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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $6.2B

Total liabilities $3.7B

Shareholders equity $2.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-3.3%	+22.0%	+8.9%	+36.6%	—
Short Term Investments	+33.2%	+39.2%	+54.0%	+103.3%	—
Accounts Receivable	+16.9%	+18.1%	+19.2%	+16.2%	—
Prepaid Expenses	+13.7%	-9.0%	-24.8%	-53.8%	—
Other Current Assets	+19.7%	+15.0%	+13.1%	-1.3%	—
Total Current Assets	+14.2%	+20.0%	+18.1%	+24.4%	—
Property,Plant and Equipment	+30.7%	+15.5%	+9.0%	+27.9%	—
Operating Lease Assets	+9.9%	+4.1%	-8.1%	-5.9%	—
Long Term Investments	+33.2%	+39.2%	+54.0%	+103.3%	—
Deferred Tax Assets	-5.0%	+50.0%	+50.6%	+37.8%	—
Other Noncurrent Assets	+19.7%	+15.0%	+13.1%	-1.3%	—
Total Assets	+14.5%	+19.5%	+16.9%	+22.5%	—
Liabilities
Accounts Payable	+16.1%	+16.7%	+18.3%	+13.0%	—
Accrued Liabilities	+15.7%	+20.5%	+16.6%	+3.9%	—
Operating Lease Liabilities	+13.4%	+11.8%	+9.7%	+13.6%	—
Other Current Liabilities	+50.8%	+71.3%	+100.4%	+232.0%	—
Total Current Liabilities	+16.0%	+16.8%	+18.0%	+12.5%	—
Operating Lease Liabilities Noncurrent	+10.8%	+1.3%	-13.0%	-12.5%	—
Deferred Tax Liabilities	—	—	—	—	—
Other Noncurrent Liabilities	+50.8%	+71.3%	+100.4%	+232.0%	—
Total Liabilities	+15.7%	+15.6%	+15.3%	+10.5%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	—	—	—	—	—
Additional Paid In Capital	+35.4%	+41.5%	+46.6%	+58.4%	—
Retained Earnings	—	-16.7%	-43.3%	+8.7%	—
Total Stockholders Equity	+12.9%	+24.5%	+19.0%	+38.5%	—
Total Liabilitiesand Equity	+14.5%	+19.5%	+16.9%	+22.5%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $2.9B

Operating income $589.3M

Net income $443.3M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+24.7%	+26.9%	+27.5%	+31.9%	—
Expenses Cost of Revenue	+29.3%	+28.7%	+28.5%	+26.9%	—
Expenses Research and Development	+23.4%	+27.0%	+34.9%	+41.5%	—
Expenses Selling,General and Administrative	+8.5%	+12.7%	+17.8%	+40.2%	—
Expenses Depreciation and Amortization	+29.6%	+25.4%	+35.0%	+23.5%	—
Expenses Share Based Compensation	+9.8%	+13.6%	+20.7%	+47.8%	—
Expenses Operating Expenses	+21.1%	+23.5%	+27.6%	+36.6%	—
Other Income Expense Operating Income	+47.4%	+50.7%	+26.7%	-8.9%	—
Other Income Expense Interest Income	—	—	—	—	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	+52.4%	+60.8%	+48.2%	+4.4%	—
Income Tax Income Tax Expense	—	—	—	—	—
net Income net Income	+33.9%	+41.8%	+14.0%	-61.2%	—
Earnings Per Share Basic Eps	+33.1%	+40.2%	+13.0%	-62.1%	—
Earnings Per Share Diluted Eps	+33.9%	+40.7%	+13.4%	-60.7%	—
Earnings Per Share Weighted Average Shares Basic	+0.6%	+1.0%	+1.3%	+2.1%	—
Earnings Per Share Weighted Average Shares Diluted	-0.3%	+0.2%	+0.2%	+0.3%	—

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $992.7M

Investing cash flow $-292.6M

Financing cash flow $-1.4B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+33.9%	+41.8%	+14.0%	-61.2%	—
Operating Activities Depreciation and Amortization	+29.6%	+25.4%	+35.0%	+23.5%	—
Operating Activities Stock Based Compensation	+9.8%	+13.6%	+20.7%	+47.8%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+1.3%	+2.2%	+17.9%	-43.6%	—
Operating Activities net Cash From Operating Activities	+27.3%	+25.0%	+25.7%	+45.0%	—
Investing Activities Capital Expenditures	+37.7%	+21.5%	-7.6%	+53.6%	—
Investing Activities Business Acquisitions	-24.3%	—	—	—	—
Investing Activities Purchases of Investments	+36.1%	+34.6%	+47.8%	+98.8%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-21.1%	+52.1%	-0.8%	-22.7%	—
Financing Activities Tax Withholding On Stock Based Compensation	+14.5%	+34.7%	+17.5%	-14.5%	—
Financing Activities net Cash From Financing Activities	—	—	—	+0.2%	—
Cash Reconciliation net Change In Cash	—	+14.4%	—	-12.8%	—
Cash Reconciliation Cash At Beginning of Period	-3.3%	+22.0%	+8.9%	+36.6%	—
Cash Reconciliation Cash At End of Period	-3.3%	+22.0%	+8.9%	+36.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+78.6%	+80.7%	+81.2%	+82.2%	+81.5%
Operating margin	+20.3%	+17.5%	+10.3%	+7.2%	+10.4%
Net margin	+15.3%	+16.1%	+9.2%	+3.4%	+11.5%
FCF margin	+27.5%	+26.2%	+28.3%	+29.4%	+27.1%
Growth
Revenue CAGR (3y)	+22.4%	+26.9%	+32.5%	+33.6%	+35.8%
Returns
ROE	+17.8%	+13.3%	+8.3%	+2.5%	+9.0%
ROA	+7.2%	+6.4%	+3.7%	+1.2%	+3.9%
ROIC	—	—	—	—	—
Liquidity
Current ratio	1.61x	1.86x	1.72x	1.90x	1.71x
Quick ratio	1.36x	1.64x	1.50x	1.66x	1.54x
Leverage
D/E	1.48x	1.07x	1.26x	1.07x	1.34x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.47x	0.40x	0.40x	0.36x	0.33x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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