Let’s dig into the relative performance of Toast (NYSE: TOST) and its peers as we unravel the now-completed Q4 vertical software earnings season.

Software is eating the world, and while a large number of solutions such as project management or video conferencing software can be useful to a wide array of industries, some have very specific needs. As a result, vertical software, which addresses industry-specific workflows, is growing and fueled by the pressures to improve productivity, whether it be for a life sciences, education, or banking company.

The 14 vertical software stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 2.5% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11% since the latest earnings results.

Toast (NYSE: TOST)

Born from the frustrations of three friends waiting too long for their restaurant bill, Toast (NYSE: TOST) provides a cloud-based digital technology platform with software, payment processing, and hardware solutions built specifically for restaurants.

Toast reported revenues of $1.63 billion, up 22% year on year. This print exceeded analysts’ expectations by 0.5%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and EBITDA guidance for next quarter topping analysts’ expectations.

Toast delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 4.2% since reporting and currently trades at $27.25.

Is now the time to buy Toast? Access our full analysis of the earnings results here, it’s free.

Best Q4: Autodesk (NASDAQ: ADSK)

Starting with AutoCAD in the 1980s and evolving into a comprehensive design ecosystem, Autodesk (NASDAQ: ADSK) provides software solutions for architecture, engineering, construction, manufacturing, and entertainment industries to design, simulate, and visualize projects.

Autodesk reported revenues of $1.96 billion, up 19.4% year on year, outperforming analysts’ expectations by 2.1%. The business had an exceptional quarter with an impressive beat of analysts’ billings estimates and EPS guidance for next quarter exceeding analysts’ expectations.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 2.6% since reporting. It currently trades at $227.36.

Is now the time to buy Autodesk? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Doximity (NYSE: DOCS)

With over 80% of U.S. physicians as members of its digital community, Doximity (NYSE: DOCS) operates a digital platform that enables physicians and other healthcare professionals to collaborate, stay current with medical news, manage their careers, and conduct virtual patient visits.

Doximity reported revenues of $185.1 million, up 9.8% year on year, exceeding analysts’ expectations by 2%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and EBITDA guidance for next quarter missing analysts’ expectations significantly.

As expected, the stock is down 32.6% since the results and currently trades at $22.46.

Read our full analysis of Doximity’s results here.

Agilysys (NASDAQ: AGYS)

With a tech stack that powers everything from check-in to checkout at some of the world's top hospitality venues, Agilysys (NASDAQ: AGYS) develops and provides cloud-based and on-premise software solutions for hotels, resorts, casinos, and restaurants to manage operations and enhance guest experiences.

Agilysys reported revenues of $80.39 million, up 15.6% year on year. This number beat analysts’ expectations by 1.4%. It was a satisfactory quarter as it also produced a decent beat of analysts’ EBITDA estimates.

The stock is down 42.6% since reporting and currently trades at $65.19.

Read our full, actionable report on Agilysys here, it’s free.

Veeva Systems (NYSE: VEEV)

Originally named "Verticals onDemand" before rebranding in 2009, Veeva Systems (NYSE: VEEV) provides cloud software, data solutions, and consulting services that help life sciences companies develop and bring products to market more efficiently.

Veeva Systems reported revenues of $836 million, up 16% year on year. This result surpassed analysts’ expectations by 3.1%. Overall, it was a very strong quarter as it also put up an impressive beat of analysts’ billings estimates and full-year EPS guidance exceeding analysts’ expectations.

The stock is down 14.6% since reporting and currently trades at $161.00.

Read our full, actionable report on Veeva Systems here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.