | $903.0M | ||
| Q3 24 | $49.2M | $761.0M | ||
| Q2 24 | $4.0M | $691.0M | ||
| Q1 24 | $9.6M | $578.0M |
| Q4 25 | $7.0B | $2.1B | ||
| Q3 25 | $7.2B | $2.0B | ||
| Q2 25 | $6.7B | $1.8B | ||
| Q1 25 | $6.7B | $1.7B | ||
| Q4 24 | $6.8B | $1.5B | ||
| Q3 24 | $6.6B | $1.4B | ||
| Q2 24 | $6.2B | $1.3B | ||
| Q1 24 | $6.2B | $1.2B |
| Q4 25 | $30.0B | $3.1B | ||
| Q3 25 | $29.9B | $3.0B | ||
| Q2 25 | $29.2B | $2.8B | ||
| Q1 25 | $27.2B | $2.6B | ||
| Q4 24 | $26.1B | $2.4B | ||
| Q3 24 | $26.3B | $2.2B | ||
| Q2 24 | $25.7B | $2.2B | ||
| Q1 24 | $24.8B | $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 | $476.8M | $194.0M |
| Free Cash FlowOCF − Capex | $-192.7M | $178.0M |
| FCF MarginFCF / Revenue | -17.1% | 10.9% |
| Capex IntensityCapex / Revenue | 59.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 27.09× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-819.5M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $476.8M | $194.0M | ||
| Q3 25 | $665.0M | $165.0M | ||
| Q2 25 | $261.4M | $223.0M | ||
| Q1 25 | $401.9M | $79.0M | ||
| Q4 24 | $439.5M | $147.0M | ||
| Q3 24 | $633.2M | $109.0M | ||
| Q2 24 | $189.8M | $124.0M | ||
| Q1 24 | $347.4M | $-20.0M |
| Q4 25 | $-192.7M | $178.0M | ||
| Q3 25 | $42.0M | $153.0M | ||
| Q2 25 | $-448.1M | $208.0M | ||
| Q1 25 | $-220.7M | $69.0M | ||
| Q4 24 | $-92.1M | $134.0M | ||
| Q3 24 | $-32.7M | $97.0M | ||
| Q2 24 | $-344.2M | $108.0M | ||
| Q1 24 | $-170.4M | $-33.0M |
| Q4 25 | -17.1% | 10.9% | ||
| Q3 25 | 2.3% | 9.4% | ||
| Q2 25 | -33.0% | 13.4% | ||
| Q1 25 | -21.4% | 5.2% | ||
| Q4 24 | -8.4% | 10.0% | ||
| Q3 24 | -1.8% | 7.4% | ||
| Q2 24 | -26.3% | 8.7% | ||
| Q1 24 | -17.9% | -3.1% |
| Q4 25 | 59.3% | 1.0% | ||
| Q3 25 | 34.2% | 0.7% | ||
| Q2 25 | 52.2% | 1.0% | ||
| Q1 25 | 60.3% | 0.7% | ||
| Q4 24 | 48.5% | 1.0% | ||
| Q3 24 | 37.6% | 0.9% | ||
| Q2 24 | 40.8% | 1.3% | ||
| Q1 24 | 54.4% | 1.2% |
| Q4 25 | 27.09× | 1.92× | ||
| Q3 25 | 1.59× | 1.57× | ||
| Q2 25 | 1.33× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 1.59× | 1.95× | ||
| Q2 24 | 0.91× | 8.86× | ||
| Q1 24 | 16.41× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
