Toast, Inc. reported strong financial results for the first quarter of 2025, posting a GAAP net income of $56 million compared to a net loss of $83 million in the same period last year. Adjusted EBITDA more than doubled to $133 million from $57 million year-over-year. The company generated $1.34 billion in revenue but reported earnings per share of $0.09, which fell short of expectations. Toast expanded its footprint by adding over 6,000 net new locations during the quarter and secured its largest deal ever with Applebee's. Recurring gross profit streams grew 7% year-over-year, contributing to a GAAP operating income of $43 million. Following the earnings release, Evercore ISI maintained its 'In Line' rating on Toast and raised its price target from $29 to $34, citing strong performance and rising average revenue per user (ARPU), although noting the company's high valuation multiple of 33 times earnings leaves little margin for error in the second quarter. The company’s shares rose 7.1% in pre-market trading after the earnings announcement.