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Trade Desk (TTD) Financials

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$19.60 -0.29 (-1.43%)
As of 12:42 PM Eastern
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Annual Income Statements for Trade Desk

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 8.76 -27 51 88 108 242 138 53 179 393 443
Consolidated Net Income / (Loss)		 16 20 51 88 108 242 138 53 179 393 443
Net Income / (Loss) Continuing Operations		 16 20 51 88 108 242 138 53 179 393 443
Total Pre-Tax Income 		30 44 64 106 116 144 122 127 268 507 659
Total Operating Income		 38 58 69 107 112 144 125 114 200 427 589
Total Gross Profit		 91 163 242 363 505 657 975 1,297 1,581 1,973 2,277
Total Revenue		 114 203 308 477 661 836 1,196 1,578 1,946 2,445 2,896
Operating Revenue		 114 203 308 477 661 836 1,196 1,578 1,946 2,445 2,896
Total Cost of Revenue		 23 40 66 114 156 179 222 281 366 472 619
Operating Cost of Revenue		 23 40 66 114 156 179 222 281 366 472 619
Total Operating Expenses		 53 106 173 256 393 513 850 1,183 1,380 1,546 1,688
Selling, General & Admin Expense		 13 32 58 85 143 172 375 525 520 536 518
Marketing Expense		 27 46 61 87 133 175 249 338 448 547 644
Research & Development Expense		 13 27 53 84 117 167 226 320 412 463 525
Total Other Income / (Expense), net		 -8.13 -14 -5.73 -1.59 4.02 -0.31 -2.78 14 68 80 69
Interest Expense		 1.14 3.08 1.70 -0.33 -4.72 -0.66 1.03 -13 -69 -79 -69
Other Income / (Expense), net		 -6.98 -11 -4.03 -1.92 -0.70 -0.96 -1.75 0.96 -0.99 1.29 0.72
Income Tax Expense		 14 23 13 18 7.90 -98 -16 74 89 114 215
Basic Earnings per Share		 $0.85 ($1.46) $1.26 $2.08 $0.24 $0.52 $0.29 $0.11 $0.37 $0.80 $0.91
Weighted Average Basic Shares Outstanding		 10.29M 18.28M 40.26M 42.44M 445.33M 462.87M 476.85M 486.94M 489.26M 490.88M 488.28M
Diluted Earnings per Share		 $0.39 ($1.46) $1.15 $1.92 $0.23 $0.49 $0.28 $0.11 $0.36 $0.78 $0.90
Weighted Average Diluted Shares Outstanding		 16.78M 18.28M 44.06M 45.79M 478.06M 489.88M 498.54M 499.93M 500.18M 501.92M 493.55M
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 475.98M

Quarterly Income Statements for Trade Desk

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 39 97 32 85 94 182 51 90 116 187 40
Consolidated Net Income / (Loss)		 39 97 32 85 94 182 51 90 116 187 40
Net Income / (Loss) Continuing Operations		 39 97 32 85 94 182 51 90 116 187 40
Total Pre-Tax Income 		57 161 46 112 127 222 76 133 180 270 79
Total Operating Income		 38 144 29 95 108 195 54 117 161 257 67
Total Gross Profit		 400 505 388 474 505 606 473 543 577 684 507
Total Revenue		 493 606 491 585 628 741 616 694 739 847 689
Operating Revenue		 493 606 491 585 628 741 616 694 739 847 689
Total Cost of Revenue		 93 101 104 110 123 135 143 151 162 163 182
Operating Cost of Revenue		 93 101 104 110 123 135 143 151 162 163 182
Total Operating Expenses		 362 361 359 379 397 410 419 426 416 427 440
Selling, General & Admin Expense		 132 132 130 135 139 132 134 131 131 123 125
Marketing Expense		 112 127 122 134 140 151 153 161 157 174 172
Research & Development Expense		 118 102 108 110 118 128 132 134 128 131 143
Total Other Income / (Expense), net		 19 16 17 18 19 26 21 16 18 13 12
Interest Expense		 -18 -19 -17 -18 -19 -25 -20 -18 -16 -14 -13
Other Income / (Expense), net		 1.70 -2.71 0.72 -0.05 -0.71 1.33 1.19 -1.61 1.81 -0.67 -1.06
Income Tax Expense		 18 63 14 27 33 39 25 43 64 83 39
Basic Earnings per Share		 $0.08 $0.20 $0.06 $0.17 $0.19 $0.38 $0.10 $0.18 $0.24 $0.39 $0.08
Weighted Average Basic Shares Outstanding		 489.45M 489.26M 488.55M 489.35M 491.61M 490.88M 494.93M 490.63M 487.73M 488.28M 474.66M
Diluted Earnings per Share		 $0.08 $0.19 $0.06 $0.17 $0.19 $0.36 $0.10 $0.18 $0.23 $0.39 $0.08
Weighted Average Diluted Shares Outstanding		 501.88M 500.18M 498.19M 500.04M 502.56M 501.92M 502.94M 495.78M 492.98M 493.55M 476.88M
Weighted Average Basic & Diluted Shares Outstanding		 490.30M 488.94M 489.13M 491.58M 493.57M 496.09M 491.44M 488.94M 483.59M 475.98M 470.11M

Annual Cash Flow Statements for Trade Desk

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -13 129 23 51 -76 306 317 276 -135 474 -711
Net Cash From Operating Activities		 -37 75 31 87 60 405 379 549 598 739 993
Net Cash From Continuing Operating Activities		 -37 75 31 87 60 405 379 549 598 739 993
Net Income / (Loss) Continuing Operations		 16 20 51 88 108 242 138 53 179 393 443
Consolidated Net Income / (Loss)		 16 20 51 88 108 242 138 53 179 393 443
Depreciation Expense		 1.83 3.80 7.21 12 22 29 42 54 80 87 116
Non-Cash Adjustments To Reconcile Net Income		 7.05 18 24 47 103 150 385 547 523 545 541
Changes in Operating Assets and Liabilities, net		 -61 33 -51 -61 -173 -16 -186 -106 -184 -286 -107
Net Cash From Investing Activities		 -6.38 -9.22 -16 -25 -164 -143 -94 -304 -108 -158 -293
Net Cash From Continuing Investing Activities		 -6.38 -9.22 -16 -25 -164 -143 -94 -304 -108 -158 -293
Purchase of Property, Plant & Equipment		 -6.93 -9.22 -13 -25 -41 -80 -60 -92 -55 -107 -210
Acquisitions		 - - -3.00 - 0.00 0.00 -13 - 0.00 0.00 -4.35
Purchase of Investments		 - - - 0.00 -213 -231 -278 -553 -608 -680 -954
Sale and/or Maturity of Investments		 0.55 - - 0.00 90 168 258 341 556 629 876
Net Cash From Financing Activities		 30 64 7.39 -10 27 45 32 32 -626 -108 -1,411
Net Cash From Continuing Financing Activities		 30 64 7.39 -10 27 45 32 32 -626 -108 -1,411
Repurchase of Common Equity		 -0.16 -58 - - - - 0.00 0.00 -647 -235 -1,380
Issuance of Common Equity		 - 82 7.00 14 17 22 29 33 38 50 43
Other Financing Activities, net		 0.17 0.49 1.55 3.34 11 23 4.62 -1.07 -18 77 -74
Cash Interest Paid		 0.90 1.70 1.32 0.82 0.41 1.55 0.52 1.00 0.97 0.99 0.99
Cash Income Taxes Paid		 13 17 19 17 20 4.98 3.61 4.21 152 159 150

Quarterly Cash Flow Statements for Trade Desk

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 106 -177 23 91 212 148 -251 -222 -243 5.04 220
Net Cash From Operating Activities		 192 91 185 81 273 199 291 165 225 312 392
Net Cash From Continuing Operating Activities		 192 91 185 81 273 199 291 165 225 312 392
Net Income / (Loss) Continuing Operations		 39 97 32 85 94 182 51 90 116 187 40
Consolidated Net Income / (Loss)		 39 97 32 85 94 182 51 90 116 187 40
Depreciation Expense		 21 21 22 21 21 24 24 27 33 32 31
Non-Cash Adjustments To Reconcile Net Income		 154 123 125 135 136 149 134 145 139 124 138
Changes in Operating Assets and Liabilities, net		 -22 -150 7.53 -160 22 -156 83 -97 -63 -31 182
Net Cash From Investing Activities		 11 -57 -21 -16 -59 -61 -133 -214 -67 120 0.47
Net Cash From Continuing Investing Activities		 11 -57 -21 -16 -59 -61 -133 -214 -67 120 0.47
Purchase of Property, Plant & Equipment		 -7.72 -27 -9.18 -25 -51 -22 -62 -48 -70 -30 -116
Acquisitions		 - - 0.00 - - - -4.35 - - - 0.00
Purchase of Investments		 -132 -160 -160 -158 -169 -193 -232 -346 -248 -128 -122
Sale and/or Maturity of Investments		 151 130 148 167 160 154 165 181 251 278 238
Net Cash From Financing Activities		 -97 -211 -141 26 -2.02 9.77 -410 -174 -401 -427 -172
Net Cash From Continuing Financing Activities		 -97 -211 -141 26 -2.02 9.77 -410 -174 -401 -427 -172
Repurchase of Common Equity		 -90 -220 -125 - -52 -57 -386 -261 -310 -423 -164
Other Financing Activities, net		 -6.75 -7.96 -16 -4.20 50 47 -24 -19 -16 -14 -8.56

Annual Balance Sheets for Trade Desk

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 2025
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 12/31/2025
Total Assets		 210 538 797 1,118 1,729 2,754 3,577 4,381 4,889 6,112 6,153
Total Current Assets		 200 516 766 1,057 1,449 2,310 3,092 3,846 4,314 5,336 5,261
Cash & Equivalents		 4.05 133 156 207 131 437 754 1,031 895 1,369 658
Short-Term Investments		 - - - - 124 187 205 416 485 552 645
Accounts Receivable		 192 377 600 835 1,166 1,584 2,021 2,347 2,870 3,330 3,770
Prepaid Expenses		 3.81 5.76 10 15 28 102 112 52 63 85 188
Plant, Property, & Equipment, net		 6.63 15 17 33 64 116 136 174 161 209 397
Total Noncurrent Assets		 3.80 6.41 14 28 216 327 350 361 413 566 495
Noncurrent Deferred & Refundable Income Taxes		 1.17 1.78 3.36 8.46 19 50 68 94 155 230 56
Other Noncurrent Operating Assets		 2.63 4.64 11 20 197 277 282 267 258 336 440
Total Liabilities & Shareholders' Equity		 210 538 797 1,118 1,729 2,754 3,577 4,381 4,889 6,112 6,153
Total Liabilities		 172 373 552 723 1,116 1,741 2,050 2,265 2,724 3,163 3,669
Total Current Liabilities		 119 344 519 714 930 1,475 1,803 2,029 2,511 2,873 3,266
Accounts Payable		 108 321 490 669 869 1,348 1,656 1,871 2,317 2,631 3,008
Accrued Expenses		 10 23 28 45 47 88 101 105 138 178 182
Other Current Liabilities		 - - - - 15 38 46 52 56 64 76
Total Noncurrent Liabilities		 53 29 33 9.31 186 266 247 236 214 289 403
Other Noncurrent Operating Liabilities		 8.10 3.23 6.05 9.31 186 266 247 236 214 289 403
Commitments & Contingencies		 0.00 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 2,484
Total Preferred & Common Equity		 14 164 246 395 613 1,013 1,527 2,115 2,164 2,949 2,484
Preferred Stock		 0.00 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 2,484
Common Stock		 1.04 179 210 270 380 539 915 1,450 1,967 2,595 3,075
Retained Earnings		 13 -15 36 124 232 474 612 666 197 354 -591

Quarterly Balance Sheets for Trade Desk

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 Q3 2025 Q1 2026
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 9/30/2025 3/31/2026
Total Assets		 3,924 4,000 4,347 4,520 4,664 5,160 5,505 5,705 5,958 5,940 5,734
Total Current Assets		 3,415 3,476 3,832 4,014 4,096 4,523 4,838 4,856 5,054 5,120 4,862
Cash & Equivalents		 995 893 966 1,072 918 1,009 1,221 1,119 896 653 878
Short-Term Investments		 327 438 465 450 501 497 510 622 791 792 528
Accounts Receivable		 2,027 2,086 2,346 2,434 2,619 2,906 2,989 3,052 3,255 3,478 3,324
Prepaid Expenses		 67 59 55 58 58 111 117 64 112 197 132
Plant, Property, & Equipment, net		 166 170 160 153 151 192 198 251 310 323 389
Total Noncurrent Assets		 343 353 355 354 417 445 469 598 594 498 483
Noncurrent Deferred & Refundable Income Taxes		 68 94 94 94 155 155 155 229 229 111 56
Other Noncurrent Operating Assets		 275 259 261 260 262 290 314 369 365 387 428
Total Liabilities & Shareholders' Equity		 3,924 4,000 4,347 4,520 4,664 5,160 5,505 5,705 5,958 5,940 5,734
Total Liabilities		 2,010 2,059 2,276 2,365 2,497 2,755 2,880 2,989 3,262 3,340 3,281
Total Current Liabilities		 1,785 1,830 2,051 2,147 2,283 2,518 2,615 2,682 2,949 2,995 2,890
Accounts Payable		 1,651 1,677 1,893 1,968 2,095 2,337 2,410 2,399 2,724 2,761 2,633
Accrued Expenses		 83 100 103 122 131 120 142 211 152 160 180
Other Current Liabilities		 51 53 55 58 - - - 72 72 73 78
Total Noncurrent Liabilities		 224 228 225 218 214 236 264 307 313 345 390
Other Noncurrent Operating Liabilities		 224 228 225 218 33 33 34 307 313 345 390
Commitments & Contingencies		 0.00 0.00 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 2,601 2,453
Total Preferred & Common Equity		 1,914 1,941 2,071 2,156 2,167 2,405 2,626 2,717 2,696 2,601 2,453
Preferred Stock		 0.00 0.00 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 2,601 2,453
Common Stock		 1,320 1,559 1,700 1,835 2,063 2,217 2,397 2,712 2,858 2,965 3,178
Retained Earnings		 594 382 371 320 103 188 229 4.52 -162 -364 -725

Annual Metrics And Ratios for Trade Desk

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 483,594,867.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 483,594,867.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.92
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 20 27 55 89 105 243 141 48 134 331 397
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 2.25% 6.19% 11.22% 15.96%
Earnings before Interest and Taxes (EBIT)		 31 47 65 105 112 143 123 115 199 428 590
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 33 51 73 117 133 172 165 169 280 516 706
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -59 49 -4.43 19 -66 211 -39 -53 19 87 243
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 79 57 117 187 358 389 569 669 784 1,028 1,181
Increase / (Decrease) in Invested Capital		 79 -22 60 71 170 32 179 100 115 244 154
Book Value per Share		 $1.37 $4.26 $5.98 $9.12 $13.57 $21.57 $3.18 $4.32 $4.41 $5.98 $5.14
Tangible Book Value per Share		 $1.37 $4.26 $5.98 $9.12 $13.57 $21.57 $3.18 $4.32 $4.41 $5.98 $5.14
Total Capital		 83 190 273 395 613 1,013 1,527 2,115 2,164 2,949 2,484
Total Debt		 45 26 27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 45 26 27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 41 -108 -129 -207 -255 -624 -959 -1,447 -1,380 -1,921 -1,303
Capital Expenditures (CapEx)		 6.93 9.22 13 25 41 80 60 92 55 107 210
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 77 39 91 135 264 212 330 370 423 542 692
Debt-free Net Working Capital (DFNWC)		 81 172 247 343 519 836 1,288 1,816 1,803 2,463 1,995
Net Working Capital (NWC)		 81 172 247 343 519 836 1,288 1,816 1,803 2,463 1,995
Net Nonoperating Expense (NNE)		 4.34 6.39 4.58 1.32 -3.75 0.51 3.14 -5.75 -45 -62 -47
Net Nonoperating Obligations (NNO)		 41 -108 -129 -207 -255 -624 -959 -1,447 -1,380 -1,921 -1,303
Total Depreciation and Amortization (D&A)		 1.83 3.80 7.21 12 22 29 42 54 80 87 116
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.09 ($0.15) $0.13 $0.21 $0.24 $0.52 $0.29 $0.11 $0.37 $0.80 $0.91
Adjusted Weighted Average Basic Shares Outstanding		 102.90M 182.80M 402.62M 424.42M 445.33M 462.87M 476.85M 486.94M 489.26M 490.88M 488.28M
Adjusted Diluted Earnings per Share		 $0.04 ($0.15) $0.12 $0.19 $0.23 $0.50 $0.28 $0.11 $0.36 $0.78 $0.90
Adjusted Weighted Average Diluted Shares Outstanding		 167.79M 182.80M 440.56M 457.93M 478.06M 489.88M 498.54M 499.93M 500.18M 501.92M 493.55M
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		 103M 391.79M 418.50M 440.74M 455.74M 473.80M 484.83M 490.79M 488.94M 496.09M 475.98M
Normalized Net Operating Profit after Tax (NOPAT)		 20 40 55 89 105 101 87 80 134 331 397
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Trade Desk

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 483,594,867.00 475,977,047.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 483,594,867.00 475,977,047.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.39 0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.95% 23.45% 28.33% 25.91% 27.32% 22.32% 25.40% 18.73% 17.74% - 11.82%
EBITDA Growth		 43.59% 38.05% 1,178.81% 84.93% 114.55% 36.06% 55.77% 22.77% 52.63% - 21.85%
EBIT Growth		 36.90% 40.76% 222.23% 123.18% 173.71% 38.75% 89.42% 21.64% 51.27% - 17.89%
NOPAT Growth		 73.58% 37.57% 220.80% 212.57% 208.77% 83.58% 84.79% 10.36% 29.20% - -7.30%
Net Income Growth		 147.98% 36.71% 239.48% 158.14% 139.27% 87.24% 60.07% 6.00% 22.72% - -21.08%
EPS Growth		 166.67% 26.67% 200.00% 142.86% 137.50% 89.47% 66.67% 5.88% 21.05% - -20.00%
Operating Cash Flow Growth		 39.51% -47.48% -1.12% -36.56% 42.70% 118.83% 57.13% 103.07% -17.80% - 34.44%
Free Cash Flow Firm Growth		 79.99% 24.41% -331.58% -786.87% -3,109.19% -200.16% 112.63% 151.79% 128.66% - -183.76%
Invested Capital Growth		 6.87% 17.22% 61.32% 81.62% 87.36% 31.09% -0.85% -13.30% -2.68% - 7.30%
Revenue Q/Q Growth		 6.25% 22.81% -18.91% 18.99% 7.44% 17.99% -16.87% 12.66% 6.54% - -18.65%
EBITDA Q/Q Growth		 -4.13% 170.86% -68.50% 126.08% 11.22% 71.76% -63.93% 78.18% 38.27% - -66.33%
EBIT Q/Q Growth		 -7.18% 259.94% -79.28% 222.33% 13.83% 82.47% -71.71% 107.00% 41.56% - -74.40%
NOPAT Q/Q Growth		 13.56% 236.34% -77.47% 263.26% 12.18% 99.97% -77.32% 116.96% 31.33% - -81.00%
Net Income Q/Q Growth		 19.47% 147.31% -67.47% 168.57% 10.74% 93.54% -72.19% 77.85% 28.20% - -78.61%
EPS Q/Q Growth		 14.29% 137.50% -68.42% 183.33% 11.76% 89.47% -72.22% 80.00% 27.78% - -79.49%
Operating Cash Flow Q/Q Growth		 49.54% -52.43% 103.55% -56.19% 236.36% -27.05% 46.15% -43.38% 36.16% - 25.74%
Free Cash Flow Firm Q/Q Growth		 71.01% -87.78% -34.52% -27.24% -4.89% 82.44% 153.86% 421.97% -41.96% - -256.19%
Invested Capital Q/Q Growth		 -1.07% 23.72% -3.45% 18.13% 2.06% -13.44% -5.00% 3.30% 14.55% - -11.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 81.07% 83.38% 78.91% 81.10% 80.47% 81.75% 76.81% 78.25% 78.07% - 73.58%
EBITDA Margin		 12.14% 26.78% 10.40% 19.77% 20.47% 29.79% 12.93% 20.44% 26.53% - 14.08%
Operating Margin		 7.64% 23.84% 5.83% 16.20% 17.27% 26.36% 8.84% 16.83% 21.80% - 9.68%
EBIT Margin		 7.98% 23.39% 5.98% 16.20% 17.16% 26.54% 9.03% 16.59% 22.05% - 9.52%
Profit (Net Income) Margin		 7.98% 16.07% 6.44% 14.55% 14.99% 24.59% 8.23% 12.99% 15.63% - 5.81%
Tax Burden Percent		 69.04% 60.57% 68.78% 75.59% 74.04% 82.23% 66.88% 67.66% 64.36% - 50.66%
Interest Burden Percent		 144.77% 113.37% 156.72% 118.82% 118.01% 112.69% 136.18% 115.66% 110.11% - 120.38%
Effective Tax Rate		 30.96% 39.43% 31.22% 24.41% 25.96% 17.77% 33.12% 32.34% 35.64% - 49.34%
Return on Invested Capital (ROIC)		 15.74% 38.69% 10.34% 29.54% 32.44% 58.50% 15.49% 28.09% 33.43% - 14.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.81% 38.00% 9.38% 28.53% 31.51% 57.19% 14.52% 27.33% 32.62% - 13.98%
Return on Net Nonoperating Assets (RNNOA)		 -10.34% -25.10% -5.74% -17.04% -19.51% -36.93% -8.69% -15.69% -18.00% - -8.51%
Return on Equity (ROE)		 5.40% 13.59% 4.60% 12.50% 12.93% 21.57% 6.81% 12.39% 15.44% - 5.87%
Cash Return on Invested Capital (CROIC)		 11.09% 2.57% -27.25% -35.15% -32.27% 9.63% 36.30% 46.96% 35.11% - 31.81%
Operating Return on Assets (OROA)		 3.46% 9.82% 2.84% 7.41% 7.91% 11.80% 4.48% 8.00% 10.75% - 4.94%
Return on Assets (ROA)		 3.46% 6.75% 3.06% 6.66% 6.91% 10.93% 4.08% 6.26% 7.62% - 3.01%
Return on Common Equity (ROCE)		 5.40% 13.59% 4.60% 12.50% 12.93% 21.57% 6.81% 12.39% 15.44% - 5.87%
Return on Equity Simple (ROE_SIMPLE)		 7.09% 0.00% 9.29% 10.53% 11.74% 0.00% 15.17% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 26 87 20 72 80 161 36 79 104 178 34
NOPAT Margin		 5.27% 14.44% 4.01% 12.25% 12.79% 21.67% 5.91% 11.38% 14.03% - 4.90%
Net Nonoperating Expense Percent (NNEP)		 0.94% 0.70% 0.95% 1.01% 0.94% 1.31% 0.98% 0.76% 0.82% - 0.40%
Return On Investment Capital (ROIC_SIMPLE)		 - 4.04% - - - 5.45% 1.34% 2.93% 3.99% 7.15% 1.38%
Cost of Revenue to Revenue		 18.93% 16.62% 21.10% 18.90% 19.53% 18.25% 23.19% 21.75% 21.93% - 26.42%
SG&A Expenses to Revenue		 26.75% 21.77% 26.37% 23.17% 22.11% 17.80% 21.69% 18.86% 17.76% - 18.20%
R&D to Revenue		 23.88% 16.84% 21.92% 18.82% 18.74% 17.26% 21.49% 19.34% 17.30% - 20.72%
Operating Expenses to Revenue		 73.43% 59.54% 73.07% 64.90% 63.20% 55.39% 67.97% 61.42% 56.27% - 63.91%
Earnings before Interest and Taxes (EBIT)		 39 142 29 95 108 197 56 115 163 256 66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 60 162 51 116 129 221 80 142 196 288 97
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 17.77 16.30 19.78 19.86 20.53 19.67 9.99 13.12 9.21 - 4.40
Price to Tangible Book Value (P/TBV)		 17.77 16.30 19.78 19.86 20.53 19.67 9.99 13.12 9.21 - 4.40
Price to Revenue (P/Rev)		 20.92 18.13 20.86 21.97 23.34 23.73 10.56 13.21 8.59 - 3.64
Price to Earnings (P/E)		 250.71 197.17 212.95 188.56 174.91 147.58 65.87 84.80 54.64 - 24.96
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.40% 0.51% 0.47% 0.53% 0.57% 0.68% 1.52% 1.18% 1.83% - 4.01%
Enterprise Value to Invested Capital (EV/IC)		 58.06 43.25 42.33 40.00 44.19 54.58 26.02 33.41 19.49 - 8.97
Enterprise Value to Revenue (EV/Rev)		 20.09 17.42 20.29 21.39 22.72 22.94 9.89 12.58 8.07 - 3.16
Enterprise Value to EBITDA (EV/EBITDA)		 156.42 121.12 124.14 119.67 114.69 108.71 46.66 59.03 35.27 - 12.99
Enterprise Value to EBIT (EV/EBIT)		 232.17 169.94 164.81 152.49 140.45 130.91 55.87 70.90 42.45 - 15.66
Enterprise Value to NOPAT (EV/NOPAT)		 338.21 253.26 265.48 226.16 201.95 169.46 73.09 94.82 59.35 - 23.90
Enterprise Value to Operating Cash Flow (EV/OCF)		 54.04 56.66 69.91 84.70 83.12 75.85 30.05 36.26 25.57 - 8.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 540.89 1,814.63 0.00 0.00 0.00 642.78 71.38 66.07 54.75 - 29.19
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.11 0.11 0.11 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.08 0.08 0.09 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -0.70 -0.66 -0.61 -0.60 -0.62 -0.65 -0.60 -0.57 -0.55 - -0.61
Leverage Ratio		 2.07 2.17 2.11 2.12 2.10 2.15 2.12 2.18 2.19 - 2.21
Compound Leverage Factor		 3.00 2.46 3.31 2.52 2.47 2.42 2.89 2.52 2.41 - 2.66
Debt to Total Capital		 0.00% 0.00% 9.89% 9.90% 10.05% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 2.38% 2.31% 2.15% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 7.51% 7.60% 7.89% 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%
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%
Common Equity to Total Capital		 100.00% 100.00% 90.11% 90.10% 89.95% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.71 0.68 0.64 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 -3.52 -3.19 -3.14 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.54 0.52 0.50 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 1.51 1.28 1.13 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 -7.53 -6.04 -5.54 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 1.15 0.99 0.89 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 10.75 8.76 11.26 11.41 12.26 12.08 6.39 7.41 5.21 - 2.77
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.87 1.72 1.79 1.80 1.85 1.86 1.81 1.71 1.71 - 1.68
Quick Ratio		 1.84 1.69 1.77 1.75 1.81 1.83 1.79 1.68 1.64 - 1.64
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -15 -28 -355 -451 -473 -83 45 234 136 24 -37
Operating Cash Flow to CapEx		 2,481.09% 333.42% 2,019.95% 330.58% 536.00% 893.93% 471.78% 341.51% 322.41% - 338.43%
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
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
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
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.42 0.47 0.46 0.46 0.44 0.50 0.48 0.49 - 0.52
Accounts Receivable Turnover		 0.82 0.75 0.87 0.83 0.85 0.79 0.91 0.87 0.86 - 0.93
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 11.48 11.61 12.80 12.37 13.17 13.19 12.80 10.68 10.72 - 9.27
Accounts Payable Turnover		 0.19 0.17 0.20 0.19 0.20 0.19 0.23 0.22 0.23 - 0.26
Days Sales Outstanding (DSO)		 444.62 489.28 417.98 440.68 428.55 462.86 402.78 419.65 422.99 - 391.88
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 1,917.11 2,090.94 1,791.00 1,891.10 1,826.26 1,913.31 1,604.24 1,673.92 1,596.16 - 1,395.23
Cash Conversion Cycle (CCC)		 -1,472.48 -1,601.66 -1,373.02 -1,450.42 -1,397.71 -1,450.45 -1,201.45 -1,254.27 -1,173.17 - -1,003.34
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 634 784 985 1,163 1,187 1,028 976 1,009 1,155 1,181 1,048
Invested Capital Turnover		 2.99 2.68 2.58 2.41 2.54 2.70 2.62 2.47 2.38 - 2.93
Increase / (Decrease) in Invested Capital		 41 115 374 523 554 244 -8.35 -155 -32 154 71
Enterprise Value (EV)		 36,787 33,901 41,680 46,531 52,463 56,088 25,406 33,691 22,518 - 9,394
Market Capitalization		 38,309 35,282 42,862 47,773 53,902 58,010 27,146 35,379 23,963 - 10,800
Book Value per Share		 $4.40 $4.41 $4.43 $4.92 $5.34 $5.98 $5.48 $5.49 $5.32 $5.14 $5.15
Tangible Book Value per Share		 $4.40 $4.41 $4.43 $4.92 $5.34 $5.98 $5.48 $5.49 $5.32 $5.14 $5.15
Total Capital		 2,156 2,164 2,404 2,670 2,919 2,949 2,717 2,696 2,601 2,484 2,453
Total Debt		 0.00 0.00 238 264 293 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 180 203 230 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -1,522 -1,380 -1,182 -1,242 -1,439 -1,921 -1,740 -1,687 -1,445 -1,303 -1,406
Capital Expenditures (CapEx)		 7.72 27 9.18 25 51 22 62 48 70 30 116
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 345 423 451 560 554 542 434 417 680 692 565
Debt-free Net Working Capital (DFNWC)		 1,867 1,803 1,870 2,066 2,286 2,463 2,174 2,105 2,126 1,995 1,971
Net Working Capital (NWC)		 1,867 1,803 1,813 2,004 2,223 2,463 2,174 2,105 2,126 1,995 1,971
Net Nonoperating Expense (NNE)		 -13 -9.84 -12 -13 -14 -22 -14 -11 -12 -9.26 -6.24
Net Nonoperating Obligations (NNO)		 -1,522 -1,380 -1,182 -1,242 -1,439 -1,921 -1,740 -1,687 -1,445 -1,303 -1,406
Total Depreciation and Amortization (D&A)		 21 21 22 21 21 24 24 27 33 32 31
Debt-free, Cash-free Net Working Capital to Revenue		 18.83% 21.73% 21.94% 25.73% 24.00% 22.15% 16.89% 15.58% 24.37% - 19.04%
Debt-free Net Working Capital to Revenue		 101.94% 92.65% 91.03% 95.00% 98.98% 100.74% 84.62% 78.56% 76.17% - 66.39%
Net Working Capital to Revenue		 101.94% 92.65% 88.25% 92.16% 96.26% 100.74% 84.62% 78.56% 76.17% - 66.39%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.08 $0.20 $0.06 $0.17 $0.19 $0.38 $0.10 $0.18 $0.24 $0.39 $0.08
Adjusted Weighted Average Basic Shares Outstanding		 489.45M 489.26M 488.55M 489.35M 491.61M 490.88M 494.93M 490.63M 487.73M 488.28M 474.66M
Adjusted Diluted Earnings per Share		 $0.08 $0.19 $0.06 $0.17 $0.19 $0.36 $0.10 $0.18 $0.23 $0.39 $0.08
Adjusted Weighted Average Diluted Shares Outstanding		 501.88M 500.18M 498.19M 500.04M 502.56M 501.92M 502.94M 495.78M 492.98M 493.55M 476.88M
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		 490.30M 488.94M 489.13M 491.58M 493.57M 496.09M 491.44M 488.94M 483.59M 475.98M 470.11M
Normalized Net Operating Profit after Tax (NOPAT)		 26 87 20 72 80 161 36 79 104 178 34
Normalized NOPAT Margin		 5.27% 14.44% 4.01% 12.25% 12.79% 21.67% 5.91% 11.38% 14.03% - 4.90%
Pre Tax Income Margin		 11.56% 26.52% 9.37% 19.24% 20.25% 29.90% 12.30% 19.19% 24.28% - 11.46%
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
NOPAT to Interest Expense		 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
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
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%
Augmented Payout Ratio		 279.24% 361.35% 238.65% 171.84% 128.94% 59.73% 120.30% 181.35% 231.40% - 267.60%

Financials Breakdown Chart

Key Financial Trends

Trade Desk (NASDAQ: TTD) showed a strong start to 2026, but the latest quarter also highlighted some balance sheet and cash flow pressure from working capital. Revenue grew year over year, profitability remained solid, and the company still generated healthy operating cash flow. At the same time, accounts receivable and accounts payable remain very large relative to the business, and cash declined from the end of 2024 levels despite strong operations.

  • Q1 2026 revenue rose to $688.9 million, up from $616.0 million in Q1 2025, showing continued top-line growth.
  • Gross profit increased to $506.9 million in Q1 2026, with gross margin still strong at roughly 73.6%.
  • The company produced $39.2 million in operating cash flow in Q1 2026, adding flexibility despite the softer quarter-over-quarter trend.
  • Trade Desk ended Q1 2026 with $878.4 million in cash and equivalents plus $527.5 million in short-term investments, giving it a sizable liquidity cushion.
  • The balance sheet remains strong overall, with $2.45 billion in common equity and no long-term debt shown in the latest quarter data.
  • Revenue growth slowed sequentially from Q4 2025’s $846.8 million to Q1 2026’s $688.9 million, though that pattern is normal for many ad-tech businesses after a seasonally strong quarter.
  • Operating expenses remained high in Q1 2026 at $440.2 million, keeping operating margin relatively modest at about 9.7%.
  • The company continued repurchasing stock, spending $163.5 million on buybacks in Q1 2026, which supports EPS but uses cash.
  • Net change in cash was only $220.2 million in Q1 2026, and cash plus investments were lower than the prior quarter’s combined level, suggesting working capital needs are absorbing cash.
  • Accounts receivable jumped to $3.32 billion in Q1 2026, which is a very large asset relative to quarterly revenue and can pressure cash conversion.
  • Accounts payable also remained elevated at $2.63 billion, indicating the company is relying heavily on vendor financing and other working-capital timing.
  • Retained earnings were still negative at $(725.0) million, reflecting the company’s history of heavy reinvestment and prior accumulated losses.

Bottom line: Trade Desk continues to look like a high-quality, cash-generating ad-tech business with a very strong liquidity position. The key watch items are whether revenue growth re-accelerates and whether working capital normalizes, because those factors will determine if cash flow keeps scaling as fast as earnings.

06/10/26 10:30 AM ETAI Generated. May Contain Errors.

Trade Desk Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Trade Desk's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Trade Desk's net income appears to be on an upward trend, with a most recent value of $443.30 million in 2025, rising from $15.93 million in 2015. The previous period was $393.08 million in 2024. See Trade Desk's forecast for analyst expectations on what's next for the company.

Trade Desk's total operating income in 2025 was $589.32 million, based on the following breakdown:
  • Total Gross Profit: $2.28 billion
  • Total Operating Expenses: $1.69 billion

Over the last 10 years, Trade Desk's total revenue changed from $113.84 million in 2015 to $2.90 billion in 2025, a change of 2,444.3%.

Trade Desk's total liabilities were at $3.67 billion at the end of 2025, a 16.0% increase from 2024, and a 2,034.5% increase since 2015.

In the past 10 years, Trade Desk's cash and equivalents has ranged from $4.05 million in 2015 to $1.37 billion in 2024, and is currently $658.18 million as of their latest financial filing in 2025.

Over the last 10 years, Trade Desk's book value per share changed from 1.37 in 2015 to 5.14 in 2025, a change of 273.8%.


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Financial statements for NASDAQ:TTD last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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