Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Toast, a technology platform serving primarily the restaurant industry, reported results for the second quarter of 2026 highlighting growth across its core software, payments, fintech solutions, and expansion into new markets.</li><li>Annualized recurring revenue (ARR) grew 25% year-over-year, supported by a record net addition of 9,500 locations, bringing total locations to approximately 180,000—a 22% increase from the prior year.</li><li>Recurring gross profit streams increased 28%, with adjusted EBITDA rising 38% to $221 million, equivalent to a 37% margin, and GAAP operating income of $152 million (a 26% margin).</li></ul>

Toast, a technology platform serving primarily the restaurant industry, reported results for the second quarter of 2026 highlighting growth across its core software, payments, fintech solutions, and expansion into new markets.Annualized recurring revenue (ARR) grew 25% year-over-year, supported by a record net addition of 9,500 locations, bringing total locations to approximately 180,000—a 22% increase from the prior year.Recurring gross profit streams increased 28%, with adjusted EBITDA rising 38% to $221 million, equivalent to a 37% margin, and GAAP operating income of $152 million (a 26% margin).

Toast’s Record 9,500 Location Adds: Can The Growth Flywheel Keep Accelerating?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Toast, a vertically integrated platform serving the restaurant and local commerce markets, reported a strong first quarter of 2026 with both top-line growth and margin expansion.</li><li>The company’s recurring gross profit streams grew 27% year-over-year, driven by robust software-as-a-service (SaaS) and fintech revenue.</li><li>Annual recurring revenue (ARR) increased 26%, supported by the addition of 7,000 net new locations, bringing the total to 171,000 live locations, a 22% increase year-over-year.</li></ul>

Toast, a vertically integrated platform serving the restaurant and local commerce markets, reported a strong first quarter of 2026 with both top-line growth and margin expansion.The company’s recurring gross profit streams grew 27% year-over-year, driven by robust software-as-a-service (SaaS) and fintech revenue.Annual recurring revenue (ARR) increased 26%, supported by the addition of 7,000 net new locations, bringing the total to 171,000 live locations, a 22% increase year-over-year.

Toast’s 171,000-Location Platform: Can AI Agents Unlock The Next Growth Leg?

<ul><li>Toast, Inc. delivered a strong operational performance in the fourth quarter and full year of 2025, marked by continued location growth, expanding recurring revenue streams, and material margin improvement.</li><li>The company added a record number of net locations during the year, ending with approximately 164,000 locations on its platform, while recurring gross profit grew at a pace well above overall revenue growth.</li><li>Annual recurring revenue exceeded $2 billion, supported by consistent mid-single-digit SaaS ARPU expansion and solid net retention.</li></ul>

Toast, Inc. delivered a strong operational performance in the fourth quarter and full year of 2025, marked by continued location growth, expanding recurring revenue streams, and material margin improvement.The company added a record number of net locations during the year, ending with approximately 164,000 locations on its platform, while recurring gross profit grew at a pace well above overall revenue growth.Annual recurring revenue exceeded $2 billion, supported by consistent mid-single-digit SaaS ARPU expansion and solid net retention.

Toast Inc.: The Journey From Restaurant OS to Multi-Vertical Platform—What Comes Next!

<ul><li>Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.</li><li>The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.</li><li>These achievements underscore Toast's strengthened market presence and operational efficiency.</li></ul>

Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.These achievements underscore Toast's strengthened market presence and operational efficiency.

Toast Inc: Doubling ARR With Tight Budget Control—Is This the Most Efficient Growth Story in Tech Right Now?

United States

Toast, Inc. operates as a cloud-based restaurant software company. The Company designs and develops sale and management software system that helps restaurants to improve operations, increase sales, and create a better guest experience. Toast serves customers worldwide.

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Toast (TOST US)

Toast’s Record 9,500 Location Adds: Can The Growth Flywheel Keep Accelerating?

Toast, a technology platform serving primarily the restaurant industry, reported results for the second quarter of 2026 highlighting growth across...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Toast’s 171,000-Location Platform: Can AI Agents Unlock The Next Growth Leg?

Toast, a vertically integrated platform serving the restaurant and local commerce markets, reported a strong first quarter of 2026 with both...

Baptista Research

Toast Inc.: The Journey From Restaurant OS to Multi-Vertical Platform—What Comes Next!

Toast, Inc. delivered a strong operational performance in the fourth quarter and full year of 2025, marked by continued location growth, expanding...

Baptista Research

Toast Inc: Doubling ARR With Tight Budget Control—Is This the Most Efficient Growth Story in Tech Right Now?

Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for...

Baptista Research

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