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Screener / SEC EDGAR /CIK 0001650164 /10-K filed Feb 18, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Technology · Data Processing

Toast, Inc. TOST

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New in the 10-K 8 paragraphs with nothing like them in the 10-K filed Feb 26, 2025 New in the 10-Q 3 paragraphs not in the 10-Q filed Aug 5, 2026 10-Q against the 10-K 1 risk factor paragraphs and sentences added or reworded

New risk paragraphs, branching off last year

Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 26, 2025. A box jumps to the paragraph as filed, below.

8 new
10-K Feb 26 10-K Feb 18 opportunities, the impact of regulatory… We use AI in our platform and product… Further, given the early stage of generative… Additionally, we periodically conduct audits… for their guests, order volume may decline… 3 more new paragraphs

Paragraphs with nothing like them in last year's 10-K

Quoted exactly

8 paragraphs in Risk Factors of the 10-K filed Feb 18, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

opportunities, the impact of regulatory requirements, the maturation of our business, and macroeconomic conditions, among others.

Read in the 10-K

We use AI in our platform and product offerings, and our success is dependent upon our ability to leverage data, develop competitive products, and manage related risks.

We utilize AI solutions both for internal productivity purposes and in products and services available to our customers. We also work with partners who have incorporated or may incorporate AI solutions in their products and services. While AI and machine learning present opportunities for enhanced productivity, AI also introduces cybersecurity, data privacy, IT, intellectual property, regulatory, legal, operational, competitive, reputational and other risks that could adversely impact our business. For example, if the content, recommendations or analyses

Read in the 10-K

Further, given the early stage of generative AI, the evolving regulatory landscape surrounding AI also poses a risk, as new laws and regulations could impose additional compliance burdens, resulting in increased operational costs to comply with U.S. and non-US laws concerning the use of AI. For example, the EU’s Artificial Intelligence Act, or AI Act, originally entered into force on August 1, 2024, and is expected to undergo amendments as introduced in the EU’s November 2025 Digital Omnibus. As enacted, the AI Act imposes significant obligations on providers and deployers of high-risk AI systems and encourages providers and deployers of AI systems to account for EU ethical principles in their development and use of these systems.

Read in the 10-K

Additionally, we periodically conduct audits and self-assessments to verify our compliance with Nacha Rules. If an audit or self-assessment under Nacha Rules identifies any deficiencies that we need to remediate,

Read in the 10-K

for their guests, order volume may decline, which we expect would adversely affect our financial condition and results of operations.

Read in the 10-K
Show the other 2

whether the courts in these international jurisdictions would recognize or enforce judgments of U.S. courts. Any litigation in international jurisdictions may be protracted and result in substantial costs and diversion of resources and management attention.

Read in the 10-K

Toast and certain of its subsidiaries offer access to certain other financial technology products and services that are provided to our customers by bank partners. Our contracts with these bank partners, and our role in providing these services, requires us to comply with state and federal laws and regulations as well.

Read in the 10-K

Paragraphs in the 10-Q filed Nov 4, 2026 that were not in the one before

New in the latest 10-Q

3 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

Deferred revenue, beginning of period, includes amounts classified within other long-term liabilities on our Consolidated Balance Sheets.

Read in the 10-Q

In connection with the Company’s participation in the Pledge 1% movement, during the year ended December 31, 2021, the Board approved reserving 5 million shares of Class A common stock that the Company may, but is not obligated to, issue over a certain period to fund the Company’s social impact initiatives through Toast.org. During the three and nine months ended September 30, 2026, the Company recognized stock-based charitable contribution expenses of $ 5 million for the fair value of the donated shares. During the three and nine months ended September 30, 2025, the Company recognized stock-based charitable contribution expenses of $ 6 million for the fair value of the donated shares. Such expenses were recorded within general and administrative expenses in the Condensed Consolidated Statement of Operations.

Read in the 10-Q

The Company has been cooperating with the Federal Trade Commission (the “FTC”) staff in response to a Civil Investigative Demand received in June 2025, seeking information regarding the marketing, sale, and operation of its restaurant operating systems and related customer-service offerings relative to the Federal Trade Commission Act (the "FTC Act"), the Gramm-Leach-Bliley Act, and the Restore Online Shoppers' Confidence Act ("ROSCA"). Following receipt of a draft complaint from the FTC in June 2026, the Company engaged in good-faith negotiations with the FTC, but these negotiations were unsuccessful. On October 29, 2026, the FTC, along with the states of Colorado, Florida, Illinois, Iowa, Nebraska, Oklahoma, and Utah, and the City of San Francisco and Los Angeles County, filed a complaint in the United States District Court for the Northern District of California against the Company alleging violations of Section 5 of the FTC Act, certain provisions of ROSCA, and analogous state statutes. The complaint seeks a permanent injunction, monetary relief in an unspecified amount, civil penalties, and other relief as determined by the court.

Read in the 10-Q

The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 18, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted). Text on the page, not a score; each links to the filing at sec.gov.

All 1 Added 0Reworded 1Quiet changes 0
Reworded10-Q Nov 4, 2026 vs 10-K Feb 18, 2026
You should carefully read and consider the risks and uncertainties described below, included in the Annual Report, together with all of the other information in the Annual Report and this Annual Quarterly Report on Form 10-K, 10-Q, including Part II, Item 7, the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. notes, and other documents that we file with the SEC.

Read it in the 10-Q at sec.govThe 10-K sentence

Phrases used for the first time

Two-word phrases in Risk Factors of the 10-K filed Feb 18, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 26, 2025

regulatory landscape ×3social engineering ×2settle payments ×2trademark protection ×2
Where each one is used
  • regulatory landscape: Further, given the early stage of generative AI, the evolving regulatory landscape surrounding AI also poses a risk, as new laws and regulations could impose additional compliance burdens, resulting in increased operational costs to comply with U.S. and non-US laws concerning the use of AI. For example, the EU’s...
  • social engineering: We, our customers, our partners, and other third parties, including third-party vendors, cloud service providers, and payment processors that we use, obtain and process large amounts of sensitive and personal information, including information related to our customers, their employees, their guests, and their...
  • settle payments: We rely on third-party payment processors to process and settle payments made by guests, payments made to customers, and payments made on behalf of customers, and if we cannot manage risks related to our relationships with our current or future third-party payment processors, our business, financial condition, and...
  • trademark protection: Additionally, we have registered, among other trademarks, the name “Toast” in the United States and other jurisdictions. As we expand internationally, we will apply for trademark protection for our name and certain product and service marks in foreign jurisdictions. However, trademark applications may not be...

The 10-K at sec.gov

Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.

What was taken out

3 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.

Across all companies
Many members of our senior management team have limited experience managing a publicly-traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our senior management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior...
In the 10-K filed Feb 26, 2025
We use artificial intelligence in our platform and product offerings. Issues relating to the use of artificial intelligence and machine learning could adversely affect our results of operations.
In the 10-K filed Feb 26, 2025
Our senior management team has limited experience managing a public company, and regulatory compliance obligations may divert its attention from the day-to-day management of our business.
In the 10-K filed Feb 26, 2025

Sources

Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.

Also

10-K change: what was reworded or cut, section by section.

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