Over the past six months (March 2026 to September 2026), Toast's stock experienced several notable events. In March 2026, Toast reported Q4 2025 earnings with a revenue beat but an EPS miss, adding 8,000 net new locations and guiding 2026 Annualized Recurring Revenue (ARR) at $2.3 billion. During this period, activist hedge fund ValueAct Capital doubled its stake, Toast partnered with Uber for preferred delivery integration, and launched its AI product suite, including Toast IQ and Sous Chef AI tools. Despite these positive developments, the stock experienced a significant drawdown due to a broader SaaS sector downturn, the Q4 EPS miss, and macro tariff concerns. In May 2026, consensus EPS estimates for fiscal year 2026 increased by 11%, while revenue forecasts remained steady; however, the consensus price target decreased, and the share price fell by 8.0% over a week. In August 2026, Toast announced strong Q2 2026 financial results, surpassing analyst expectations for both EPS ($0.27) and revenue ($1.91 billion, up 23% year-over-year). Net income more than doubled to $154.0 million, and the company added a record 9,500 net new restaurant locations, increasing its total locations by 22% year-over-year to approximately 180,000. ARR rose 25% to $2.4 billion, and Gross Payment Volume (GPV) increased by 22% to $60.7 billion. Following this report, Toast raised its full-year guidance for recurring gross profit growth and adjusted EBITDA, contributing to strong gains in the company's share price. In September 2026, despite continued bullish fundamentals, Toast's stock experienced a pullback, declining approximately 15% over the month as investors appeared to be locking in gains. The company's Chief Revenue Officer also sold shares under a prearranged trading plan, and a new nationwide rollout deal with Kung Fu Tea across over 330 locations was announced. As of September 18, 2026, the share price was $29.74, marking a 27.69% decline from September 19, 2025.
