NASDAQ : TTD
The Trade Desk, Inc. — Financial statements
Communication Services · Advertising Agencies · United States
Last price 13.06 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.17B
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Financial statements
The Trade Desk, Inc. (TTD) reported revenue of 2.99B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.99B | 2.90B | 2.44B | 1.95B | 1.58B | 1.20B |
| Cost of Revenue | 691.55M | 619.07M | 472.01M | 365.60M | 281.12M | 221.55M |
| Gross Profit | 2.30B | 2.28B | 1.97B | 1.58B | 1.30B | 974.91M |
| Selling, General & Admin | 1.17B | 1.16B | 1.08B | 968.25M | 863.14M | 623.96M |
| Research & Development | 541.95M | 525.14M | 463.32M | 411.79M | 319.88M | 226.14M |
| Operating Expenses | 1.71B | 1.69B | 1.55B | 1.38B | 1.18B | 850.10M |
| Operating Income | 586.32M | 589.32M | 427.17M | 200.48M | 113.65M | 124.82M |
| Interest Expense | -2.11M | -1.79M | -1.51M | -1.66M | -4.01M | -1.03M |
| Interest & Investment Income | 57.54M | 70.51M | 80.36M | 70.16M | 16.77M | |
| Currency Exchange Gain (Loss) | 91.00K | 717.00K | 1.29M | -993.00K | 961.00K | -1.75M |
| Pretax Income | 641.83M | 658.75M | 507.30M | 268.00M | 127.37M | 122.04M |
| Income Tax Expense | 234.95M | 215.45M | 114.23M | 89.06M | 73.98M | -15.73M |
| Net Income | 406.89M | 443.30M | 393.08M | 178.94M | 53.38M | 137.76M |
| Net Income to Common | 406.89M | 443.30M | 393.08M | 178.94M | 53.38M | 137.76M |
| Shares Outstanding (Basic) | 477.64M | 488.28M | 490.88M | 489.26M | 486.94M | 476.85M |
| Shares Outstanding (Diluted) | 480.58M | 493.55M | 501.92M | 500.18M | 499.93M | 498.54M |
| EPS (Basic) | 0.85 | 0.91 | 0.80 | 0.37 | 0.11 | 0.29 |
| EPS (Diluted) | 0.85 | 0.90 | 0.78 | 0.36 | 0.11 | 0.28 |
| Free Cash Flow | 863.05M | 795.71M | 641.22M | 551.53M | 464.57M | 323.71M |
| Free Cash Flow Per Share | 1.80 | 1.61 | 1.28 | 1.10 | 0.93 | 0.65 |
| Gross Margin | 76.87% | 78.62% | 80.69% | 81.21% | 82.18% | 81.48% |
| Operating Margin | 19.61% | 20.35% | 17.47% | 10.30% | 7.20% | 10.43% |
| Profit Margin | 13.61% | 15.31% | 16.08% | 9.20% | 3.38% | 11.51% |
| Free Cash Flow Margin | 28.86% | 27.47% | 26.23% | 28.34% | 29.45% | 27.05% |
| EBITDA | 697.98M | 690.11M | 498.66M | 266.90M | 161.08M | 162.04M |
| EBITDA Margin | 23.34% | 23.83% | 20.40% | 13.71% | 10.21% | 13.54% |
| D&A For EBITDA | 111.67M | 100.78M | 71.49M | 66.42M | 47.42M | 37.22M |
| EBIT | 586.32M | 589.32M | 427.17M | 200.48M | 113.65M | 124.82M |
| EBIT Margin | 19.61% | 20.35% | 17.47% | 10.30% | 7.20% | 10.43% |
| Effective Tax Rate | 36.60% | 32.71% | 22.52% | 33.23% | 58.09% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.12B | 658.17M | 1.37B | 895.13M | 1.03B | 754.15M |
| Short-Term Investments | 362.35M | 644.88M | 552.03M | 485.16M | 416.08M | 204.62M |
| Cash & Short-Term Investments | 1.49B | 1.30B | 1.92B | 1.38B | 1.45B | 958.78M |
| Receivables | 3.20B | 3.77B | 3.33B | 2.87B | 2.35B | 2.02B |
| Prepaid Expenses | 129.67M | 187.75M | 84.63M | 63.35M | 51.84M | 112.15M |
| Total Current Assets | 4.82B | 5.26B | 5.34B | 4.31B | 3.85B | 3.09B |
| Property, Plant & Equipment | 790.38M | 738.86M | 473.09M | 359.15M | 394.15M | 369.95M |
| Other Intangible Assets | 19.93M | 14.62M | 16.90M | 18.54M | 14.33M | |
| Long-Term Deferred Tax Assets | 55.70M | 55.70M | 230.21M | 154.85M | 94.03M | 68.24M |
| Other Long-Term Assets | 102.54M | 77.73M | 57.56M | 43.83M | 28.34M | 33.17M |
| Total Assets | 5.76B | 6.15B | 6.11B | 4.89B | 4.38B | 3.58B |
| Accounts Payable | 2.56B | 3.01B | 2.63B | 2.32B | 1.87B | 1.66B |
| Accrued Expenses | 150.17M | 181.99M | 177.76M | 138.00M | 105.47M | 101.47M |
| Current Portion of Leases | 80.92M | 76.36M | 64.49M | 55.52M | 52.43M | 46.15M |
| Total Current Liabilities | 2.79B | 3.27B | 2.87B | 2.51B | 2.03B | 1.80B |
| Long-Term Leases | 353.19M | 359.98M | 247.72M | 180.37M | 208.53M | 238.45M |
| Other Long-Term Liabilities | 43.23M | 42.86M | 41.62M | 33.26M | 27.49M | 8.28M |
| Total Liabilities | 3.19B | 3.67B | 3.16B | 2.72B | 2.27B | 2.05B |
| Additional Paid-In Capital | 3.29B | 3.08B | 2.59B | 1.97B | 1.45B | 915.18M |
| Retained Earnings | -719.49M | -590.91M | 354.25M | 196.95M | 665.51M | 612.13M |
| Total Common Equity | 2.57B | 2.48B | 2.95B | 2.16B | 2.12B | 1.53B |
| Shareholders' Equity | 2.57B | 2.48B | 2.95B | 2.16B | 2.12B | 1.53B |
| Total Liabilities & Equity | 5.76B | 6.15B | 6.11B | 4.89B | 4.38B | 3.58B |
| Total Debt | 434.11M | 436.33M | 312.21M | 235.89M | 260.96M | 284.60M |
| Net Cash (Debt) | 1.05B | 866.73M | 1.61B | 1.14B | 1.19B | 674.18M |
| Net Cash Per Share | 2.19 | 1.76 | 3.21 | 2.29 | 2.37 | 1.35 |
| Filing Date Shares Outstanding | 469.88M | 475.98M | 496.09M | 488.94M | 490.79M | 484.83M |
| Total Common Shares Outstanding | 469.64M | 475.92M | 496.10M | 488.92M | 490.47M | 483.44M |
| Working Capital | 2.02B | 2.00B | 2.46B | 1.80B | 1.82B | 1.29B |
| Book Value Per Share | 5.48 | 5.22 | 5.94 | 4.43 | 4.31 | 3.16 |
| Tangible Book Value | 2.57B | 2.46B | 2.93B | 2.15B | 2.10B | 1.51B |
| Tangible Book Value Per Share | 5.48 | 5.18 | 5.92 | 4.39 | 4.28 | 3.13 |
| Machinery | 320.87M | 219.37M | 171.06M | 136.60M | 75.74M | |
| Construction In Progress | 117.86M | 34.54M | 8.49M | 10.90M | 6.81M | |
| Leasehold Improvements | 213.98M | 156.42M | 129.99M | 121.70M | 112.01M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 406.89M | 443.30M | 393.08M | 178.94M | 53.38M | 137.76M |
| Depreciation & Amortization | 111.67M | 100.78M | 71.49M | 66.42M | 47.42M | 37.22M |
| Other Amortization | 15.00M | 15.00M | 16.00M | 14.00M | 7.00M | 5.00M |
| Stock-Based Compensation | 452.09M | 490.63M | 494.70M | 491.62M | 498.64M | 337.41M |
| Provision & Write-off of Bad Debts | 3.11M | 3.20M | 1.46M | |||
| Other Operating Activities | 240.69M | 218.13M | -26.53M | -30.06M | 33.23M | 29.34M |
| Change in Accounts Receivable | 35.36M | -432.72M | -474.23M | -554.01M | -291.75M | -444.34M |
| Change in Accounts Payable | -117.03M | 291.07M | 298.92M | 475.46M | 187.12M | 309.41M |
| Change in Other Net Operating Assets | -52.33M | -133.48M | -33.97M | -44.05M | 10.48M | -34.75M |
| Operating Cash Flow | 1.08B | 992.72M | 739.46M | 598.32M | 548.73M | 378.51M |
| Capital Expenditures | -218.62M | -197.01M | -98.24M | -46.79M | -84.16M | -54.80M |
| Cash Acquisitions | -4.35M | -13.26M | ||||
| Sale (Purchase) of Intangibles | -14.41M | -12.75M | -8.82M | -8.23M | -7.72M | -5.17M |
| Investment in Securities | 435.97M | -78.52M | -50.45M | -52.57M | -212.49M | -20.40M |
| Investing Cash Flow | 218.44M | -292.63M | -157.51M | -107.59M | -304.37M | -93.64M |
| Total Debt Issued | -74.24M | |||||
| Net Debt Issued (Repaid) | -74.24M | |||||
| Issuance of Common Stock | 36.80M | 66.70M | 266.27M | 99.01M | 80.59M | 90.70M |
| Repurchase of Common Stock | -1.04B | -1.48B | -373.88M | -725.11M | -48.59M | -56.85M |
| Other Financing Activities | -1.92M | |||||
| Financing Cash Flow | -1.07B | -1.41B | -107.61M | -626.11M | 31.99M | 31.93M |
| Net Cash Flow | 226.59M | -711.29M | 474.33M | -135.38M | 276.35M | 316.80M |
| Free Cash Flow | 863.05M | 795.71M | 641.22M | 551.53M | 464.57M | 323.71M |
| Free Cash Flow Margin | 28.86% | 27.47% | 26.23% | 28.34% | 29.45% | 27.05% |
| Free Cash Flow Per Share | 1.80 | 1.61 | 1.28 | 1.10 | 0.93 | 0.65 |
| Levered Free Cash Flow | 582.99M | 601.55M | 613.52M | 585.07M | 483.28M | 270.78M |
| Unlevered Free Cash Flow | 584.31M | 602.66M | 614.46M | 586.11M | 485.79M | 271.42M |
| Cash Interest Paid | 993.00K | 993.00K | 986.00K | 967.00K | 995.00K | 518.00K |
| Cash Income Tax Paid | 150.11M | 150.11M | 158.58M | 151.90M | 4.21M | 3.61M |
| Change in Working Capital | -134.00M | -275.13M | -209.28M | -122.60M | -94.15M | -169.68M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.99B | 18.36B | 58.01B | 35.28B | 21.94B | 44.05B |
| Enterprise Value | 4.94B | 17.29B | 56.57B | 34.01B | 20.89B | 43.54B |
| Last Close Price | 12.29 | 37.96 | 117.53 | 71.96 | 44.83 | 91.64 |
| PE Ratio | 14.91 | 41.41 | 147.58 | 197.17 | 411.07 | 319.72 |
| Forward PE | 13.56 | 19.29 | 64.45 | 55.52 | 43.86 | 113.05 |
| PS Ratio | 1.94 | 6.34 | 23.73 | 18.13 | 13.91 | 36.81 |
| PB Ratio | 2.24 | 7.39 | 19.67 | 16.30 | 10.37 | 28.84 |
| P/TBV Ratio | 2.26 | 7.45 | 19.77 | 16.43 | 10.47 | 29.11 |
| P/FCF Ratio | 6.73 | 23.07 | 90.47 | 63.97 | 47.24 | 136.06 |
| P/OCF Ratio | 5.37 | 18.49 | 78.45 | 58.97 | 39.99 | 116.36 |
| PEG Ratio | 2.47 | 0.95 | 2.59 | 2.38 | 1.50 | 3.19 |
| EV/Sales Ratio | 1.59 | 5.97 | 23.14 | 17.48 | 13.24 | 36.39 |
| EV/EBITDA Ratio | 6.82 | 25.05 | 113.45 | 127.42 | 129.69 | 268.71 |
| EV/EBIT Ratio | 8.12 | 29.34 | 132.43 | 169.63 | 183.81 | 348.83 |
| EV/FCF Ratio | 5.51 | 21.73 | 88.22 | 61.66 | 44.97 | 134.50 |
| Debt / Equity Ratio | 0.17 | 0.18 | 0.11 | 0.11 | 0.12 | 0.19 |
| Debt / EBITDA Ratio | 0.54 | 0.56 | 0.54 | 0.72 | 1.18 | 1.31 |
| Debt / FCF Ratio | 0.50 | 0.55 | 0.49 | 0.43 | 0.56 | 0.88 |
| Net Debt / Equity Ratio | -0.41 | -0.35 | -0.55 | -0.53 | -0.56 | -0.44 |
| Net Debt / EBITDA Ratio | -1.51 | -1.26 | -3.23 | -4.29 | -7.36 | -4.16 |
| Net Debt / FCF Ratio | -1.22 | -1.09 | -2.51 | -2.08 | -2.55 | -2.08 |
| Asset Turnover | 0.51 | 0.47 | 0.44 | 0.42 | 0.40 | 0.38 |
| Quick Ratio | 1.68 | 1.55 | 1.83 | 1.69 | 1.87 | 1.65 |
| Current Ratio | 1.72 | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 |
| Return on Equity (ROE) | 15.44% | 16.32% | 15.37% | 8.36% | 2.93% | 10.85% |
| Return on Assets (ROA) | 6.25% | 6.01% | 4.85% | 2.70% | 1.79% | 2.46% |
| Return on Invested Capital (ROIC) | 24.83% | 26.82% | 28.05% | 13.73% | 5.34% | 16.27% |
| Return on Capital Employed (ROCE) | 19.70% | 20.40% | 13.20% | 8.40% | 4.80% | 7.00% |
| Earnings Yield | 6.71% | 2.42% | 0.68% | 0.51% | 0.24% | 0.31% |
| FCF Yield | 14.85% | 4.33% | 1.10% | 1.56% | 2.12% | 0.73% |
| Buyback Yield / Dilution | 4.27% | 1.67% | -0.35% | -0.05% | -0.28% | -1.77% |