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Side-by-side financial comparison of Toast, Inc. (TOST) and Virtu Financial, Inc. (VIRT). 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 1.5× Virtu Financial, Inc.). Virtu Financial, Inc. runs the higher net margin — 31.6% vs 6.2%, a 25.5% gap on every dollar of revenue. On growth, Virtu Financial, Inc. posted the faster year-over-year revenue change (30.7% vs 22.0%). Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (25.7% CAGR vs 23.3%).
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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
TOST vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.1B |
| Net Profit | $101.0M | $346.6M |
| Gross Margin | 25.9% | — |
| Operating Margin | 5.2% | 37.4% |
| Net Margin | 6.2% | 31.6% |
| Revenue YoY | 22.0% | 30.7% |
| Net Profit YoY | 215.6% | 82.8% |
| EPS (diluted) | $0.18 | $1.99 |
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.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.6B | $969.9M | ||
| Q3 25 | $1.6B | $824.8M | ||
| Q2 25 | $1.6B | $999.6M | ||
| Q1 25 | $1.3B | $837.9M | ||
| Q4 24 | $1.3B | $834.3M | ||
| Q3 24 | $1.3B | $706.8M | ||
| Q2 24 | $1.2B | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $101.0M | $139.9M | ||
| Q3 25 | $105.0M | $77.6M | ||
| Q2 25 | $80.0M | $151.2M | ||
| Q1 25 | $56.0M | $99.7M | ||
| Q4 24 | $32.0M | $94.1M | ||
| Q3 24 | $56.0M | $60.0M | ||
| Q2 24 | $14.0M | $66.6M |
| Q1 26 | — | — | ||
| 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 26 | — | 37.4% | ||
| Q4 25 | 5.2% | 35.4% | ||
| Q3 25 | 5.1% | 21.8% | ||
| Q2 25 | 5.2% | 34.7% | ||
| Q1 25 | 3.2% | 26.7% | ||
| Q4 24 | 2.5% | 24.3% | ||
| Q3 24 | 2.6% | 20.8% | ||
| Q2 24 | 0.4% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | 6.2% | 14.4% | ||
| Q3 25 | 6.4% | 9.4% | ||
| Q2 25 | 5.2% | 15.1% | ||
| Q1 25 | 4.2% | 11.9% | ||
| Q4 24 | 2.4% | 11.3% | ||
| Q3 24 | 4.3% | 8.5% | ||
| Q2 24 | 1.1% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $0.18 | $1.54 | ||
| Q3 25 | $0.16 | $0.86 | ||
| Q2 25 | $0.13 | $1.65 | ||
| Q1 25 | $0.09 | $1.08 | ||
| Q4 24 | $0.09 | $1.03 | ||
| Q3 24 | $0.07 | $0.64 | ||
| Q2 24 | $0.02 | $0.71 |
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 | $973.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $2.2B |
| Total Assets | $3.1B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.4B | $707.9M | ||
| Q2 25 | $1.2B | $752.1M | ||
| Q1 25 | $1.0B | $723.6M | ||
| Q4 24 | $903.0M | $872.5M | ||
| Q3 24 | $761.0M | $701.4M | ||
| Q2 24 | $691.0M | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $3.1B | $20.2B | ||
| Q3 25 | $3.0B | $21.3B | ||
| Q2 25 | $2.8B | $19.3B | ||
| Q1 25 | $2.6B | $17.5B | ||
| Q4 24 | $2.4B | $15.4B | ||
| Q3 24 | $2.2B | $14.4B | ||
| Q2 24 | $2.2B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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.
| Q1 26 | — | — | ||
| Q4 25 | $194.0M | $518.4M | ||
| Q3 25 | $165.0M | $-68.7M | ||
| Q2 25 | $223.0M | $62.8M | ||
| Q1 25 | $79.0M | $15.0M | ||
| Q4 24 | $147.0M | $599.0M | ||
| Q3 24 | $109.0M | $112.1M | ||
| Q2 24 | $124.0M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | $178.0M | $495.6M | ||
| Q3 25 | $153.0M | $-76.7M | ||
| Q2 25 | $208.0M | $57.6M | ||
| Q1 25 | $69.0M | $9.2M | ||
| Q4 24 | $134.0M | $586.6M | ||
| Q3 24 | $97.0M | $106.2M | ||
| Q2 24 | $108.0M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 51.1% | ||
| Q3 25 | 9.4% | -9.3% | ||
| Q2 25 | 13.4% | 5.8% | ||
| Q1 25 | 5.2% | 1.1% | ||
| Q4 24 | 10.0% | 70.3% | ||
| Q3 24 | 7.4% | 15.0% | ||
| Q2 24 | 8.7% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 2.4% | ||
| Q3 25 | 0.7% | 1.0% | ||
| Q2 25 | 1.0% | 0.5% | ||
| Q1 25 | 0.7% | 0.7% | ||
| Q4 24 | 1.0% | 1.5% | ||
| Q3 24 | 0.9% | 0.8% | ||
| Q2 24 | 1.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | 3.71× | ||
| Q3 25 | 1.57× | -0.89× | ||
| Q2 25 | 2.79× | 0.42× | ||
| Q1 25 | 1.41× | 0.15× | ||
| Q4 24 | 4.59× | 6.37× | ||
| Q3 24 | 1.95× | 1.87× | ||
| Q2 24 | 8.86× | 7.37× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
