• In April 2026, Toast announced it had been selected by Alicart Restaurant Group to power high-volume concepts like Carmine’s, Virgil’s Real BBQ, and Mermaid Oyster Bar, while also rolling out its new Toast Drive-Thru platform for quick-service restaurants seeking integrated hardware, POS software, and AI voice ordering.
• Together, the Alicart partnership and Toast Drive-Thru launch highlight how Toast is pushing deeper into complex, high-traffic operations where AI-driven insights and unified systems can materially influence how restaurants manage throughput, menus, and labor.
• Next, we’ll examine how Toast’s move into enterprise-scale clients and AI-powered drive-thru operations could reshape its existing investment narrative.

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Toast Investment Narrative Recap

To own Toast today, you have to believe its restaurant platform can keep adding locations while steadily lifting revenue per customer through software, fintech and AI tools. The Alicart win and Toast Drive Thru launch both speak to that thesis, but do not remove the near term pressure points around rising go to market spend and competitive intensity, especially as Toast pushes deeper into enterprise and quick service chains.

Among recent announcements, the launch of Toast Drive Thru looks most relevant here, because it directly targets high throughput quick service brands with 15 or more locations. If Drive Thru gains traction, it could reinforce Toast’s expansion into larger chains and support ARPU growth, but it also raises execution risk around hardware costs, complex deployments and the need to prove clear labor and throughput benefits to cost conscious operators.

Yet behind Toast’s progress with Alicart and Drive Thru, investors should also be aware of how rising hardware and AI costs could still weigh on margins...

Toast's narrative projects $10.1 billion revenue and $935.1 million earnings by 2029.

Uncover how Toast's forecasts yield a $36.36 fair value, a 27% upside to its current price.

Exploring Other Perspectives

Some of the most cautious analysts were only baking in about US$9.5 billion of 2028 revenue and US$574.5 million of earnings, so if Toast’s new enterprise and AI driven wins materially outperform or underperform that, your view on whether those bearish assumptions still hold may shift more than you expect.

Explore 13 other fair value estimates on Toast - why the stock might be worth over 2x more than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Toast research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Toast research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Toast's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.