Toast reported a ~$6.5 billion revenue run rate, reflecting 22% year-over-year growth. Software revenue reached $2.2 billion and grew 26%. The company added roughly 7,000 net new locations in the quarter, bringing the total to approximately 171,000 live locations.
Toast crossed into durable GAAP profitability. Net income more than doubled to $126 million. Free cash flow reached $115 million. Software gross margins hit 81% for the first time.