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%
                    
                    P67
                    
                    +12.8%
                    
                    Total assets
                    FY2025
                
$6.2B
                    ROA +7.2%
                    
                    P48
                    
                    +0.7%
                    
                    Operating cash flow
                    FY2025
                
$992.7M
                    FCF margin +27.0%
                    
                    P95
                    
                    +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

23 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	-51.9%	+53.0%	-13.1%	+36.6%	—
Short Term Investments	+16.8%	+13.8%	+16.6%	+103.3%	—
Accounts Receivable	+13.2%	+16.0%	+22.3%	+16.2%	—
Prepaid Expenses	+121.9%	+33.6%	+22.2%	-53.8%	—
Total Current Assets	-1.4%	+23.7%	+12.2%	+24.4%	—
Property,Plant and Equipment	+89.6%	+29.7%	-7.1%	+27.9%	—
Operating Lease Assets	+29.7%	+33.4%	-10.3%	-5.9%	—
Deferred Tax Assets	-75.8%	+48.7%	+64.7%	+37.8%	—
Other Noncurrent Assets	+35.3%	+18.9%	+29.5%	-1.3%	—
Total Assets	+0.7%	+25.0%	+11.6%	+22.5%	—
Liabilities
Accounts Payable	+14.3%	+13.5%	+23.8%	+13.0%	—
Accrued Liabilities	+2.4%	+28.8%	+30.8%	+3.9%	—
Operating Lease Liabilities	+18.4%	+16.2%	+5.9%	+13.6%	—
Total Current Liabilities	+13.7%	+14.4%	+23.7%	+12.5%	—
Operating Lease Liabilities Noncurrent	+45.3%	+37.3%	-13.5%	-12.5%	—
Other Noncurrent Liabilities	+3.0%	+25.1%	+21.0%	+232.0%	—
Total Liabilities	+16.0%	+16.1%	+20.3%	+10.5%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	—	—	—	—	—
Additional Paid In Capital	+18.5%	+31.9%	+35.7%	+58.4%	—
Retained Earnings	-266.8%	+79.9%	-70.4%	+8.7%	—
Total Stockholders Equity	-15.8%	+36.3%	+2.3%	+38.5%	—
Total Liabilitiesand Equity	+0.7%	+25.0%	+11.6%	+22.5%	—

Income Statement

Revenue, expense, and profitability

13 accounts · 5 years

Revenue $2.9B

Operating income $589.3M

Net income $443.3M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+18.5%	+25.6%	+23.3%	+31.9%	—
Expenses Cost of Revenue	+31.2%	+29.1%	+30.0%	+26.9%	—
Expenses Research and Development	+13.3%	+12.5%	+28.7%	+41.5%	—
Expenses Selling,General and Administrative	+7.4%	+11.8%	+12.2%	+38.3%	—
Other Income Expense Operating Income	+38.0%	+113.1%	+76.4%	-8.9%	—
Other Income Expense Interest Income	-12.8%	+15.1%	+437.1%	+1338.3%	—
Other Income Expense Other Income/expense	-44.5%	+230.2%	-203.3%	+154.9%	—
Other Income Expense Income Before Tax	+29.9%	+89.3%	+110.4%	+4.4%	—
Income Tax Income Tax Expense	+88.6%	+28.3%	+20.4%	+570.5%	—
net Income net Income	+12.8%	+119.7%	+235.2%	-61.2%	—
Earnings Per Share Basic Eps	+13.7%	+116.2%	+236.4%	-62.1%	—
Earnings Per Share Diluted Eps	+15.4%	+116.7%	+227.3%	-60.7%	—
Earnings Per Share Weighted Average Shares Diluted	-1.7%	+0.3%	+0.1%	+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	+12.8%	+119.7%	+235.2%	-61.2%	—
Operating Activities Depreciation and Amortization	+32.3%	+8.8%	+47.8%	+28.9%	—
Operating Activities Stock Based Compensation	-0.8%	+0.6%	-1.4%	+47.8%	—
Operating Activities Deferred Income Taxes	+318.1%	-24.8%	-435.3%	+31.4%	—
Operating Activities Changes In Operating Assets and Liabilities	-31.5%	-70.7%	-34.8%	+45.9%	—
Operating Activities Other Non Cash Items	+0.1%	+59.7%	-29.5%	-3.0%	—
Operating Activities net Cash From Operating Activities	+34.3%	+23.6%	+9.0%	+45.0%	—
Investing Activities Capital Expenditures	-95.9%	-94.6%	+40.1%	-53.2%	—
Investing Activities Business Acquisitions	—	—	—	—	—
Investing Activities Purchases of Investments	-40.4%	-11.7%	-10.0%	-98.8%	—
Investing Activities Proceeds From Sale of Investments	+39.2%	+13.2%	+63.1%	+32.1%	—
Investing Activities net Cash From Investing Activities	-85.8%	-46.4%	+64.7%	-225.1%	—
Financing Activities Repurchase of Common Stock	-488.0%	+63.7%	—	—	—
Financing Activities Proceeds From Stock Issuance	-75.0%	+168.9%	+22.9%	-11.2%	—
Financing Activities Tax Withholding On Stock Based Compensation	+29.8%	-77.2%	-61.6%	+14.5%	—
Financing Activities net Cash From Financing Activities	-1211.6%	+82.8%	-2057.1%	+0.2%	—
Cash Reconciliation net Change In Cash	-250.0%	+450.4%	-149.0%	-12.8%	—

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	+27.0%	+25.9%	+27.9%	+29.0%	+26.6%
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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