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Owner, which provides websites, online ordering, and marketing automation for restaurants, grew faster year to date in 2026 and throughout 2025 than it did in 2024. The company is accelerating after reaching $100M ARR. More than 83% of new customers now begin inside its free AI product, up from 0% two years earlier. Adam Guild has run the AI agent experiment at Owner for three years.
Owner treats logins as a failure signal.
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.