Toast Closes 2024 Strong, Expands Growth and Partnerships
Feb 20, 2025
Toast wrapped up a strong 2024, posting its fastest growth rates of the year with 29% revenue growth and 34% annualized recurring revenue growth in Q4. Gross payment volume, its primary revenue driver, rose 26%. The company added 28,000 net new locations, expanding its total base by over 26% to 134,000. Notably, Toast is securing larger chain agreements, including Perkins and Huddle House (500 locations) and Mendocino Farms (70), while also deepening its partnership with Uber Eats. It remains a strong hold for us, though it trades well above my fair value estimate of $30.
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