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# Vanguard Capital Management Reports 5.07% Stake In Toast, A Day After Regulators Sued
- URL: https://www.bullished.co/vanguard-capital-management-reports-5-07-stake-in-toast-a-day-after-regulators-sued-6df4a206/
- Published: 2026-10-30T17:25:57.000Z
- Updated: 2026-10-30T17:25:57.000Z
- Description: The 13G filing shows 26.1 million shares and certifies no intent to influence control of the restaurant software company.
- Author: Matteo Parrino
- Tags: SEC Filings, TOST, Industry: Technology

Vanguard Capital Management holds [26,107,633 shares](https://www.sec.gov/Archives/edgar/data/0002100119/000210011926001660/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) of Toast, or 5.07% of the common stock, according to a passive ownership filing (Schedule 13G) dated Friday. Toast, which sells a cloud platform of software, payments and hardware to restaurants, was sued by the FTC and states a day earlier.

## Inside the Vanguard position

Vanguard has sole voting power over 3,902,820 of the shares and shared voting power over none. The filing lists September 30 as the event date and classifies Vanguard Capital Management as an investment adviser.

The filing says the shares were acquired and are held in the ordinary course of business, not to change or influence control of Toast. It says Vanguard funds and other managed accounts have the right to receive dividends and sale proceeds, and that no one other person's interest exceeds 5%.

Toast shares traded at $31.60 in Friday trading, up about 0.32% from the prior close of $31.50\. The company's market value was $18.2 billion.

## A stock under regulatory fire

The FTC, eight states, Los Angeles County and San Francisco [sued Toast](https://www.ftc.gov/news-events/news/press-releases/2026/10/ftc-states-take-action-against-toast-inc-over-hidden-unauthorized-fees-deceptive-subscription?ref=bullished.co) over alleged hidden fees, unauthorized add-ons and hard-to-cancel subscriptions. The complaint says those charges average about $900 a month. It also says Toast charges $150 per month for each remaining month of a canceled contract.

Toast earns money from subscription software and payments, and it offers loans to eligible restaurants through Toast Capital, issued by a bank partner. Its stock gained 10.2% over the past month, [according to Zacks](https://finance.yahoo.com/markets/stocks/articles/investors-heavily-search-toast-inc-120003457.html?.tsrc=rss&ref=bullished.co), against 0.9% for the Zacks S&P 500 composite.

Toast is scheduled to report earnings on November 3, according to [Yahoo Finance](https://au.finance.yahoo.com/quote/TOST/?ref=bullished.co), its first results since the lawsuit.

### Sources

- [SCHEDULE 13G — Vanguard Capital Management re: Toast Inc (TOST)](https://www.sec.gov/Archives/edgar/data/0002100119/000210011926001660/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [Toast, Inc. (TOST) stock price, news, quote and history - Yahoo Finance](https://au.finance.yahoo.com/quote/TOST/?ref=bullished.co) — Yahoo Finance
- [FTC and States Take Action Against Toast Inc. over Hidden and Unauthorized Fees, Deceptive Subscription and Cancellation Practices and Other Unlawful Conduct](https://www.ftc.gov/news-events/news/press-releases/2026/10/ftc-states-take-action-against-toast-inc-over-hidden-unauthorized-fees-deceptive-subscription?ref=bullished.co) — ftc.gov
- [Toast (TOST) Is Considered a Good Investment by Brokers: Is That True?](https://finance.yahoo.com/markets/stocks/articles/toast-tost-considered-good-investment-123002371.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Investors Heavily Search Toast, Inc. (TOST): Here is What You Need to Know](https://finance.yahoo.com/markets/stocks/articles/investors-heavily-search-toast-inc-120003457.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [CPI | Toast Faces FTC Lawsuit Over Alleged Hidden Fees and Subscription Practices](https://www.pymnts.com/cpi-posts/toast-faces-ftc-lawsuit-over-alleged-hidden-fees-and-subscription-practices/?ref=bullished.co) — pymnts.com