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Tien-tsin Wong

Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co.

Tien-Tsin Huang is a Managing Director and Senior Equity Research Analyst at J.P. Morgan Chase & Co., specializing in payments, fintech, and computer services sectors. He covers major companies including Visa, Toast, and others in payments processing and IT consulting, recognized as a top industry analyst with decades of high-performing insights, including first-place ranking on Institutional Investor's All-America Research Team in 2014. Huang began his equity research career decades ago at J.P. Morgan, providing expert commentary on sector trends like BNPL, embedded finance, and B2B payments through outlets such as McKinsey interviews. He holds professional credentials as a seasoned Wall Street analyst with extensive sector expertise, though specific FINRA licenses are not detailed in available sources.

Tien-tsin Wong's questions to Toast (TOST) leadership

Question · Q4 2025

Tien-tsin Wong asked if Toast's current margin framework allows for increased R&D investment to capitalize on new AI opportunities and tools, inquiring about the balance between leaning into innovation and achieving margin expansion targets.

Answer

CFO Elena Gomez confirmed that the margin framework allows for R&D investment to sustain long-term growth, stating that the 40% long-term margin target remains unchanged and the pace of achieving it is controllable. CEO Aman Narang reinforced the commitment to building a generational company, emphasizing that current R&D investments are aimed at serving a much larger TAM and increasing platform impact, prioritizing long-term growth over shorter-term margin expansion.

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