Trade Desk (TTD) Financials

$52.03 -0.04 (-0.08%)

Closing price 09/8/2025 04:00 PM Eastern

Extended Trading

$52.06 +0.02 (+0.05%)

As of 04:59 AM Eastern

Annual Income Statements for Trade Desk

This table shows Trade Desk's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.01	8.76	-27	51	88	108	242	138	53	179	393
Consolidated Net Income / (Loss)	0.01	16	20	51	88	108	242	138	53	179	393
Net Income / (Loss) Continuing Operations	0.01	16	20	51	88	108	242	138	53	179	393
Total Pre-Tax Income	-0.94	30	44	64	106	116	144	122	127	268	507
Total Operating Income	0.76	38	58	69	107	112	144	125	114	200	427
Total Gross Profit	32	91	163	242	363	505	657	975	1,297	1,581	1,973
Total Revenue	45	114	203	308	477	661	836	1,196	1,578	1,946	2,445
Operating Revenue	45	114	203	308	477	661	836	1,196	1,578	1,946	2,445
Total Cost of Revenue	13	23	40	66	114	156	179	222	281	366	472
Operating Cost of Revenue	13	23	40	66	114	156	179	222	281	366	472
Total Operating Expenses	31	53	106	173	256	393	513	850	1,183	1,380	1,546
Selling, General & Admin Expense	9.39	13	32	58	85	143	172	375	525	520	536
Marketing Expense	15	27	46	61	87	133	175	249	338	448	547
Research & Development Expense	7.25	13	27	53	84	117	167	226	320	412	463
Total Other Income / (Expense), net	-1.71	-8.13	-14	-5.73	-1.59	4.02	-0.31	-2.78	14	68	80
Interest Expense	0.84	1.14	3.08	1.70	-0.33	-4.72	-0.66	1.03	-13	-69	-79
Other Income / (Expense), net	-0.86	-6.98	-11	-4.03	-1.92	-0.70	-0.96	-1.75	0.96	-0.99	1.29
Income Tax Expense	-0.95	14	23	13	18	7.90	-98	-16	74	89	114
Basic Earnings per Share	-	$0.85	($1.46)	$1.26	$2.08	$0.24	$0.52	$0.29	$0.11	$0.37	$0.80
Weighted Average Basic Shares Outstanding	10.23M	10.29M	18.28M	40.26M	42.44M	445.33M	462.87M	476.85M	486.94M	489.26M	490.88M
Diluted Earnings per Share	-	$0.39	($1.46)	$1.15	$1.92	$0.23	$0.49	$0.28	$0.11	$0.36	$0.78
Weighted Average Diluted Shares Outstanding	13.13M	16.78M	18.28M	44.06M	45.79M	478.06M	489.88M	498.54M	499.93M	500.18M	501.92M
Weighted Average Basic & Diluted Shares Outstanding	-	10.30M	18.30M	40.30M	44.07M	45.57M	47.38M	484.83M	490.79M	488.94M	496.09M

This table shows Trade Desk's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	71	9.33	33	39	97	32	85	94	182	51	90
Consolidated Net Income / (Loss)	71	9.33	33	39	97	32	85	94	182	51	90
Net Income / (Loss) Continuing Operations	71	9.33	33	39	97	32	85	94	182	51	90
Total Pre-Tax Income	112	-9.61	60	57	161	46	112	127	222	76	133
Total Operating Income	100	-23	42	38	144	29	95	108	195	54	117
Total Gross Profit	411	298	378	400	505	388	474	505	606	473	543
Total Revenue	491	383	464	493	606	491	585	628	741	616	694
Operating Revenue	491	383	464	493	606	491	585	628	741	616	694
Total Cost of Revenue	80	85	87	93	101	104	110	123	135	143	151
Operating Cost of Revenue	80	85	87	93	101	104	110	123	135	143	151
Total Operating Expenses	311	321	336	362	361	359	379	397	410	419	426
Selling, General & Admin Expense	134	130	126	132	132	130	135	139	132	134	131
Marketing Expense	93	97	111	112	127	122	134	140	151	153	161
Research & Development Expense	84	94	98	118	102	108	110	118	128	132	134
Total Other Income / (Expense), net	12	14	18	19	16	17	18	19	26	21	16
Interest Expense	-11	-14	-18	-18	-19	-17	-18	-19	-25	-20	-18
Other Income / (Expense), net	0.53	-0.72	0.75	1.70	-2.71	0.72	-0.05	-0.71	1.33	1.19	-1.61
Income Tax Expense	41	-19	27	18	63	14	27	33	39	25	43
Basic Earnings per Share	$0.15	$0.02	$0.07	$0.08	$0.20	$0.06	$0.17	$0.19	$0.38	$0.10	$0.18
Weighted Average Basic Shares Outstanding	486.94M	489.71M	488.43M	489.45M	489.26M	488.55M	489.35M	491.61M	490.88M	494.93M	490.63M
Diluted Earnings per Share	$0.15	$0.02	$0.07	$0.08	$0.19	$0.06	$0.17	$0.19	$0.36	$0.10	$0.18
Weighted Average Diluted Shares Outstanding	499.93M	499.80M	499.35M	501.88M	500.18M	498.19M	500.04M	502.56M	501.92M	502.94M	495.78M
Weighted Average Basic & Diluted Shares Outstanding	490.79M	488.85M	490.20M	490.30M	488.94M	489.13M	491.58M	493.57M	496.09M	491.44M	488.94M

This table details how cash moves in and out of Trade Desk's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	11	-13	129	23	51	-76	306	317	276	-135	474
Net Cash From Operating Activities	-15	-37	75	31	87	60	405	379	549	598	739
Net Cash From Continuing Operating Activities	-15	-37	75	31	87	60	405	379	549	598	739
Net Income / (Loss) Continuing Operations	0.01	16	20	51	88	108	242	138	53	179	393
Consolidated Net Income / (Loss)	0.01	16	20	51	88	108	242	138	53	179	393
Depreciation Expense	0.68	1.83	3.80	7.21	12	22	29	42	54	80	87
Non-Cash Adjustments To Reconcile Net Income	0.95	7.05	18	24	47	103	150	385	547	523	545
Changes in Operating Assets and Liabilities, net	-16	-61	33	-51	-61	-173	-16	-186	-106	-184	-286
Net Cash From Investing Activities	-2.21	-6.38	-9.22	-16	-25	-164	-143	-94	-304	-108	-158
Net Cash From Continuing Investing Activities	-2.21	-6.38	-9.22	-16	-25	-164	-143	-94	-304	-108	-158
Purchase of Property, Plant & Equipment	-1.66	-6.93	-9.22	-13	-25	-41	-80	-60	-92	-55	-107
Purchase of Investments	-0.55	-	-	-	0.00	-213	-231	-278	-553	-608	-680
Sale and/or Maturity of Investments	-	0.55	-	-	0.00	90	168	258	341	556	629
Net Cash From Financing Activities	28	30	64	7.39	-10	27	45	32	32	-626	-108
Net Cash From Continuing Financing Activities	28	30	64	7.39	-10	27	45	32	32	-626	-108
Repurchase of Common Equity	-0.56	-0.16	-58	-	-	-	-	0.00	0.00	-647	-235
Issuance of Common Equity	-	-	82	7.00	14	17	22	29	33	38	50
Other Financing Activities, net	0.00	0.17	0.49	1.55	3.34	11	23	4.62	-1.07	-18	77
Cash Interest Paid	0.49	0.90	1.70	1.32	0.82	0.41	1.55	0.52	1.00	0.97	0.99
Cash Income Taxes Paid	0.15	13	17	19	17	20	4.98	3.61	4.21	152	159

This table details how cash moves in and out of Trade Desk's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	36	-138	73	106	-177	23	91	212	148	-251	-222
Net Cash From Operating Activities	173	188	128	192	91	185	81	273	199	291	165
Net Cash From Continuing Operating Activities	173	188	128	192	91	185	81	273	199	291	165
Net Income / (Loss) Continuing Operations	71	9.33	33	39	97	32	85	94	182	51	90
Consolidated Net Income / (Loss)	71	9.33	33	39	97	32	85	94	182	51	90
Depreciation Expense	17	19	20	21	21	22	21	21	24	24	27
Non-Cash Adjustments To Reconcile Net Income	136	124	122	154	123	125	135	136	149	134	145
Changes in Operating Assets and Liabilities, net	-51	35	-47	-22	-150	7.53	-160	22	-156	83	-97
Net Cash From Investing Activities	-139	-29	-33	11	-57	-21	-16	-59	-61	-133	-214
Net Cash From Continuing Investing Activities	-139	-29	-33	11	-57	-21	-16	-59	-61	-133	-214
Purchase of Property, Plant & Equipment	-51	-11	-9.35	-7.72	-27	-9.18	-25	-51	-22	-62	-48
Purchase of Investments	-174	-145	-172	-132	-160	-160	-158	-169	-193	-232	-346
Sale and/or Maturity of Investments	86	127	148	151	130	148	167	160	154	165	181
Net Cash From Financing Activities	0.99	-297	-22	-97	-211	-141	26	-2.02	9.77	-410	-174
Net Cash From Continuing Financing Activities	0.99	-297	-22	-97	-211	-141	26	-2.02	9.77	-410	-174
Repurchase of Common Equity	-	-292	-45	-90	-220	-125	-	-52	-57	-386	-261
Other Financing Activities, net	-6.53	-5.23	1.95	-6.75	-7.96	-16	-4.20	50	47	-24	-19

This table presents Trade Desk's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	210	538	797	1,118	1,729	2,754	3,577	4,381	4,889	6,112
Total Current Assets	200	516	766	1,057	1,449	2,310	3,092	3,846	4,314	5,336
Cash & Equivalents	4.05	133	156	207	131	437	754	1,031	895	1,369
Short-Term Investments	-	-	-	-	124	187	205	416	485	552
Accounts Receivable	192	377	600	835	1,166	1,584	2,021	2,347	2,870	3,330
Prepaid Expenses	3.81	5.76	10	15	28	102	112	52	63	85
Plant, Property, & Equipment, net	6.63	15	17	33	64	116	136	174	161	209
Total Noncurrent Assets	3.80	6.41	14	28	216	327	350	361	413	566
Noncurrent Deferred & Refundable Income Taxes	1.17	1.78	3.36	8.46	19	50	68	94	155	230
Other Noncurrent Operating Assets	2.63	4.64	11	20	197	277	282	267	258	336
Total Liabilities & Shareholders' Equity	210	538	797	1,118	1,729	2,754	3,577	4,381	4,889	6,112
Total Liabilities	172	373	552	723	1,116	1,741	2,050	2,265	2,724	3,163
Total Current Liabilities	119	344	519	714	930	1,475	1,803	2,029	2,511	2,873
Accounts Payable	108	321	490	669	869	1,348	1,656	1,871	2,317	2,631
Accrued Expenses	10	23	28	45	47	88	101	105	138	178
Other Current Liabilities	-	-	-	-	15	38	46	52	56	64
Total Noncurrent Liabilities	53	29	33	9.31	186	266	247	236	214	289
Other Noncurrent Operating Liabilities	8.10	3.23	6.05	9.31	186	266	247	236	214	289
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14	164	246	395	613	1,013	1,527	2,115	2,164	2,949
Total Preferred & Common Equity	14	164	246	395	613	1,013	1,527	2,115	2,164	2,949
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	14	164	246	395	613	1,013	1,527	2,115	2,164	2,949
Common Stock	1.04	179	210	270	380	539	915	1,450	1,967	2,595
Retained Earnings	13	-15	36	124	232	474	612	666	197	354

This table presents Trade Desk's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	3,924	4,000	4,347	4,520	4,664	5,160	5,505	5,705	5,958
Total Current Assets	3,415	3,476	3,832	4,014	4,096	4,523	4,838	4,856	5,054
Cash & Equivalents	995	893	966	1,072	918	1,009	1,221	1,119	896
Short-Term Investments	327	438	465	450	501	497	510	622	791
Accounts Receivable	2,027	2,086	2,346	2,434	2,619	2,906	2,989	3,052	3,255
Prepaid Expenses	67	59	55	58	58	111	117	64	112
Plant, Property, & Equipment, net	166	170	160	153	151	192	198	251	310
Total Noncurrent Assets	343	353	355	354	417	445	469	598	594
Noncurrent Deferred & Refundable Income Taxes	68	94	94	94	155	155	155	229	229
Other Noncurrent Operating Assets	275	259	261	260	262	290	314	369	365
Total Liabilities & Shareholders' Equity	3,924	4,000	4,347	4,520	4,664	5,160	5,505	5,705	5,958
Total Liabilities	2,010	2,059	2,276	2,365	2,497	2,755	2,880	2,989	3,262
Total Current Liabilities	1,785	1,830	2,051	2,147	2,283	2,518	2,615	2,682	2,949
Accounts Payable	1,651	1,677	1,893	1,968	2,095	2,337	2,410	2,399	2,724
Accrued Expenses	83	100	103	122	131	120	142	211	152
Other Current Liabilities	51	53	55	58	-	-	-	72	72
Total Noncurrent Liabilities	224	228	225	218	214	236	264	307	313
Other Noncurrent Operating Liabilities	224	228	225	218	33	33	34	307	313
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,914	1,941	2,071	2,156	2,167	2,405	2,626	2,717	2,696
Total Preferred & Common Equity	1,914	1,941	2,071	2,156	2,167	2,405	2,626	2,717	2,696
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,914	1,941	2,071	2,156	2,167	2,405	2,626	2,717	2,696
Common Stock	1,320	1,559	1,700	1,835	2,063	2,217	2,397	2,712	2,858
Retained Earnings	594	382	371	320	103	188	229	4.52	-162

This table displays calculated financial ratios and metrics derived from Trade Desk's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	155.54%	78.26%	51.89%	54.86%	38.50%	26.47%	43.11%	31.87%	23.34%	25.63%
EBITDA Growth	0.00%	5,559.31%	54.48%	43.04%	61.62%	13.60%	29.07%	-3.84%	2.27%	65.59%	84.33%
EBIT Growth	0.00%	31,096.00%	51.34%	39.25%	61.36%	5.78%	28.47%	-14.09%	-6.87%	74.05%	114.78%
NOPAT Growth	0.00%	3,689.09%	32.63%	106.03%	61.56%	16.88%	132.22%	-41.98%	-66.19%	181.01%	147.26%
Net Income Growth	0.00%	318,480.00%	28.58%	148.01%	73.51%	22.89%	123.71%	-43.15%	-61.25%	235.19%	119.67%
EPS Growth	0.00%	0.00%	-474.36%	178.77%	66.96%	22.89%	123.71%	-42.86%	-60.71%	227.27%	116.67%
Operating Cash Flow Growth	0.00%	-146.28%	305.23%	-58.39%	177.36%	-30.48%	572.82%	-6.56%	44.97%	9.04%	23.59%
Free Cash Flow Firm Growth	0.00%	0.00%	183.56%	-109.00%	523.25%	-449.82%	421.90%	-118.23%	-36.53%	135.52%	367.07%
Invested Capital Growth	0.00%	0.00%	-28.24%	105.24%	60.62%	90.85%	8.83%	46.11%	17.63%	17.22%	31.09%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	10.88%	13.78%	9.16%	14.20%	6.75%	6.42%	6.28%	5.85%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	8.91%	23.50%	5.01%	48.00%	-43.79%	348.95%	19.02%	12.79%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	8.41%	24.35%	3.39%	61.06%	-51.97%	1,041.09%	25.90%	14.70%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	14.31%	31.56%	11.32%	72.18%	-50.17%	673.45%	23.07%	27.41%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	14.75%	34.53%	11.89%	71.42%	-51.08%	646.81%	17.10%	27.55%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-67.61%	25.49%	11.89%	71.42%	-52.54%	650.00%	16.13%	27.87%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	168.43%	-27.51%	38.04%	-55.84%	93.40%	-1.09%	1.87%	-12.10%	17.16%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	176.00%	-354.97%	549.05%	-130.60%	45.77%	-72.53%	129.70%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.55%	9.77%	49.68%	12.02%	12.76%	12.80%	23.72%	-13.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.81%	79.82%	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%
EBITDA Margin	1.30%	28.83%	24.99%	23.53%	24.56%	20.14%	20.56%	13.81%	10.71%	14.38%	21.10%
Operating Margin	1.72%	33.36%	28.34%	22.50%	22.49%	16.97%	17.25%	10.43%	7.20%	10.30%	17.47%
EBIT Margin	-0.22%	27.23%	23.12%	21.19%	22.08%	16.87%	17.13%	10.29%	7.26%	10.25%	17.53%
Profit (Net Income) Margin	0.01%	13.99%	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%
Tax Burden Percent	-0.53%	53.35%	46.73%	79.84%	83.36%	93.20%	168.39%	112.89%	41.91%	66.77%	77.48%
Interest Burden Percent	943.00%	96.32%	93.44%	97.40%	100.32%	104.23%	100.46%	99.16%	111.13%	134.34%	118.40%
Effective Tax Rate	0.00%	46.65%	53.27%	20.16%	16.64%	6.80%	-68.39%	-12.89%	58.09%	33.23%	22.52%
Return on Invested Capital (ROIC)	0.00%	51.18%	39.52%	63.85%	58.86%	38.38%	65.05%	29.43%	7.70%	18.43%	36.54%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	29.95%	58.69%	67.72%	59.65%	36.76%	65.16%	29.82%	7.22%	15.24%	32.78%
Return on Net Nonoperating Assets (RNNOA)	0.00%	31.90%	-19.31%	-39.06%	-31.33%	-16.87%	-35.24%	-18.58%	-4.77%	-10.07%	-21.17%
Return on Equity (ROE)	0.00%	83.08%	20.21%	24.78%	27.54%	21.51%	29.81%	10.85%	2.93%	8.36%	15.37%
Cash Return on Invested Capital (CROIC)	0.00%	-148.82%	72.40%	-5.11%	12.34%	-24.09%	56.59%	-8.04%	-8.50%	2.57%	9.63%
Operating Return on Assets (OROA)	0.00%	14.74%	12.55%	9.79%	11.01%	7.83%	6.39%	3.89%	2.88%	4.30%	7.79%
Return on Assets (ROA)	0.00%	7.58%	5.48%	7.61%	9.21%	7.61%	10.81%	4.35%	1.34%	3.86%	7.15%
Return on Common Equity (ROCE)	0.00%	30.64%	17.79%	24.78%	27.54%	21.51%	29.81%	10.85%	2.93%	8.36%	15.37%
Return on Equity Simple (ROE_SIMPLE)	0.00%	112.64%	12.46%	20.68%	22.34%	17.68%	23.92%	9.02%	2.52%	8.27%	13.33%
Net Operating Profit after Tax (NOPAT)	0.53	20	27	55	89	105	243	141	48	134	331
NOPAT Margin	1.20%	17.80%	13.24%	17.97%	18.74%	15.82%	29.05%	11.78%	3.02%	6.88%	13.54%
Net Nonoperating Expense Percent (NNEP)	0.00%	21.23%	-19.17%	-3.87%	-0.79%	1.62%	-0.12%	-0.40%	0.48%	3.19%	3.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	2.25%	6.19%	11.22%
Cost of Revenue to Revenue	28.19%	20.18%	19.65%	21.49%	23.91%	23.63%	21.39%	18.52%	17.82%	18.79%	19.31%
SG&A Expenses to Revenue	21.07%	11.66%	15.85%	18.96%	17.79%	21.64%	20.53%	31.31%	33.28%	26.73%	21.92%
R&D to Revenue	16.27%	11.26%	13.46%	17.13%	17.58%	17.66%	19.93%	18.90%	20.27%	21.16%	18.95%
Operating Expenses to Revenue	70.09%	46.46%	52.01%	56.01%	53.61%	59.40%	61.36%	71.05%	74.98%	70.91%	63.22%
Earnings before Interest and Taxes (EBIT)	-0.10	31	47	65	105	112	143	123	115	199	428
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.58	33	51	73	117	133	172	165	169	280	516
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	6.49	7.65	12.72	19.14	37.13	28.84	10.37	16.30	19.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.49	7.65	12.72	19.14	37.13	28.84	10.37	16.30	19.67
Price to Revenue (P/Rev)	0.00	0.00	5.26	6.09	10.51	17.74	45.00	36.81	13.91	18.13	23.73
Price to Earnings (P/E)	0.00	0.00	0.00	36.98	56.94	108.25	155.24	319.72	411.07	197.17	147.58
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	2.70%	1.76%	0.92%	0.64%	0.31%	0.24%	0.51%	0.68%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	16.89	15.00	25.68	32.08	95.08	75.79	30.65	43.25	54.58
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	4.73	5.68	10.08	17.35	44.25	36.01	12.99	17.42	22.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	18.93	24.12	41.04	86.14	215.23	260.68	121.26	121.12	108.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	20.46	26.78	45.65	102.87	258.26	350.11	178.84	169.94	130.91
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	35.71	31.59	53.78	109.69	152.35	305.79	430.31	253.26	169.46
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	12.79	56.03	55.56	190.52	91.33	113.83	37.36	56.66	75.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.49	0.00	256.47	0.00	175.12	0.00	0.00	1,814.63	642.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.17	0.16	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	1.17	0.16	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	1.07	-0.33	-0.58	-0.53	-0.46	-0.54	-0.62	-0.66	-0.66	-0.65
Leverage Ratio	0.00	5.48	3.69	3.26	2.99	2.83	2.76	2.49	2.18	2.17	2.15
Compound Leverage Factor	0.00	5.28	3.45	3.17	3.00	2.95	2.77	2.47	2.43	2.91	2.55
Debt to Total Capital	0.00%	53.93%	13.59%	9.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	53.93%	13.59%	9.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	29.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	16.99%	86.41%	90.09%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	1.37	0.51	0.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	1.24	-2.12	-1.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	1.37	0.51	0.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	2.22	0.96	0.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	2.02	-4.00	-2.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	2.22	0.96	0.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	2.73	3.14	5.42	7.45	14.05	14.01	6.97	8.80	12.20
Noncontrolling Interest Sharing Ratio	0.00%	63.12%	11.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.68	1.50	1.48	1.48	1.56	1.57	1.71	1.90	1.72	1.86
Quick Ratio	0.00	1.65	1.48	1.46	1.46	1.53	1.50	1.65	1.87	1.69	1.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-59	49	-4.43	19	-66	211	-39	-53	19	87
Operating Cash Flow to CapEx	-895.90%	-527.79%	813.70%	239.01%	343.79%	148.27%	505.62%	631.14%	597.20%	1,087.46%	690.68%
Free Cash Flow to Firm to Interest Expense	0.00	-51.64	16.01	-2.61	0.00	0.00	0.00	-37.40	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-17.61	-32.04	24.40	18.39	0.00	0.00	0.00	367.49	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-19.58	-38.11	21.40	10.69	0.00	0.00	0.00	309.26	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.54	0.54	0.46	0.50	0.46	0.37	0.38	0.40	0.42	0.44
Accounts Receivable Turnover	0.00	0.59	0.71	0.63	0.67	0.66	0.61	0.66	0.72	0.75	0.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	17.18	18.96	19.15	18.92	13.62	9.30	9.51	10.19	11.61	13.19
Accounts Payable Turnover	0.00	0.21	0.19	0.16	0.20	0.20	0.16	0.15	0.16	0.17	0.19
Days Sales Outstanding (DSO)	0.00	615.44	511.89	578.38	548.44	552.46	600.41	549.85	505.23	489.28	462.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	1,723.70	1,966.25	2,236.24	1,854.66	1,796.91	2,262.83	2,474.61	2,289.73	2,090.94	1,913.31
Cash Conversion Cycle (CCC)	0.00	-1,108.26	-1,454.36	-1,657.86	-1,306.23	-1,244.45	-1,662.41	-1,924.76	-1,784.51	-1,601.66	-1,450.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	79	57	117	187	358	389	569	669	784	1,028
Invested Capital Turnover	0.00	2.88	2.98	3.55	3.14	2.43	2.24	2.50	2.55	2.68	2.70
Increase / (Decrease) in Invested Capital	0.00	79	-22	60	71	170	32	179	100	115	244
Enterprise Value (EV)	0.00	0.00	960	1,749	4,811	11,470	36,994	43,086	20,498	33,901	56,088
Market Capitalization	0.00	0.00	1,067	1,878	5,019	11,725	37,618	44,045	21,945	35,282	58,010
Book Value per Share	$0.00	$1.37	$4.26	$5.98	$9.12	$13.57	$21.57	$3.18	$4.32	$4.41	$5.98
Tangible Book Value per Share	$0.00	$1.37	$4.26	$5.98	$9.12	$13.57	$21.57	$3.18	$4.32	$4.41	$5.98
Total Capital	0.00	83	190	273	395	613	1,013	1,527	2,115	2,164	2,949
Total Debt	0.00	45	26	27	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	45	26	27	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	41	-108	-129	-207	-255	-624	-959	-1,447	-1,380	-1,921
Capital Expenditures (CapEx)	1.66	6.93	9.22	13	25	41	80	60	92	55	107
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	77	39	91	135	264	212	330	370	423	542
Debt-free Net Working Capital (DFNWC)	0.00	81	172	247	343	519	836	1,288	1,816	1,803	2,463
Net Working Capital (NWC)	0.00	81	172	247	343	519	836	1,288	1,816	1,803	2,463
Net Nonoperating Expense (NNE)	0.53	4.34	6.39	4.58	1.32	-3.75	0.51	3.14	-5.75	-45	-62
Net Nonoperating Obligations (NNO)	0.00	41	-108	-129	-207	-255	-624	-959	-1,447	-1,380	-1,921
Total Depreciation and Amortization (D&A)	0.68	1.83	3.80	7.21	12	22	29	42	54	80	87
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	67.51%	19.15%	29.63%	28.35%	39.91%	25.31%	27.54%	23.43%	21.73%	22.15%
Debt-free Net Working Capital to Revenue	0.00%	71.07%	84.89%	80.23%	71.77%	78.49%	99.95%	107.68%	115.12%	92.65%	100.74%
Net Working Capital to Revenue	0.00%	71.07%	84.89%	80.23%	71.77%	78.49%	99.95%	107.68%	115.12%	92.65%	100.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.09	($0.15)	$0.13	$0.21	$0.24	$0.52	$0.29	$0.11	$0.37	$0.80
Adjusted Weighted Average Basic Shares Outstanding	102.33M	102.90M	182.80M	402.62M	424.42M	445.33M	462.87M	476.85M	486.94M	489.26M	490.88M
Adjusted Diluted Earnings per Share	$0.00	$0.04	($0.15)	$0.12	$0.19	$0.23	$0.50	$0.28	$0.11	$0.36	$0.78
Adjusted Weighted Average Diluted Shares Outstanding	131.34M	167.79M	182.80M	440.56M	457.93M	478.06M	489.88M	498.54M	499.93M	500.18M	501.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	103M	391.79M	418.50M	440.74M	455.74M	473.80M	484.83M	490.79M	488.94M	496.09M
Normalized Net Operating Profit after Tax (NOPAT)	0.53	20	40	55	89	105	101	87	80	134	331
Normalized NOPAT Margin	1.20%	17.80%	19.84%	17.97%	18.74%	15.82%	12.07%	7.30%	5.04%	6.88%	13.54%
Pre Tax Income Margin	-2.12%	26.23%	21.60%	20.64%	22.15%	17.58%	17.21%	10.20%	8.07%	13.77%	20.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.12	27.17	15.26	38.47	0.00	0.00	0.00	119.48	0.00	0.00	0.00
NOPAT to Interest Expense	0.63	17.76	8.74	32.61	0.00	0.00	0.00	136.80	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.08	21.09	12.26	30.78	0.00	0.00	0.00	61.26	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.33	11.69	5.74	24.92	0.00	0.00	0.00	78.57	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	11,220.00%	1.00%	284.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	361.35%	59.73%

This table displays calculated financial ratios and metrics derived from Trade Desk's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.05%	21.40%	23.16%	24.95%	23.45%	28.33%	25.91%	27.32%	22.32%	25.40%	18.73%
EBITDA Growth	948.10%	-21.24%	356.10%	43.59%	38.05%	1,178.81%	84.93%	114.55%	36.06%	55.77%	22.77%
EBIT Growth	485.65%	-47.81%	2,874.75%	36.90%	40.76%	222.23%	123.18%	173.71%	38.75%	89.42%	21.64%
NOPAT Growth	458.22%	-36.68%	243.45%	73.58%	37.57%	220.80%	212.57%	208.77%	83.58%	84.79%	10.36%
Net Income Growth	785.52%	163.89%	272.70%	147.98%	36.71%	239.48%	158.14%	139.27%	87.24%	60.07%	6.00%
EPS Growth	650.00%	166.67%	275.00%	166.67%	26.67%	200.00%	142.86%	137.50%	89.47%	66.67%	5.88%
Operating Cash Flow Growth	6.17%	28.31%	39.58%	39.51%	-47.48%	-1.12%	-36.56%	42.70%	118.83%	57.13%	103.07%
Free Cash Flow Firm Growth	81.42%	46.03%	40.41%	79.99%	24.41%	-331.58%	-786.87%	-3,109.19%	-200.16%	112.63%	151.79%
Invested Capital Growth	17.63%	12.09%	13.02%	6.87%	17.22%	61.32%	81.62%	87.36%	31.09%	-0.85%	-13.30%
Revenue Q/Q Growth	24.31%	-21.99%	21.28%	6.25%	22.81%	-18.91%	18.99%	7.44%	17.99%	-16.87%	12.66%
EBITDA Q/Q Growth	181.72%	-104.03%	1,418.83%	-4.13%	170.86%	-68.50%	126.08%	11.22%	71.76%	-63.93%	78.18%
EBIT Q/Q Growth	250.08%	-123.87%	276.52%	-7.18%	259.94%	-79.28%	222.33%	13.83%	82.47%	-71.71%	107.00%
NOPAT Q/Q Growth	324.36%	-125.66%	240.39%	13.56%	236.34%	-77.47%	263.26%	12.18%	99.97%	-77.32%	116.96%
Net Income Q/Q Growth	348.59%	-86.90%	253.20%	19.47%	147.31%	-67.47%	168.57%	10.74%	93.54%	-72.19%	77.85%
EPS Q/Q Growth	400.00%	-86.67%	250.00%	14.29%	137.50%	-68.42%	183.33%	11.76%	89.47%	-72.22%	80.00%
Operating Cash Flow Q/Q Growth	26.35%	8.12%	-31.71%	49.54%	-52.43%	103.55%	-56.19%	236.36%	-27.05%	46.15%	-43.38%
Free Cash Flow Firm Q/Q Growth	50.29%	-124.27%	38.08%	71.01%	-87.78%	-34.52%	-27.24%	-4.89%	82.44%	153.86%	421.97%
Invested Capital Q/Q Growth	12.80%	-8.73%	4.93%	-1.07%	23.72%	-3.45%	18.13%	2.06%	-13.44%	-5.00%	3.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.78%	77.83%	81.33%	81.07%	83.38%	78.91%	81.10%	80.47%	81.75%	76.81%	78.25%
EBITDA Margin	23.95%	-1.24%	13.46%	12.14%	26.78%	10.40%	19.77%	20.47%	29.79%	12.93%	20.44%
Operating Margin	20.41%	-6.09%	8.98%	7.64%	23.84%	5.83%	16.20%	17.27%	26.36%	8.84%	16.83%
EBIT Margin	20.52%	-6.28%	9.14%	7.98%	23.39%	5.98%	16.20%	17.16%	26.54%	9.03%	16.59%
Profit (Net Income) Margin	14.51%	2.44%	7.10%	7.98%	16.07%	6.44%	14.55%	14.99%	24.59%	8.23%	12.99%
Tax Burden Percent	63.49%	-97.06%	54.97%	69.04%	60.57%	68.78%	75.59%	74.04%	82.23%	66.88%	67.66%
Interest Burden Percent	111.36%	39.98%	141.27%	144.77%	113.37%	156.72%	118.82%	118.01%	112.69%	136.18%	115.66%
Effective Tax Rate	36.51%	0.00%	45.03%	30.96%	39.43%	31.22%	24.41%	25.96%	17.77%	33.12%	32.34%
Return on Invested Capital (ROIC)	33.05%	-12.14%	14.16%	15.74%	38.69%	10.34%	29.54%	32.44%	58.50%	15.49%	28.09%
ROIC Less NNEP Spread (ROIC-NNEP)	32.42%	-14.25%	13.40%	14.81%	38.00%	9.38%	28.53%	31.51%	57.19%	14.52%	27.33%
Return on Net Nonoperating Assets (RNNOA)	-21.41%	9.67%	-9.20%	-10.34%	-25.10%	-5.74%	-17.04%	-19.51%	-36.93%	-8.69%	-15.69%
Return on Equity (ROE)	11.64%	-2.48%	4.96%	5.40%	13.59%	4.60%	12.50%	12.93%	21.57%	6.81%	12.39%
Cash Return on Invested Capital (CROIC)	-8.50%	-0.76%	4.14%	11.09%	2.57%	-27.25%	-35.15%	-32.27%	9.63%	36.30%	46.96%
Operating Return on Assets (OROA)	8.14%	-2.78%	3.95%	3.46%	9.82%	2.84%	7.41%	7.91%	11.80%	4.48%	8.00%
Return on Assets (ROA)	5.75%	1.08%	3.07%	3.46%	6.75%	3.06%	6.66%	6.91%	10.93%	4.08%	6.26%
Return on Common Equity (ROCE)	11.64%	-2.48%	4.96%	5.40%	13.59%	4.60%	12.50%	12.93%	21.57%	6.81%	12.39%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.98%	6.24%	7.09%	0.00%	9.29%	10.53%	11.74%	0.00%	15.17%	0.00%
Net Operating Profit after Tax (NOPAT)	64	-16	23	26	87	20	72	80	161	36	79
NOPAT Margin	12.96%	-4.26%	4.93%	5.27%	14.44%	4.01%	12.25%	12.79%	21.67%	5.91%	11.38%
Net Nonoperating Expense Percent (NNEP)	0.63%	2.11%	0.76%	0.94%	0.70%	0.95%	1.01%	0.94%	1.31%	0.98%	0.76%
Return On Investment Capital (ROIC_SIMPLE)	3.01%	-	-	-	4.04%	-	-	-	5.45%	1.34%	2.93%
Cost of Revenue to Revenue	16.22%	22.17%	18.67%	18.93%	16.62%	21.10%	18.90%	19.53%	18.25%	23.19%	21.75%
SG&A Expenses to Revenue	27.23%	34.04%	27.17%	26.75%	21.77%	26.37%	23.17%	22.11%	17.80%	21.69%	18.86%
R&D to Revenue	17.21%	24.48%	21.18%	23.88%	16.84%	21.92%	18.82%	18.74%	17.26%	21.49%	19.34%
Operating Expenses to Revenue	63.37%	83.92%	72.36%	73.43%	59.54%	73.07%	64.90%	63.20%	55.39%	67.97%	61.42%
Earnings before Interest and Taxes (EBIT)	101	-24	42	39	142	29	95	108	197	56	115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	118	-4.74	62	60	162	51	116	129	221	80	142
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.37	15.40	18.22	17.77	16.30	19.78	19.86	20.53	19.67	9.99	13.12
Price to Tangible Book Value (P/TBV)	10.37	15.40	18.22	17.77	16.30	19.78	19.86	20.53	19.67	9.99	13.12
Price to Revenue (P/Rev)	13.91	18.17	21.79	20.92	18.13	20.86	21.97	23.34	23.73	10.56	13.21
Price to Earnings (P/E)	411.07	386.69	291.90	250.71	197.17	212.95	188.56	174.91	147.58	65.87	84.80
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.24%	0.26%	0.34%	0.40%	0.51%	0.47%	0.53%	0.57%	0.68%	1.52%	1.18%
Enterprise Value to Invested Capital (EV/IC)	30.65	46.80	56.71	58.06	43.25	42.33	40.00	44.19	54.58	26.02	33.41
Enterprise Value to Revenue (EV/Rev)	12.99	17.36	20.96	20.09	17.42	20.29	21.39	22.72	22.94	9.89	12.58
Enterprise Value to EBITDA (EV/EBITDA)	121.26	169.81	167.37	156.42	121.12	124.14	119.67	114.69	108.71	46.66	59.03
Enterprise Value to EBIT (EV/EBIT)	178.84	267.35	245.66	232.17	169.94	164.81	152.49	140.45	130.91	55.87	70.90
Enterprise Value to NOPAT (EV/NOPAT)	430.31	464.76	367.78	338.21	253.26	265.48	226.16	201.95	169.46	73.09	94.82
Enterprise Value to Operating Cash Flow (EV/OCF)	37.36	48.40	57.98	54.04	56.66	69.91	84.70	83.12	75.85	30.05	36.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1,454.35	540.89	1,814.63	0.00	0.00	0.00	642.78	71.38	66.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.11	0.11	0.11	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.08	0.08	0.09	0.00	0.00	0.00
Financial Leverage	-0.66	-0.68	-0.69	-0.70	-0.66	-0.61	-0.60	-0.62	-0.65	-0.60	-0.57
Leverage Ratio	2.18	2.07	2.08	2.07	2.17	2.11	2.12	2.10	2.15	2.12	2.18
Compound Leverage Factor	2.43	0.83	2.94	3.00	2.46	3.31	2.52	2.47	2.42	2.89	2.52
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	9.89%	9.90%	10.05%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	2.38%	2.31%	2.15%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	7.51%	7.60%	7.89%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	90.11%	90.10%	89.95%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.71	0.68	0.64	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-3.52	-3.19	-3.14	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.54	0.52	0.50	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.51	1.28	1.13	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-7.53	-6.04	-5.54	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.15	0.99	0.89	0.00	0.00	0.00
Altman Z-Score	6.96	9.73	11.00	10.75	8.76	11.26	11.41	12.26	12.08	6.39	7.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.90	1.90	1.87	1.87	1.72	1.79	1.80	1.85	1.86	1.81	1.71
Quick Ratio	1.87	1.87	1.84	1.84	1.69	1.77	1.75	1.81	1.83	1.79	1.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-37	-82	-51	-15	-28	-355	-451	-473	-83	45	234
Operating Cash Flow to CapEx	342.45%	1,765.73%	1,370.23%	2,481.09%	333.42%	2,019.95%	330.58%	536.00%	893.93%	471.78%	341.51%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.44	0.43	0.43	0.42	0.47	0.46	0.46	0.44	0.50	0.48
Accounts Receivable Turnover	0.72	0.86	0.82	0.82	0.75	0.87	0.83	0.85	0.79	0.91	0.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.19	10.93	11.59	11.48	11.61	12.80	12.37	13.17	13.19	12.80	10.68
Accounts Payable Turnover	0.16	0.20	0.19	0.19	0.17	0.20	0.19	0.20	0.19	0.23	0.22
Days Sales Outstanding (DSO)	505.23	426.76	447.52	444.62	489.28	417.98	440.68	428.55	462.86	402.78	419.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2,289.73	1,862.35	1,948.68	1,917.11	2,090.94	1,791.00	1,891.10	1,826.26	1,913.31	1,604.24	1,673.92
Cash Conversion Cycle (CCC)	-1,784.51	-1,435.59	-1,501.15	-1,472.48	-1,601.66	-1,373.02	-1,450.42	-1,397.71	-1,450.45	-1,201.45	-1,254.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	669	610	640	634	784	985	1,163	1,187	1,028	976	1,009
Invested Capital Turnover	2.55	2.85	2.87	2.99	2.68	2.58	2.41	2.54	2.70	2.62	2.47
Increase / (Decrease) in Invested Capital	100	66	74	41	115	374	523	554	244	-8.35	-155
Enterprise Value (EV)	20,498	28,564	36,318	36,787	33,901	41,680	46,531	52,463	56,088	25,406	33,691
Market Capitalization	21,945	29,894	37,749	38,309	35,282	42,862	47,773	53,902	58,010	27,146	35,379
Book Value per Share	$4.32	$3.95	$4.24	$4.40	$4.41	$4.43	$4.92	$5.34	$5.98	$5.48	$5.49
Tangible Book Value per Share	$4.32	$3.95	$4.24	$4.40	$4.41	$4.43	$4.92	$5.34	$5.98	$5.48	$5.49
Total Capital	2,115	1,941	2,071	2,156	2,164	2,404	2,670	2,919	2,949	2,717	2,696
Total Debt	0.00	0.00	0.00	0.00	0.00	238	264	293	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	180	203	230	0.00	0.00	0.00
Net Debt	-1,447	-1,330	-1,431	-1,522	-1,380	-1,182	-1,242	-1,439	-1,921	-1,740	-1,687
Capital Expenditures (CapEx)	51	11	9.35	7.72	27	9.18	25	51	22	62	48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	370	315	350	345	423	451	560	554	542	434	417
Debt-free Net Working Capital (DFNWC)	1,816	1,646	1,781	1,867	1,803	1,870	2,066	2,286	2,463	2,174	2,105
Net Working Capital (NWC)	1,816	1,646	1,781	1,867	1,803	1,813	2,004	2,223	2,463	2,174	2,105
Net Nonoperating Expense (NNE)	-7.59	-26	-10	-13	-9.84	-12	-13	-14	-22	-14	-11
Net Nonoperating Obligations (NNO)	-1,447	-1,330	-1,431	-1,522	-1,380	-1,182	-1,242	-1,439	-1,921	-1,740	-1,687
Total Depreciation and Amortization (D&A)	17	19	20	21	21	22	21	21	24	24	27
Debt-free, Cash-free Net Working Capital to Revenue	23.43%	19.15%	20.19%	18.83%	21.73%	21.94%	25.73%	24.00%	22.15%	16.89%	15.58%
Debt-free Net Working Capital to Revenue	115.12%	100.01%	102.78%	101.94%	92.65%	91.03%	95.00%	98.98%	100.74%	84.62%	78.56%
Net Working Capital to Revenue	115.12%	100.01%	102.78%	101.94%	92.65%	88.25%	92.16%	96.26%	100.74%	84.62%	78.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	$0.02	$0.07	$0.08	$0.20	$0.06	$0.17	$0.19	$0.38	$0.10	$0.18
Adjusted Weighted Average Basic Shares Outstanding	486.94M	489.71M	488.43M	489.45M	489.26M	488.55M	489.35M	491.61M	490.88M	494.93M	490.63M
Adjusted Diluted Earnings per Share	$0.15	$0.02	$0.07	$0.08	$0.19	$0.06	$0.17	$0.19	$0.36	$0.10	$0.18
Adjusted Weighted Average Diluted Shares Outstanding	499.93M	499.80M	499.35M	501.88M	500.18M	498.19M	500.04M	502.56M	501.92M	502.94M	495.78M
Adjusted Basic & Diluted Earnings per Share	$0.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	490.79M	488.85M	490.20M	490.30M	488.94M	489.13M	491.58M	493.57M	496.09M	491.44M	488.94M
Normalized Net Operating Profit after Tax (NOPAT)	64	-16	23	26	87	20	72	80	161	36	79
Normalized NOPAT Margin	12.96%	-4.26%	4.93%	5.27%	14.44%	4.01%	12.25%	12.79%	21.67%	5.91%	11.38%
Pre Tax Income Margin	22.85%	-2.51%	12.91%	11.56%	26.52%	9.37%	19.24%	20.25%	29.90%	12.30%	19.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	377.10%	260.20%	279.24%	361.35%	238.65%	171.84%	128.94%	59.73%	120.30%	181.35%

Key Financial Trends

Trade Desk, Inc. (NASDAQ: TTD) has shown consistent growth in its financial performance over the last four years, with notable trends in revenue, profitability, cash flows, and balance sheet strength.

Positive Highlights:

Operating revenue increased significantly from $382.8 million in Q1 2023 to $694.0 million in Q2 2025, indicating strong sales growth over the period.
Net income improved substantially from a modest $9.3 million in Q1 2023 to $90.1 million in Q2 2025, showing stronger profitability.
Gross profit margin remained robust, with total gross profit rising from about $297.6 million in Q1 2023 to over $543.1 million in Q2 2025, signaling operational efficiency.
Cash and equivalents have grown from $892.7 million in Q1 2023 to $896.4 million in Q2 2025, with short-term investments also increasing, adding liquidity strength.
Net cash from continuing operating activities was healthy at $165.0 million in Q2 2025, supporting ongoing operations and investments.
Total common equity increased steadily from $1.94 billion in Q1 2023 to $2.70 billion in Q2 2025, reflecting retained earnings growth and capital retention.
The company exercised active share repurchases, which, despite reducing cash, can be a positive signal of management confidence.
Interest expense remained manageable relative to earnings, supporting net income margin expansion.

Neutral Observations:

Operating expenses (SG&A, marketing, R&D) increased with the company's growth, which is expected but warrants monitoring to maintain margins.
Accounts receivable rose sharply to over $3.25 billion in Q2 2025 from $2.1 billion in Q1 2023, requiring effective collection management to avoid cash flow strain.

Negative Concerns:

Net cash used in investing activities was negative, with purchases of investments and property, plant & equipment exceeding sale proceeds, which can pressure cash reserves if sustained.
Repurchases of common equity were substantial ($260.8 million in Q2 2025 alone), which while a confidence sign, also represents significant cash outflow potentially limiting other uses of funds.
Accounts payable and accrued expenses increased notably to $2.72 billion and $152 million respectively by Q2 2025, increasing current liabilities and potential short-term obligations.

Summary: Trade Desk's financials over the past four years demonstrate strong revenue and profitability growth, with improving liquidity and equity base. While operating costs and working capital components have increased, these align with business scaling. The chief caution is ongoing heavy investment outflows and share repurchases that reduce cash. Overall, the company presents a solid financial position with clear growth trends to watch.

09/09/25 02:24 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Trade Desk's Financials

When does Trade Desk's financial year end?

According to the most recent income statement we have on file, Trade Desk's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Trade Desk's net income changed over the last 10 years?

Trade Desk's net income appears to be on an upward trend, with a most recent value of $393.08 million in 2024, rising from $5 thousand in 2014. The previous period was $178.94 million in 2023. Check out Trade Desk's forecast to explore projected trends and price targets.

What is Trade Desk's operating income?

Trade Desk's total operating income in 2024 was $427.17 million, based on the following breakdown:

Total Gross Profit: $1.97 billion
Total Operating Expenses: $1.55 billion

How has Trade Desk's revenue changed over the last 10 years?

Over the last 10 years, Trade Desk's total revenue changed from $44.55 million in 2014 to $2.44 billion in 2024, a change of 5,388.1%.

How much debt does Trade Desk have?

Trade Desk's total liabilities were at $3.16 billion at the end of 2024, a 16.1% increase from 2023, and a 1,740.1% increase since 2015.

How much cash does Trade Desk have?

In the past 9 years, Trade Desk's cash and equivalents has ranged from $4.05 million in 2015 to $1.37 billion in 2024, and is currently $1.37 billion as of their latest financial filing in 2024.

How has Trade Desk's book value per share changed over the last 10 years?

Over the last 10 years, Trade Desk's book value per share changed from 0.00 in 2014 to 5.98 in 2024, a change of 597.5%.

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This page (NASDAQ:TTD) was last updated on 9/9/2025 by MarketBeat.com Staff

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Trade Desk (TTD) Financials

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Trade Desk (TTD) Financials

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