The Trade Desk
TTD Nasdaq Advertising Financials FY2016–FY2025
The Trade Desk's revenue rose 18.5% to $2.9 billion in fiscal 2025. Its operating margin was 20.4%, up from 17.5% a year earlier. Free cash flow was $796 million, up 24.1%. It paid out $1.4 billion in dividends and buybacks, 173% of free cash flow. The diluted share count fell 1.7%.
Revenue
Total sales reported in the income statement.
$2.9B
18.5%
vs prior year
Operating margin
Operating income as a share of revenue.
20.4%
2.9 pts
Net income
Profit after all expenses, interest and tax.
$443M
12.8%
Free cash flow
Cash from operations minus capital spending.
$796M
24.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
15.7x
On $0.83 EPS (TTM)
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.
What The Trade Desk does
No business description yet.
- Legal name
- The Trade Desk, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001671933-26-000014
0001671933
Revenue and margins
The Trade Desk had $2.9B of revenue in fiscal 2025, up 18.5% on the year before.
FY16
Revenue $203M
FY17
Revenue $308M
FY18
Revenue $477M
FY19
Revenue $661M
FY20
Revenue $836M
FY21
Revenue $1.2B
FY22
Revenue $1.6B
FY23
Revenue $1.9B
FY24
Revenue $2.4B
FY25
Revenue $2.9B
Q3 '23
Revenue $493M
Q4 '23
Revenue $606M
Q1 '24
Revenue $491M
Q2 '24
Revenue $585M
Q3 '24
Revenue $628M
Q4 '24
Revenue $741M
Q1 '25
Revenue $616M
Q2 '25
Revenue $694M
Q3 '25
Revenue $739M
Q4 '25
Revenue $847M
Q1 '26
Revenue $689M
Q2 '26
Revenue $715M
FY16
Gross 80.4%
Operating 28.3%
Net 10.1%
FCF 33.6%
FY17
Gross 78.5%
Operating 22.5%
Net 16.5%
FCF 6.9%
FY18
Gross 76.1%
Operating 22.5%
Net 18.5%
FCF 14.0%
FY19
Gross 76.4%
Operating 17.0%
Net 16.4%
FCF 3.7%
FY20
Gross 78.6%
Operating 17.3%
Net 29.0%
FCF 39.6%
FY21
Gross 81.5%
Operating 10.4%
Net 11.5%
FCF 27.1%
FY22
Gross 82.2%
Operating 7.2%
Net 3.4%
FCF 29.4%
FY23
Gross 81.2%
Operating 10.3%
Net 9.2%
FCF 28.3%
FY24
Gross 80.7%
Operating 17.5%
Net 16.1%
FCF 26.2%
FY25
Gross 78.6%
Operating 20.4%
Net 15.3%
FCF 27.5%
Gross
Operating
Net
FCF
Q3 '23
Gross 81.1%
Operating 7.6%
Net 8.0%
FCF 37.8%
Q4 '23
Gross 83.4%
Operating 23.8%
Net 16.1%
FCF 10.9%
Q1 '24
Gross 78.9%
Operating 5.8%
Net 6.4%
FCF 36.3%
Q2 '24
Gross 81.1%
Operating 16.2%
Net 14.6%
FCF 10.1%
Q3 '24
Gross 80.5%
Operating 17.3%
Net 15.0%
FCF 35.8%
Q4 '24
Gross 81.8%
Operating 26.4%
Net 24.6%
FCF 24.2%
Q1 '25
Gross 76.8%
Operating 8.8%
Net 8.2%
FCF 37.7%
Q2 '25
Gross 78.3%
Operating 16.8%
Net 13.0%
FCF 17.3%
Q3 '25
Gross 78.1%
Operating 21.8%
Net 15.6%
FCF 21.4%
Q4 '25
Gross 80.7%
Operating 30.3%
Net 22.1%
FCF 33.7%
Q1 '26
Gross 73.6%
Operating 9.7%
Net 5.8%
FCF 40.5%
Q2 '26
Gross 74.2%
Operating 14.2%
Net 9.0%
FCF 19.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $20.5M
FY17
Net income $50.8M
FY18
Net income $88.1M
FY19
Net income $108M
FY20
Net income $242M
FY21
Net income $138M
FY22
Net income $53.4M
FY23
Net income $179M
FY24
Net income $393M
FY25
Net income $443M
Q3 '23
Net income $39.4M
Q4 '23
Net income $97.3M
Q1 '24
Net income $31.7M
Q2 '24
Net income $85.0M
Q3 '24
Net income $94.2M
Q4 '24
Net income $182M
Q1 '25
Net income $50.7M
Q2 '25
Net income $90.1M
Q3 '25
Net income $116M
Q4 '25
Net income $187M
Q1 '26
Net income $40.0M
Q2 '26
Net income $64.4M
FY16
Diluted EPS −$0.15
FY17
Diluted EPS $0.11
FY18
Diluted EPS $0.19
FY19
Diluted EPS $0.23
FY20
Diluted EPS $0.49
FY21
Diluted EPS $0.28
FY22
Diluted EPS $0.11
FY23
Diluted EPS $0.36
FY24
Diluted EPS $0.78
FY25
Diluted EPS $0.90
Q3 '23
Diluted EPS $0.08
Q4 '23
Diluted EPS $0.20
Q1 '24
Diluted EPS $0.06
Q2 '24
Diluted EPS $0.17
Q3 '24
Diluted EPS $0.19
Q4 '24
Diluted EPS $0.36
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS $0.18
Q3 '25
Diluted EPS $0.23
Q4 '25
Diluted EPS $0.38
Q1 '26
Diluted EPS $0.08
Q2 '26
Diluted EPS $0.14
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 23.0%
Return on assets 5.5%
FY17
Return on capital —
Return on equity 24.8%
Return on assets 7.6%
FY18
Return on capital —
Return on equity 27.5%
Return on assets 9.2%
FY19
Return on capital —
Return on equity 21.5%
Return on assets 7.6%
FY20
Return on capital —
Return on equity 29.8%
Return on assets 10.8%
FY21
Return on capital —
Return on equity 10.9%
Return on assets 4.4%
FY22
Return on capital —
Return on equity 2.9%
Return on assets 1.3%
FY23
Return on capital —
Return on equity 8.4%
Return on assets 3.9%
FY24
Return on capital —
Return on equity 15.4%
Return on assets 7.2%
FY25
Return on capital —
Return on equity 16.3%
Return on assets 7.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $796M in fiscal 2025, 27.5% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $68.2M
FY17
Free cash flow $21.1M
FY18
Free cash flow $66.8M
FY19
Free cash flow $24.5M
FY20
Free cash flow $331M
FY21
Free cash flow $324M
FY22
Free cash flow $465M
FY23
Free cash flow $552M
FY24
Free cash flow $641M
FY25
Free cash flow $796M
Q3 '23
Free cash flow $187M
Q4 '23
Free cash flow $65.9M
Q1 '24
Free cash flow $178M
Q2 '24
Free cash flow $59.1M
Q3 '24
Free cash flow $225M
Q4 '24
Free cash flow $179M
Q1 '25
Free cash flow $232M
Q2 '25
Free cash flow $120M
Q3 '25
Free cash flow $158M
Q4 '25
Free cash flow $285M
Q1 '26
Free cash flow $279M
Q2 '26
Free cash flow $140M
FY16
Cash from operations $75.0M
Capital spending $6.9M
FY17
Cash from operations $31.2M
Capital spending $10.1M
FY18
Cash from operations $86.6M
Capital spending $19.8M
FY19
Cash from operations $60.2M
Capital spending $35.7M
FY20
Cash from operations $405M
Capital spending $74.1M
FY21
Cash from operations $379M
Capital spending $54.8M
FY22
Cash from operations $549M
Capital spending $84.2M
FY23
Cash from operations $598M
Capital spending $46.8M
FY24
Cash from operations $740M
Capital spending $98.2M
FY25
Cash from operations $993M
Capital spending $197M
Cash from operations
Capital spending
Q3 '23
Cash from operations $192M
Capital spending $5.0M
Q4 '23
Cash from operations $91.1M
Capital spending $25.2M
Q1 '24
Cash from operations $186M
Capital spending $7.2M
Q2 '24
Cash from operations $81.3M
Capital spending $22.1M
Q3 '24
Cash from operations $273M
Capital spending $48.7M
Q4 '24
Cash from operations $199M
Capital spending $20.2M
Q1 '25
Cash from operations $291M
Capital spending $59.1M
Q2 '25
Cash from operations $165M
Capital spending $45.2M
Q3 '25
Cash from operations $225M
Capital spending $66.3M
Q4 '25
Cash from operations $312M
Capital spending $26.3M
Q1 '26
Cash from operations $392M
Capital spending $113M
Q2 '26
Cash from operations $154M
Capital spending $13.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
The Trade Desk returned $1.4B to shareholders in fiscal 2025, 173% of free cash flow. The diluted share count fell 1.7%.
FY16
Dividends $0.0M
Buybacks $54.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $647M
FY24
Dividends $0.0M
Buybacks $235M
FY25
Dividends $0.0M
Buybacks $1.4B
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $90.2M
Q4 '23
Dividends $0.0M
Buybacks $220M
Q1 '24
Dividends $0.0M
Buybacks $125M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $52.1M
Q4 '24
Dividends $0.0M
Buybacks $57.4M
Q1 '25
Dividends $0.0M
Buybacks $386M
Q2 '25
Dividends $0.0M
Buybacks $261M
Q3 '25
Dividends $0.0M
Buybacks $310M
Q4 '25
Dividends $0.0M
Buybacks $423M
Q1 '26
Dividends $0.0M
Buybacks $164M
Q2 '26
Dividends $0.0M
Buybacks $77.8M
Dividends
Buybacks
FY16
Diluted shares 0.18B
FY17
Diluted shares 0.44B
FY18
Diluted shares 0.46B
FY19
Diluted shares 0.48B
FY20
Diluted shares 0.49B
FY21
Diluted shares 0.50B
FY22
Diluted shares 0.50B
FY23
Diluted shares 0.50B
FY24
Diluted shares 0.50B
FY25
Diluted shares 0.49B
Value The Trade Desk yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 493.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.7x · peers 29.4x · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably The Trade Desk can carry it.
FY16
Cash $133M
Debt —
FY17
Cash $156M
Debt —
FY18
Cash $207M
Debt —
FY19
Cash $255M
Debt —
FY20
Cash $624M
Debt —
FY21
Cash $959M
Debt —
FY22
Cash $1.4B
Debt —
FY23
Cash $1.4B
Debt —
FY24
Cash $1.9B
Debt —
FY25
Cash $1.3B
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $959M | $1.4B | $1.4B | $1.9B | $1.3B |
| Interest coverage | 241.0x | 28.3x | 121.1x | 282.1x | 329.2x |
| Current ratio | 1.7x | 1.9x | 1.7x | 1.9x | 1.6x |
| Quick ratio | 1.7x | 1.9x | 1.7x | 1.9x | 1.6x |
| Total assets | $3.6B | $4.4B | $4.9B | $6.1B | $6.2B |
| Total liabilities | $2.1B | $2.3B | $2.7B | $3.2B | $3.7B |
| Shareholders' equity | $1.5B | $2.1B | $2.2B | $2.9B | $2.5B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −9.1% | −6.3% | −9.0% |
| Altman Z'' | 3.66 | 4.28 | 3.17 |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $203M | $308M | $477M | $661M | $836M | $1.2B | $1.6B | $1.9B | $2.4B | $2.9B |
| Gross profit | $163M | $242M | $363M | $505M | $657M | $975M | $1.3B | $1.6B | $2.0B | $2.3B |
| Research and development | $27.3M | $52.8M | $83.9M | $117M | $167M | $226M | $320M | $412M | $463M | $525M |
| Operating income | $57.5M | $69.4M | $107M | $112M | $144M | $125M | $114M | $201M | $427M | $589M |
| Interest expense | $3.1M | $1.8M | $1.5M | $0.4M | $1.6M | $0.5M | $4.0M | $1.7M | $1.5M | $1.8M |
| Pretax income | $43.8M | $63.6M | $106M | $116M | $144M | $122M | $127M | $268M | $507M | $659M |
| Income tax | $23.4M | $12.8M | $17.6M | $7.9M | −$98.4M | −$15.7M | $74.0M | $89.1M | $114M | $216M |
| Net income | $20.5M | $50.8M | $88.1M | $108M | $242M | $138M | $53.4M | $179M | $393M | $443M |
| Diluted EPS | −$0.15 | $0.11 | $0.19 | $0.23 | $0.49 | $0.28 | $0.11 | $0.36 | $0.78 | $0.90 |
| Diluted shares | 0.18B | 0.44B | 0.46B | 0.48B | 0.49B | 0.50B | 0.50B | 0.50B | 0.50B | 0.49B |
| Cash flow | ||||||||||
| Cash from operations | $75.0M | $31.2M | $86.6M | $60.2M | $405M | $379M | $549M | $598M | $740M | $993M |
| Capital expenditure | $6.9M | $10.1M | $19.8M | $35.7M | $74.1M | $54.8M | $84.2M | $46.8M | $98.2M | $197M |
| Free cash flow | $68.2M | $21.1M | $66.8M | $24.5M | $331M | $324M | $465M | $552M | $641M | $796M |
| Depreciation and amortization | $3.8M | $7.2M | $11.8M | $21.7M | $28.6M | $42.2M | $54.4M | $80.4M | $87.5M | $116M |
| Stock-based compensation | $5.1M | $21.3M | $42.2M | $80.8M | $112M | $337M | $499M | $492M | $495M | $491M |
| Acquisitions | $0.0M | $3.0M | $0.0M | $0.0M | $0.0M | $13.3M | $0.0M | $0.0M | $0.0M | $4.3M |
| Share buybacks | $54.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $647M | $235M | $1.4B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $54.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $647M | $235M | $1.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $133M | $156M | $207M | $255M | $624M | $959M | $1.4B | $1.4B | $1.9B | $1.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $516M | $766M | $1.1B | $1.4B | $2.3B | $3.1B | $3.8B | $4.3B | $5.3B | $5.3B |
| Current liabilities | $344M | $519M | $714M | $930M | $1.5B | $1.8B | $2.0B | $2.5B | $2.9B | $3.3B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $14.8M | $17.4M | $33.0M | $64.0M | $116M | $136M | $174M | $161M | $209M | $397M |
| Total assets | $538M | $797M | $1.1B | $1.7B | $2.8B | $3.6B | $4.4B | $4.9B | $6.1B | $6.2B |
| Total liabilities | $373M | $552M | $723M | $1.1B | $1.7B | $2.1B | $2.3B | $2.7B | $3.2B | $3.7B |
| Shareholders' equity | $164M | $246M | $395M | $613M | $1.0B | $1.5B | $2.1B | $2.2B | $2.9B | $2.5B |
| Margins | ||||||||||
| Gross margin | 80.4% | 78.5% | 76.1% | 76.4% | 78.6% | 81.5% | 82.2% | 81.2% | 80.7% | 78.6% |
| Operating margin | 28.3% | 22.5% | 22.5% | 17.0% | 17.3% | 10.4% | 7.2% | 10.3% | 17.5% | 20.4% |
| EBITDA margin | 30.2% | 24.8% | 25.0% | 20.3% | 20.7% | 14.0% | 10.7% | 14.4% | 21.1% | 24.4% |
| Net margin | 10.1% | 16.5% | 18.5% | 16.4% | 29.0% | 11.5% | 3.4% | 9.2% | 16.1% | 15.3% |
| FCF margin | 33.6% | 6.9% | 14.0% | 3.7% | 39.6% | 27.1% | 29.4% | 28.3% | 26.2% | 27.5% |
| Returns | ||||||||||
| Return on capital employed | 40.4% | 29.4% | 31.5% | 18.7% | 13.9% | 8.2% | 5.5% | 8.5% | 15.2% | 19.2% |
| Return on equity | 23.0% | 24.8% | 27.5% | 21.5% | 29.8% | 10.9% | 2.9% | 8.4% | 15.4% | 16.3% |
| Return on assets | 5.5% | 7.6% | 9.2% | 7.6% | 10.8% | 4.4% | 1.3% | 3.9% | 7.2% | 7.2% |
| Growth | ||||||||||
| Revenue growth | — | 51.9% | 54.9% | 38.5% | 26.5% | 43.1% | 31.9% | 23.3% | 25.6% | 18.5% |
| Net income growth | 28.6% | 148.0% | 73.5% | 22.9% | 123.7% | −43.2% | −61.3% | 235.2% | 119.7% | 12.8% |
| EPS growth | −474.4% | — | 67.0% | 19.8% | 113.0% | −42.9% | −60.7% | 227.3% | 116.7% | 15.4% |
| FCF growth | — | −69.0% | 216.4% | −63.3% | 1,250.4% | −2.2% | 43.5% | 18.7% | 16.3% | 24.1% |
| Share count change | 9.0% | 141.0% | 3.9% | 4.4% | 2.5% | 1.8% | 0.3% | 0.1% | 0.4% | −1.7% |
| Financial health | ||||||||||
| Interest coverage | 18.7x | 38.7x | 69.2x | 272.3x | 92.8x | 241.0x | 28.3x | 121.1x | 282.1x | 329.2x |
| Current ratio | 1.5x | 1.5x | 1.5x | 1.6x | 1.6x | 1.7x | 1.9x | 1.7x | 1.9x | 1.6x |
| Quick ratio | 1.5x | 1.5x | 1.5x | 1.6x | 1.6x | 1.7x | 1.9x | 1.7x | 1.9x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.4% | 3.3% | 4.2% | 5.4% | 8.9% | 4.6% | 5.3% | 2.4% | 4.0% | 6.8% |
| Stock comp / revenue | 2.5% | 6.9% | 8.8% | 12.2% | 13.4% | 28.2% | 31.6% | 25.3% | 20.2% | 16.9% |
| Payouts / FCF | 79.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 117.2% | 36.6% | 173.5% |
| Quality scores | ||||||||||
| Altman Z'' | 3.2 | 3.2 | 3.6 | 3.4 | 3.5 | 3.9 | 4.4 | 3.7 | 4.3 | 3.2 |
| Accruals ratio | −14.6% | 2.9% | 0.2% | 3.4% | −7.3% | −7.6% | −12.5% | −9.1% | −6.3% | −9.0% |
Source: SEC EDGAR XBRL filings (CIK 0001671933). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.