The Trade Desk Financials
This page shows The Trade Desk (TTD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
The Trade Desk has an operating margin of 17.5%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 87/100, reflecting efficient cost management and pricing power. This is up from 10.3% the prior year.
The Trade Desk's revenue surged 25.6% year-over-year to $2.4B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
The Trade Desk carries a low D/E ratio of 1.07, meaning only $1.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
The Trade Desk's current ratio of 1.86 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
The Trade Desk converts 26.2% of revenue into free cash flow ($641.2M). This strong cash generation earns a score of 100/100.
The Trade Desk's ROE of 13.3% shows moderate profitability relative to equity, earning a score of 53/100. This is up from 8.3% the prior year.
The Trade Desk scores 3.56, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($12.5B) relative to total liabilities ($3.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
The Trade Desk passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, The Trade Desk generates $1.88 in operating cash flow ($739.5M OCF vs $393.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
The Trade Desk earns $282.1 in operating income for every $1 of interest expense ($427.2M vs $1.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
The Trade Desk generated $2.4B in revenue in fiscal year 2024. This represents an increase of 25.6% from the prior year.
The Trade Desk's EBITDA was $514.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 83.2% from the prior year.
The Trade Desk generated $641.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 16.3% from the prior year.
The Trade Desk reported $393.1M in net income in fiscal year 2024. This represents an increase of 119.7% from the prior year.
The Trade Desk earned $0.78 per diluted share (EPS) in fiscal year 2024. This represents an increase of 116.7% from the prior year.
The Trade Desk held $1.4B in cash against $0 in long-term debt as of fiscal year 2024.
The Trade Desk's gross margin was 80.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
The Trade Desk's operating margin was 17.5% in fiscal year 2024, reflecting core business profitability. This is up 7.2 percentage points from the prior year.
The Trade Desk's net profit margin was 16.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.9 percentage points from the prior year.
The Trade Desk's ROE was 13.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 5.1 percentage points from the prior year.
The Trade Desk invested $463.3M in research and development in fiscal year 2024. This represents an increase of 12.5% from the prior year.
The Trade Desk spent $234.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 63.7% from the prior year.
The Trade Desk invested $98.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 110.0% from the prior year.
TTD Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $739.4M+6.5% | $694.0M+12.7% | $616.0M-16.9% | $741.0M+26.8% | $584.5M+19.0% | $491.3M-18.9% | $605.8M+22.8% | $493.3M |
| Cost of Revenue | $162.2M+7.4% | $151.0M+5.7% | $142.8M+5.6% | $135.3M+22.5% | $110.5M+6.6% | $103.6M+2.9% | $100.7M+7.8% | $93.4M |
| Gross Profit | $577.3M+6.3% | $543.1M+14.8% | $473.2M-21.9% | $605.7M+27.8% | $474.1M+22.3% | $387.6M-23.3% | $505.1M+26.3% | $399.9M |
| R&D Expenses | $127.9M-4.7% | $134.3M+1.4% | $132.4M+3.5% | $127.9M+16.2% | $110.0M+2.2% | $107.7M+5.6% | $102.0M-13.4% | $117.8M |
| SG&A Expenses | $131.3M+0.3% | $130.9M-2.0% | $133.6M+1.3% | $131.9M-2.6% | $135.5M+4.6% | $129.6M-1.8% | $131.9M-0.1% | $132.0M |
| Operating Income | $161.2M+38.1% | $116.8M+114.5% | $54.5M-72.1% | $195.3M+106.2% | $94.7M+230.5% | $28.7M-80.2% | $144.4M+283.4% | $37.7M |
| Interest Expense | $356K-12.5% | $407K+8.2% | $376K-3.3% | $389K+2.4% | $380K+2.4% | $371K+100.8% | -$47.9M-371.8% | $17.6M |
| Income Tax | $64.0M+48.5% | $43.1M+71.7% | $25.1M-36.3% | $39.4M+43.4% | $27.5M+91.1% | $14.4M-77.3% | $63.4M+259.0% | $17.6M |
| Net Income | $115.5M+28.2% | $90.1M+77.8% | $50.7M-72.2% | $182.2M+114.3% | $85.0M+168.6% | $31.7M-67.5% | $97.3M+147.3% | $39.4M |
| EPS (Diluted) | $0.23+27.8% | $0.18+80.0% | $0.10-72.2% | $0.36+111.8% | $0.17+183.3% | $0.06-68.4% | $0.19+137.5% | $0.08 |
TTD Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B-0.3% | $6.0B+4.4% | $5.7B-6.7% | $6.1B+18.5% | $5.2B+10.6% | $4.7B-4.6% | $4.9B+8.1% | $4.5B |
| Current Assets | $5.1B+1.3% | $5.1B+4.1% | $4.9B-9.0% | $5.3B+18.0% | $4.5B+10.4% | $4.1B-5.0% | $4.3B+7.5% | $4.0B |
| Cash & Equivalents | $653.1M-27.1% | $896.4M-19.9% | $1.1B-18.3% | $1.4B+35.7% | $1.0B+9.9% | $918.2M+2.6% | $895.1M-16.5% | $1.1B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.5B+6.9% | $3.3B+6.7% | $3.1B-8.4% | $3.3B+14.6% | $2.9B+10.9% | $2.6B-8.7% | $2.9B+17.9% | $2.4B |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.3B+2.4% | $3.3B+9.1% | $3.0B-5.5% | $3.2B+14.8% | $2.8B+10.3% | $2.5B-8.3% | $2.7B+15.2% | $2.4B |
| Current Liabilities | $3.0B+1.6% | $2.9B+10.0% | $2.7B-6.7% | $2.9B+14.1% | $2.5B+10.3% | $2.3B-9.1% | $2.5B+16.9% | $2.1B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.6B-3.5% | $2.7B-0.8% | $2.7B-7.9% | $2.9B+22.6% | $2.4B+11.0% | $2.2B+0.1% | $2.2B+0.4% | $2.2B |
| Retained Earnings | -$364.4M-124.5% | -$162.4M-3693.5% | $4.5M-98.7% | $354.2M+88.1% | $188.4M+82.4% | $103.2M-47.6% | $197.0M-38.5% | $320.4M |
TTD Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $224.7M+36.2% | $165.0M-43.4% | $291.4M+46.2% | $199.4M+145.4% | $81.3M-56.2% | $185.5M+103.5% | $91.1M-52.4% | $191.5M |
| Capital Expenditures | $66.3M+46.6% | $45.2M-23.5% | $59.1M+192.8% | $20.2M-8.7% | $22.1M+206.1% | $7.2M-71.3% | $25.2M+400.1% | $5.0M |
| Free Cash Flow | $158.3M+32.2% | $119.8M-48.4% | $232.3M+29.6% | $179.2M+203.0% | $59.1M-66.8% | $178.2M+170.4% | $65.9M-64.7% | $186.5M |
| Investing Cash Flow | -$66.8M+68.7% | -$213.6M-61.1% | -$132.6M-116.7% | -$61.2M-282.0% | -$16.0M+24.2% | -$21.1M+63.0% | -$57.1M-603.3% | $11.3M |
| Financing Cash Flow | -$401.2M-131.1% | -$173.6M+57.6% | -$409.8M-4294.1% | $9.8M-62.3% | $25.9M+118.3% | -$141.3M+32.9% | -$210.7M-117.4% | -$96.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $310.4M+19.0% | $260.8M-32.5% | $386.3M+573.4% | $57.4M | $0-100.0% | $125.3M-43.0% | $219.9M+143.8% | $90.2M |
TTD Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1%-0.2pp | 78.3%+1.4pp | 76.8%-4.9pp | 81.8%+0.6pp | 81.1%+2.2pp | 78.9%-4.5pp | 83.4%+2.3pp | 81.1% |
| Operating Margin | 21.8%+5.0pp | 16.8%+8.0pp | 8.8%-17.5pp | 26.4%+10.2pp | 16.2%+10.4pp | 5.8%-18.0pp | 23.8%+16.2pp | 7.6% |
| Net Margin | 15.6%+2.6pp | 13.0%+4.8pp | 8.2%-16.4pp | 24.6%+10.0pp | 14.5%+8.1pp | 6.4%-9.6pp | 16.1%+8.1pp | 8.0% |
| Return on Equity | 4.4%+1.1pp | 3.3%+1.5pp | 1.9%-4.3pp | 6.2%+2.7pp | 3.5%+2.1pp | 1.5%-3.0pp | 4.5%+2.7pp | 1.8% |
| Return on Assets | 1.9%+0.4pp | 1.5%+0.6pp | 0.9%-2.1pp | 3.0%+1.3pp | 1.7%+1.0pp | 0.7%-1.3pp | 2.0%+1.1pp | 0.9% |
| Current Ratio | 1.710.0 | 1.71-0.1 | 1.81-0.0 | 1.86+0.1 | 1.800.0 | 1.79+0.1 | 1.72-0.2 | 1.87 |
| Debt-to-Equity | 1.28+0.1 | 1.21+0.1 | 1.10+0.0 | 1.07-0.1 | 1.150.0 | 1.15-0.1 | 1.26+0.2 | 1.10 |
| FCF Margin | 21.4%+4.2pp | 17.3%-20.4pp | 37.7%+13.5pp | 24.2%+14.1pp | 10.1%-26.2pp | 36.3%+25.4pp | 10.9%-26.9pp | 37.8% |
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Frequently Asked Questions
What is The Trade Desk's annual revenue?
The Trade Desk (TTD) reported $2.4B in total revenue for fiscal year 2024. This represents a 25.6% 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.
How fast is The Trade Desk's revenue growing?
The Trade Desk (TTD) revenue grew by 25.6% year-over-year, from $1.9B to $2.4B in fiscal year 2024.
Is The Trade Desk profitable?
Yes, The Trade Desk (TTD) reported a net income of $393.1M in fiscal year 2024, with a net profit margin of 16.1%.
What is The Trade Desk's earnings per share (EPS)?
The Trade Desk (TTD) reported diluted earnings per share of $0.78 for fiscal year 2024. This represents a 116.7% 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.
What is The Trade Desk's EBITDA?
The Trade Desk (TTD) had EBITDA of $514.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is The Trade Desk's gross margin?
The Trade Desk (TTD) had a gross margin of 80.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is The Trade Desk's operating margin?
The Trade Desk (TTD) had an operating margin of 17.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is The Trade Desk's net profit margin?
The Trade Desk (TTD) had a net profit margin of 16.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is The Trade Desk's return on equity (ROE)?
The Trade Desk (TTD) has a return on equity of 13.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is The Trade Desk's free cash flow?
The Trade Desk (TTD) generated $641.2M in free cash flow during fiscal year 2024. This represents a 16.3% 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.
What is The Trade Desk's operating cash flow?
The Trade Desk (TTD) generated $739.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are The Trade Desk's total assets?
The Trade Desk (TTD) had $6.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are The Trade Desk's capital expenditures?
The Trade Desk (TTD) invested $98.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does The Trade Desk spend on research and development?
The Trade Desk (TTD) invested $463.3M in research and development during fiscal year 2024.
Does The Trade Desk buy back shares?
Yes, The Trade Desk (TTD) spent $234.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is The Trade Desk's current ratio?
The Trade Desk (TTD) had a current ratio of 1.86 as of fiscal year 2024, which is generally considered healthy.
What is The Trade Desk's debt-to-equity ratio?
The Trade Desk (TTD) had a debt-to-equity ratio of 1.07 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is The Trade Desk's return on assets (ROA)?
The Trade Desk (TTD) had a return on assets of 6.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is The Trade Desk's Altman Z-Score?
The Trade Desk (TTD) has an Altman Z-Score of 3.56, placing it in the Safe Zone (low bankruptcy 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.
What is The Trade Desk's Piotroski F-Score?
The Trade Desk (TTD) has a Piotroski F-Score of 6 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.
Are The Trade Desk's earnings high quality?
The Trade Desk (TTD) has an earnings quality ratio of 1.88x, 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.
Can The Trade Desk cover its interest payments?
The Trade Desk (TTD) has an interest coverage ratio of 282.1x, 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.
How financially healthy is The Trade Desk?
The Trade Desk (TTD) scores 78 out of 100 on our Financial Profile, indicating strong 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.