The Trade Desk Financials
This page shows The Trade Desk (TTD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High gross-margin scale is now feeding operating leverage, while buybacks rather than reinvestment are reshaping the capital base.
Since FY2023, gross margin stability near80% paired with more scale pushed operating margin to20.4% , which suggests the earnings lift is coming mainly from fixed-cost absorption rather than a simple change in pricing. That stronger cash engine then funded$1.38B of buybacks in FY2025, cutting cash to$658M and making the balance sheet less cash-heavy even as profitability improved.
Cash conversion is stronger than earnings alone imply: FY2025 operating cash flow of
Margin expansion did not come from broad spending cuts: R&D rose to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of The Trade Desk's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
The Trade Desk has an operating margin of 20.3%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is up from 17.5% the prior year.
The Trade Desk's revenue surged 18.5% year-over-year to $2.9B, reflecting rapid business expansion. This strong growth earns a score of 70/100.
The Trade Desk carries a low D/E ratio of 1.48, meaning only $1.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
The Trade Desk's current ratio of 1.61 is below the typical benchmark, resulting in a score of 28/100. This tight liquidity could limit financial flexibility if cash inflows slow.
The Trade Desk converts 27.5% of revenue into free cash flow ($795.7M). This strong cash generation earns a score of 93/100.
The Trade Desk's ROE of 17.8% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 13.3% the prior year.
The Trade Desk scores 2.67, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($9.9B) relative to total liabilities ($3.7B). This signals moderate financial risk that warrants monitoring.
The Trade Desk passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, The Trade Desk generates $2.24 in operating cash flow ($992.7M OCF vs $443.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
The Trade Desk earns $329.2 in operating income for every $1 of interest expense ($589.3M vs $1.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
The Trade Desk generated $2.9B in revenue in fiscal year 2025. This represents an increase of 18.5% from the prior year.
The Trade Desk's EBITDA was $705.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 37.0% from the prior year.
The Trade Desk reported $443.3M in net income in fiscal year 2025. This represents an increase of 12.8% from the prior year.
The Trade Desk earned $0.90 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Cash & Balance Sheet
The Trade Desk generated $795.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.1% from the prior year.
The Trade Desk held $658.2M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
The Trade Desk's gross margin was 78.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.
The Trade Desk's operating margin was 20.3% in fiscal year 2025, reflecting core business profitability. This is up 2.9 percentage points from the prior year.
The Trade Desk's net profit margin was 15.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
The Trade Desk's ROE was 17.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.5 percentage points from the prior year.
Capital Allocation
The Trade Desk invested $525.1M in research and development in fiscal year 2025. This represents an increase of 13.3% from the prior year.
The Trade Desk spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 488.0% from the prior year.
The Trade Desk invested $197.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 100.5% from the prior year.
TTD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $688.9M-18.7% | $846.8M+14.5% | $739.4M+6.5% | $694.0M+12.7% | $616.0M-16.9% | $741.0M+18.0% | $628.0M+7.4% | $584.5M |
| Cost of Revenue | $182.0M+11.6% | $163.1M+0.6% | $162.2M+7.4% | $151.0M+5.7% | $142.8M+5.6% | $135.3M+10.3% | $122.7M+11.0% | $110.5M |
| Gross Profit | $506.9M-25.9% | $683.7M+18.4% | $577.3M+6.3% | $543.1M+14.8% | $473.2M-21.9% | $605.7M+19.9% | $505.4M+6.6% | $474.1M |
| R&D Expenses | $142.7M+9.3% | $130.6M+2.1% | $127.9M-4.7% | $134.3M+1.4% | $132.4M+3.5% | $127.9M+8.7% | $117.7M+7.0% | $110.0M |
| SG&A Expenses | $125.3M+2.2% | $122.6M-6.6% | $131.3M+0.3% | $130.9M-2.0% | $133.6M+1.3% | $131.9M-5.0% | $138.9M+2.5% | $135.5M |
| Operating Income | $66.6M-74.1% | $256.9M+59.3% | $161.2M+38.1% | $116.8M+114.5% | $54.5M-72.1% | $195.3M+80.0% | $108.5M+14.5% | $94.7M |
| Interest Expense | $373K-42.7% | $651K+82.9% | $356K-12.5% | $407K+8.2% | $376K-3.3% | $389K+4.0% | $374K-1.6% | $380K |
| Income Tax | $39.0M-53.2% | $83.3M+30.2% | $64.0M+48.5% | $43.1M+71.7% | $25.1M-36.3% | $39.4M+19.2% | $33.0M+20.2% | $27.5M |
| Net Income | $40.0M-78.6% | $186.9M+61.8% | $115.5M+28.2% | $90.1M+77.8% | $50.7M-72.2% | $182.2M+93.5% | $94.2M+10.7% | $85.0M |
| EPS (Diluted) | $0.08 | N/A | $0.23+27.8% | $0.18+80.0% | $0.10 | N/A | $0.19+11.8% | $0.17 |
TTD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.7B-6.8% | $6.2B+3.6% | $5.9B-0.3% | $6.0B+4.4% | $5.7B-6.7% | $6.1B+11.0% | $5.5B+6.7% | $5.2B |
| Current Assets | $4.9B-7.6% | $5.3B+2.7% | $5.1B+1.3% | $5.1B+4.1% | $4.9B-9.0% | $5.3B+10.3% | $4.8B+7.0% | $4.5B |
| Cash & Equivalents | $878.4M+33.5% | $658.2M+0.8% | $653.1M-27.1% | $896.4M-19.9% | $1.1B-18.3% | $1.4B+12.1% | $1.2B+21.0% | $1.0B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.3B-11.8% | $3.8B+8.4% | $3.5B+6.9% | $3.3B+6.7% | $3.1B-8.4% | $3.3B+11.4% | $3.0B+2.9% | $2.9B |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.3B-10.6% | $3.7B+9.9% | $3.3B+2.4% | $3.3B+9.1% | $3.0B-5.5% | $3.2B+9.8% | $2.9B+4.5% | $2.8B |
| Current Liabilities | $2.9B-11.5% | $3.3B+9.1% | $3.0B+1.6% | $2.9B+10.0% | $2.7B-6.7% | $2.9B+9.9% | $2.6B+3.8% | $2.5B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.5B-1.2% | $2.5B-4.5% | $2.6B-3.5% | $2.7B-0.8% | $2.7B-7.9% | $2.9B+12.3% | $2.6B+9.2% | $2.4B |
| Retained Earnings | -$725.0M-22.7% | -$590.9M-62.1% | -$364.4M-124.5% | -$162.4M-3693.5% | $4.5M-98.7% | $354.2M+54.9% | $228.7M+21.4% | $188.4M |
TTD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $391.8M+25.7% | $311.6M+38.7% | $224.7M+36.2% | $165.0M-43.4% | $291.4M+46.2% | $199.4M-27.0% | $273.3M+236.4% | $81.3M |
| Capital Expenditures | $112.7M+328.3% | $26.3M-60.3% | $66.3M+46.6% | $45.2M-23.5% | $59.1M+192.8% | $20.2M-58.5% | $48.7M+120.3% | $22.1M |
| Free Cash Flow | $279.1M-2.2% | $285.3M+80.1% | $158.3M+32.2% | $119.8M-48.4% | $232.3M+29.6% | $179.2M-20.2% | $224.6M+279.8% | $59.1M |
| Investing Cash Flow | $466K-99.6% | $120.3M+280.2% | -$66.8M+68.7% | -$213.6M-61.1% | -$132.6M-116.7% | -$61.2M-3.4% | -$59.2M-269.6% | -$16.0M |
| Financing Cash Flow | -$172.1M+59.7% | -$426.8M-6.4% | -$401.2M-131.1% | -$173.6M+57.6% | -$409.8M-4294.1% | $9.8M+584.6% | -$2.0M-107.8% | $25.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $163.5M-61.3% | $422.9M+36.2% | $310.4M+19.0% | $260.8M-32.5% | $386.3M+573.4% | $57.4M+10.0% | $52.1M | $0 |
TTD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.6%-7.2pp | 80.7%+2.7pp | 78.1%-0.2pp | 78.3%+1.4pp | 76.8%-4.9pp | 81.8%+1.3pp | 80.5%-0.6pp | 81.1% |
| Operating Margin | 9.7%-20.7pp | 30.3%+8.5pp | 21.8%+5.0pp | 16.8%+8.0pp | 8.8%-17.5pp | 26.4%+9.1pp | 17.3%+1.1pp | 16.2% |
| Net Margin | 5.8%-16.3pp | 22.1%+6.5pp | 15.6%+2.6pp | 13.0%+4.8pp | 8.2%-16.4pp | 24.6%+9.6pp | 15.0%+0.4pp | 14.5% |
| Return on Equity | 1.6%-5.9pp | 7.5%+3.1pp | 4.4%+1.1pp | 3.3%+1.5pp | 1.9%-4.3pp | 6.2%+2.6pp | 3.6%+0.1pp | 3.5% |
| Return on Assets | 0.7%-2.3pp | 3.0%+1.1pp | 1.9%+0.4pp | 1.5%+0.6pp | 0.9%-2.1pp | 3.0%+1.3pp | 1.7%+0.1pp | 1.7% |
| Current Ratio | 1.68+0.1 | 1.61-0.1 | 1.710.0 | 1.71-0.1 | 1.81-0.0 | 1.860.0 | 1.85+0.1 | 1.80 |
| Debt-to-Equity | 1.34-0.1 | 1.48+0.2 | 1.28+0.1 | 1.21+0.1 | 1.10+0.0 | 1.07-0.0 | 1.10-0.0 | 1.15 |
| FCF Margin | 40.5%+6.8pp | 33.7%+12.3pp | 21.4%+4.2pp | 17.3%-20.4pp | 37.7%+13.5pp | 24.2%-11.6pp | 35.8%+25.7pp | 10.1% |
Similar Companies
Frequently Asked Questions
What is The Trade Desk's annual revenue?
The Trade Desk (TTD) reported $2.9B in total revenue for fiscal year 2025. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is The Trade Desk's revenue growing?
The Trade Desk (TTD) revenue grew by 18.5% year-over-year, from $2.4B to $2.9B in fiscal year 2025.
Is The Trade Desk profitable?
Yes, The Trade Desk (TTD) reported a net income of $443.3M in fiscal year 2025, with a net profit margin of 15.3%.
What is The Trade Desk's EBITDA?
The Trade Desk (TTD) had EBITDA of $705.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is The Trade Desk's gross margin?
The Trade Desk (TTD) had a gross margin of 78.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is The Trade Desk's operating margin?
The Trade Desk (TTD) had an operating margin of 20.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is The Trade Desk's net profit margin?
The Trade Desk (TTD) had a net profit margin of 15.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is The Trade Desk's return on equity (ROE)?
The Trade Desk (TTD) has a return on equity of 17.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is The Trade Desk's free cash flow?
The Trade Desk (TTD) generated $795.7M in free cash flow during fiscal year 2025. This represents a 24.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is The Trade Desk's operating cash flow?
The Trade Desk (TTD) generated $992.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are The Trade Desk's total assets?
The Trade Desk (TTD) had $6.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Trade Desk's capital expenditures?
The Trade Desk (TTD) invested $197.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does The Trade Desk spend on research and development?
The Trade Desk (TTD) invested $525.1M in research and development during fiscal year 2025.
What is The Trade Desk's current ratio?
The Trade Desk (TTD) had a current ratio of 1.61 as of fiscal year 2025, which is generally considered healthy.
What is The Trade Desk's debt-to-equity ratio?
The Trade Desk (TTD) had a debt-to-equity ratio of 1.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is The Trade Desk's return on assets (ROA)?
The Trade Desk (TTD) had a return on assets of 7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is The Trade Desk's Altman Z-Score?
The Trade Desk (TTD) has an Altman Z-Score of 2.67, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is The Trade Desk's Piotroski F-Score?
The Trade Desk (TTD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are The Trade Desk's earnings high quality?
The Trade Desk (TTD) has an earnings quality ratio of 2.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can The Trade Desk cover its interest payments?
The Trade Desk (TTD) has an interest coverage ratio of 329.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is The Trade Desk?
The Trade Desk (TTD) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.