What is The Trade Desk's earnings per share (EPS)?

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 Financials

TTD

Trailing 12 months to June 30, 2026

Revenue $3.0B +11.6% YoY

Net Income $406.9M -2.5% YoY

EPS (Diluted) $0.83 0.0% YoY

Free Cash Flow $863.0M +14.2% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

The Trade Desk (TTD) reported $3.0B in revenue over the twelve months to Jun 30, 2026, up 11.6% from the prior twelve months. This page shows its 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).

Rhea AI TTD FY2025 2026-08-29

Operating leverage is widening margins faster than gross economics, while buybacks and working capital reshape the balance sheet.

Between FY2023 and FY2025, operating margin nearly doubled to 20.4% while gross margin slipped, pointing to operating-cost leverage rather than a wider gross spread. In FY2025, operating cash flow reached $993M versus net income of $443M, showing earnings converted into cash rather than remaining mainly accrual-based.

Revenue reached $2.9B in FY2025 while gross margin fell to 78.6%; scale is being absorbed below gross profit, not through a wider gross spread. SG&A fell to $518M from $536M, while R&D increased; this points to efficiency in the established cost base rather than across-the-board underinvestment.

The reported debt-to-equity ratio reached 1.5x while equity declined to $2.5B, indicating a more leveraged posture. That shift coincided with $1.4B of FY2025 buybacks and a current ratio easing to 1.6x, linking capital returns with less short-term balance-sheet cushion.

Financial Health Signals

Financial Health Score 68/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of The Trade Desk's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

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 78/100, reflecting efficient cost management and pricing power. This is up from 17.5% the prior year.

Growth

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 83/100.

Leverage

The Trade Desk has a moderate D/E ratio of 1.48. This balance of debt and equity financing earns a leverage score of 37/100.

Liquidity

The Trade Desk's current ratio of 1.61 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

The Trade Desk converts 27.5% of revenue into free cash flow ($795.7M). This strong cash generation earns a score of 93/100.

Returns

The Trade Desk earns a strong 17.8% return on equity (ROE), meaning it generates $18 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is up from 13.3% the prior year.

Altman Z-Score Grey Zone

2.08

The Trade Desk scores 2.08, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($6.4B) relative to total liabilities ($3.7B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/7

The Trade Desk passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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

329.23x

The Trade Desk earns $329.23 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%

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 as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

78.6%

YoY-2.1pp

5Y CAGR0.0pp

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

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TTD quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Revenue	$3.0B	$2.9B+18.5%	$2.4B+25.6%	$1.9B+23.3%	$1.6B+31.9%	$1.2B+43.1%	$836.0M+26.5%	$661.1M+38.5%	$477.3M+54.9%	$308.2M+51.9%	$202.9M+78.3%	$113.8M+155.5%	$44.5M
Cost of Revenue	$691.6M	$619.1M+31.2%	$472.0M+29.1%	$365.6M+30.0%	$281.1M+26.9%	$221.6M+23.9%	$178.8M+14.5%	$156.2M+36.9%	$114.1M+72.3%	$66.2M+66.1%	$39.9M	N/A	N/A
Gross Profit	$2.3B	$2.3B+15.4%	$2.0B+24.8%	$1.6B+21.9%	$1.3B+33.0%	$974.9M+48.3%	$657.2M+30.2%	$504.9M+39.0%	$363.2M+50.1%	$242.0M+48.4%	$163.1M	N/A	N/A
R&D Expenses	$542.0M	$525.1M+13.3%	$463.3M+12.5%	$411.8M+28.7%	$319.9M+41.5%	$226.1M+35.7%	$166.7M+42.7%	$116.8M+39.2%	$83.9M+58.9%	$52.8M+93.3%	$27.3M+113.1%	$12.8M+76.8%	$7.3M
SG&A Expenses	$493.3M	$518.5M-3.2%	$535.8M+3.0%	$520.3M-0.9%	$525.2M+40.2%	$374.7M+118.3%	$171.6M+20.0%	$143.0M+68.5%	$84.9M+45.3%	$58.4M+81.7%	$32.2M+142.3%	$13.3M+41.5%	$9.4M
Operating Income	$586.3M	$589.3M+38.0%	$427.2M+113.1%	$200.5M+76.4%	$113.7M-8.9%	$124.8M-13.4%	$144.2M+28.5%	$112.2M+4.5%	$107.3M+54.7%	$69.4M+20.6%	$57.5M+51.4%	$38.0M+4871.2%	$764K
Interest Expense	$2.1M	$1.8M+18.2%	$1.5M-8.6%	$1.7M-58.7%	$4.0M+489.7%	-$1.0M-257.0%	$656K-86.1%	$4.7M+204.5%	$1.6M-13.5%	$1.8M-41.8%	$3.1M+169.5%	$1.1M+35.3%	$843K
Income Tax	$234.9M	$215.5M+88.6%	$114.2M+28.3%	$89.1M+20.4%	$74.0M+570.5%	-$15.7M+84.0%	-$98.4M-1345.4%	$7.9M-55.1%	$17.6M+37.2%	$12.8M-45.1%	$23.4M+67.7%	$13.9M+1569.0%	-$948K
Net Income	$406.9M	$443.3M+12.8%	$393.1M+119.7%	$178.9M+235.2%	$53.4M-61.2%	$137.8M-43.1%	$242.3M+123.7%	$108.3M+22.9%	$88.1M+73.5%	$50.8M+148.0%	$20.5M+28.6%	$15.9M+318480.0%	$5K
EPS (Diluted)	$0.83	$0.90+15.4%	$0.78+116.7%	$0.36+227.3%	$0.11-60.7%	$0.28-42.9%	$0.49+113.0%	$0.23	$1.92+67.0%	$1.15+178.8%	-$1.46-474.4%	$0.39	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$715.1M+3.8%	$688.9M-18.7%	$846.8M+14.5%	$739.4M+6.5%	$694.0M+12.7%	$616.0M-16.9%	$741.0M+18.0%	$628.0M
Cost of Revenue	$184.3M+1.3%	$182.0M+11.6%	$163.1M+0.6%	$162.2M+7.4%	$151.0M+5.7%	$142.8M+5.6%	$135.3M+10.3%	$122.7M
Gross Profit	$530.7M+4.7%	$506.9M-25.9%	$683.7M+18.4%	$577.3M+6.3%	$543.1M+14.8%	$473.2M-21.9%	$605.7M+19.9%	$505.4M
R&D Expenses	$140.7M-1.4%	$142.7M+9.3%	$130.6M+2.1%	$127.9M-4.7%	$134.3M+1.4%	$132.4M+3.5%	$127.9M+8.7%	$117.7M
SG&A Expenses	$114.0M-9.0%	$125.3M+2.2%	$122.6M-6.6%	$131.3M+0.3%	$130.9M-2.0%	$133.6M+1.3%	$131.9M-5.0%	$138.9M
Operating Income	$101.6M+52.4%	$66.6M-74.1%	$256.9M+59.3%	$161.2M+38.1%	$116.8M+114.5%	$54.5M-72.1%	$195.3M+80.0%	$108.5M
Interest Expense	$730K+95.7%	$373K-42.7%	$651K+82.9%	$356K-12.5%	$407K+8.2%	$376K-3.3%	$389K+4.0%	$374K
Income Tax	$48.7M+25.0%	$39.0M-53.2%	$83.3M+30.2%	$64.0M+48.5%	$43.1M+71.7%	$25.1M-36.3%	$39.4M+19.2%	$33.0M
Net Income	$64.4M+61.0%	$40.0M-78.6%	$186.9M+61.8%	$115.5M+28.2%	$90.1M+77.8%	$50.7M-72.2%	$182.2M+93.5%	$94.2M
EPS (Diluted)	$0.14+75.0%	$0.08-78.9%	$0.38+65.2%	$0.23+27.8%	$0.18+80.0%	$0.10-72.2%	$0.36+89.5%	$0.19

TTD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TTD quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Total Assets	$6.2B+0.7%	$6.1B+25.0%	$4.9B+11.6%	$4.4B+22.5%	$3.6B+29.9%	$2.8B+59.3%	$1.7B+54.6%	$1.1B+40.2%	$797.2M+48.3%	$537.6M+155.7%	$210.2M	N/A
Current Assets	$5.3B-1.4%	$5.3B+23.7%	$4.3B+12.2%	$3.8B+24.4%	$3.1B+33.8%	$2.3B+59.4%	$1.4B+37.2%	$1.1B+38.0%	$765.8M+48.3%	$516.4M+158.5%	$199.8M	N/A
Cash & Equivalents	$658.2M-51.9%	$1.4B+53.0%	$895.1M-13.1%	$1.0B+36.6%	$754.2M+72.4%	$437.4M+234.2%	$130.9M-36.8%	$207.2M+32.9%	$155.9M+16.9%	$133.4M+3196.3%	$4.0M-76.6%	$17.3M
Accounts Receivable	$3.8B+13.2%	$3.3B+16.0%	$2.9B+22.3%	$2.3B+16.2%	$2.0B+27.6%	$1.6B+35.8%	$1.2B+39.7%	$834.8M+39.2%	$599.6M+58.9%	$377.2M+96.5%	$191.9M	N/A
Total Liabilities	$3.7B+16.0%	$3.2B+16.1%	$2.7B+20.3%	$2.3B+10.5%	$2.1B+17.8%	$1.7B+55.9%	$1.1B+54.3%	$723.3M+31.1%	$551.6M+47.8%	$373.2M+117.1%	$171.9M	N/A
Current Liabilities	$3.3B+13.7%	$2.9B+14.4%	$2.5B+23.7%	$2.0B+12.5%	$1.8B+22.3%	$1.5B+58.5%	$930.4M+30.3%	$714.0M+37.7%	$518.5M+50.7%	$344.1M+189.4%	$118.9M	N/A
Total Equity	$2.5B-15.8%	$2.9B+36.3%	$2.2B+2.3%	$2.1B+38.5%	$1.5B+50.7%	$1.0B+65.4%	$612.5M+55.2%	$394.6M+60.7%	$245.6M+49.4%	$164.4M+1062.4%	$14.1M+330.7%	-$6.1M
Retained Earnings	-$590.9M-266.8%	$354.2M+79.9%	$197.0M-70.4%	$665.5M+8.7%	$612.1M+29.0%	$474.4M+104.1%	$232.4M+87.3%	$124.1M+245.0%	$36.0M+342.8%	-$14.8M-213.1%	$13.1M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.8B+0.5%	$5.7B-6.8%	$6.2B+3.6%	$5.9B-0.3%	$6.0B+4.4%	$5.7B-6.7%	$6.1B+11.0%	$5.5B
Current Assets	$4.8B-0.9%	$4.9B-7.6%	$5.3B+2.7%	$5.1B+1.3%	$5.1B+4.1%	$4.9B-9.0%	$5.3B+10.3%	$4.8B
Cash & Equivalents	$1.1B+27.8%	$878.4M+33.5%	$658.2M+0.8%	$653.1M-27.1%	$896.4M-19.9%	$1.1B-18.3%	$1.4B+12.1%	$1.2B
Accounts Receivable	$3.2B-3.7%	$3.3B-11.8%	$3.8B+8.4%	$3.5B+6.9%	$3.3B+6.7%	$3.1B-8.4%	$3.3B+11.4%	$3.0B
Total Liabilities	$3.2B-2.8%	$3.3B-10.6%	$3.7B+9.9%	$3.3B+2.4%	$3.3B+9.1%	$3.0B-5.5%	$3.2B+9.8%	$2.9B
Current Liabilities	$2.8B-3.3%	$2.9B-11.5%	$3.3B+9.1%	$3.0B+1.6%	$2.9B+10.0%	$2.7B-6.7%	$2.9B+9.9%	$2.6B
Total Equity	$2.6B+4.9%	$2.5B-1.2%	$2.5B-4.5%	$2.6B-3.5%	$2.7B-0.8%	$2.7B-7.9%	$2.9B+12.3%	$2.6B
Retained Earnings	-$719.5M+0.8%	-$725.0M-22.7%	-$590.9M-62.1%	-$364.4M-124.5%	-$162.4M-3693.5%	$4.5M-98.7%	$354.2M+54.9%	$228.7M

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

TTD Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TTD quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Operating Cash Flow	$1.1B	$992.7M+34.3%	$739.5M+23.6%	$598.3M+9.0%	$548.7M+45.0%	$378.5M-6.6%	$405.1M+572.8%	$60.2M-30.5%	$86.6M+177.4%	$31.2M-58.4%	$75.0M+305.2%	-$36.6M-146.3%	-$14.8M
Capital Expenditures	$218.6M	$197.0M+100.5%	$98.2M+110.0%	$46.8M-44.4%	$84.2M+53.6%	$54.8M-26.0%	$74.1M+107.5%	$35.7M+80.3%	$19.8M+95.8%	$10.1M+46.9%	$6.9M+34.2%	$5.1M+516.3%	$832K
Free Cash Flow	$863.0M	$795.7M+24.1%	$641.2M+16.3%	$551.5M+18.7%	$464.6M+43.5%	$323.7M-2.2%	$331.0M+1250.4%	$24.5M-63.3%	$66.8M+216.4%	$21.1M-69.0%	$68.1M+263.5%	-$41.7M-165.9%	-$15.7M
Investing Cash Flow	$218.4M	-$292.6M-85.8%	-$157.5M-46.4%	-$107.6M+64.7%	-$304.4M-225.1%	-$93.6M+34.6%	-$143.3M+12.6%	-$163.8M-550.4%	-$25.2M-56.8%	-$16.1M-74.2%	-$9.2M	N/A	N/A
Financing Cash Flow	-$1.1B	-$1.4B-1211.6%	-$107.6M+82.8%	-$626.1M-2057.1%	$32.0M+0.2%	$31.9M-28.5%	$44.7M+63.8%	$27.3M+369.3%	-$10.1M-237.1%	$7.4M-88.4%	$63.5M	N/A	N/A
Share Buybacks	$974.7M	$1.4B+488.0%	$234.8M-63.7%	$646.6M	$0	$0	N/A	N/A	N/A	N/A	$54.0M	N/A	$561K

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$153.6M-60.8%	$391.8M+25.7%	$311.6M+38.7%	$224.7M+36.2%	$165.0M-43.4%	$291.4M+46.2%	$199.4M-27.0%	$273.3M
Capital Expenditures	$13.2M-88.3%	$112.7M+328.3%	$26.3M-60.3%	$66.3M+46.6%	$45.2M-23.5%	$59.1M+192.8%	$20.2M-58.5%	$48.7M
Free Cash Flow	$140.4M-49.7%	$279.1M-2.2%	$285.3M+80.1%	$158.3M+32.2%	$119.8M-48.4%	$232.3M+29.6%	$179.2M-20.2%	$224.6M
Investing Cash Flow	$164.5M+35190.3%	$466K-99.6%	$120.3M+280.2%	-$66.8M+68.7%	-$213.6M-61.1%	-$132.6M-116.7%	-$61.2M-3.4%	-$59.2M
Financing Cash Flow	-$73.4M+57.3%	-$172.1M+59.7%	-$426.8M-6.4%	-$401.2M-131.1%	-$173.6M+57.6%	-$409.8M-4294.1%	$9.8M+584.6%	-$2.0M
Share Buybacks	$77.8M-52.4%	$163.5M-61.3%	$422.9M+36.2%	$310.4M+19.0%	$260.8M-32.5%	$386.3M+573.4%	$57.4M+10.0%	$52.1M

Not reported in any period shown, so not listed: Dividends Paid.

TTD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TTD quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Gross Margin	78.6%-2.1pp	80.7%-0.5pp	81.2%-1.0pp	82.2%+0.7pp	81.5%+2.9pp	78.6%+2.2pp	76.4%+0.3pp	76.1%-2.4pp	78.5%-1.8pp	80.3%	N/A	N/A
Operating Margin	20.3%+2.9pp	17.5%+7.2pp	10.3%+3.1pp	7.2%-3.2pp	10.4%-6.8pp	17.3%+0.3pp	17.0%-5.5pp	22.5%0.0pp	22.5%-5.8pp	28.3%-5.0pp	33.4%+31.6pp	1.7%
Net Margin	15.3%-0.8pp	16.1%+6.9pp	9.2%+5.8pp	3.4%-8.1pp	11.5%-17.5pp	29.0%+12.6pp	16.4%-2.1pp	18.5%+2.0pp	16.5%+6.4pp	10.1%-3.9pp	14.0%+14.0pp	0.0%
Return on Equity	17.8%+4.5pp	13.3%+5.1pp	8.3%+5.8pp	2.5%-6.5pp	9.0%-14.9pp	23.9%+6.2pp	17.7%-4.7pp	22.3%+1.7pp	20.7%+8.2pp	12.5%-100.2pp	112.6%	N/A
Return on Assets	7.2%+0.8pp	6.4%+2.8pp	3.7%+2.4pp	1.2%-2.6pp	3.9%-4.9pp	8.8%+2.5pp	6.3%-1.6pp	7.9%+1.5pp	6.4%+2.6pp	3.8%-3.8pp	7.6%	N/A
Current Ratio	1.61-0.2x	1.86+0.1x	1.72-0.2x	1.90+0.2x	1.71+0.1x	1.570.0x	1.56+0.1x	1.480.0x	1.480.0x	1.50-0.2x	1.68	N/A
Debt-to-Equity	1.48+0.4x	1.07-0.2x	1.26+0.2x	1.07-0.3x	1.34-0.4x	1.72-0.1x	1.820.0x	1.83-0.4x	2.250.0x	2.27-9.9x	12.15	N/A
FCF Margin	27.5%+1.2pp	26.2%-2.1pp	28.3%-1.1pp	29.4%+2.4pp	27.1%-12.5pp	39.6%+35.9pp	3.7%-10.3pp	14.0%+7.2pp	6.9%-26.7pp	33.6%+70.2pp	-36.6%-1.4pp	-35.2%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	74.2%+0.6pp	73.6%-7.2pp	80.7%+2.7pp	78.1%-0.2pp	78.3%+1.4pp	76.8%-4.9pp	81.8%+1.3pp	80.5%
Operating Margin	14.2%+4.5pp	9.7%-20.7pp	30.3%+8.5pp	21.8%+5.0pp	16.8%+8.0pp	8.8%-17.5pp	26.4%+9.1pp	17.3%
Net Margin	9.0%+3.2pp	5.8%-16.3pp	22.1%+6.5pp	15.6%+2.6pp	13.0%+4.8pp	8.2%-16.4pp	24.6%+9.6pp	15.0%
Return on Equity	2.5%+0.9pp	1.6%-5.9pp	7.5%+3.1pp	4.4%+1.1pp	3.3%+1.5pp	1.9%-4.3pp	6.2%+2.6pp	3.6%
Return on Assets	1.1%+0.4pp	0.7%-2.3pp	3.0%+1.1pp	1.9%+0.4pp	1.5%+0.6pp	0.9%-2.1pp	3.0%+1.3pp	1.7%
Current Ratio	1.720.0x	1.68+0.1x	1.61-0.1x	1.710.0x	1.71-0.1x	1.810.0x	1.860.0x	1.85
Debt-to-Equity	1.24-0.1x	1.34-0.1x	1.48+0.2x	1.28+0.1x	1.21+0.1x	1.100.0x	1.070.0x	1.10
FCF Margin	19.6%-20.9pp	40.5%+6.8pp	33.7%+12.3pp	21.4%+4.2pp	17.3%-20.4pp	37.7%+13.5pp	24.2%-11.6pp	35.8%

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Where The Trade Desk Ranks

Frequently Asked Questions

What is The Trade Desk's annual revenue?

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.

How fast is The Trade Desk's revenue growing?

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

Is The Trade Desk profitable?

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

What is The Trade Desk's EBITDA?

The Trade Desk (TTD) had EBITDA of $705.1M in fiscal year 2025, 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 78.6% in fiscal year 2025, 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 20.3% in fiscal year 2025, 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 15.3% in fiscal year 2025, 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 17.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is The Trade Desk's free cash flow?

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.

What is The Trade Desk's operating cash flow?

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

What are The Trade Desk's total assets?

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

What are The Trade Desk's capital expenditures?

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

How much does The Trade Desk spend on research and development?

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

Does The Trade Desk buy back shares?

Yes, The Trade Desk (TTD) spent $1.4B on share buybacks during fiscal year 2025, 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 1.61 as of fiscal year 2025, 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 1.48 as of fiscal year 2025, 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 7.2% for fiscal year 2025, 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 2.08, 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.

What is The Trade Desk's Piotroski F-Score?

The Trade Desk (TTD) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 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.

Can The Trade Desk cover its interest payments?

The Trade Desk (TTD) has an interest coverage ratio of 329.23x, 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 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.