TTD · Trade Desk, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.90B | $2.44B | $1.95B | $1.58B | $1.20B | $836.03M |
| Cost of Revenue | $619.07M | $472.01M | $365.60M | $281.12M | $221.55M | $178.81M |
| Gross Profit | $2.28B | $1.97B | $1.58B | $1.30B | $974.91M | $657.22M |
| R&D | $525.14M | $463.32M | $411.79M | $319.88M | $226.14M | $166.65M |
| SG&A | $518.46M | $535.82M | $520.28M | $525.17M | $374.66M | $171.62M |
| Total Operating Expenses | $2.31B | $2.02B | $1.75B | $1.46B | $1.07B | $691.83M |
| D&A | $115.78M | $87.49M | $80.42M | $54.42M | $42.22M | $28.63M |
| Operating Income | $589.32M | $427.17M | $200.48M | $113.65M | $124.82M | $144.21M |
| Interest Expense | $1.79M | $1.51M | - | - | - | - |
| Income Tax | $215.45M | $114.23M | $89.06M | $73.98M | ($15.73M) | ($98.41M) |
| Net Income | $443.30M | $393.08M | $178.94M | $53.38M | $137.76M | $242.32M |
| EPS - Basic | $0.91 | $0.80 | $0.37 | $0.11 | $0.29 | $0.52 |
| EPS - Diluted | $0.90 | $0.78 | $0.36 | $0.11 | $0.28 | $0.49 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $658.17M | $1.37B | $895.13M | $1.03B | $754.15M | $437.35M |
| Accounts Receivable | $3.77B | $3.33B | $2.87B | $2.35B | $2.02B | $1.58B |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $3.01B | $2.63B | $2.32B | $1.87B | $1.66B | $1.35B |
| Current Assets | $5.26B | $5.34B | $4.31B | $3.85B | $3.09B | $2.31B |
| Total Assets | $6.15B | $6.11B | $4.89B | $4.38B | $3.58B | $2.75B |
| Current Liabilities | $3.27B | $2.87B | $2.51B | $2.03B | $1.80B | $1.47B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $3.67B | $3.16B | $2.72B | $2.27B | $2.05B | $1.74B |
| Stockholders' Equity | $2.48B | $2.95B | $2.16B | $2.12B | $1.53B | $1.01B |
| Retained Earnings | ($590.91M) | $354.25M | $196.95M | $665.51M | $612.13M | $474.37M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $992.72M | $739.46M | $598.32M | $548.73M | $378.51M | $405.07M |
| Investing Cash Flow | ($292.63M) | ($157.51M) | ($107.59M) | ($304.37M) | ($93.64M) | ($143.27M) |
| Financing Cash Flow | ($1.41B) | ($107.61M) | ($626.11M) | $31.99M | $31.93M | $44.68M |
| CapEx | $197.01M | $98.24M | $46.79M | $84.16M | $54.80M | $74.06M |
| Free Cash Flow | $795.71M | $641.22M | $551.53M | $464.57M | $323.71M | $331.01M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 78.6% | 80.7% | 81.2% | 82.2% | 81.5% | 78.6% |
| Operating margin | 20.3% | 17.5% | 10.3% | 7.2% | 10.4% | 17.2% |
| EBITDA margin | 24.3% | 21.1% | 14.4% | 10.7% | 14.0% | 20.7% |
| Net margin | 15.3% | 16.1% | 9.2% | 3.4% | 11.5% | 29.0% |
| Free cash flow margin | 27.5% | 26.2% | 28.3% | 29.4% | 27.1% | 39.6% |
| FCF / Net income | 1.79 | 1.63 | 3.08 | 8.70 | 2.35 | 1.37 |
| R&D / Revenue | 18.1% | 19.0% | 21.2% | 20.3% | 18.9% | 19.9% |
| SG&A / Revenue | 17.9% | 21.9% | 26.7% | 33.3% | 31.3% | 20.5% |
| Effective tax rate | 32.7% | 22.5% | 33.2% | 58.1% | -12.9% | -68.4% |
| Return on assets | 7.2% | 6.4% | 3.7% | 1.2% | 3.9% | 8.8% |
| Return on equity | 17.8% | 13.3% | 8.3% | 2.5% | 9.0% | 23.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 | 1.57 |
| Quick ratio | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 | 1.57 |
| Cash ratio | 0.20 | 0.48 | 0.36 | 0.51 | 0.42 | 0.30 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 329.2x | 282.1x | - | - | - | - |
| Equity multiplier | 2.48 | 2.07 | 2.26 | 2.07 | 2.34 | 2.72 |
| Liabilities / Assets | 0.60 | 0.52 | 0.56 | 0.52 | 0.57 | 0.63 |
| Efficiency | ||||||
| Asset turnover | 0.47 | 0.40 | 0.40 | 0.36 | 0.33 | 0.30 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 475d | 497d | 538d | 543d | 616d | 692d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 1773d | 2035d | 2314d | 2430d | 2728d | 2753d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 42.2x | 150.7x | 199.9x | 407.5x | 327.3x | 161.8x |
| P / B | 7.5x | 20.0x | 16.6x | 10.6x | 29.9x | 3.9x |
| P / S | 6.5x | 24.1x | 18.5x | 14.2x | 38.2x | 4.7x |
| EV / EBITDA | 25.6x | 112.0x | 124.9x | 127.2x | 269.0x | 20.2x |
| Growth | ||||||
| Revenue growth (YoY) | 18.5% | 25.6% | 23.3% | 31.9% | 43.1% | 26.5% |
| Revenue CAGR (3y) | 22.4% | 26.9% | 32.5% | 33.6% | 80.7% | - |
| Revenue CAGR (5y) | 28.2% | 29.9% | 57.2% | - | - | - |
| Gross profit growth (YoY) | 15.4% | 24.8% | 21.9% | 33.0% | 48.3% | 30.2% |
| Operating income growth (YoY) | 38.0% | 113.1% | 76.4% | -8.9% | -13.4% | 28.5% |
| Net income growth (YoY) | 12.8% | 119.7% | 235.2% | -61.2% | -43.1% | 123.7% |
| EPS growth (YoY) | 15.4% | 116.7% | 227.3% | -60.7% | -43.4% | -78.2% |
| EPS CAGR (3y) | 101.5% | 40.7% | -10.1% | -63.5% | -47.4% | -24.5% |
| EPS CAGR (5y) | 12.7% | -19.2% | -28.5% | -37.5% | - | - |
| FCF growth (YoY) | 24.1% | 16.3% | 18.7% | 43.5% | -2.2% | 1250.4% |
| FCF CAGR (5y) | 19.2% | 92.1% | 58.4% | 85.6% | 36.6% | - |
| Book value growth (YoY) | -15.8% | 36.3% | 2.3% | 38.5% | 50.7% | 65.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$2.90B totalUS$2.48B · 85.5%
Non Us$419.60M · 14.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.20
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing Trade Desk against the 5 most active filers in the same SIC group.