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Side-by-side financial comparison of Toast, Inc. (TOST) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $997.0M, roughly 1.6× Frontier Group Holdings, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs 5.3%, a 0.9% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs -0.5%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $-113.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
TOST vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $997.0M |
| Net Profit | $101.0M | $53.0M |
| Gross Margin | 25.9% | — |
| Operating Margin | 5.2% | 4.9% |
| Net Margin | 6.2% | 5.3% |
| Revenue YoY | 22.0% | -0.5% |
| Net Profit YoY | 215.6% | -1.9% |
| EPS (diluted) | $0.18 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.6B | $886.0M | ||
| Q2 25 | $1.6B | $929.0M | ||
| Q1 25 | $1.3B | $912.0M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $935.0M | ||
| Q2 24 | $1.2B | $973.0M | ||
| Q1 24 | $1.1B | $865.0M |
| Q4 25 | $101.0M | $53.0M | ||
| Q3 25 | $105.0M | $-77.0M | ||
| Q2 25 | $80.0M | $-70.0M | ||
| Q1 25 | $56.0M | $-43.0M | ||
| Q4 24 | $32.0M | $54.0M | ||
| Q3 24 | $56.0M | $26.0M | ||
| Q2 24 | $14.0M | $31.0M | ||
| Q1 24 | $-83.0M | $-26.0M |
| 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% | 4.9% | ||
| Q3 25 | 5.1% | -8.7% | ||
| Q2 25 | 5.2% | -8.1% | ||
| Q1 25 | 3.2% | -5.0% | ||
| Q4 24 | 2.5% | 4.5% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 0.4% | 2.6% | ||
| Q1 24 | -5.2% | -3.6% |
| Q4 25 | 6.2% | 5.3% | ||
| Q3 25 | 6.4% | -8.7% | ||
| Q2 25 | 5.2% | -7.5% | ||
| Q1 25 | 4.2% | -4.7% | ||
| Q4 24 | 2.4% | 5.4% | ||
| Q3 24 | 4.3% | 2.8% | ||
| Q2 24 | 1.1% | 3.2% | ||
| Q1 24 | -7.7% | -3.0% |
| Q4 25 | $0.18 | $0.24 | ||
| Q3 25 | $0.16 | $-0.34 | ||
| Q2 25 | $0.13 | $-0.31 | ||
| Q1 25 | $0.09 | $-0.19 | ||
| Q4 24 | $0.09 | $0.24 | ||
| Q3 24 | $0.07 | $0.11 | ||
| Q2 24 | $0.02 | $0.14 | ||
| Q1 24 | $-0.15 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $2.1B | $491.0M |
| Total Assets | $3.1B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $671.0M | ||
| Q3 25 | $1.4B | $566.0M | ||
| Q2 25 | $1.2B | $563.0M | ||
| Q1 25 | $1.0B | $686.0M | ||
| Q4 24 | $903.0M | $740.0M | ||
| Q3 24 | $761.0M | $576.0M | ||
| Q2 24 | $691.0M | $658.0M | ||
| Q1 24 | $578.0M | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $2.1B | $491.0M | ||
| Q3 25 | $2.0B | $434.0M | ||
| Q2 25 | $1.8B | $506.0M | ||
| Q1 25 | $1.7B | $570.0M | ||
| Q4 24 | $1.5B | $604.0M | ||
| Q3 24 | $1.4B | $549.0M | ||
| Q2 24 | $1.3B | $520.0M | ||
| Q1 24 | $1.2B | $484.0M |
| Q4 25 | $3.1B | $7.2B | ||
| Q3 25 | $3.0B | $6.7B | ||
| Q2 25 | $2.8B | $6.5B | ||
| Q1 25 | $2.6B | $6.5B | ||
| Q4 24 | $2.4B | $6.2B | ||
| Q3 24 | $2.2B | $5.8B | ||
| Q2 24 | $2.2B | $5.7B | ||
| Q1 24 | $2.1B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $178.0M | $-113.0M |
| FCF MarginFCF / Revenue | 10.9% | -11.3% |
| Capex IntensityCapex / Revenue | 1.0% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.92× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $608.0M | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $194.0M | $-91.0M | ||
| Q3 25 | $165.0M | $-215.0M | ||
| Q2 25 | $223.0M | $-133.0M | ||
| Q1 25 | $79.0M | $-86.0M | ||
| Q4 24 | $147.0M | $87.0M | ||
| Q3 24 | $109.0M | $-156.0M | ||
| Q2 24 | $124.0M | $9.0M | ||
| Q1 24 | $-20.0M | $-22.0M |
| Q4 25 | $178.0M | $-113.0M | ||
| Q3 25 | $153.0M | $-217.0M | ||
| Q2 25 | $208.0M | $-166.0M | ||
| Q1 25 | $69.0M | $-104.0M | ||
| Q4 24 | $134.0M | $73.0M | ||
| Q3 24 | $97.0M | $-170.0M | ||
| Q2 24 | $108.0M | $-22.0M | ||
| Q1 24 | $-33.0M | $-39.0M |
| Q4 25 | 10.9% | -11.3% | ||
| Q3 25 | 9.4% | -24.5% | ||
| Q2 25 | 13.4% | -17.9% | ||
| Q1 25 | 5.2% | -11.4% | ||
| Q4 24 | 10.0% | 7.3% | ||
| Q3 24 | 7.4% | -18.2% | ||
| Q2 24 | 8.7% | -2.3% | ||
| Q1 24 | -3.1% | -4.5% |
| Q4 25 | 1.0% | 2.2% | ||
| Q3 25 | 0.7% | 0.2% | ||
| Q2 25 | 1.0% | 3.6% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 1.0% | 1.4% | ||
| Q3 24 | 0.9% | 1.5% | ||
| Q2 24 | 1.3% | 3.2% | ||
| Q1 24 | 1.2% | 2.0% |
| Q4 25 | 1.92× | -1.72× | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 1.41× | — | ||
| Q4 24 | 4.59× | 1.61× | ||
| Q3 24 | 1.95× | -6.00× | ||
| Q2 24 | 8.86× | 0.29× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
