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Ryana Kumar

Managing Director and Senior Analyst at Oppenheimer

Rayna Kumar is a Managing Director and Senior Analyst at Oppenheimer & Co. Inc., specializing in equity research for the Financial Technology (Fintech) and payments sector. She leads a dedicated team covering a broad range of companies within the payments ecosystem, including merchant acquirers, card networks, payments software platforms, and emerging technologies such as artificial intelligence and embedded finance. Kumar has a strong track record, with her recommendations achieving a success rate of approximately 51% and generating an average return per transaction of 0.60%, according to analyst rating platforms. Her career includes previous roles as Head of Payments, Processors & IT Services Equity Research at UBS and Managing Director at Evercore ISI, and she began her career at Ernst & Young in Structured Finance. Kumar holds a B.S. in Finance & Computer Science from Boston College and an M.B.A. from Columbia Business School.

Ryana Kumar's questions to Toast (TOST) leadership

Question · Q3 2025

Ryana Kumar asked about the sustainability of the improving total take rate, which was up seven basis points year-over-year, and the factors contributing to this increase.

Answer

CFO Elena Gomez confirmed the team's strong execution, noting the core net take rate was up four basis points and the total take rate up five basis points. She attributed this to small, targeted pricing moves, ongoing COGS optimization, and new products like surcharging. She expressed confidence in driving the take rate up over time through continued cost optimization, digital innovation, and scaling volume.

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Question · Q3 2025

Ryana Kumar from Oppenheimer asked about the sustainability of Toast's improving total take rate, which was up seven basis points year-over-year, and the factors contributing to this increase.

Answer

CFO Elena Gomez expressed confidence in driving the take rate up over time, attributing the Q3 increase to small, targeted pricing moves, COGS optimization, and new products like surcharging. She emphasized that these levers, combined with scaling volume and digital innovation, would continue to contribute to take rate improvement.

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