vs
Side-by-side financial comparison of Toast, Inc. (TOST) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $1.6B, roughly 1.7× Toast, Inc.). Ulta Beauty runs the higher net margin — 8.1% vs 6.2%, a 1.9% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 12.9%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $-81.6M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 7.2%).
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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
TOST vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.9B |
| Net Profit | $101.0M | $230.9M |
| Gross Margin | 25.9% | 40.4% |
| Operating Margin | 5.2% | 10.8% |
| Net Margin | 6.2% | 8.1% |
| Revenue YoY | 22.0% | 12.9% |
| Net Profit YoY | 215.6% | -4.7% |
| EPS (diluted) | $0.18 | $5.14 |
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 | $2.9B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.6B | $2.8B | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $2.5B | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | $1.2B | $2.7B | ||
| Q1 24 | $1.1B | $3.6B |
| Q4 25 | $101.0M | $230.9M | ||
| Q3 25 | $105.0M | $260.9M | ||
| Q2 25 | $80.0M | $305.1M | ||
| Q1 25 | $56.0M | — | ||
| Q4 24 | $32.0M | $242.2M | ||
| Q3 24 | $56.0M | $252.6M | ||
| Q2 24 | $14.0M | $313.1M | ||
| Q1 24 | $-83.0M | $394.4M |
| Q4 25 | 25.9% | 40.4% | ||
| Q3 25 | 26.5% | 39.2% | ||
| Q2 25 | 25.3% | 39.1% | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 24.9% | 39.7% | ||
| Q3 24 | 24.7% | 38.3% | ||
| Q2 24 | 23.0% | 39.2% | ||
| Q1 24 | 23.2% | 37.7% |
| Q4 25 | 5.2% | 10.8% | ||
| Q3 25 | 5.1% | 12.4% | ||
| Q2 25 | 5.2% | 14.1% | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.5% | 12.6% | ||
| Q3 24 | 2.6% | 12.9% | ||
| Q2 24 | 0.4% | 14.7% | ||
| Q1 24 | -5.2% | 14.5% |
| Q4 25 | 6.2% | 8.1% | ||
| Q3 25 | 6.4% | 9.4% | ||
| Q2 25 | 5.2% | 10.7% | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 2.4% | 9.6% | ||
| Q3 24 | 4.3% | 9.9% | ||
| Q2 24 | 1.1% | 11.5% | ||
| Q1 24 | -7.7% | 11.1% |
| Q4 25 | $0.18 | $5.14 | ||
| Q3 25 | $0.16 | $5.78 | ||
| Q2 25 | $0.13 | $6.70 | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.09 | $5.14 | ||
| Q3 24 | $0.07 | $5.30 | ||
| Q2 24 | $0.02 | $6.47 | ||
| Q1 24 | $-0.15 | $8.06 |
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 | $204.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $2.6B |
| Total Assets | $3.1B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $204.9M | ||
| Q3 25 | $1.4B | $242.7M | ||
| Q2 25 | $1.2B | $454.6M | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $903.0M | $177.8M | ||
| Q3 24 | $761.0M | $414.0M | ||
| Q2 24 | $691.0M | $524.6M | ||
| Q1 24 | $578.0M | $766.6M |
| Q4 25 | $2.1B | $2.6B | ||
| Q3 25 | $2.0B | $2.6B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $1.2B | $2.3B |
| Q4 25 | $3.1B | $7.0B | ||
| Q3 25 | $3.0B | $6.6B | ||
| Q2 25 | $2.8B | $6.0B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.4B | $6.0B | ||
| Q3 24 | $2.2B | $5.7B | ||
| Q2 24 | $2.2B | $5.6B | ||
| Q1 24 | $2.1B | $5.7B |
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 | $5.6M |
| Free Cash FlowOCF − Capex | $178.0M | $-81.6M |
| FCF MarginFCF / Revenue | 10.9% | -2.9% |
| Capex IntensityCapex / Revenue | 1.0% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.92× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $608.0M | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $194.0M | $5.6M | ||
| Q3 25 | $165.0M | $96.5M | ||
| Q2 25 | $223.0M | $220.0M | ||
| Q1 25 | $79.0M | — | ||
| Q4 24 | $147.0M | $-56.8M | ||
| Q3 24 | $109.0M | $199.5M | ||
| Q2 24 | $124.0M | $159.3M | ||
| Q1 24 | $-20.0M | $1.1B |
| Q4 25 | $178.0M | $-81.6M | ||
| Q3 25 | $153.0M | $19.6M | ||
| Q2 25 | $208.0M | $141.0M | ||
| Q1 25 | $69.0M | — | ||
| Q4 24 | $134.0M | $-171.1M | ||
| Q3 24 | $97.0M | $104.3M | ||
| Q2 24 | $108.0M | $68.3M | ||
| Q1 24 | $-33.0M | $994.0M |
| Q4 25 | 10.9% | -2.9% | ||
| Q3 25 | 9.4% | 0.7% | ||
| Q2 25 | 13.4% | 4.9% | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | 10.0% | -6.8% | ||
| Q3 24 | 7.4% | 4.1% | ||
| Q2 24 | 8.7% | 2.5% | ||
| Q1 24 | -3.1% | 28.0% |
| Q4 25 | 1.0% | 3.1% | ||
| Q3 25 | 0.7% | 2.8% | ||
| Q2 25 | 1.0% | 2.8% | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.0% | 4.5% | ||
| Q3 24 | 0.9% | 3.7% | ||
| Q2 24 | 1.3% | 3.3% | ||
| Q1 24 | 1.2% | 3.5% |
| Q4 25 | 1.92× | 0.02× | ||
| Q3 25 | 1.57× | 0.37× | ||
| Q2 25 | 2.79× | 0.72× | ||
| Q1 25 | 1.41× | — | ||
| Q4 24 | 4.59× | -0.23× | ||
| Q3 24 | 1.95× | 0.79× | ||
| Q2 24 | 8.86× | 0.51× | ||
| Q1 24 | — | 2.84× |
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% |
ULTA
Segment breakdown not available.
