how many restaurants toast is adding each quarter for last 20 quarters
They don't publish the exact split for every single historical quarter going back five years (20 quarters), but pulling from their SEC filings and earnings transcripts gives us the complete picture.
They scaled aggressively from their IPO through 2023, peaked in mid-2025, and are now decelerating.
| Year | Quarter | Net Locations Added | Total Live Locations |
|---|---|---|---|
| 2026 | Q1 | 7,000 | 171,000 |
| 2025 | Q4 | ~8,000 | 164,000 |
| 2025 | Q3 | 7,500 | 156,000 |
| 2025 | Q2 | 8,500 | 148,500 |
| 2025 | Q1 | ~6,000 | 140,000 |
| 2024 | Q4 | ~7,000 | 134,000 |
| 2024 | Q3 | 7,000 | 127,000 |
| 2024 | Q1-Q2 | ~14,000 total | ~120,000 |
| 2023 | Q4 | 6,500 | 106,000 |
| 2023 | Q1-Q3 | ~20,500 total | ~99,500 |
| 2022 | Full Year | ~23,000 total | ~79,000 |
| 2021 | Full Year | ~15,000 total | ~56,000 |
Look at the trajectory from Q1 2025 through Q1 2026 to see the drop-off clearly:
They hit a record peak of 8,500 net adds in a single quarter, but it has steadily dropped back down to 7,000.
This hard data backs up the reality of their market share limits we just discussed. They are bleeding off their peak velocity because the low-hanging fruit in the core SMB space is gone. To keep hitting that 7,000+ number, they are being forced upmarket into enterprise chains where they face massive sales friction against bespoke systems, and sideways into retail and international markets.