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 revenue.

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	22.7%	56.0%	46.0%	65.3%	63.0%
Short Term Investments	22.3%	22.6%	24.9%	26.4%	17.1%
Accounts Receivable	130.2%	136.2%	147.5%	148.8%	168.9%
Prepaid Expenses	6.5%	3.5%	3.3%	3.3%	9.4%
Other Current Assets	3.4%	3.0%	3.1%	3.0%	4.0%
Total Current Assets	181.6%	218.3%	221.7%	243.7%	258.4%
Property,Plant and Equipment	13.7%	8.6%	8.3%	11.0%	11.4%
Operating Lease Assets	11.8%	10.8%	10.2%	14.0%	19.6%
Long Term Investments	22.3%	22.6%	24.9%	26.4%	17.1%
Deferred Tax Assets	1.9%	9.4%	8.0%	6.0%	5.7%
Other Noncurrent Assets	3.4%	3.0%	3.1%	3.0%	4.0%
Total Assets	212.5%	250.0%	251.2%	277.6%	299.0%
Liabilities
Accounts Payable	103.8%	107.6%	119.1%	118.6%	138.4%
Accrued Liabilities	6.3%	7.3%	7.1%	6.7%	8.5%
Operating Lease Liabilities	2.6%	2.6%	2.9%	3.3%	3.9%
Other Current Liabilities	1.5%	1.7%	1.7%	1.7%	0.7%
Total Current Liabilities	112.8%	117.5%	129.0%	128.6%	150.7%
Operating Lease Liabilities Noncurrent	12.4%	10.1%	9.3%	13.2%	19.9%
Deferred Tax Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%
Other Noncurrent Liabilities	1.5%	1.7%	1.7%	1.7%	0.7%
Total Liabilities	126.7%	129.4%	140.0%	143.6%	171.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	106.2%	106.1%	101.1%	91.9%	76.5%
Retained Earnings	-20.4%	14.5%	10.1%	42.2%	51.2%
Total Stockholders Equity	85.8%	120.6%	111.2%	134.1%	127.7%
Total Liabilitiesand Equity	212.5%	250.0%	251.2%	277.6%	299.0%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	21.4%	19.3%	18.8%	17.8%	18.5%
Expenses Research and Development	18.1%	19.0%	21.2%	20.3%	18.9%
Expenses Selling,General and Administrative	17.9%	21.9%	26.7%	33.3%	31.3%
Expenses Depreciation and Amortization	3.3%	2.7%	3.2%	2.7%	2.8%
Expenses Share Based Compensation	16.9%	20.2%	25.3%	31.6%	28.2%
Expenses Operating Expenses	79.7%	82.5%	89.7%	92.8%	89.6%
Other Income Expense Operating Income	20.3%	17.5%	10.3%	7.2%	10.4%
Other Income Expense Interest Income	2.4%	3.2%	3.5%	0.8%	—
Other Income Expense Other Income/expense	2.4%	3.3%	3.5%	0.9%	-0.2%
Other Income Expense Income Before Tax	22.7%	20.7%	13.8%	8.1%	10.2%
Income Tax Income Tax Expense	7.4%	4.7%	4.6%	4.7%	-1.3%
net Income net Income	15.3%	16.1%	9.2%	3.4%	11.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	16.9%	20.1%	25.1%	30.9%	39.9%
Earnings Per Share Weighted Average Shares Diluted	17.0%	20.5%	25.7%	31.7%	41.7%

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	15.3%	16.1%	9.2%	3.4%	11.5%
Operating Activities Depreciation and Amortization	3.3%	2.7%	3.2%	2.7%	2.8%
Operating Activities Stock Based Compensation	16.9%	20.2%	25.3%	31.6%	28.2%
Operating Activities Deferred Income Taxes	6.0%	-3.1%	-3.1%	-1.6%	-1.5%
Operating Activities Changes In Operating Assets and Liabilities	27.6%	33.2%	54.3%	27.1%	63.5%
Operating Activities net Cash From Operating Activities	34.3%	30.2%	30.7%	34.8%	31.6%
Investing Activities Capital Expenditures	6.8%	4.0%	2.4%	5.3%	4.6%
Investing Activities Business Acquisitions	0.2%	0.0%	0.0%	0.0%	1.1%
Investing Activities Purchases of Investments	32.9%	27.8%	31.3%	35.1%	23.3%
Investing Activities net Cash From Investing Activities	-10.1%	-6.4%	-5.5%	-19.3%	-7.8%
Financing Activities Repurchase of Common Stock	47.7%	9.6%	33.2%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.8%	8.8%	3.1%	3.0%	5.1%
Financing Activities Tax Withholding On Stock Based Compensation	3.4%	5.7%	4.0%	3.1%	4.8%
Financing Activities net Cash From Financing Activities	-48.7%	-4.4%	-32.2%	2.0%	2.7%
Cash Reconciliation net Change In Cash	-24.6%	19.4%	-7.0%	17.5%	26.5%
Cash Reconciliation Cash At Beginning of Period	22.7%	56.0%	46.0%	65.3%	63.0%
Cash Reconciliation Cash At End of Period	22.7%	56.0%	46.0%	65.3%	63.0%

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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