• In March 2026, Teriyaki Madness announced it had implemented Toast’s enterprise technology suite, including Toast Flex hardware and Kitchen Display Systems, across its more than 200 US locations to support its expanding operations and integrate its full tech stack.
• This win highlights Toast’s growing presence with larger, multi-location restaurant brands, underscoring the appeal of its integrated platform for chains seeking scalable, end-to-end digital infrastructure.
• Next, we’ll examine how adding an over-200-location enterprise customer like Teriyaki Madness could influence Toast’s investment narrative and growth drivers.

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Toast Investment Narrative Recap

An investor in Toast ultimately needs to believe in its ability to turn a growing restaurant and food service footprint into durable software and payments earnings, while keeping costs and competition in check. The Teriyaki Madness rollout across 200-plus locations reinforces Toast’s push into larger enterprises, which ties directly into the near term catalyst of scaling high ARPU, multi-location accounts. It does not, however, materially change the biggest current risk around rising sales and marketing and hardware costs pressuring margins.

Among recent announcements, the expanded multi year partnership with Uber Technologies in November 2025 is especially relevant. Together with the Teriyaki Madness win, it points to Toast deepening its role in digital ordering and delivery for both SMB and enterprise customers, potentially supporting transaction volumes and software adoption. At the same time, it brings into focus the risk that dependence on third party delivery partners could influence take rates and limit upside to fintech gross profit.

Yet behind Toast’s enterprise wins, investors should also be aware of mounting concerns around marketing spend and hardware economics...

Toast’s narrative projects $8.9 billion revenue and $738.5 million earnings by 2028. This requires 17.3% yearly revenue growth and about a $514 million earnings increase from $224.0 million today.

Uncover how Toast's forecasts yield a $37.22 fair value, a 31% upside to its current price.

Exploring Other Perspectives

Before this Teriyaki Madness deal, the most cautious analysts already expected Toast to reach about US$9.5 billion in revenue and roughly US$574.5 million in earnings by 2028, yet they still framed the story as constrained by slower adoption and reliance on partners, which is a far more pessimistic take than the view that new enterprise wins and adjacent segments could meaningfully accelerate growth.

Explore 14 other fair value estimates on Toast - why the stock might be worth over 2x more than the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Toast research is our analysis highlighting 3 key rewards and 1 important warning sign 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.