Key Takeaways Toast, Inc. (TOST) delivered strong customer growth, with 8,500 net new locations added in the second quarter of 2025 and ending the quarter with 148,000 total locations (up 24% year over year). This particular metric remains at the core of TOST's investment narrative as each new location expands its operational footprint and strengthens the recurring revenue base. Management expects to post record net adds in the current quarter and 2025 is now expected to top 2024's full-year net additions. ...