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The Trade Desk Financials

TTD
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows The Trade Desk (TTD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 63 / 100
Financial Profile 63/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
67

The Trade Desk has an operating margin of 20.3%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from 17.5% the prior year.

Growth
64

The Trade Desk's revenue surged 18.5% year-over-year to $2.9B, reflecting rapid business expansion. This strong growth earns a score of 64/100.

Leverage
72

The Trade Desk carries a low D/E ratio of 1.48, meaning only $1.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
28

The Trade Desk's current ratio of 1.61 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Cash Flow
94

The Trade Desk converts 27.5% of revenue into free cash flow ($795.7M). This strong cash generation earns a score of 94/100.

Returns
51

The Trade Desk's ROE of 17.8% shows moderate profitability relative to equity, earning a score of 51/100. This is up from 13.3% the prior year.

Altman Z-Score Grey Zone
2.76

The Trade Desk scores 2.76, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($10.5B) relative to total liabilities ($3.7B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
5/9

The Trade Desk passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
2.24x

For every $1 of reported earnings, The Trade Desk generates $2.24 in operating cash flow ($992.7M OCF vs $443.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
329.2x

The Trade Desk earns $329.2 in operating income for every $1 of interest expense ($589.3M vs $1.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.9B
YoY+18.5%
5Y CAGR+28.2%
10Y CAGR+38.2%

The Trade Desk generated $2.9B in revenue in fiscal year 2025. This represents an increase of 18.5% from the prior year.

EBITDA
$705.1M
YoY+37.0%
5Y CAGR+32.5%
10Y CAGR+33.3%

The Trade Desk's EBITDA was $705.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 37.0% from the prior year.

Net Income
$443.3M
YoY+12.8%
5Y CAGR+12.8%
10Y CAGR+39.5%

The Trade Desk reported $443.3M in net income in fiscal year 2025. This represents an increase of 12.8% from the prior year.

EPS (Diluted)
$0.90
YoY+15.4%
5Y CAGR+12.9%
10Y CAGR+8.7%

The Trade Desk earned $0.90 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$795.7M
YoY+24.1%
5Y CAGR+19.2%

The Trade Desk generated $795.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.1% from the prior year.

Cash & Debt
$658.2M
YoY-51.9%
5Y CAGR+8.5%
10Y CAGR+66.4%

The Trade Desk held $658.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
78.6%
YoY-2.1pp
5Y CAGR+0.0pp

The Trade Desk's gross margin was 78.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.

Operating Margin
20.3%
YoY+2.9pp
5Y CAGR+3.1pp
10Y CAGR-13.0pp

The Trade Desk's operating margin was 20.3% in fiscal year 2025, reflecting core business profitability. This is up 2.9 percentage points from the prior year.

Net Margin
15.3%
YoY-0.8pp
5Y CAGR-13.7pp
10Y CAGR+1.3pp

The Trade Desk's net profit margin was 15.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.

Return on Equity
17.8%
YoY+4.5pp
5Y CAGR-6.1pp
10Y CAGR-94.8pp

The Trade Desk's ROE was 17.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$525.1M
YoY+13.3%
5Y CAGR+25.8%
10Y CAGR+45.0%

The Trade Desk invested $525.1M in research and development in fiscal year 2025. This represents an increase of 13.3% from the prior year.

Share Buybacks
$1.4B
YoY+488.0%

The Trade Desk spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 488.0% from the prior year.

Capital Expenditures
$197.0M
YoY+100.5%
5Y CAGR+21.6%
10Y CAGR+44.0%

The Trade Desk invested $197.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 100.5% from the prior year.

TTD Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $846.8M+14.5% $739.4M+6.5% $694.0M+12.7% $616.0M-16.9% $741.0M+18.0% $628.0M+7.4% $584.5M+19.0% $491.3M
Cost of Revenue $163.1M+0.6% $162.2M+7.4% $151.0M+5.7% $142.8M+5.6% $135.3M+10.3% $122.7M+11.0% $110.5M+6.6% $103.6M
Gross Profit $683.7M+18.4% $577.3M+6.3% $543.1M+14.8% $473.2M-21.9% $605.7M+19.9% $505.4M+6.6% $474.1M+22.3% $387.6M
R&D Expenses $130.6M+2.1% $127.9M-4.7% $134.3M+1.4% $132.4M+3.5% $127.9M+8.7% $117.7M+7.0% $110.0M+2.2% $107.7M
SG&A Expenses $122.6M-6.6% $131.3M+0.3% $130.9M-2.0% $133.6M+1.3% $131.9M-5.0% $138.9M+2.5% $135.5M+4.6% $129.6M
Operating Income $256.9M+59.3% $161.2M+38.1% $116.8M+114.5% $54.5M-72.1% $195.3M+80.0% $108.5M+14.5% $94.7M+230.5% $28.7M
Interest Expense $651K+82.9% $356K-12.5% $407K+8.2% $376K-3.3% $389K+4.0% $374K-1.6% $380K+2.4% $371K
Income Tax $83.3M+30.2% $64.0M+48.5% $43.1M+71.7% $25.1M-36.3% $39.4M+19.2% $33.0M+20.2% $27.5M+91.1% $14.4M
Net Income $186.9M+61.8% $115.5M+28.2% $90.1M+77.8% $50.7M-72.2% $182.2M+93.5% $94.2M+10.7% $85.0M+168.6% $31.7M
EPS (Diluted) N/A $0.23+27.8% $0.18+80.0% $0.10 N/A $0.19+11.8% $0.17+183.3% $0.06

TTD Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $6.2B+3.6% $5.9B-0.3% $6.0B+4.4% $5.7B-6.7% $6.1B+11.0% $5.5B+6.7% $5.2B+10.6% $4.7B
Current Assets $5.3B+2.7% $5.1B+1.3% $5.1B+4.1% $4.9B-9.0% $5.3B+10.3% $4.8B+7.0% $4.5B+10.4% $4.1B
Cash & Equivalents $658.2M+0.8% $653.1M-27.1% $896.4M-19.9% $1.1B-18.3% $1.4B+12.1% $1.2B+21.0% $1.0B+9.9% $918.2M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $3.8B+8.4% $3.5B+6.9% $3.3B+6.7% $3.1B-8.4% $3.3B+11.4% $3.0B+2.9% $2.9B+10.9% $2.6B
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $3.7B+9.9% $3.3B+2.4% $3.3B+9.1% $3.0B-5.5% $3.2B+9.8% $2.9B+4.5% $2.8B+10.3% $2.5B
Current Liabilities $3.3B+9.1% $3.0B+1.6% $2.9B+10.0% $2.7B-6.7% $2.9B+9.9% $2.6B+3.8% $2.5B+10.3% $2.3B
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $2.5B-4.5% $2.6B-3.5% $2.7B-0.8% $2.7B-7.9% $2.9B+12.3% $2.6B+9.2% $2.4B+11.0% $2.2B
Retained Earnings -$590.9M-62.1% -$364.4M-124.5% -$162.4M-3693.5% $4.5M-98.7% $354.2M+54.9% $228.7M+21.4% $188.4M+82.4% $103.2M

TTD Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $311.6M+38.7% $224.7M+36.2% $165.0M-43.4% $291.4M+46.2% $199.4M-27.0% $273.3M+236.4% $81.3M-56.2% $185.5M
Capital Expenditures $26.3M-60.3% $66.3M+46.6% $45.2M-23.5% $59.1M+192.8% $20.2M-58.5% $48.7M+120.3% $22.1M+206.1% $7.2M
Free Cash Flow $285.3M+80.1% $158.3M+32.2% $119.8M-48.4% $232.3M+29.6% $179.2M-20.2% $224.6M+279.8% $59.1M-66.8% $178.2M
Investing Cash Flow $120.3M+280.2% -$66.8M+68.7% -$213.6M-61.1% -$132.6M-116.7% -$61.2M-3.4% -$59.2M-269.6% -$16.0M+24.2% -$21.1M
Financing Cash Flow -$426.8M-6.4% -$401.2M-131.1% -$173.6M+57.6% -$409.8M-4294.1% $9.8M+584.6% -$2.0M-107.8% $25.9M+118.3% -$141.3M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $422.9M+36.2% $310.4M+19.0% $260.8M-32.5% $386.3M+573.4% $57.4M+10.0% $52.1M $0-100.0% $125.3M

TTD Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 80.7%+2.7pp 78.1%-0.2pp 78.3%+1.4pp 76.8%-4.9pp 81.8%+1.3pp 80.5%-0.6pp 81.1%+2.2pp 78.9%
Operating Margin 30.3%+8.5pp 21.8%+5.0pp 16.8%+8.0pp 8.8%-17.5pp 26.4%+9.1pp 17.3%+1.1pp 16.2%+10.4pp 5.8%
Net Margin 22.1%+6.5pp 15.6%+2.6pp 13.0%+4.8pp 8.2%-16.4pp 24.6%+9.6pp 15.0%+0.4pp 14.5%+8.1pp 6.4%
Return on Equity 7.5%+3.1pp 4.4%+1.1pp 3.3%+1.5pp 1.9%-4.3pp 6.2%+2.6pp 3.6%+0.1pp 3.5%+2.1pp 1.5%
Return on Assets 3.0%+1.1pp 1.9%+0.4pp 1.5%+0.6pp 0.9%-2.1pp 3.0%+1.3pp 1.7%+0.1pp 1.7%+1.0pp 0.7%
Current Ratio 1.61-0.1 1.710.0 1.71-0.1 1.81-0.0 1.860.0 1.85+0.1 1.800.0 1.79
Debt-to-Equity 1.48+0.2 1.28+0.1 1.21+0.1 1.10+0.0 1.07-0.0 1.10-0.0 1.150.0 1.15
FCF Margin 33.7%+12.3pp 21.4%+4.2pp 17.3%-20.4pp 37.7%+13.5pp 24.2%-11.6pp 35.8%+25.7pp 10.1%-26.2pp 36.3%

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Frequently Asked Questions

The Trade Desk (TTD) reported $2.9B in total revenue for fiscal year 2025. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

The Trade Desk (TTD) revenue grew by 18.5% year-over-year, from $2.4B to $2.9B in fiscal year 2025.

Yes, The Trade Desk (TTD) reported a net income of $443.3M in fiscal year 2025, with a net profit margin of 15.3%.

The Trade Desk (TTD) reported diluted earnings per share of $0.90 for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

The Trade Desk (TTD) had EBITDA of $705.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

The Trade Desk (TTD) had a gross margin of 78.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

The Trade Desk (TTD) had an operating margin of 20.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

The Trade Desk (TTD) had a net profit margin of 15.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

The Trade Desk (TTD) has a return on equity of 17.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

The Trade Desk (TTD) generated $795.7M in free cash flow during fiscal year 2025. This represents a 24.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

The Trade Desk (TTD) generated $992.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

The Trade Desk (TTD) had $6.2B in total assets as of fiscal year 2025, including both current and long-term assets.

The Trade Desk (TTD) invested $197.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

The Trade Desk (TTD) invested $525.1M in research and development during fiscal year 2025.

Yes, The Trade Desk (TTD) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

The Trade Desk (TTD) had a current ratio of 1.61 as of fiscal year 2025, which is generally considered healthy.

The Trade Desk (TTD) had a debt-to-equity ratio of 1.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

The Trade Desk (TTD) had a return on assets of 7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

The Trade Desk (TTD) has an Altman Z-Score of 2.76, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

The Trade Desk (TTD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

The Trade Desk (TTD) has an earnings quality ratio of 2.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

The Trade Desk (TTD) has an interest coverage ratio of 329.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

The Trade Desk (TTD) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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