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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $688.86M | - | $739.43M | $694.04M | $616.02M | - | $628.02M | $584.55M | $491.25M | - |
| Cost of Revenue | $181.97M | - | $162.15M | $150.98M | $142.84M | - | $122.66M | $110.46M | $103.63M | - |
| Gross Profit | $506.89M | - | $577.28M | $543.06M | $473.18M | - | $505.36M | $474.09M | $387.62M | - |
| R&D | $142.72M | - | $127.89M | $134.25M | $132.40M | - | $117.70M | $110.03M | $107.69M | - |
| SG&A | $125.34M | - | $131.34M | $130.90M | $133.59M | - | $138.88M | $135.47M | $129.56M | - |
| Total Operating Expenses | $622.21M | - | $578.21M | $577.26M | $561.57M | - | $519.53M | $489.83M | $462.60M | - |
| D&A | $31.43M | - | - | - | $23.98M | - | - | - | $21.74M | - |
| Operating Income | $66.65M | - | $161.22M | $116.78M | $54.45M | - | $108.48M | $94.72M | $28.66M | - |
| Interest Expense | $373.0K | - | $374.0K | $380.0K | $371.0K | - | - | - | - | - |
| Income Tax | $38.96M | - | $63.97M | $43.07M | $25.09M | - | $33.02M | $27.46M | $14.37M | - |
| Net Income | $40.00M | - | $115.55M | $90.13M | $50.68M | - | $94.16M | $85.03M | $31.66M | - |
| EPS - Basic | $0.08 | - | $0.24 | $0.18 | $0.10 | - | $0.19 | $0.17 | $0.06 | - |
| EPS - Diluted | $0.08 | - | $0.23 | $0.18 | $0.10 | - | $0.19 | $0.17 | $0.06 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $878.38M | $658.17M | $653.13M | $896.39M | $1.12B | $1.37B | $1.22B | $1.01B | $918.20M | $895.13M |
| Accounts Receivable | $3.32B | $3.77B | $3.48B | $3.25B | $3.05B | $3.33B | $2.99B | $2.91B | $2.62B | $2.87B |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $2.63B | $3.01B | $2.76B | $2.72B | $2.40B | $2.63B | $2.41B | $2.34B | $2.09B | $2.32B |
| Current Assets | $4.86B | $5.26B | $5.12B | $5.05B | $4.86B | $5.34B | $4.84B | $4.52B | $4.10B | $4.31B |
| Total Assets | $5.73B | $6.15B | $5.94B | $5.96B | $5.71B | $6.11B | $5.51B | $5.16B | $4.66B | $4.89B |
| Current Liabilities | $2.89B | $3.27B | $2.99B | $2.95B | $2.68B | $2.87B | $2.62B | $2.52B | $2.28B | $2.51B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.28B | $3.67B | $3.34B | $3.26B | $2.99B | $3.16B | $2.88B | $2.75B | $2.50B | $2.72B |
| Stockholders' Equity | $2.45B | $2.48B | $2.60B | $2.70B | $2.72B | $2.95B | $2.63B | $2.41B | $2.17B | $2.16B |
| Retained Earnings | ($724.95M) | ($590.91M) | ($364.44M) | ($162.36M) | $4.52M | $354.25M | $228.65M | $188.36M | $103.24M | $196.95M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $391.81M | - | - | - | $291.43M | - | - | - | $185.47M | - |
| Investing Cash Flow | $466.0K | - | - | - | ($132.59M) | - | - | - | ($21.12M) | - |
| Financing Cash Flow | ($172.07M) | - | - | - | ($409.76M) | - | - | - | ($141.28M) | - |
| CapEx | $112.74M | - | - | - | $59.11M | - | - | - | $7.22M | - |
| Free Cash Flow | $279.06M | - | - | - | $232.32M | - | - | - | $178.25M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 73.6% | - | 78.1% | 78.2% | 76.8% | - | 80.5% | 81.1% | 78.9% | - |
| Operating margin | 9.7% | - | 21.8% | 16.8% | 8.8% | - | 17.3% | 16.2% | 5.8% | - |
| EBITDA margin | 14.2% | - | - | - | 12.7% | - | - | - | 10.3% | - |
| Net margin | 5.8% | - | 15.6% | 13.0% | 8.2% | - | 15.0% | 14.5% | 6.4% | - |
| Free cash flow margin | 40.5% | - | - | - | 37.7% | - | - | - | 36.3% | - |
| FCF / Net income | 6.98 | - | - | - | 4.58 | - | - | - | 5.63 | - |
| R&D / Revenue | 20.7% | - | 17.3% | 19.3% | 21.5% | - | 18.7% | 18.8% | 21.9% | - |
| SG&A / Revenue | 18.2% | - | 17.8% | 18.9% | 21.7% | - | 22.1% | 23.2% | 26.4% | - |
| Effective tax rate | 49.3% | - | 35.6% | 32.3% | 33.1% | - | 26.0% | 24.4% | 31.2% | - |
| Return on assets | 0.7% | - | 1.9% | 1.5% | 0.9% | - | 1.7% | 1.6% | 0.7% | - |
| Return on equity | 1.6% | - | 4.4% | 3.3% | 1.9% | - | 3.6% | 3.5% | 1.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.68 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 |
| Quick ratio | 1.68 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 |
| Cash ratio | 0.30 | 0.20 | 0.22 | 0.30 | 0.42 | 0.48 | 0.47 | 0.40 | 0.40 | 0.36 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 178.7x | - | 431.1x | 307.3x | 146.8x | - | - | - | - | - |
| Equity multiplier | 2.34 | 2.48 | 2.28 | 2.21 | 2.10 | 2.07 | 2.10 | 2.15 | 2.15 | 2.26 |
| Liabilities / Assets | 0.57 | 0.60 | 0.56 | 0.55 | 0.52 | 0.52 | 0.52 | 0.53 | 0.54 | 0.56 |
| Efficiency | ||||||||||
| Asset turnover | 0.12 | - | 0.12 | 0.12 | 0.11 | - | 0.11 | 0.11 | 0.11 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 1761d | - | 1717d | 1712d | 1808d | - | 1737d | 1814d | 1946d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 5281d | - | 6215d | 6586d | 6130d | - | 7171d | 7721d | 7378d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 283.6x | - | 213.1x | 399.9x | 547.2x | - | 577.1x | 574.5x | 1457.0x | - |
| P / B | 4.4x | - | 9.3x | 13.2x | 10.1x | - | 21.0x | 20.3x | 20.1x | - |
| P / S | 15.7x | - | 32.7x | 51.4x | 44.7x | - | 87.7x | 83.5x | 88.7x | - |
| EV / EBITDA | 101.4x | - | - | - | 336.6x | - | - | - | 845.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.8% | - | 17.7% | 18.7% | 25.4% | - | 27.3% | 25.9% | 28.3% | - |
| Revenue CAGR (3y) | 21.6% | - | 23.3% | 22.6% | 25.0% | - | 27.8% | 27.8% | 30.7% | - |
| Revenue CAGR (5y) | 25.7% | - | 27.9% | 37.9% | 30.8% | - | 30.8% | 29.6% | 41.8% | - |
| Gross profit growth (YoY) | 7.1% | - | 14.2% | 14.5% | 22.1% | - | 26.4% | 25.6% | 30.1% | - |
| Operating income growth (YoY) | 22.4% | - | 48.6% | 23.3% | 90.0% | - | 187.9% | 127.3% | - | - |
| Net income growth (YoY) | -21.1% | - | 22.7% | 6.0% | 60.1% | - | 139.3% | 158.1% | 239.5% | - |
| EPS growth (YoY) | -20.0% | - | 21.1% | 5.9% | 66.7% | - | 137.5% | 142.9% | 200.0% | - |
| EPS CAGR (3y) | 58.7% | - | 97.2% | - | - | - | 16.6% | 19.3% | -48.9% | - |
| EPS CAGR (5y) | -29.2% | - | -22.8% | -19.1% | -27.5% | - | -13.8% | -21.8% | -22.2% | - |
| FCF growth (YoY) | 20.1% | - | - | - | 30.3% | - | - | - | -0.1% | - |
| FCF CAGR (5y) | 35.1% | - | - | - | 46.5% | - | - | - | 117.9% | - |
| Book value growth (YoY) | -9.7% | -15.8% | -1.0% | 12.1% | 25.4% | 36.3% | 21.8% | 16.1% | 11.6% | 2.3% |
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%
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.