Trade Desk (The)

Communication Services Advertising Ventura, California Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.9B
                    3y CAGR +22.4%
                    
                    P95
                    
                    +18.5%
                    
                    Net income
                    FY2025
                
$443.3M
                    Net margin +15.3%
                    
                    P68
                    
                    +12.8%
                    
                    Total assets
                    FY2025
                
$6.2B
                    ROA +7.2%
                    
                    P58
                    
                    +0.7%
                    
                    Operating cash flow
                    FY2025
                
$992.7M
                    FCF margin +27.5%
                    
                    P94
                    
                    +34.3%

12 yrs · FY2014–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 3 years

Total assets $6.2B

Total liabilities $3.7B

Shareholders equity $2.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	10.7%	22.4%	18.3%
Short Term Investments	10.5%	9.0%	9.9%
Accounts Receivable	61.3%	54.5%	58.7%
Prepaid Expenses	3.1%	1.4%	1.3%
Other Current Assets	1.6%	1.2%	1.2%
Total Current Assets	85.5%	87.3%	88.2%
Property,Plant and Equipment	6.4%	3.4%	3.3%
Operating Lease Assets	5.6%	4.3%	4.0%
Long Term Investments	10.5%	9.0%	9.9%
Deferred Tax Assets	0.9%	3.8%	3.2%
Other Noncurrent Assets	1.6%	1.2%	1.2%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	48.9%	43.1%	47.4%
Accrued Liabilities	3.0%	2.9%	2.8%
Operating Lease Liabilities	1.2%	1.1%	1.1%
Other Current Liabilities	0.7%	0.7%	0.7%
Total Current Liabilities	53.1%	47.0%	51.4%
Operating Lease Liabilities Noncurrent	5.9%	4.1%	3.7%
Deferred Tax Liabilities	0.0%	0.0%	0.0%
Other Noncurrent Liabilities	0.7%	0.7%	0.7%
Total Liabilities	59.6%	51.7%	55.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	50.0%	42.5%	40.2%
Retained Earnings	-9.6%	5.8%	4.0%
Total Stockholders Equity	40.4%	48.3%	44.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $2.9B

Operating income $589.3M

Net income $443.3M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	47.1%	40.0%	39.8%
Expenses Cost of Revenue	10.1%	7.7%	7.5%
Expenses Research and Development	8.5%	7.6%	8.4%
Expenses Selling,General and Administrative	8.4%	8.8%	10.6%
Expenses Depreciation and Amortization	1.6%	1.1%	1.3%
Expenses Share Based Compensation	8.0%	8.1%	10.1%
Expenses Operating Expenses	37.5%	33.0%	35.7%
Other Income Expense Operating Income	9.6%	7.0%	4.1%
Other Income Expense Interest Income	1.1%	1.3%	1.4%
Other Income Expense Other Income/expense	1.1%	1.3%	1.4%
Other Income Expense Income Before Tax	10.7%	8.3%	5.5%
Income Tax Income Tax Expense	3.5%	1.9%	1.8%
net Income net Income	7.2%	6.4%	3.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	7.9%	8.0%	10.0%
Earnings Per Share Weighted Average Shares Diluted	8.0%	8.2%	10.2%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 3 years

Operating cash flow $992.7M

Investing cash flow $-292.6M

Financing cash flow $-1.4B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.2%	6.4%	3.7%
Operating Activities Depreciation and Amortization	1.6%	1.1%	1.3%
Operating Activities Stock Based Compensation	8.0%	8.1%	10.1%
Operating Activities Deferred Income Taxes	2.8%	-1.2%	-1.2%
Operating Activities Changes In Operating Assets and Liabilities	13.0%	13.3%	21.6%
Operating Activities net Cash From Operating Activities	16.1%	12.1%	12.2%
Investing Activities Capital Expenditures	3.2%	1.6%	1.0%
Investing Activities Business Acquisitions	0.1%	0.0%	0.0%
Investing Activities Purchases of Investments	15.5%	11.1%	12.4%
Investing Activities net Cash From Investing Activities	-4.8%	-2.6%	-2.2%
Financing Activities Repurchase of Common Stock	22.4%	3.8%	13.2%
Financing Activities Proceeds From Stock Issuance	0.4%	3.5%	1.2%
Financing Activities Tax Withholding On Stock Based Compensation	1.6%	2.3%	1.6%
Financing Activities net Cash From Financing Activities	-22.9%	-1.8%	-12.8%
Cash Reconciliation net Change In Cash	-11.6%	7.8%	-2.8%
Cash Reconciliation Cash At Beginning of Period	10.7%	22.4%	18.3%
Cash Reconciliation Cash At End of Period	10.7%	22.4%	18.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+78.6%	+80.7%	+81.2%
Operating margin	+20.3%	+17.5%	+10.3%
Net margin	+15.3%	+16.1%	+9.2%
FCF margin	+27.5%	+26.2%	+28.3%
Growth
Revenue CAGR (3y)	+22.4%	+26.9%	+32.5%
Returns
ROE	+17.8%	+13.3%	+8.3%
ROA	+7.2%	+6.4%	+3.7%
ROIC	—	—	—
Liquidity
Current ratio	1.61x	1.86x	1.72x
Quick ratio	1.36x	1.64x	1.50x
Leverage
D/E	1.48x	1.07x	1.26x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.47x	0.40x	0.40x
Cash conversion cycle	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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