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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $6.2B

Total liabilities $3.7B

Shareholders equity $2.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	-51.9%	+53.0%	-13.1%	+36.6%	+72.4%	+234.2%	-36.8%	+32.9%	+16.9%	—
Short Term Investments	+16.8%	+13.8%	+16.6%	+103.3%	+9.6%	+50.4%	—	—	—	—
Accounts Receivable	+13.2%	+16.0%	+22.3%	+16.2%	+27.6%	+35.8%	+39.7%	+39.2%	+58.9%	—
Prepaid Expenses	+121.9%	+33.6%	+22.2%	-53.8%	+9.8%	+266.8%	+91.8%	+41.1%	+78.7%	—
Other Current Assets	+35.3%	+18.9%	+29.5%	-1.3%	+62.9%	+26.0%	+16.6%	+87.4%	+128.4%	—
Total Current Assets	-1.4%	+23.7%	+12.2%	+24.4%	+33.8%	+59.4%	+37.2%	+38.0%	+48.3%	—
Property,Plant and Equipment	+89.6%	+29.7%	-7.1%	+27.9%	+17.3%	+81.0%	+93.7%	+89.9%	+17.8%	—
Operating Lease Assets	+29.7%	+33.4%	-10.3%	-5.9%	-5.7%	+43.1%	—	—	—	—
Long Term Investments	+16.8%	+13.8%	+16.6%	+103.3%	+9.6%	+50.4%	—	—	—	—
Deferred Tax Assets	-75.8%	+48.7%	+64.7%	+37.8%	+36.0%	+164.7%	+124.0%	+151.9%	+88.9%	—
Other Noncurrent Assets	+35.3%	+18.9%	+29.5%	-1.3%	+62.9%	+26.0%	+16.6%	+87.4%	+128.4%	—
Total Assets	+0.7%	+25.0%	+11.6%	+22.5%	+29.9%	+59.3%	+54.6%	+40.2%	+48.3%	—
Liabilities
Accounts Payable	+14.3%	+13.5%	+23.8%	+13.0%	+22.8%	+55.2%	+29.8%	+36.5%	+52.7%	—
Accrued Liabilities	+2.4%	+28.8%	+30.8%	+3.9%	+14.9%	+87.2%	+5.2%	+59.3%	+22.6%	—
Operating Lease Liabilities	+18.4%	+16.2%	+5.9%	+13.6%	+21.9%	+159.8%	—	—	—	—
Other Current Liabilities	+3.0%	+25.1%	+21.0%	+232.0%	-26.4%	+2.3%	+18.1%	+54.0%	+87.1%	—
Total Current Liabilities	+13.7%	+14.4%	+23.7%	+12.5%	+22.3%	+58.5%	+30.3%	+37.7%	+50.7%	—
Operating Lease Liabilities Noncurrent	+45.3%	+37.3%	-13.5%	-12.5%	-6.3%	+45.6%	—	—	—	—
Deferred Tax Liabilities	—	—	—	—	-100.0%	+37.9%	+9.7%	+67.9%	+3.8%	—
Other Noncurrent Liabilities	+3.0%	+25.1%	+21.0%	+232.0%	-26.4%	+2.3%	+18.1%	+54.0%	+87.1%	—
Total Liabilities	+16.0%	+16.1%	+20.3%	+10.5%	+17.8%	+55.9%	+54.3%	+31.1%	+47.8%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	—	—	—	—	—	—	—	—	—	—
Additional Paid In Capital	+18.5%	+31.9%	+35.7%	+58.4%	+69.9%	+41.8%	+40.5%	+29.0%	+17.0%	—
Retained Earnings	-266.8%	+79.9%	-70.4%	+8.7%	+29.0%	+104.1%	+87.3%	+245.0%	+342.8%	—
Total Stockholders Equity	-15.8%	+36.3%	+2.3%	+38.5%	+50.7%	+65.4%	+55.2%	+60.7%	+49.4%	—
Total Liabilitiesand Equity	+0.7%	+25.0%	+11.6%	+22.5%	+29.9%	+59.3%	+54.6%	+40.2%	+48.3%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $2.9B

Operating income $589.3M

Net income $443.3M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+18.5%	+25.6%	+23.3%	+31.9%	+43.1%	+26.5%	+38.5%	+54.9%	+51.9%	—
Expenses Cost of Revenue	+31.2%	+29.1%	+30.0%	+26.9%	+23.9%	+14.5%	+36.9%	+72.3%	+66.1%	—
Expenses Research and Development	+13.3%	+12.5%	+28.7%	+41.5%	+35.7%	+42.7%	+39.2%	+58.9%	+93.3%	—
Expenses Selling,General and Administrative	-3.2%	+3.0%	-0.9%	+40.2%	+118.3%	+20.0%	+68.5%	+45.3%	+81.7%	—
Expenses Depreciation and Amortization	+43.3%	+8.1%	+47.6%	+23.5%	+61.9%	+40.9%	+84.0%	+52.8%	+120.8%	—
Expenses Share Based Compensation	-0.8%	+0.6%	-1.4%	+47.8%	+201.9%	+38.4%	+91.3%	+98.0%	+321.6%	—
Expenses Operating Expenses	+14.3%	+15.6%	+19.2%	+36.6%	+54.9%	+26.0%	+48.4%	+54.9%	+64.3%	—
Other Income Expense Operating Income	+38.0%	+113.1%	+76.4%	-8.9%	-13.4%	+28.5%	+4.5%	+54.7%	+20.6%	—
Other Income Expense Interest Income	-12.8%	+15.1%	+437.1%	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	-13.4%	+18.7%	+392.2%	+593.2%	-811.8%	-107.6%	+353.7%	+72.3%	+58.1%	—
Other Income Expense Income Before Tax	+29.9%	+89.3%	+110.4%	+4.4%	-15.2%	+23.8%	+9.9%	+66.2%	+45.1%	—
Income Tax Income Tax Expense	+88.6%	+28.3%	+20.4%	+570.5%	+84.0%	-1345.4%	-55.1%	+37.2%	-45.1%	—
net Income net Income	+12.8%	+119.7%	+235.2%	-61.2%	-43.1%	+123.7%	+22.9%	+73.5%	+148.0%	—
Earnings Per Share Basic Eps	+13.7%	+116.2%	+236.4%	-62.1%	-44.2%	+116.7%	-88.5%	+65.1%	+186.3%	—
Earnings Per Share Diluted Eps	+15.4%	+116.7%	+227.3%	-60.7%	-42.9%	+113.0%	-88.0%	+67.0%	+178.8%	—
Earnings Per Share Weighted Average Shares Basic	-0.5%	+0.3%	+0.5%	+2.1%	+3.0%	+3.9%	+949.3%	+5.4%	+120.3%	—
Earnings Per Share Weighted Average Shares Diluted	-1.7%	+0.3%	+0.1%	+0.3%	+1.8%	+2.5%	+944.0%	+3.9%	+141.0%	—

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $992.7M

Investing cash flow $-292.6M

Financing cash flow $-1.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+12.8%	+119.7%	+235.2%	-61.2%	-43.1%	+123.7%	+22.9%	+73.5%	+148.0%	—
Operating Activities Depreciation and Amortization	+43.3%	+8.1%	+47.6%	+23.5%	+61.9%	+40.9%	+84.0%	+52.8%	+120.8%	—
Operating Activities Stock Based Compensation	-0.8%	+0.6%	-1.4%	+47.8%	+201.9%	+38.4%	+91.3%	+98.0%	+321.6%	—
Operating Activities Deferred Income Taxes	+329.2%	-23.9%	-135.9%	-42.6%	+42.1%	-197.6%	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-1.4%	-23.1%	+146.7%	-43.6%	-24.1%	+82.2%	+23.4%	+8.7%	-1.2%	—
Operating Activities net Cash From Operating Activities	+34.3%	+23.6%	+9.0%	+45.0%	-6.6%	+572.8%	-30.5%	+177.4%	-58.4%	—
Investing Activities Capital Expenditures	+100.5%	+110.0%	-44.4%	+53.6%	-26.0%	+107.5%	+80.3%	+95.8%	+46.9%	—
Investing Activities Business Acquisitions	—	—	—	-100.0%	—	—	—	—	—	—
Investing Activities Purchases of Investments	+40.4%	+11.7%	+10.0%	+98.8%	+20.6%	+8.5%	—	—	—	—
Investing Activities net Cash From Investing Activities	-85.8%	-46.4%	+64.7%	-225.1%	+34.6%	+12.6%	-550.4%	-56.8%	-74.2%	—
Financing Activities Repurchase of Common Stock	+488.0%	-63.7%	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-89.0%	+257.3%	+27.4%	-22.7%	-19.3%	+154.9%	+198.1%	+290.7%	+425.6%	—
Financing Activities Tax Withholding On Stock Based Compensation	-29.8%	+77.2%	+61.6%	-14.5%	+7.0%	+174.8%	+189.6%	+556.5%	—	—
Financing Activities net Cash From Financing Activities	-1211.6%	+82.8%	-2057.1%	+0.2%	-28.5%	+63.8%	+369.3%	-237.1%	-88.4%	—
Cash Reconciliation net Change In Cash	-250.0%	+450.4%	-149.0%	-12.8%	+3.4%	+501.4%	-248.9%	+127.4%	-82.6%	—
Cash Reconciliation Cash At Beginning of Period	-51.9%	+53.0%	-13.1%	+36.6%	+72.4%	+234.2%	-36.8%	+32.9%	+16.9%	—
Cash Reconciliation Cash At End of Period	-51.9%	+53.0%	-13.1%	+36.6%	+72.4%	+234.2%	-36.8%	+32.9%	+16.9%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+78.6%	+80.7%	+81.2%	+82.2%	+81.5%	+78.6%	+76.4%	+76.1%	+78.5%	+80.3%
Operating margin	+20.3%	+17.5%	+10.3%	+7.2%	+10.4%	+17.2%	+17.0%	+22.5%	+22.5%	+28.3%
Net margin	+15.3%	+16.1%	+9.2%	+3.4%	+11.5%	+29.0%	+16.4%	+18.5%	+16.5%	+10.1%
FCF margin	+27.5%	+26.2%	+28.3%	+29.4%	+27.1%	+39.6%	+3.7%	+14.0%	+6.9%	+33.6%
Growth
Revenue CAGR (3y)	+22.4%	+26.9%	+32.5%	+33.6%	+35.8%	+39.5%	+48.2%	+61.3%	+90.6%	—
Returns
ROE	+17.8%	+13.3%	+8.3%	+2.5%	+9.0%	+23.9%	+17.7%	+22.3%	+20.7%	+12.5%
ROA	+7.2%	+6.4%	+3.7%	+1.2%	+3.9%	+8.8%	+6.3%	+7.9%	+6.4%	+3.8%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.61x	1.86x	1.72x	1.90x	1.71x	1.57x	1.56x	1.48x	1.48x	1.50x
Quick ratio	1.36x	1.64x	1.50x	1.66x	1.54x	1.37x	1.39x	1.46x	1.46x	1.48x
Leverage
D/E	1.48x	1.07x	1.26x	1.07x	1.34x	1.72x	1.82x	1.83x	2.25x	2.27x
Interest coverage	—	—	—	—	—	—	—	69.24x	38.72x	18.71x
Efficiency
Asset turnover	0.47x	0.40x	0.40x	0.36x	0.33x	0.30x	0.38x	0.43x	0.39x	0.38x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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