The Trade Desk, Inc. Class A Common Stock (TTD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.4	$0.34	-15.0%	—	$715.1M	—
Q1 26	$0.32	$0.28	-12.5%	—	$688.9M	—
Q4 25	$0.58	$0.59	+1.7%	—	$846.8M	—
Q3 25	$0.44	$0.45	+2.3%	—	$739.4M	—
Q2 25	$0.41	$0.41	0.0%	—	—	—
Q1 25	$0.25	$0.33	+32.0%	—	—	—
Q4 24	$0.57	$0.59	+3.5%	—	—	—
Q3 24	$0.39	$0.41	+5.1%	—	—	—
Q2 24	$0.36	$0.39	+8.3%	—	—	—
Q1 24	$0.22	$0.26	+18.2%	—	—	—
Q4 23	$0.43	$0.41	-4.7%	—	—	—
Q3 23	$0.29	$0.33	+13.8%	—	—	—
Q2 23	$0.26	$0.28	+7.7%	—	$464.3M	—
Q1 23	$0.12	$0.23	+91.7%	—	$382.8M	—
Q4 22	$0.36	$0.38	+5.6%	—	$490.7M	—
Q3 22	$0.23	$0.26	+13.0%	—	$394.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.91	—	—	$2.9B	—
FY24	—	$0.8	—	—	$2.4B	—
FY23	—	$0.37	—	—	$1.9B	—
FY22	—	$0.11	—	—	$1.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$202.9M	$308.2M	$477.3M	$661.1M	$836M	$1.2B	$1.6B	$1.9B	$2.4B	$2.9B
YoY change	+78.3%	+51.9%	+54.9%	+38.5%	+26.5%	+43.1%	+31.9%	+23.3%	+25.6%	+18.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	202.9M	308.2M	477.3M	661.1M	836M	1.2B	1.6B	1.9B	2.4B	2.9B
Cost of revenue	39.9M	66.2M	114.1M	156.2M	178.8M	221.6M	281.1M	365.6M	472M	619.1M
Gross profit	163.1M	242M	363.2M	504.9M	657.2M	974.9M	1.3B	1.6B	2B	2.3B
Gross margin	80.3%	78.5%	76.1%	76.4%	78.6%	81.5%	82.2%	81.2%	80.7%	78.6%
Research & development	27.3M	52.8M	83.9M	116.8M	166.7M	226.1M	319.9M	411.8M	463.3M	525.1M
Selling, general & administrative	78.2M	119.8M	172M	275.9M	346.4M	624M	863.1M	968.2M	1.1B	1.2B
Operating expenses	105.5M	172.6M	255.9M	392.7M	513M	850.1M	1.2B	1.4B	1.5B	1.7B
Operating income	57.5M	69.4M	107.3M	112.2M	144.2M	124.8M	113.7M	200.5M	427.2M	589.3M
Operating margin	28.3%	22.5%	22.5%	17%	17.2%	10.4%	7.2%	10.3%	17.5%	20.3%
Non-operating income, net	-10.6M	-4M	-1.9M	-695K	-961K	-1.8M	961K	-993K	1.3M	717K
Pretax income	43.8M	63.6M	105.7M	116.2M	143.9M	122M	127.4M	268M	507.3M	658.8M
Income tax	23.4M	12.8M	17.6M	7.9M	-98.4M	-15.7M	74M	89.1M	114.2M	215.5M
Net income	20.5M	50.8M	88.1M	108.3M	242.3M	137.8M	53.4M	178.9M	393.1M	443.3M
Net margin	10.1%	16.5%	18.5%	16.4%	29%	11.5%	3.38%	9.19%	16.1%	15.3%
EBITDA	61.3M	80.6M	121.1M	134.6M	173.8M	168.8M	167.1M	281.9M	513.4M	704.4M
EPS	-0.15	0.13	0.21	0.24	0.52	0.29	0.11	0.37	0.8	0.91
Diluted EPS	-0.15	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	739.4M	846.8M	688.9M	715.1M
Cost of revenue	93.4M	100.7M	103.6M	110.5M	122.7M	135.3M	142.8M	151M	162.2M	163.1M	182M	184.3M
Gross profit	—	—	—	—	—	—	—	—	577.3M	683.7M	506.9M	530.7M
Gross margin	—	—	—	—	—	—	—	—	78.1%	80.7%	73.6%	74.2%
Research & development	—	—	—	—	—	—	—	—	127.9M	130.6M	142.7M	140.7M
Selling, general & administrative	—	—	—	—	—	—	—	—	288.2M	296.2M	297.5M	288.4M
Operating expenses	—	—	—	—	—	—	—	—	416.1M	426.8M	440.2M	429.1M
Operating income	—	—	—	—	—	—	—	—	161.2M	256.9M	66.6M	101.6M
Operating margin	—	—	—	—	—	—	—	—	21.8%	30.3%	9.68%	14.2%
Non-operating income, net	—	—	—	—	—	—	—	—	1.8M	-667K	-1.1M	6K
Pretax income	—	—	—	—	—	—	—	—	179.5M	270.3M	79M	113.1M
Income tax	—	—	—	—	—	—	—	—	64M	83.3M	39M	48.7M
Net income	—	—	—	—	—	—	—	—	115.5M	186.9M	40M	64.4M
Net margin	—	—	—	—	—	—	—	—	15.6%	22.1%	5.81%	9.01%
EBITDA	—	—	—	—	—	—	—	—	192.5M	289.5M	111.8M	131.7M
EPS	0.08	0.2	0.06	0.17	0.19	0.37	0.1	0.18	0.24	0.39	0.08	0.14
Diluted EPS	0.08	0.19	0.06	0.17	0.19	0.36	0.1	0.18	0.23	0.39	0.08	0.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	4.9B	11.6B	37.1B	43.7B	21.8B	35.2B	57.7B	18.5B	5.8B
Enterprise value	—	—	4.7B	11.5B	36.7B	43B	20.6B	34.1B	56.1B	17.7B	4.9B
Shares outstanding	182.8M	402.6M	424.4M	445.3M	462.9M	476.9M	486.9M	489.3M	490.9M	488.3M	488.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	55.9	106.8	153	317.2	408.9	196.8	146.8	41.8	0.15
P/S	—	—	10.3	17.5	44.3	36.5	13.8	18.1	23.6	6.4	1.94
P/B	—	—	12.5	18.9	36.6	28.6	10.3	16.3	19.6	7.46	2.23
EV/EBITDA	—	—	39	85.5	211.4	254.9	123.5	120.8	109.2	25.1	6.98
EV/Sales	—	—	9.89	17.4	44	36	13.1	17.5	22.9	6.1	1.63
Earnings yield	—	—	1.79%	0.94%	0.65%	0.32%	0.24%	0.51%	0.68%	2.39%	685.7%
FCF yield	—	—	1.25%	0.17%	0.88%	0.73%	2.09%	1.54%	1.1%	4.22%	9.99%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	80.3%	78.5%	76.1%	76.4%	78.6%	81.5%	82.2%	81.2%	80.7%	78.6%	74.2%
Operating margin	28.3%	22.5%	22.5%	17%	17.2%	10.4%	7.2%	10.3%	17.5%	20.3%	14.2%
Net margin	10.1%	16.5%	18.5%	16.4%	29%	11.5%	3.38%	9.19%	16.1%	15.3%	13.6%
ROE	12.5%	20.7%	22.3%	17.7%	23.9%	9.02%	2.52%	8.27%	13.3%	17.8%	15.4%
ROA	3.81%	6.37%	7.88%	6.27%	8.8%	3.85%	1.22%	3.66%	6.43%	7.2%	6.25%
ROIC	47.3%	47.5%	47.8%	19.1%	21.2%	14.6%	5.12%	13.1%	24.7%	24.5%	24.4%
Return on tangible assets	3.85%	6.44%	8%	6.33%	8.87%	3.88%	1.23%	3.69%	6.46%	7.25%	7.06%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.5	1.48	1.48	1.56	1.57	1.71	1.9	1.72	1.86	1.61	1.72
Quick ratio	1.5	1.48	1.48	1.56	1.57	1.71	1.9	1.72	1.86	1.61	1.72
Debt / equity	0.16	0.11	0	0.31	0.29	0.19	0.12	0.11	0.11	0.18	0.17
Debt / assets	0.05	0.03	0	0.11	0.11	0.08	0.06	0.05	0.05	0.07	0.08
Net debt / EBITDA	-1.75	-1.6	-1.71	-0.49	-1.91	-3.99	-7.09	-4.06	-3.13	-1.23	-1.45
Interest coverage	15.3	38.7	69.2	—	—	—	—	—	—	—	—
Effective tax rate	53.3%	20.2%	16.6%	6.8%	0%	0%	58.1%	33.2%	22.5%	32.7%	36.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.11	0.77	1.12	1.48	1.81	2.51	3.24	3.98	4.98	5.93	6.26
EPS (basic)	-0.15	0.13	0.21	0.24	0.52	0.29	0.11	0.37	0.8	0.91	0.91
EPS (diluted)	-0.15	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.9	84
Book value per share	0.9	0.61	0.93	1.38	2.19	3.2	4.34	4.42	6.01	5.09	5.48
FCF per share	0.36	0.05	0.14	0.04	0.7	0.67	0.94	1.11	1.29	1.6	1.81
Cash per share	0.73	0.39	0.49	0.57	1.35	2.01	2.97	2.82	3.91	2.67	3.16
Capex per share	0.04	0.03	0.05	0.08	0.16	0.11	0.17	0.1	0.2	0.03	0.03

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.39%	3.28%	4.15%	5.4%	8.86%	4.58%	5.33%	2.4%	4.02%	0.44%	0.48%
Capex / operating cash flow	13.3%	42.8%	25.5%	50.8%	17.1%	14.9%	17.3%	7.98%	13.4%	1.28%	1.33%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$739.4M	$846.8M	$688.9M	$715.1M
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	133.4M	155.9M	207.2M	255M	624M	958.8M	1.4B	1.4B	1.9B	1.3B
Receivables	377.2M	599.6M	834.8M	1.2B	1.6B	2B	2.3B	2.9B	3.3B	3.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	516.4M	765.8M	1.1B	1.4B	2.3B	3.1B	3.8B	4.3B	5.3B	5.3B
Property, plant & equipment	14.8M	17.4M	33M	237.5M	364M	369.9M	394.2M	359.2M	473.1M	738.9M
Goodwill & intangibles	5.5M	8.8M	16.2M	18.2M	23M	28.7M	37.1M	33.8M	29.2M	39.9M
Total assets	537.6M	797.2M	1.1B	1.7B	2.8B	3.6B	4.4B	4.9B	6.1B	6.2B
Accounts payable	307M	490.4M	669.1M	868.6M	1.3B	1.7B	1.9B	2.3B	2.6B	3B
Short-term debt	—	—	—	14.6M	37.9M	46.1M	52.4M	55.5M	64.5M	76.4M
Total current liabilities	344.1M	518.5M	714M	930.4M	1.5B	1.8B	2B	2.5B	2.9B	3.3B
Long-term debt	25.8M	27M	0	174.9M	254.6M	238.4M	208.5M	180.4M	247.7M	360M
Total liabilities	373.2M	551.6M	723.3M	1.1B	1.7B	2.1B	2.3B	2.7B	3.2B	3.7B
Shareholders' equity	164.4M	245.6M	394.6M	612.5M	1B	1.5B	2.1B	2.2B	2.9B	2.5B
Total debt	25.8M	27M	0	189.4M	292.4M	284.6M	261M	235.9M	312.2M	436.3M
Net debt	-107.6M	-128.9M	-207.2M	58.6M	-144.9M	-469.6M	-769.5M	-659.2M	-1.1B	-221.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	—	1.4B	1.5B	1.7B	—	1.7B	1.7B	1.4B	1.3B	1.4B	1.5B
Receivables	2.4B	—	2.6B	2.9B	3B	—	3.1B	3.3B	3.5B	3.8B	3.3B	3.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4B	—	4.1B	4.5B	4.8B	—	4.9B	5.1B	5.1B	5.3B	4.9B	4.8B
Property, plant & equipment	361.4M	0	352.4M	421.3M	440.4M	0	530.1M	579.3M	609.6M	738.9M	715.7M	790.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	39.9M	—	—
Total assets	4.5B	—	4.7B	5.2B	5.5B	—	5.7B	6B	5.9B	6.2B	5.7B	5.8B
Accounts payable	2B	—	2.1B	2.3B	2.4B	—	2.4B	2.7B	2.8B	3B	2.6B	2.6B
Short-term debt	57.9M	—	57.2M	61.6M	62.9M	—	72.3M	72.4M	73.1M	76.4M	77.5M	80.9M
Total current liabilities	2.1B	—	2.3B	2.5B	2.6B	—	2.7B	2.9B	3B	3.3B	2.9B	2.8B
Long-term debt	190.2M	—	180.5M	202.8M	230.4M	—	262.7M	271.1M	302.8M	360M	346.1M	353.2M
Total liabilities	2.4B	—	2.5B	2.8B	2.9B	—	3B	3.3B	3.3B	3.7B	3.3B	3.2B
Shareholders' equity	2.2B	—	2.2B	2.4B	2.6B	—	2.7B	2.7B	2.6B	2.5B	2.5B	2.6B
Total debt	248.1M	—	237.7M	264.3M	293.2M	—	335M	343.5M	376M	436.3M	423.6M	434.1M
Net debt	-823.7M	—	-680.5M	-745M	-928.3M	—	-783.6M	-552.8M	-277.2M	-221.8M	-454.8M	-688.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	20.5M	50.8M	88.1M	108.3M	242.3M	137.8M	53.4M	178.9M	393.1M	443.3M
Depreciation & amortization	3.8M	7.2M	11.8M	21.7M	28.6M	42.2M	54.4M	80.4M	87.5M	115.8M
Stock-based compensation	5.1M	21.3M	42.2M	80.8M	111.8M	337.4M	498.6M	491.6M	494.7M	490.6M
Change in working capital	21.7M	-52.8M	-62.2M	-149.9M	46.2M	-178.9M	-153M	-131.5M	-217.1M	-205.5M
Operating cash flow	51.6M	23.6M	77.8M	70.3M	433.1M	367.8M	486.7M	586.5M	730.8M	992.7M
Capital expenditure	-6.9M	-10.1M	-19.8M	-35.7M	-74.1M	-54.8M	-84.2M	-46.8M	-98.2M	-12.8M
Investing cash flow	-6.9M	-13.1M	-19.8M	-158.9M	-137.2M	-88.5M	-296.6M	-99.4M	-148.7M	-95.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-54.3M	0	0	—	—	0	0	-646.6M	-234.8M	-1.4B
Financing cash flow	-6.2M	-2.2M	-61M	-19.3M	-53.1M	-58.8M	-48.6M	-725.1M	-373.9M	-1.5B
Net change in cash	38.6M	8.3M	-3M	-108M	242.8M	220.6M	141.5M	-238M	208.3M	-581M
Free cash flow	65.8M	18.2M	61.4M	19.6M	325M	318.5M	456.8M	543.3M	632.4M	783M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	39.4M	97.3M	31.7M	85M	94.2M	182.2M	50.7M	90.1M	115.5M	186.9M	40M	64.4M
Depreciation & amortization	20.5M	20.5M	21.7M	20.9M	20.8M	24.1M	24M	26.7M	33.1M	32M	31.4M	30.1M
Stock-based compensation	139.6M	121.4M	110.6M	126.3M	128.5M	129.2M	128.3M	128.9M	121.3M	112.2M	109M	109.6M
Change in working capital	-32.3M	-89.7M	4.3M	-94.3M	19.5M	-146.6M	33.8M	-5.2M	-104.8M	-129.3M	132.8M	-48.3M
Operating cash flow	179.7M	88.2M	182.2M	146.4M	270.2M	208.9M	241.8M	165M	224.7M	311.6M	391.8M	153.6M
Capital expenditure	-5M	-25.2M	-7.2M	-22.1M	-48.7M	-20.2M	-59.1M	-3.1M	-3.4M	-3.7M	-3M	-4.4M
Investing cash flow	14M	-54.9M	-19.2M	-13.5M	-56.9M	-59.1M	-129.9M	-168.3M	-437K	146.6M	113.2M	162.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-90.2M	-219.9M	-125.3M	0	-52.1M	-57.4M	-386.3M	-260.8M	-310.4M	-422.9M	-163.5M	-77.8M
Financing cash flow	-114.5M	-243M	-152.1M	-31.6M	-91.5M	-98.7M	-417.7M	-286.4M	-333.1M	-440.8M	-174.2M	-88M
Net change in cash	79.2M	-209.8M	11M	101.3M	121.8M	51.1M	-305.8M	-289.8M	-108.9M	17.4M	330.8M	227.8M
Free cash flow	183.8M	63.8M	176.3M	56.7M	222.3M	177.1M	229.7M	116.7M	155M	281.6M	276M	136M

The Trade Desk, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement