TOST$31.94▲ 0.5%Toast advertised "$0" hardware to restaurants. The FTC and states say none of it is $0
The FTC and eight states sued Toast on Oct. 29 over hidden fees and hard-to-cancel plans. The complaint opens on its "$0" hardware plan, with higher payment fees. Payments and loans were about 82% of Toast's 2025 revenue.
KeyVex News··6 min readFact-checked against 5 public recordsKeyVex News··6 min readFact-checked against 5 public recordsTOST$31.94▲ 0.5%Close, Oct. 28. Prices from Tiingo.The short versionTap to readTap to close
- A "$0" plan sounds free. On Toast's, the FTC says, restaurants pay nothing a month for hardware and software, and higher fees on each payment instead. The complaint says none of the hardware is $0.
- Fine print, it says, bills the hardware's full retail value, unless returned, if a restaurant takes no payments in 120 days. Canceling costs $150 per month left, a fee on page 12 of the contract.
- In plain numbers: in 2025 Toast's hardware and services cost $400 million to provide and brought in $180 million. Payments and loans, from all its customers, brought in $5.04 billion.
- Toast says it will fight. It argues no court has applied one of the suit's laws to contracts negotiated between businesses, Payments Dive reported. In August it said it could not estimate a possible loss.
- Next: Toast reports third-quarter results after the market closes on Nov. 3, its first report since the suit was filed.
The suit: The Federal Trade Commission, seven state attorneys general and California sued Toast in federal court in San Francisco on Oct. 29. They say the restaurant software and payments company charges hidden and unauthorized fees and unwanted add-ons, fails to deliver on its support promises and makes it hard to cancel.FTCComplaint California sued through the Los Angeles County Counsel and the San Francisco City Attorney.Complaint The commission voted 2-0 to file the case, which a court will decide.FTC
The pitch: On a plan Toast calls Pay-as-you-Go, restaurants pay $0 a month for its hardware and software and higher fees on each payment instead, the FTC says.FTC Paragraph 12 of the complaint sets out Toast's promises of "$0" and of support "24/7/365." Then it says: "In fact, none of Toast's hardware is $0."Complaint
Why it matters: Toast had seen a draft of the case. In June 2026, FTC staff sent it a draft complaint and a proposed settlement order, its August quarterly report said, and Toast said it was "prepared to litigate, if necessary."10-Q The suit's first allegation targets the "$0" plan, which runs through Toast's payments business. Payments and loans, across all its plans, made up about 82% of Toast's $6.153 billion of revenue in 2025.10-KComplaint
The stock: Toast's stock closed at $31.94 on Oct. 28, the day before the suit was filed.Chart data
Toast's stock and the story's key datesDaily close, June 2, 2025 to Oct. 28, 2026 ▼ 25.7%Show chartHide chart
- 1Feb. 18, 2026 Toast files its 2025 annual report. Revenue of $6.153 billion: $5.037 billion from payments and loans, $936 million from subscriptions, $180 million from hardware and services. Filed after the close. Close: $27.67.
- 2Aug. 4, 2026 Toast's quarterly report describes the FTC investigation. It says FTC staff sent a draft complaint and proposed settlement order in June 2026, and that Toast is prepared to litigate. Filed after the close. Close: $33.81.
- 3Oct. 28, 2026 The last close before the suit. The FTC and eight states filed their complaint on Oct. 29. Close: $31.94.
View the data (355 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-28 | $31.94 | +0.5% |
| 2026-10-27 | $31.77 | −1.1% |
| 2026-10-26 | $32.13 | −1.8% |
| 2026-10-23 | $32.71 | −2.1% |
| 2026-10-22 | $33.42 | +2.7% |
| 2026-10-21 | $32.54 | −0.3% |
| 2026-10-20 | $32.65 | +3.8% |
| 2026-10-19 | $31.45 | −0.5% |
| 2026-10-16 | $31.62 | −1.9% |
| 2026-10-15 | $32.22 | +7.9% |
| 2026-10-14 | $29.85 | −3.4% |
| 2026-10-13 | $30.89 | −1.4% |
| 2026-10-12 | $31.32 | 0.0% |
| 2026-10-09 | $31.31 | +2.6% |
| 2026-10-08 | $30.53 | −0.1% |
| 2026-10-07 | $30.55 | +1.0% |
| 2026-10-06 | $30.25 | +0.7% |
| 2026-10-05 | $30.04 | +0.8% |
| 2026-10-02 | $29.79 | +1.9% |
| 2026-10-01 | $29.23 | +0.8% |
| 2026-09-30 | $28.99 | −4.8% |
| 2026-09-29 | $30.46 | +0.3% |
| 2026-09-28 | $30.38 | −0.7% |
| 2026-09-25 | $30.60 | +1.6% |
| 2026-09-24 | $30.11 | +1.0% |
| 2026-09-23 | $29.81 | +0.5% |
| 2026-09-22 | $29.65 | −0.5% |
| 2026-09-21 | $29.80 | +0.2% |
| 2026-09-18 | $29.74 | −3.0% |
| 2026-09-17 | $30.65 | −1.5% |
| 2026-09-16 | $31.12 | −2.3% |
| 2026-09-15 | $31.84 | −4.4% |
| 2026-09-14 | $33.29 | +3.6% |
| 2026-09-11 | $32.12 | +0.6% |
| 2026-09-10 | $31.94 | −1.6% |
| 2026-09-09 | $32.45 | −2.5% |
| 2026-09-08 | $33.29 | −1.9% |
| 2026-09-04 | $33.95 | +0.1% |
| 2026-09-03 | $33.93 | −0.3% |
| 2026-09-02 | $34.04 | +1.3% |
| 2026-09-01 | $33.59 | −1.5% |
| 2026-08-31 | $34.09 | −3.0% |
| 2026-08-28 | $35.15 | −0.1% |
| 2026-08-27 | $35.17 | −4.9% |
| 2026-08-26 | $36.97 | +0.5% |
| 2026-08-25 | $36.80 | +0.2% |
| 2026-08-24 | $36.71 | +0.2% |
| 2026-08-21 | $36.64 | +3.7% |
| 2026-08-20 | $35.32 | +0.5% |
| 2026-08-19 | $35.16 | +0.6% |
| 2026-08-18 | $34.95 | +1.8% |
| 2026-08-17 | $34.32 | −1.2% |
| 2026-08-14 | $34.75 | −1.3% |
| 2026-08-13 | $35.22 | +3.4% |
| 2026-08-12 | $34.06 | −2.4% |
| 2026-08-11 | $34.88 | −2.3% |
| 2026-08-10 | $35.69 | +3.5% |
| 2026-08-07 | $34.48 | −0.7% |
| 2026-08-06 | $34.72 | −0.2% |
| 2026-08-05 | $34.80 | +2.9% |
| 2026-08-04 | $33.81 | +3.1% |
| 2026-08-03 | $32.79 | +1.6% |
| 2026-07-31 | $32.27 | −1.8% |
| 2026-07-30 | $32.85 | +0.8% |
| 2026-07-29 | $32.60 | +0.8% |
| 2026-07-28 | $32.34 | +4.9% |
| 2026-07-27 | $30.84 | +6.2% |
| 2026-07-24 | $29.04 | +2.3% |
| 2026-07-23 | $28.40 | −2.8% |
| 2026-07-22 | $29.21 | −3.8% |
| 2026-07-21 | $30.37 | −1.6% |
| 2026-07-20 | $30.85 | +2.6% |
| 2026-07-17 | $30.08 | −0.8% |
| 2026-07-16 | $30.33 | −0.2% |
| 2026-07-15 | $30.39 | +1.3% |
| 2026-07-14 | $30.00 | +0.1% |
| 2026-07-13 | $29.96 | +2.2% |
| 2026-07-10 | $29.32 | +1.6% |
| 2026-07-09 | $28.85 | +1.0% |
| 2026-07-08 | $28.57 | −3.5% |
| 2026-07-07 | $29.61 | +0.4% |
| 2026-07-06 | $29.48 | +2.3% |
| 2026-07-02 | $28.82 | +0.4% |
| 2026-07-01 | $28.71 | +3.2% |
| 2026-06-30 | $27.82 | −1.2% |
| 2026-06-29 | $28.16 | +4.0% |
| 2026-06-26 | $27.08 | +5.1% |
| 2026-06-25 | $25.77 | −1.0% |
| 2026-06-24 | $26.02 | +6.2% |
| 2026-06-23 | $24.51 | +1.0% |
| 2026-06-22 | $24.26 | −1.6% |
| 2026-06-18 | $24.66 | +1.0% |
| 2026-06-17 | $24.41 | −2.6% |
| 2026-06-16 | $25.07 | +0.1% |
| 2026-06-15 | $25.05 | +0.9% |
| 2026-06-12 | $24.82 | +0.5% |
| 2026-06-11 | $24.69 | +1.6% |
| 2026-06-10 | $24.30 | −2.8% |
| 2026-06-09 | $25.00 | +3.7% |
| 2026-06-08 | $24.10 | −2.2% |
| 2026-06-05 | $24.64 | −2.3% |
| 2026-06-04 | $25.22 | +0.6% |
| 2026-06-03 | $25.07 | −4.9% |
| 2026-06-02 | $26.35 | −5.0% |
| 2026-06-01 | $27.74 | +6.6% |
| 2026-05-29 | $26.03 | +4.3% |
| 2026-05-28 | $24.96 | +1.9% |
| 2026-05-27 | $24.50 | +5.1% |
| 2026-05-26 | $23.32 | +0.7% |
| 2026-05-22 | $23.16 | +0.5% |
| 2026-05-21 | $23.04 | −1.2% |
| 2026-05-20 | $23.32 | +0.4% |
| 2026-05-19 | $23.22 | +2.6% |
| 2026-05-18 | $22.64 | −1.8% |
| 2026-05-15 | $23.05 | −0.1% |
| 2026-05-14 | $23.07 | +3.3% |
| 2026-05-13 | $22.33 | −4.0% |
| 2026-05-12 | $23.26 | −3.8% |
| 2026-05-11 | $24.19 | −3.4% |
| 2026-05-08 | $25.05 | −14.7% |
| 2026-05-07 | $29.38 | +3.8% |
| 2026-05-06 | $28.31 | −0.8% |
| 2026-05-05 | $28.54 | −3.0% |
| 2026-05-04 | $29.41 | +1.0% |
| 2026-05-01 | $29.11 | +2.1% |
| 2026-04-30 | $28.52 | −0.3% |
| 2026-04-29 | $28.62 | −1.3% |
| 2026-04-28 | $28.99 | +1.2% |
| 2026-04-27 | $28.65 | −1.3% |
| 2026-04-24 | $29.04 | +4.0% |
| 2026-04-23 | $27.92 | −5.2% |
| 2026-04-22 | $29.46 | +2.8% |
| 2026-04-21 | $28.67 | −1.7% |
| 2026-04-20 | $29.18 | +0.3% |
| 2026-04-17 | $29.08 | +2.0% |
| 2026-04-16 | $28.50 | +1.2% |
| 2026-04-15 | $28.16 | +3.9% |
| 2026-04-14 | $27.10 | −0.2% |
| 2026-04-13 | $27.15 | +6.9% |
| 2026-04-10 | $25.40 | −2.2% |
| 2026-04-09 | $25.96 | −1.0% |
| 2026-04-08 | $26.21 | +0.9% |
| 2026-04-07 | $25.97 | −3.9% |
| 2026-04-06 | $27.02 | +2.1% |
| 2026-04-02 | $26.47 | +1.5% |
| 2026-04-01 | $26.07 | −1.7% |
| 2026-03-31 | $26.51 | +1.7% |
| 2026-03-30 | $26.06 | +1.6% |
| 2026-03-27 | $25.64 | −2.8% |
| 2026-03-26 | $26.39 | −1.6% |
| 2026-03-25 | $26.81 | +0.8% |
| 2026-03-24 | $26.61 | −3.4% |
| 2026-03-23 | $27.56 | +0.4% |
| 2026-03-20 | $27.46 | +0.2% |
| 2026-03-19 | $27.40 | −1.6% |
| 2026-03-18 | $27.85 | −1.9% |
| 2026-03-17 | $28.39 | +1.0% |
| 2026-03-16 | $28.10 | +1.8% |
| 2026-03-13 | $27.60 | 0.0% |
| 2026-03-12 | $27.60 | −3.8% |
| 2026-03-11 | $28.70 | −0.7% |
| 2026-03-10 | $28.90 | −2.0% |
| 2026-03-09 | $29.49 | −2.6% |
| 2026-03-06 | $30.29 | −0.7% |
| 2026-03-05 | $30.51 | +3.5% |
| 2026-03-04 | $29.47 | +1.2% |
| 2026-03-03 | $29.11 | +5.6% |
| 2026-03-02 | $27.57 | +1.0% |
| 2026-02-27 | $27.31 | −1.6% |
| 2026-02-26 | $27.75 | +3.5% |
| 2026-02-25 | $26.81 | +4.8% |
| 2026-02-24 | $25.57 | +2.0% |
| 2026-02-23 | $25.07 | −7.4% |
| 2026-02-20 | $27.07 | −2.1% |
| 2026-02-19 | $27.64 | −0.1% |
| 2026-02-18 | $27.67 | 0.0% |
| 2026-02-17 | $27.66 | +1.2% |
| 2026-02-13 | $27.33 | +4.6% |
| 2026-02-12 | $26.14 | −6.7% |
| 2026-02-11 | $28.02 | −4.9% |
| 2026-02-10 | $29.47 | +2.9% |
| 2026-02-09 | $28.65 | +3.3% |
| 2026-02-06 | $27.73 | +2.5% |
| 2026-02-05 | $27.05 | −4.5% |
| 2026-02-04 | $28.32 | +0.2% |
| 2026-02-03 | $28.25 | −10.4% |
| 2026-02-02 | $31.52 | +1.3% |
| 2026-01-30 | $31.11 | +0.1% |
| 2026-01-29 | $31.09 | −2.4% |
| 2026-01-28 | $31.86 | −1.9% |
| 2026-01-27 | $32.48 | −3.0% |
| 2026-01-26 | $33.50 | −0.9% |
| 2026-01-23 | $33.80 | −1.2% |
| 2026-01-22 | $34.21 | +3.2% |
| 2026-01-21 | $33.15 | +1.2% |
| 2026-01-20 | $32.76 | −2.3% |
| 2026-01-16 | $33.52 | −0.7% |
| 2026-01-15 | $33.76 | −5.3% |
| 2026-01-14 | $35.66 | +2.5% |
| 2026-01-13 | $34.80 | −3.9% |
| 2026-01-12 | $36.20 | +2.1% |
| 2026-01-09 | $35.46 | −3.2% |
| 2026-01-08 | $36.62 | −0.1% |
| 2026-01-07 | $36.66 | +1.6% |
| 2026-01-06 | $36.07 | +4.6% |
| 2026-01-05 | $34.50 | +1.4% |
| 2026-01-02 | $34.02 | −4.2% |
| 2025-12-31 | $35.51 | −2.1% |
| 2025-12-30 | $36.29 | −0.6% |
| 2025-12-29 | $36.51 | +0.2% |
| 2025-12-26 | $36.44 | −0.1% |
| 2025-12-24 | $36.49 | −0.5% |
| 2025-12-23 | $36.68 | −1.6% |
| 2025-12-22 | $37.28 | +2.9% |
| 2025-12-19 | $36.22 | −1.1% |
| 2025-12-18 | $36.62 | +3.2% |
| 2025-12-17 | $35.50 | +1.5% |
| 2025-12-16 | $34.96 | +0.5% |
| 2025-12-15 | $34.79 | −1.4% |
| 2025-12-12 | $35.28 | −1.9% |
| 2025-12-11 | $35.97 | +1.6% |
| 2025-12-10 | $35.40 | +2.4% |
| 2025-12-09 | $34.58 | +0.1% |
| 2025-12-08 | $34.56 | −3.1% |
| 2025-12-05 | $35.67 | +1.3% |
| 2025-12-04 | $35.20 | +0.1% |
| 2025-12-03 | $35.17 | +4.0% |
| 2025-12-02 | $33.83 | −1.5% |
| 2025-12-01 | $34.36 | +0.5% |
| 2025-11-28 | $34.19 | +1.9% |
| 2025-11-26 | $33.54 | +0.8% |
| 2025-11-25 | $33.26 | −0.7% |
| 2025-11-24 | $33.48 | −1.4% |
| 2025-11-21 | $33.95 | +4.1% |
| 2025-11-20 | $32.60 | −1.1% |
| 2025-11-19 | $32.95 | −2.3% |
| 2025-11-18 | $33.74 | −2.8% |
| 2025-11-17 | $34.71 | −3.3% |
| 2025-11-14 | $35.90 | −2.2% |
| 2025-11-13 | $36.71 | −4.3% |
| 2025-11-12 | $38.34 | +1.6% |
| 2025-11-11 | $37.72 | −1.2% |
| 2025-11-10 | $38.18 | +3.2% |
| 2025-11-07 | $37.00 | +1.7% |
| 2025-11-06 | $36.38 | −6.8% |
| 2025-11-05 | $39.02 | +9.5% |
| 2025-11-04 | $35.64 | −0.2% |
| 2025-11-03 | $35.72 | −1.2% |
| 2025-10-31 | $36.14 | +5.1% |
| 2025-10-30 | $34.39 | −3.8% |
| 2025-10-29 | $35.74 | −4.5% |
| 2025-10-28 | $37.44 | −3.7% |
| 2025-10-27 | $38.88 | +1.4% |
| 2025-10-24 | $38.36 | −1.1% |
| 2025-10-23 | $38.80 | +1.8% |
| 2025-10-22 | $38.11 | −1.1% |
| 2025-10-21 | $38.55 | +2.3% |
| 2025-10-20 | $37.67 | +0.5% |
| 2025-10-17 | $37.50 | +0.3% |
| 2025-10-16 | $37.40 | +0.5% |
| 2025-10-15 | $37.22 | −1.5% |
| 2025-10-14 | $37.79 | +5.4% |
| 2025-10-13 | $35.84 | +2.5% |
| 2025-10-10 | $34.98 | −5.1% |
| 2025-10-09 | $36.86 | +0.4% |
| 2025-10-08 | $36.70 | −1.3% |
| 2025-10-07 | $37.17 | +0.6% |
| 2025-10-06 | $36.95 | +0.8% |
| 2025-10-03 | $36.64 | +1.4% |
| 2025-10-02 | $36.13 | +1.5% |
| 2025-10-01 | $35.60 | −2.5% |
| 2025-09-30 | $36.51 | −1.7% |
| 2025-09-29 | $37.13 | −0.2% |
| 2025-09-26 | $37.21 | +1.0% |
| 2025-09-25 | $36.85 | −1.8% |
| 2025-09-24 | $37.53 | −1.1% |
| 2025-09-23 | $37.96 | −2.5% |
| 2025-09-22 | $38.92 | −5.4% |
| 2025-09-19 | $41.13 | −0.8% |
| 2025-09-18 | $41.48 | +2.0% |
| 2025-09-17 | $40.65 | +1.7% |
| 2025-09-16 | $39.96 | −0.6% |
| 2025-09-15 | $40.22 | +0.7% |
| 2025-09-12 | $39.95 | −2.1% |
| 2025-09-11 | $40.79 | +2.2% |
| 2025-09-10 | $39.90 | −2.5% |
| 2025-09-09 | $40.92 | +0.4% |
| 2025-09-08 | $40.75 | −1.1% |
| 2025-09-05 | $41.22 | +0.3% |
| 2025-09-04 | $41.11 | −3.2% |
| 2025-09-03 | $42.45 | −3.1% |
| 2025-09-02 | $43.79 | −2.9% |
| 2025-08-29 | $45.10 | +0.3% |
| 2025-08-28 | $44.95 | +2.5% |
| 2025-08-27 | $43.86 | 0.0% |
| 2025-08-26 | $43.88 | +1.0% |
| 2025-08-25 | $43.44 | −1.3% |
| 2025-08-22 | $44.00 | +3.3% |
| 2025-08-21 | $42.60 | +0.4% |
| 2025-08-20 | $42.41 | +1.0% |
| 2025-08-19 | $42.01 | −1.2% |
| 2025-08-18 | $42.50 | −1.5% |
| 2025-08-15 | $43.15 | +0.3% |
| 2025-08-14 | $43.00 | −3.0% |
| 2025-08-13 | $44.33 | +0.6% |
| 2025-08-12 | $44.07 | +1.9% |
| 2025-08-11 | $43.26 | +0.4% |
| 2025-08-08 | $43.08 | −5.5% |
| 2025-08-07 | $45.61 | −0.7% |
| 2025-08-06 | $45.94 | −3.7% |
| 2025-08-05 | $47.71 | −3.2% |
| 2025-08-04 | $49.30 | +5.7% |
| 2025-08-01 | $46.66 | −4.5% |
| 2025-07-31 | $48.84 | +0.5% |
| 2025-07-30 | $48.61 | +0.1% |
| 2025-07-29 | $48.55 | −0.8% |
| 2025-07-28 | $48.93 | +0.5% |
| 2025-07-25 | $48.70 | +1.3% |
| 2025-07-24 | $48.07 | +1.3% |
| 2025-07-23 | $47.43 | −0.4% |
| 2025-07-22 | $47.63 | +0.7% |
| 2025-07-21 | $47.31 | +1.7% |
| 2025-07-18 | $46.52 | −0.2% |
| 2025-07-17 | $46.62 | +3.3% |
| 2025-07-16 | $45.14 | +1.8% |
| 2025-07-15 | $44.34 | −0.3% |
| 2025-07-14 | $44.49 | +2.5% |
| 2025-07-11 | $43.39 | −2.0% |
| 2025-07-10 | $44.26 | −0.9% |
| 2025-07-09 | $44.64 | +2.5% |
| 2025-07-08 | $43.54 | −2.9% |
| 2025-07-07 | $44.83 | +2.9% |
| 2025-07-03 | $43.58 | +2.4% |
| 2025-07-02 | $42.54 | −1.1% |
| 2025-07-01 | $43.03 | −2.8% |
| 2025-06-30 | $44.29 | +0.9% |
| 2025-06-27 | $43.89 | +3.3% |
| 2025-06-26 | $42.49 | +2.4% |
| 2025-06-25 | $41.50 | −7.1% |
| 2025-06-24 | $44.67 | +3.0% |
| 2025-06-23 | $43.36 | +2.4% |
| 2025-06-20 | $42.35 | −0.5% |
| 2025-06-18 | $42.58 | +0.3% |
| 2025-06-17 | $42.46 | −0.4% |
| 2025-06-16 | $42.63 | +2.6% |
| 2025-06-13 | $41.54 | −2.4% |
| 2025-06-12 | $42.54 | −1.6% |
| 2025-06-11 | $43.23 | −0.3% |
| 2025-06-10 | $43.35 | −0.2% |
| 2025-06-09 | $43.45 | −1.3% |
| 2025-06-06 | $44.01 | +2.8% |
| 2025-06-05 | $42.82 | +2.3% |
| 2025-06-04 | $41.84 | +0.5% |
| 2025-06-03 | $41.63 | −3.2% |
| 2025-06-02 | $42.99 |
Toast closed at $31.94 on Oct. 28. Source: Tiingo end-of-day closes, as traded, via KeyVex.
What the complaint says restaurants were charged
One customer complained to the FTC that he was charged a $5,318.87 early termination fee when he canceled after four years, and that Toast refused to refund it, the complaint says.Complaint
Restaurants sign auto-renewing subscriptions that average around $900 a month, depending on the terminals and add-ons they use, the FTC says.FTC The complaint says the charges a "$0" customer can face appear late in sign-up, in small print, or not at all:Complaint
- The hardware back, or its full retail value, "often costing thousands of dollars," if a restaurant does not start processing payments within 120 days.ComplaintFTC
- $85 a month whenever a restaurant temporarily closes, which the FTC describes as a payment-processing charge.ComplaintFTC
- An early termination fee of $150 for each month left on the contract, which the complaint says is not in the sign-up fine print but on page 12 of a 25-page agreement linked from it.Complaint
- Toast treats a Toast Capital borrower's canceling, or switching to another register system, without its permission as a default on the loan, the complaint says. Toast Capital offers loans made by Toast's bank partner, and the complaint says the application never discloses the term.Complaint
To cancel, customers must give written notice of their "intent not to renew" at least 30 days before the end of their term, the complaint says, a requirement the FTC says is not clearly disclosed when they sign up.ComplaintFTC
Toast lists "24/7/365 support" in each of its subscription packages, the FTC says. In reality, consumers have difficulty reaching anyone who can help at any time of day, according to the complaint.FTCComplaint
Where the money comes from
Toast's annual report breaks out the two sides of that plan. In 2025 its hardware and professional services cost $400 million to provide and brought in $180 million. Its payments and loans brought in $5.04 billion, against $3.89 billion of costs.10-K
View the data
| Toast's business line, 2025 | Amount | Note |
|---|---|---|
| Payments and loans (Revenue) | $5.04B | Financial technology solutions revenue, 2025: $5,037 million |
| Payments and loans (Cost to provide) | $3.89B | Financial technology solutions costs of revenue, 2025: $3,891 million |
| Subscriptions (Revenue) | $936M | Subscription services revenue, 2025: $936 million |
| Subscriptions (Cost to provide) | $264M | Subscription services costs of revenue, 2025: $264 million |
| Hardware and services (Revenue) | $180M | Hardware and professional services revenue, 2025: $180 million |
| Hardware and services (Cost to provide) | $400M | Hardware and professional services costs of revenue, 2025: $400 million |
"Payments and loans" is what Toast calls financial technology solutions; "hardware and services" is hardware and professional services. Source: Toast Form 10-K for 2025.
The 99-cent fee
The complaint also goes after a fee restaurant diners paid. Starting at some restaurants in or around September 2021, and at all of them by at least June 2023, Toast added $0.99 to online orders over $10 placed through its ordering channels, it says, inside a line labeled "Taxes & Fees." None of the money went to the restaurants, it says.Complaint
Toast rolled the fee back in late July 2023 after criticism from restaurants and industry experts, the complaint says, but "has yet to refund any of the proceeds." How much the fee earned Toast is blacked out in the public copy.Complaint
Toast's side
Toast said it had cooperated with the FTC's review since mid-2025 and tried to reach a resolution short of litigation, Payments Dive reported. "We are prepared to defend our business and fight this unprecedented action through litigation," Toast said, in a statement quoted by Payments Dive and Nation's Restaurant News.Payments DiveNRN
"The FTC disregarded the information we provided showing the extent to which our restaurant customers negotiate their contracts," Toast said in its statement, Nation's Restaurant News reported.NRN The FTC's consumer-protection chief, Christopher Mufarrige, said in its release that the practices "drained the hard-earned profits of businesses just trying to serve their customers."FTC
No court has held that one of the suit's laws, the Restore Online Shoppers' Confidence Act, covers negotiated business-to-business agreements, Toast argues, Payments Dive reported. "Nothing about today's news changes our customer service, pricing, or support," Toast said, Nation's Restaurant News reported.Payments DiveNRN
In June 2026, the FTC staff sent the Company a draft complaint and proposed settlement order. The Company strongly disagrees with the FTC’s legal challenges to its practices, policies and procedures, including whether certain referenced laws apply to its type of business. The Company has been engaged in ongoing discussions with the FTC.
The same report said the FTC's civil investigative demand, a formal request for documents and information, arrived in June 2025.10-Q
What the case could cost
The plaintiffs ask the court for a permanent injunction, money for those harmed, and state civil penalties for each violation.Complaint Florida's law, for one, sets $10,000 per willful violation, or $15,000 when the victim is a senior. Utah's sets $2,000 per violation.Complaint
In August, Toast said it could not estimate a possible loss, and that the matter "could have a materially adverse impact" on its results or operations.10-Q
What to watch
Toast reports third-quarter results after the market closes, with a call at 5 p.m. Eastern: its first report since the suit.
Toast's answer to the complaint in the Northern District of California, case No. 3:26-cv-12705.
The paper trail
The filings and court papers this story rests on, Feb. 18 through Oct. 29, 2026.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Feb. 18, 4:30 p.m. | 10-K | Toast | 2025 revenue of $6.153 billion. Hardware and professional services: $180 million of revenue, $400 million of cost. |
| Aug. 4, 6:09 p.m. (filing date Aug. 5) | 10-Q | Toast | Describes the FTC's June 2025 demand and the June 2026 draft complaint and proposed settlement order. |
| Oct. 29 | Complaint | FTC, seven states and California | FTC et al. v. Toast, Inc., No. 3:26-cv-12705, Northern District of California. 71 pages. |
| Oct. 29 | Release | FTC | Announces the suit; the commission vote was 2-0. |
Sources
10 sources, 5 of them public records
Public records
- FTC et al. v. Toast, Inc., No. 3:26-cv-12705, complaint (redacted public copy)U.S. District Court, N.D. Cal., via the FTC · Oct. 29, 2026
- "FTC and States Take Action Against Toast Inc. over Hidden and Unauthorized Fees, Deceptive Subscription and Cancellation Practices and Other Unlawful Conduct"Federal Trade Commission · Oct. 29, 2026
- Toast, Inc. case page (FTC matter 252-3101)Federal Trade Commission · Oct. 29, 2026
- Toast, Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 4, 2026
- Toast, Inc., Form 10-K for the year ended Dec. 31, 2025SEC EDGAR · Feb. 18, 2026
Reporting
- "FTC, states sue Toast over fees"Payments Dive · Oct. 29, 2026
- "Toast is sued by the FTC over alleged hidden fees, 24/7 support claims"Nation's Restaurant News · Oct. 29, 2026
- "Toast Announces Release Date of Third Quarter 2026 Financial Results" (Business Wire, as syndicated)Toast, via Finviz · Oct. 20, 2026
Data
- End-of-day prices for TOST, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 28, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for TOSTKeyVex · through Oct. 28, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends, through Oct. 28, 2026, the last close in KeyVex's data when this story was written. Every Toast close in the chart's Story range is in its data table. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Toast's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Toast stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- The complaint's figures and descriptions are allegations; no court has ruled on them. Paragraph numbers refer to the redacted public copy of the complaint posted by the FTC. The FTC's figure of about $900 a month is from its press release; the complaint's own figure is blacked out.
- "Payments and loans" is Toast's financial technology solutions line; "hardware and services" is its hardware and professional services line. The 82% share is $5,037 million of $6,153 million of 2025 revenue, as the complaint also states.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph of a real restaurant.