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Trade Desk (TTD) Financials

Trade Desk logo
$54.95 +2.83 (+5.43%)
Closing price 04:00 PM Eastern
Extended Trading
$54.86 -0.09 (-0.16%)
As of 05:08 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Trade Desk

Annual Income Statements for Trade Desk

This table shows Trade Desk's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 0.01 8.76 -27 51 88 108 242 138 53 179 393
Consolidated Net Income / (Loss)		 0.01 16 20 51 88 108 242 138 53 179 393
Net Income / (Loss) Continuing Operations		 0.01 16 20 51 88 108 242 138 53 179 393
Total Pre-Tax Income 		-0.94 30 44 64 106 116 144 122 127 268 507
Total Operating Income		 0.76 38 58 69 107 112 144 125 114 200 427
Total Gross Profit		 32 91 163 242 363 505 657 975 1,297 1,581 1,973
Total Revenue		 45 114 203 308 477 661 836 1,196 1,578 1,946 2,445
Operating Revenue		 45 114 203 308 477 661 836 1,196 1,578 1,946 2,445
Total Cost of Revenue		 13 23 40 66 114 156 179 222 281 366 472
Operating Cost of Revenue		 13 23 40 66 114 156 179 222 281 366 472
Total Operating Expenses		 31 53 106 173 256 393 513 850 1,183 1,380 1,546
Selling, General & Admin Expense		 9.39 13 32 58 85 143 172 375 525 520 536
Marketing Expense		 15 27 46 61 87 133 175 249 338 448 547
Research & Development Expense		 7.25 13 27 53 84 117 167 226 320 412 463
Total Other Income / (Expense), net		 -1.71 -8.13 -14 -5.73 -1.59 4.02 -0.31 -2.78 14 68 80
Interest Expense		 0.84 1.14 3.08 1.70 -0.33 -4.72 -0.66 1.03 -13 -69 -79
Other Income / (Expense), net		 -0.86 -6.98 -11 -4.03 -1.92 -0.70 -0.96 -1.75 0.96 -0.99 1.29
Income Tax Expense		 -0.95 14 23 13 18 7.90 -98 -16 74 89 114
Basic Earnings per Share		 - $0.85 ($1.46) $1.26 $2.08 $0.24 $0.52 $0.29 $0.11 $0.37 $0.80
Weighted Average Basic Shares Outstanding		 10.23M 10.29M 18.28M 40.26M 42.44M 445.33M 462.87M 476.85M 486.94M 489.26M 490.88M
Diluted Earnings per Share		 - $0.39 ($1.46) $1.15 $1.92 $0.23 $0.49 $0.28 $0.11 $0.36 $0.78
Weighted Average Diluted Shares Outstanding		 13.13M 16.78M 18.28M 44.06M 45.79M 478.06M 489.88M 498.54M 499.93M 500.18M 501.92M
Weighted Average Basic & Diluted Shares Outstanding		 - 10.30M 18.30M 40.30M 44.07M 45.57M 47.38M 484.83M 490.79M 488.94M 496.09M

Quarterly Income Statements for Trade Desk

This table shows Trade Desk's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 71 9.33 33 39 97 32 85 94 182 51 90
Consolidated Net Income / (Loss)		 71 9.33 33 39 97 32 85 94 182 51 90
Net Income / (Loss) Continuing Operations		 71 9.33 33 39 97 32 85 94 182 51 90
Total Pre-Tax Income 		112 -9.61 60 57 161 46 112 127 222 76 133
Total Operating Income		 100 -23 42 38 144 29 95 108 195 54 117
Total Gross Profit		 411 298 378 400 505 388 474 505 606 473 543
Total Revenue		 491 383 464 493 606 491 585 628 741 616 694
Operating Revenue		 491 383 464 493 606 491 585 628 741 616 694
Total Cost of Revenue		 80 85 87 93 101 104 110 123 135 143 151
Operating Cost of Revenue		 80 85 87 93 101 104 110 123 135 143 151
Total Operating Expenses		 311 321 336 362 361 359 379 397 410 419 426
Selling, General & Admin Expense		 134 130 126 132 132 130 135 139 132 134 131
Marketing Expense		 93 97 111 112 127 122 134 140 151 153 161
Research & Development Expense		 84 94 98 118 102 108 110 118 128 132 134
Total Other Income / (Expense), net		 12 14 18 19 16 17 18 19 26 21 16
Interest Expense		 -11 -14 -18 -18 -19 -17 -18 -19 -25 -20 -18
Other Income / (Expense), net		 0.53 -0.72 0.75 1.70 -2.71 0.72 -0.05 -0.71 1.33 1.19 -1.61
Income Tax Expense		 41 -19 27 18 63 14 27 33 39 25 43
Basic Earnings per Share		 $0.15 $0.02 $0.07 $0.08 $0.20 $0.06 $0.17 $0.19 $0.38 $0.10 $0.18
Weighted Average Basic Shares Outstanding		 486.94M 489.71M 488.43M 489.45M 489.26M 488.55M 489.35M 491.61M 490.88M 494.93M 490.63M
Diluted Earnings per Share		 $0.15 $0.02 $0.07 $0.08 $0.19 $0.06 $0.17 $0.19 $0.36 $0.10 $0.18
Weighted Average Diluted Shares Outstanding		 499.93M 499.80M 499.35M 501.88M 500.18M 498.19M 500.04M 502.56M 501.92M 502.94M 495.78M
Weighted Average Basic & Diluted Shares Outstanding		 490.79M 488.85M 490.20M 490.30M 488.94M 489.13M 491.58M 493.57M 496.09M 491.44M 488.94M

Annual Cash Flow Statements for Trade Desk

This table details how cash moves in and out of Trade Desk's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 11 -13 129 23 51 -76 306 317 276 -135 474
Net Cash From Operating Activities		 -15 -37 75 31 87 60 405 379 549 598 739
Net Cash From Continuing Operating Activities		 -15 -37 75 31 87 60 405 379 549 598 739
Net Income / (Loss) Continuing Operations		 0.01 16 20 51 88 108 242 138 53 179 393
Consolidated Net Income / (Loss)		 0.01 16 20 51 88 108 242 138 53 179 393
Depreciation Expense		 0.68 1.83 3.80 7.21 12 22 29 42 54 80 87
Non-Cash Adjustments To Reconcile Net Income		 0.95 7.05 18 24 47 103 150 385 547 523 545
Changes in Operating Assets and Liabilities, net		 -16 -61 33 -51 -61 -173 -16 -186 -106 -184 -286
Net Cash From Investing Activities		 -2.21 -6.38 -9.22 -16 -25 -164 -143 -94 -304 -108 -158
Net Cash From Continuing Investing Activities		 -2.21 -6.38 -9.22 -16 -25 -164 -143 -94 -304 -108 -158
Purchase of Property, Plant & Equipment		 -1.66 -6.93 -9.22 -13 -25 -41 -80 -60 -92 -55 -107
Purchase of Investments		 -0.55 - - - 0.00 -213 -231 -278 -553 -608 -680
Sale and/or Maturity of Investments		 - 0.55 - - 0.00 90 168 258 341 556 629
Net Cash From Financing Activities		 28 30 64 7.39 -10 27 45 32 32 -626 -108
Net Cash From Continuing Financing Activities		 28 30 64 7.39 -10 27 45 32 32 -626 -108
Repurchase of Common Equity		 -0.56 -0.16 -58 - - - - 0.00 0.00 -647 -235
Issuance of Common Equity		 - - 82 7.00 14 17 22 29 33 38 50
Other Financing Activities, net		 0.00 0.17 0.49 1.55 3.34 11 23 4.62 -1.07 -18 77
Cash Interest Paid		 0.49 0.90 1.70 1.32 0.82 0.41 1.55 0.52 1.00 0.97 0.99
Cash Income Taxes Paid		 0.15 13 17 19 17 20 4.98 3.61 4.21 152 159

Quarterly Cash Flow Statements for Trade Desk

This table details how cash moves in and out of Trade Desk's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 36 -138 73 106 -177 23 91 212 148 -251 -222
Net Cash From Operating Activities		 173 188 128 192 91 185 81 273 199 291 165
Net Cash From Continuing Operating Activities		 173 188 128 192 91 185 81 273 199 291 165
Net Income / (Loss) Continuing Operations		 71 9.33 33 39 97 32 85 94 182 51 90
Consolidated Net Income / (Loss)		 71 9.33 33 39 97 32 85 94 182 51 90
Depreciation Expense		 17 19 20 21 21 22 21 21 24 24 27
Non-Cash Adjustments To Reconcile Net Income		 136 124 122 154 123 125 135 136 149 134 145
Changes in Operating Assets and Liabilities, net		 -51 35 -47 -22 -150 7.53 -160 22 -156 83 -97
Net Cash From Investing Activities		 -139 -29 -33 11 -57 -21 -16 -59 -61 -133 -214
Net Cash From Continuing Investing Activities		 -139 -29 -33 11 -57 -21 -16 -59 -61 -133 -214
Purchase of Property, Plant & Equipment		 -51 -11 -9.35 -7.72 -27 -9.18 -25 -51 -22 -62 -48
Purchase of Investments		 -174 -145 -172 -132 -160 -160 -158 -169 -193 -232 -346
Sale and/or Maturity of Investments		 86 127 148 151 130 148 167 160 154 165 181
Net Cash From Financing Activities		 0.99 -297 -22 -97 -211 -141 26 -2.02 9.77 -410 -174
Net Cash From Continuing Financing Activities		 0.99 -297 -22 -97 -211 -141 26 -2.02 9.77 -410 -174
Repurchase of Common Equity		 - -292 -45 -90 -220 -125 - -52 -57 -386 -261
Other Financing Activities, net		 -6.53 -5.23 1.95 -6.75 -7.96 -16 -4.20 50 47 -24 -19

Annual Balance Sheets for Trade Desk

This table presents Trade Desk's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 210 538 797 1,118 1,729 2,754 3,577 4,381 4,889 6,112
Total Current Assets		 200 516 766 1,057 1,449 2,310 3,092 3,846 4,314 5,336
Cash & Equivalents		 4.05 133 156 207 131 437 754 1,031 895 1,369
Short-Term Investments		 - - - - 124 187 205 416 485 552
Accounts Receivable		 192 377 600 835 1,166 1,584 2,021 2,347 2,870 3,330
Prepaid Expenses		 3.81 5.76 10 15 28 102 112 52 63 85
Plant, Property, & Equipment, net		 6.63 15 17 33 64 116 136 174 161 209
Total Noncurrent Assets		 3.80 6.41 14 28 216 327 350 361 413 566
Noncurrent Deferred & Refundable Income Taxes		 1.17 1.78 3.36 8.46 19 50 68 94 155 230
Other Noncurrent Operating Assets		 2.63 4.64 11 20 197 277 282 267 258 336
Total Liabilities & Shareholders' Equity		 210 538 797 1,118 1,729 2,754 3,577 4,381 4,889 6,112
Total Liabilities		 172 373 552 723 1,116 1,741 2,050 2,265 2,724 3,163
Total Current Liabilities		 119 344 519 714 930 1,475 1,803 2,029 2,511 2,873
Accounts Payable		 108 321 490 669 869 1,348 1,656 1,871 2,317 2,631
Accrued Expenses		 10 23 28 45 47 88 101 105 138 178
Other Current Liabilities		 - - - - 15 38 46 52 56 64
Total Noncurrent Liabilities		 53 29 33 9.31 186 266 247 236 214 289
Other Noncurrent Operating Liabilities		 8.10 3.23 6.05 9.31 186 266 247 236 214 289
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 14 164 246 395 613 1,013 1,527 2,115 2,164 2,949
Total Preferred & Common Equity		 14 164 246 395 613 1,013 1,527 2,115 2,164 2,949
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 14 164 246 395 613 1,013 1,527 2,115 2,164 2,949
Common Stock		 1.04 179 210 270 380 539 915 1,450 1,967 2,595
Retained Earnings		 13 -15 36 124 232 474 612 666 197 354

Quarterly Balance Sheets for Trade Desk

This table presents Trade Desk's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets		 3,924 4,000 4,347 4,520 4,664 5,160 5,505 5,705 5,958
Total Current Assets		 3,415 3,476 3,832 4,014 4,096 4,523 4,838 4,856 5,054
Cash & Equivalents		 995 893 966 1,072 918 1,009 1,221 1,119 896
Short-Term Investments		 327 438 465 450 501 497 510 622 791
Accounts Receivable		 2,027 2,086 2,346 2,434 2,619 2,906 2,989 3,052 3,255
Prepaid Expenses		 67 59 55 58 58 111 117 64 112
Plant, Property, & Equipment, net		 166 170 160 153 151 192 198 251 310
Total Noncurrent Assets		 343 353 355 354 417 445 469 598 594
Noncurrent Deferred & Refundable Income Taxes		 68 94 94 94 155 155 155 229 229
Other Noncurrent Operating Assets		 275 259 261 260 262 290 314 369 365
Total Liabilities & Shareholders' Equity		 3,924 4,000 4,347 4,520 4,664 5,160 5,505 5,705 5,958
Total Liabilities		 2,010 2,059 2,276 2,365 2,497 2,755 2,880 2,989 3,262
Total Current Liabilities		 1,785 1,830 2,051 2,147 2,283 2,518 2,615 2,682 2,949
Accounts Payable		 1,651 1,677 1,893 1,968 2,095 2,337 2,410 2,399 2,724
Accrued Expenses		 83 100 103 122 131 120 142 211 152
Other Current Liabilities		 51 53 55 58 - - - 72 72
Total Noncurrent Liabilities		 224 228 225 218 214 236 264 307 313
Other Noncurrent Operating Liabilities		 224 228 225 218 33 33 34 307 313
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,914 1,941 2,071 2,156 2,167 2,405 2,626 2,717 2,696
Total Preferred & Common Equity		 1,914 1,941 2,071 2,156 2,167 2,405 2,626 2,717 2,696
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,914 1,941 2,071 2,156 2,167 2,405 2,626 2,717 2,696
Common Stock		 1,320 1,559 1,700 1,835 2,063 2,217 2,397 2,712 2,858
Retained Earnings		 594 382 371 320 103 188 229 4.52 -162

Annual Metrics And Ratios for Trade Desk

This table displays calculated financial ratios and metrics derived from Trade Desk's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 155.54% 78.26% 51.89% 54.86% 38.50% 26.47% 43.11% 31.87% 23.34% 25.63%
EBITDA Growth		 0.00% 5,559.31% 54.48% 43.04% 61.62% 13.60% 29.07% -3.84% 2.27% 65.59% 84.33%
EBIT Growth		 0.00% 31,096.00% 51.34% 39.25% 61.36% 5.78% 28.47% -14.09% -6.87% 74.05% 114.78%
NOPAT Growth		 0.00% 3,689.09% 32.63% 106.03% 61.56% 16.88% 132.22% -41.98% -66.19% 181.01% 147.26%
Net Income Growth		 0.00% 318,480.00% 28.58% 148.01% 73.51% 22.89% 123.71% -43.15% -61.25% 235.19% 119.67%
EPS Growth		 0.00% 0.00% -474.36% 178.77% 66.96% 22.89% 123.71% -42.86% -60.71% 227.27% 116.67%
Operating Cash Flow Growth		 0.00% -146.28% 305.23% -58.39% 177.36% -30.48% 572.82% -6.56% 44.97% 9.04% 23.59%
Free Cash Flow Firm Growth		 0.00% 0.00% 183.56% -109.00% 523.25% -449.82% 421.90% -118.23% -36.53% 135.52% 367.07%
Invested Capital Growth		 0.00% 0.00% -28.24% 105.24% 60.62% 90.85% 8.83% 46.11% 17.63% 17.22% 31.09%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 10.88% 13.78% 9.16% 14.20% 6.75% 6.42% 6.28% 5.85%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 8.91% 23.50% 5.01% 48.00% -43.79% 348.95% 19.02% 12.79%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 8.41% 24.35% 3.39% 61.06% -51.97% 1,041.09% 25.90% 14.70%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 14.31% 31.56% 11.32% 72.18% -50.17% 673.45% 23.07% 27.41%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 14.75% 34.53% 11.89% 71.42% -51.08% 646.81% 17.10% 27.55%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -67.61% 25.49% 11.89% 71.42% -52.54% 650.00% 16.13% 27.87%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 168.43% -27.51% 38.04% -55.84% 93.40% -1.09% 1.87% -12.10% 17.16%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 176.00% -354.97% 549.05% -130.60% 45.77% -72.53% 129.70%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 6.55% 9.77% 49.68% 12.02% 12.76% 12.80% 23.72% -13.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 71.81% 79.82% 80.35% 78.51% 76.09% 76.37% 78.61% 81.48% 82.18% 81.21% 80.69%
EBITDA Margin		 1.30% 28.83% 24.99% 23.53% 24.56% 20.14% 20.56% 13.81% 10.71% 14.38% 21.10%
Operating Margin		 1.72% 33.36% 28.34% 22.50% 22.49% 16.97% 17.25% 10.43% 7.20% 10.30% 17.47%
EBIT Margin		 -0.22% 27.23% 23.12% 21.19% 22.08% 16.87% 17.13% 10.29% 7.26% 10.25% 17.53%
Profit (Net Income) Margin		 0.01% 13.99% 10.09% 16.48% 18.47% 16.39% 28.98% 11.51% 3.38% 9.19% 16.08%
Tax Burden Percent		 -0.53% 53.35% 46.73% 79.84% 83.36% 93.20% 168.39% 112.89% 41.91% 66.77% 77.48%
Interest Burden Percent		 943.00% 96.32% 93.44% 97.40% 100.32% 104.23% 100.46% 99.16% 111.13% 134.34% 118.40%
Effective Tax Rate		 0.00% 46.65% 53.27% 20.16% 16.64% 6.80% -68.39% -12.89% 58.09% 33.23% 22.52%
Return on Invested Capital (ROIC)		 0.00% 51.18% 39.52% 63.85% 58.86% 38.38% 65.05% 29.43% 7.70% 18.43% 36.54%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 29.95% 58.69% 67.72% 59.65% 36.76% 65.16% 29.82% 7.22% 15.24% 32.78%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 31.90% -19.31% -39.06% -31.33% -16.87% -35.24% -18.58% -4.77% -10.07% -21.17%
Return on Equity (ROE)		 0.00% 83.08% 20.21% 24.78% 27.54% 21.51% 29.81% 10.85% 2.93% 8.36% 15.37%
Cash Return on Invested Capital (CROIC)		 0.00% -148.82% 72.40% -5.11% 12.34% -24.09% 56.59% -8.04% -8.50% 2.57% 9.63%
Operating Return on Assets (OROA)		 0.00% 14.74% 12.55% 9.79% 11.01% 7.83% 6.39% 3.89% 2.88% 4.30% 7.79%
Return on Assets (ROA)		 0.00% 7.58% 5.48% 7.61% 9.21% 7.61% 10.81% 4.35% 1.34% 3.86% 7.15%
Return on Common Equity (ROCE)		 0.00% 30.64% 17.79% 24.78% 27.54% 21.51% 29.81% 10.85% 2.93% 8.36% 15.37%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 112.64% 12.46% 20.68% 22.34% 17.68% 23.92% 9.02% 2.52% 8.27% 13.33%
Net Operating Profit after Tax (NOPAT)		 0.53 20 27 55 89 105 243 141 48 134 331
NOPAT Margin		 1.20% 17.80% 13.24% 17.97% 18.74% 15.82% 29.05% 11.78% 3.02% 6.88% 13.54%
Net Nonoperating Expense Percent (NNEP)		 0.00% 21.23% -19.17% -3.87% -0.79% 1.62% -0.12% -0.40% 0.48% 3.19% 3.76%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 2.25% 6.19% 11.22%
Cost of Revenue to Revenue		 28.19% 20.18% 19.65% 21.49% 23.91% 23.63% 21.39% 18.52% 17.82% 18.79% 19.31%
SG&A Expenses to Revenue		 21.07% 11.66% 15.85% 18.96% 17.79% 21.64% 20.53% 31.31% 33.28% 26.73% 21.92%
R&D to Revenue		 16.27% 11.26% 13.46% 17.13% 17.58% 17.66% 19.93% 18.90% 20.27% 21.16% 18.95%
Operating Expenses to Revenue		 70.09% 46.46% 52.01% 56.01% 53.61% 59.40% 61.36% 71.05% 74.98% 70.91% 63.22%
Earnings before Interest and Taxes (EBIT)		 -0.10 31 47 65 105 112 143 123 115 199 428
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.58 33 51 73 117 133 172 165 169 280 516
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 6.49 7.65 12.72 19.14 37.13 28.84 10.37 16.30 19.67
Price to Tangible Book Value (P/TBV)		 0.00 0.00 6.49 7.65 12.72 19.14 37.13 28.84 10.37 16.30 19.67
Price to Revenue (P/Rev)		 0.00 0.00 5.26 6.09 10.51 17.74 45.00 36.81 13.91 18.13 23.73
Price to Earnings (P/E)		 0.00 0.00 0.00 36.98 56.94 108.25 155.24 319.72 411.07 197.17 147.58
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 2.70% 1.76% 0.92% 0.64% 0.31% 0.24% 0.51% 0.68%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 16.89 15.00 25.68 32.08 95.08 75.79 30.65 43.25 54.58
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.73 5.68 10.08 17.35 44.25 36.01 12.99 17.42 22.94
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 18.93 24.12 41.04 86.14 215.23 260.68 121.26 121.12 108.71
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 20.46 26.78 45.65 102.87 258.26 350.11 178.84 169.94 130.91
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 35.71 31.59 53.78 109.69 152.35 305.79 430.31 253.26 169.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 12.79 56.03 55.56 190.52 91.33 113.83 37.36 56.66 75.85
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 19.49 0.00 256.47 0.00 175.12 0.00 0.00 1,814.63 642.78
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.17 0.16 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 1.17 0.16 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 1.07 -0.33 -0.58 -0.53 -0.46 -0.54 -0.62 -0.66 -0.66 -0.65
Leverage Ratio		 0.00 5.48 3.69 3.26 2.99 2.83 2.76 2.49 2.18 2.17 2.15
Compound Leverage Factor		 0.00 5.28 3.45 3.17 3.00 2.95 2.77 2.47 2.43 2.91 2.55
Debt to Total Capital		 0.00% 53.93% 13.59% 9.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 53.93% 13.59% 9.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 29.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 16.99% 86.41% 90.09% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 1.37 0.51 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 1.24 -2.12 -1.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 1.37 0.51 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 2.22 0.96 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 2.02 -4.00 -2.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 2.22 0.96 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.00 2.73 3.14 5.42 7.45 14.05 14.01 6.97 8.80 12.20
Noncontrolling Interest Sharing Ratio		 0.00% 63.12% 11.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 1.68 1.50 1.48 1.48 1.56 1.57 1.71 1.90 1.72 1.86
Quick Ratio		 0.00 1.65 1.48 1.46 1.46 1.53 1.50 1.65 1.87 1.69 1.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -59 49 -4.43 19 -66 211 -39 -53 19 87
Operating Cash Flow to CapEx		 -895.90% -527.79% 813.70% 239.01% 343.79% 148.27% 505.62% 631.14% 597.20% 1,087.46% 690.68%
Free Cash Flow to Firm to Interest Expense		 0.00 -51.64 16.01 -2.61 0.00 0.00 0.00 -37.40 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -17.61 -32.04 24.40 18.39 0.00 0.00 0.00 367.49 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -19.58 -38.11 21.40 10.69 0.00 0.00 0.00 309.26 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.54 0.54 0.46 0.50 0.46 0.37 0.38 0.40 0.42 0.44
Accounts Receivable Turnover		 0.00 0.59 0.71 0.63 0.67 0.66 0.61 0.66 0.72 0.75 0.79
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 17.18 18.96 19.15 18.92 13.62 9.30 9.51 10.19 11.61 13.19
Accounts Payable Turnover		 0.00 0.21 0.19 0.16 0.20 0.20 0.16 0.15 0.16 0.17 0.19
Days Sales Outstanding (DSO)		 0.00 615.44 511.89 578.38 548.44 552.46 600.41 549.85 505.23 489.28 462.86
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 1,723.70 1,966.25 2,236.24 1,854.66 1,796.91 2,262.83 2,474.61 2,289.73 2,090.94 1,913.31
Cash Conversion Cycle (CCC)		 0.00 -1,108.26 -1,454.36 -1,657.86 -1,306.23 -1,244.45 -1,662.41 -1,924.76 -1,784.51 -1,601.66 -1,450.45
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 79 57 117 187 358 389 569 669 784 1,028
Invested Capital Turnover		 0.00 2.88 2.98 3.55 3.14 2.43 2.24 2.50 2.55 2.68 2.70
Increase / (Decrease) in Invested Capital		 0.00 79 -22 60 71 170 32 179 100 115 244
Enterprise Value (EV)		 0.00 0.00 960 1,749 4,811 11,470 36,994 43,086 20,498 33,901 56,088
Market Capitalization		 0.00 0.00 1,067 1,878 5,019 11,725 37,618 44,045 21,945 35,282 58,010
Book Value per Share		 $0.00 $1.37 $4.26 $5.98 $9.12 $13.57 $21.57 $3.18 $4.32 $4.41 $5.98
Tangible Book Value per Share		 $0.00 $1.37 $4.26 $5.98 $9.12 $13.57 $21.57 $3.18 $4.32 $4.41 $5.98
Total Capital		 0.00 83 190 273 395 613 1,013 1,527 2,115 2,164 2,949
Total Debt		 0.00 45 26 27 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 45 26 27 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 41 -108 -129 -207 -255 -624 -959 -1,447 -1,380 -1,921
Capital Expenditures (CapEx)		 1.66 6.93 9.22 13 25 41 80 60 92 55 107
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 77 39 91 135 264 212 330 370 423 542
Debt-free Net Working Capital (DFNWC)		 0.00 81 172 247 343 519 836 1,288 1,816 1,803 2,463
Net Working Capital (NWC)		 0.00 81 172 247 343 519 836 1,288 1,816 1,803 2,463
Net Nonoperating Expense (NNE)		 0.53 4.34 6.39 4.58 1.32 -3.75 0.51 3.14 -5.75 -45 -62
Net Nonoperating Obligations (NNO)		 0.00 41 -108 -129 -207 -255 -624 -959 -1,447 -1,380 -1,921
Total Depreciation and Amortization (D&A)		 0.68 1.83 3.80 7.21 12 22 29 42 54 80 87
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 67.51% 19.15% 29.63% 28.35% 39.91% 25.31% 27.54% 23.43% 21.73% 22.15%
Debt-free Net Working Capital to Revenue		 0.00% 71.07% 84.89% 80.23% 71.77% 78.49% 99.95% 107.68% 115.12% 92.65% 100.74%
Net Working Capital to Revenue		 0.00% 71.07% 84.89% 80.23% 71.77% 78.49% 99.95% 107.68% 115.12% 92.65% 100.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.09 ($0.15) $0.13 $0.21 $0.24 $0.52 $0.29 $0.11 $0.37 $0.80
Adjusted Weighted Average Basic Shares Outstanding		 102.33M 102.90M 182.80M 402.62M 424.42M 445.33M 462.87M 476.85M 486.94M 489.26M 490.88M
Adjusted Diluted Earnings per Share		 $0.00 $0.04 ($0.15) $0.12 $0.19 $0.23 $0.50 $0.28 $0.11 $0.36 $0.78
Adjusted Weighted Average Diluted Shares Outstanding		 131.34M 167.79M 182.80M 440.56M 457.93M 478.06M 489.88M 498.54M 499.93M 500.18M 501.92M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 103M 391.79M 418.50M 440.74M 455.74M 473.80M 484.83M 490.79M 488.94M 496.09M
Normalized Net Operating Profit after Tax (NOPAT)		 0.53 20 40 55 89 105 101 87 80 134 331
Normalized NOPAT Margin		 1.20% 17.80% 19.84% 17.97% 18.74% 15.82% 12.07% 7.30% 5.04% 6.88% 13.54%
Pre Tax Income Margin		 -2.12% 26.23% 21.60% 20.64% 22.15% 17.58% 17.21% 10.20% 8.07% 13.77% 20.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.12 27.17 15.26 38.47 0.00 0.00 0.00 119.48 0.00 0.00 0.00
NOPAT to Interest Expense		 0.63 17.76 8.74 32.61 0.00 0.00 0.00 136.80 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -2.08 21.09 12.26 30.78 0.00 0.00 0.00 61.26 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -1.33 11.69 5.74 24.92 0.00 0.00 0.00 78.57 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 11,220.00% 1.00% 284.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 361.35% 59.73%

Quarterly Metrics And Ratios for Trade Desk

This table displays calculated financial ratios and metrics derived from Trade Desk's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.05% 21.40% 23.16% 24.95% 23.45% 28.33% 25.91% 27.32% 22.32% 25.40% 18.73%
EBITDA Growth		 948.10% -21.24% 356.10% 43.59% 38.05% 1,178.81% 84.93% 114.55% 36.06% 55.77% 22.77%
EBIT Growth		 485.65% -47.81% 2,874.75% 36.90% 40.76% 222.23% 123.18% 173.71% 38.75% 89.42% 21.64%
NOPAT Growth		 458.22% -36.68% 243.45% 73.58% 37.57% 220.80% 212.57% 208.77% 83.58% 84.79% 10.36%
Net Income Growth		 785.52% 163.89% 272.70% 147.98% 36.71% 239.48% 158.14% 139.27% 87.24% 60.07% 6.00%
EPS Growth		 650.00% 166.67% 275.00% 166.67% 26.67% 200.00% 142.86% 137.50% 89.47% 66.67% 5.88%
Operating Cash Flow Growth		 6.17% 28.31% 39.58% 39.51% -47.48% -1.12% -36.56% 42.70% 118.83% 57.13% 103.07%
Free Cash Flow Firm Growth		 81.42% 46.03% 40.41% 79.99% 24.41% -331.58% -786.87% -3,109.19% -200.16% 112.63% 151.79%
Invested Capital Growth		 17.63% 12.09% 13.02% 6.87% 17.22% 61.32% 81.62% 87.36% 31.09% -0.85% -13.30%
Revenue Q/Q Growth		 24.31% -21.99% 21.28% 6.25% 22.81% -18.91% 18.99% 7.44% 17.99% -16.87% 12.66%
EBITDA Q/Q Growth		 181.72% -104.03% 1,418.83% -4.13% 170.86% -68.50% 126.08% 11.22% 71.76% -63.93% 78.18%
EBIT Q/Q Growth		 250.08% -123.87% 276.52% -7.18% 259.94% -79.28% 222.33% 13.83% 82.47% -71.71% 107.00%
NOPAT Q/Q Growth		 324.36% -125.66% 240.39% 13.56% 236.34% -77.47% 263.26% 12.18% 99.97% -77.32% 116.96%
Net Income Q/Q Growth		 348.59% -86.90% 253.20% 19.47% 147.31% -67.47% 168.57% 10.74% 93.54% -72.19% 77.85%
EPS Q/Q Growth		 400.00% -86.67% 250.00% 14.29% 137.50% -68.42% 183.33% 11.76% 89.47% -72.22% 80.00%
Operating Cash Flow Q/Q Growth		 26.35% 8.12% -31.71% 49.54% -52.43% 103.55% -56.19% 236.36% -27.05% 46.15% -43.38%
Free Cash Flow Firm Q/Q Growth		 50.29% -124.27% 38.08% 71.01% -87.78% -34.52% -27.24% -4.89% 82.44% 153.86% 421.97%
Invested Capital Q/Q Growth		 12.80% -8.73% 4.93% -1.07% 23.72% -3.45% 18.13% 2.06% -13.44% -5.00% 3.30%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 83.78% 77.83% 81.33% 81.07% 83.38% 78.91% 81.10% 80.47% 81.75% 76.81% 78.25%
EBITDA Margin		 23.95% -1.24% 13.46% 12.14% 26.78% 10.40% 19.77% 20.47% 29.79% 12.93% 20.44%
Operating Margin		 20.41% -6.09% 8.98% 7.64% 23.84% 5.83% 16.20% 17.27% 26.36% 8.84% 16.83%
EBIT Margin		 20.52% -6.28% 9.14% 7.98% 23.39% 5.98% 16.20% 17.16% 26.54% 9.03% 16.59%
Profit (Net Income) Margin		 14.51% 2.44% 7.10% 7.98% 16.07% 6.44% 14.55% 14.99% 24.59% 8.23% 12.99%
Tax Burden Percent		 63.49% -97.06% 54.97% 69.04% 60.57% 68.78% 75.59% 74.04% 82.23% 66.88% 67.66%
Interest Burden Percent		 111.36% 39.98% 141.27% 144.77% 113.37% 156.72% 118.82% 118.01% 112.69% 136.18% 115.66%
Effective Tax Rate		 36.51% 0.00% 45.03% 30.96% 39.43% 31.22% 24.41% 25.96% 17.77% 33.12% 32.34%
Return on Invested Capital (ROIC)		 33.05% -12.14% 14.16% 15.74% 38.69% 10.34% 29.54% 32.44% 58.50% 15.49% 28.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 32.42% -14.25% 13.40% 14.81% 38.00% 9.38% 28.53% 31.51% 57.19% 14.52% 27.33%
Return on Net Nonoperating Assets (RNNOA)		 -21.41% 9.67% -9.20% -10.34% -25.10% -5.74% -17.04% -19.51% -36.93% -8.69% -15.69%
Return on Equity (ROE)		 11.64% -2.48% 4.96% 5.40% 13.59% 4.60% 12.50% 12.93% 21.57% 6.81% 12.39%
Cash Return on Invested Capital (CROIC)		 -8.50% -0.76% 4.14% 11.09% 2.57% -27.25% -35.15% -32.27% 9.63% 36.30% 46.96%
Operating Return on Assets (OROA)		 8.14% -2.78% 3.95% 3.46% 9.82% 2.84% 7.41% 7.91% 11.80% 4.48% 8.00%
Return on Assets (ROA)		 5.75% 1.08% 3.07% 3.46% 6.75% 3.06% 6.66% 6.91% 10.93% 4.08% 6.26%
Return on Common Equity (ROCE)		 11.64% -2.48% 4.96% 5.40% 13.59% 4.60% 12.50% 12.93% 21.57% 6.81% 12.39%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 3.98% 6.24% 7.09% 0.00% 9.29% 10.53% 11.74% 0.00% 15.17% 0.00%
Net Operating Profit after Tax (NOPAT)		 64 -16 23 26 87 20 72 80 161 36 79
NOPAT Margin		 12.96% -4.26% 4.93% 5.27% 14.44% 4.01% 12.25% 12.79% 21.67% 5.91% 11.38%
Net Nonoperating Expense Percent (NNEP)		 0.63% 2.11% 0.76% 0.94% 0.70% 0.95% 1.01% 0.94% 1.31% 0.98% 0.76%
Return On Investment Capital (ROIC_SIMPLE)		 3.01% - - - 4.04% - - - 5.45% 1.34% 2.93%
Cost of Revenue to Revenue		 16.22% 22.17% 18.67% 18.93% 16.62% 21.10% 18.90% 19.53% 18.25% 23.19% 21.75%
SG&A Expenses to Revenue		 27.23% 34.04% 27.17% 26.75% 21.77% 26.37% 23.17% 22.11% 17.80% 21.69% 18.86%
R&D to Revenue		 17.21% 24.48% 21.18% 23.88% 16.84% 21.92% 18.82% 18.74% 17.26% 21.49% 19.34%
Operating Expenses to Revenue		 63.37% 83.92% 72.36% 73.43% 59.54% 73.07% 64.90% 63.20% 55.39% 67.97% 61.42%
Earnings before Interest and Taxes (EBIT)		 101 -24 42 39 142 29 95 108 197 56 115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 118 -4.74 62 60 162 51 116 129 221 80 142
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.37 15.40 18.22 17.77 16.30 19.78 19.86 20.53 19.67 9.99 13.12
Price to Tangible Book Value (P/TBV)		 10.37 15.40 18.22 17.77 16.30 19.78 19.86 20.53 19.67 9.99 13.12
Price to Revenue (P/Rev)		 13.91 18.17 21.79 20.92 18.13 20.86 21.97 23.34 23.73 10.56 13.21
Price to Earnings (P/E)		 411.07 386.69 291.90 250.71 197.17 212.95 188.56 174.91 147.58 65.87 84.80
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.24% 0.26% 0.34% 0.40% 0.51% 0.47% 0.53% 0.57% 0.68% 1.52% 1.18%
Enterprise Value to Invested Capital (EV/IC)		 30.65 46.80 56.71 58.06 43.25 42.33 40.00 44.19 54.58 26.02 33.41
Enterprise Value to Revenue (EV/Rev)		 12.99 17.36 20.96 20.09 17.42 20.29 21.39 22.72 22.94 9.89 12.58
Enterprise Value to EBITDA (EV/EBITDA)		 121.26 169.81 167.37 156.42 121.12 124.14 119.67 114.69 108.71 46.66 59.03
Enterprise Value to EBIT (EV/EBIT)		 178.84 267.35 245.66 232.17 169.94 164.81 152.49 140.45 130.91 55.87 70.90
Enterprise Value to NOPAT (EV/NOPAT)		 430.31 464.76 367.78 338.21 253.26 265.48 226.16 201.95 169.46 73.09 94.82
Enterprise Value to Operating Cash Flow (EV/OCF)		 37.36 48.40 57.98 54.04 56.66 69.91 84.70 83.12 75.85 30.05 36.26
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 1,454.35 540.89 1,814.63 0.00 0.00 0.00 642.78 71.38 66.07
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.11 0.11 0.11 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.08 0.08 0.09 0.00 0.00 0.00
Financial Leverage		 -0.66 -0.68 -0.69 -0.70 -0.66 -0.61 -0.60 -0.62 -0.65 -0.60 -0.57
Leverage Ratio		 2.18 2.07 2.08 2.07 2.17 2.11 2.12 2.10 2.15 2.12 2.18
Compound Leverage Factor		 2.43 0.83 2.94 3.00 2.46 3.31 2.52 2.47 2.42 2.89 2.52
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 9.89% 9.90% 10.05% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 2.38% 2.31% 2.15% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 7.51% 7.60% 7.89% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 90.11% 90.10% 89.95% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.71 0.68 0.64 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -3.52 -3.19 -3.14 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.54 0.52 0.50 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 1.51 1.28 1.13 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -7.53 -6.04 -5.54 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 1.15 0.99 0.89 0.00 0.00 0.00
Altman Z-Score		 6.96 9.73 11.00 10.75 8.76 11.26 11.41 12.26 12.08 6.39 7.41
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.90 1.90 1.87 1.87 1.72 1.79 1.80 1.85 1.86 1.81 1.71
Quick Ratio		 1.87 1.87 1.84 1.84 1.69 1.77 1.75 1.81 1.83 1.79 1.68
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -37 -82 -51 -15 -28 -355 -451 -473 -83 45 234
Operating Cash Flow to CapEx		 342.45% 1,765.73% 1,370.23% 2,481.09% 333.42% 2,019.95% 330.58% 536.00% 893.93% 471.78% 341.51%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.40 0.44 0.43 0.43 0.42 0.47 0.46 0.46 0.44 0.50 0.48
Accounts Receivable Turnover		 0.72 0.86 0.82 0.82 0.75 0.87 0.83 0.85 0.79 0.91 0.87
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.19 10.93 11.59 11.48 11.61 12.80 12.37 13.17 13.19 12.80 10.68
Accounts Payable Turnover		 0.16 0.20 0.19 0.19 0.17 0.20 0.19 0.20 0.19 0.23 0.22
Days Sales Outstanding (DSO)		 505.23 426.76 447.52 444.62 489.28 417.98 440.68 428.55 462.86 402.78 419.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 2,289.73 1,862.35 1,948.68 1,917.11 2,090.94 1,791.00 1,891.10 1,826.26 1,913.31 1,604.24 1,673.92
Cash Conversion Cycle (CCC)		 -1,784.51 -1,435.59 -1,501.15 -1,472.48 -1,601.66 -1,373.02 -1,450.42 -1,397.71 -1,450.45 -1,201.45 -1,254.27
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 669 610 640 634 784 985 1,163 1,187 1,028 976 1,009
Invested Capital Turnover		 2.55 2.85 2.87 2.99 2.68 2.58 2.41 2.54 2.70 2.62 2.47
Increase / (Decrease) in Invested Capital		 100 66 74 41 115 374 523 554 244 -8.35 -155
Enterprise Value (EV)		 20,498 28,564 36,318 36,787 33,901 41,680 46,531 52,463 56,088 25,406 33,691
Market Capitalization		 21,945 29,894 37,749 38,309 35,282 42,862 47,773 53,902 58,010 27,146 35,379
Book Value per Share		 $4.32 $3.95 $4.24 $4.40 $4.41 $4.43 $4.92 $5.34 $5.98 $5.48 $5.49
Tangible Book Value per Share		 $4.32 $3.95 $4.24 $4.40 $4.41 $4.43 $4.92 $5.34 $5.98 $5.48 $5.49
Total Capital		 2,115 1,941 2,071 2,156 2,164 2,404 2,670 2,919 2,949 2,717 2,696
Total Debt		 0.00 0.00 0.00 0.00 0.00 238 264 293 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 180 203 230 0.00 0.00 0.00
Net Debt		 -1,447 -1,330 -1,431 -1,522 -1,380 -1,182 -1,242 -1,439 -1,921 -1,740 -1,687
Capital Expenditures (CapEx)		 51 11 9.35 7.72 27 9.18 25 51 22 62 48
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 370 315 350 345 423 451 560 554 542 434 417
Debt-free Net Working Capital (DFNWC)		 1,816 1,646 1,781 1,867 1,803 1,870 2,066 2,286 2,463 2,174 2,105
Net Working Capital (NWC)		 1,816 1,646 1,781 1,867 1,803 1,813 2,004 2,223 2,463 2,174 2,105
Net Nonoperating Expense (NNE)		 -7.59 -26 -10 -13 -9.84 -12 -13 -14 -22 -14 -11
Net Nonoperating Obligations (NNO)		 -1,447 -1,330 -1,431 -1,522 -1,380 -1,182 -1,242 -1,439 -1,921 -1,740 -1,687
Total Depreciation and Amortization (D&A)		 17 19 20 21 21 22 21 21 24 24 27
Debt-free, Cash-free Net Working Capital to Revenue		 23.43% 19.15% 20.19% 18.83% 21.73% 21.94% 25.73% 24.00% 22.15% 16.89% 15.58%
Debt-free Net Working Capital to Revenue		 115.12% 100.01% 102.78% 101.94% 92.65% 91.03% 95.00% 98.98% 100.74% 84.62% 78.56%
Net Working Capital to Revenue		 115.12% 100.01% 102.78% 101.94% 92.65% 88.25% 92.16% 96.26% 100.74% 84.62% 78.56%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.15 $0.02 $0.07 $0.08 $0.20 $0.06 $0.17 $0.19 $0.38 $0.10 $0.18
Adjusted Weighted Average Basic Shares Outstanding		 486.94M 489.71M 488.43M 489.45M 489.26M 488.55M 489.35M 491.61M 490.88M 494.93M 490.63M
Adjusted Diluted Earnings per Share		 $0.15 $0.02 $0.07 $0.08 $0.19 $0.06 $0.17 $0.19 $0.36 $0.10 $0.18
Adjusted Weighted Average Diluted Shares Outstanding		 499.93M 499.80M 499.35M 501.88M 500.18M 498.19M 500.04M 502.56M 501.92M 502.94M 495.78M
Adjusted Basic & Diluted Earnings per Share		 $0.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 490.79M 488.85M 490.20M 490.30M 488.94M 489.13M 491.58M 493.57M 496.09M 491.44M 488.94M
Normalized Net Operating Profit after Tax (NOPAT)		 64 -16 23 26 87 20 72 80 161 36 79
Normalized NOPAT Margin		 12.96% -4.26% 4.93% 5.27% 14.44% 4.01% 12.25% 12.79% 21.67% 5.91% 11.38%
Pre Tax Income Margin		 22.85% -2.51% 12.91% 11.56% 26.52% 9.37% 19.24% 20.25% 29.90% 12.30% 19.19%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 377.10% 260.20% 279.24% 361.35% 238.65% 171.84% 128.94% 59.73% 120.30% 181.35%

Key Financial Trends

Trade Desk, Inc. (NASDAQ: TTD) has shown a steady growth trajectory over the past four years, with notable improvements in revenue, profitability, and liquidity, despite periodic fluctuations in cash flows and equity repurchases.

Positive Financial Trends:

  • Revenue Growth: Operating revenue increased from approximately $383 million in Q1 2023 to $694 million in Q2 2025, indicating solid top-line growth.
  • Improved Profitability: Net income improved substantially from just under $9.3 million in Q1 2023 to about $90 million in Q2 2025, with consistent profitability in the intervening quarters.
  • Gross Profit Expansion: Gross profit rose from around $298 million in Q1 2023 to $543 million in Q2 2025, reflecting efficient cost management and scaling business.
  • Operating Income Growth: Operating income has grown consistently, reaching $116.8 million in Q2 2025 from a loss in Q1 2023, highlighting operational leverage.
  • Substantial Cash from Operations: Net cash from continuing operating activities remained strong, peaking at approximately $291 million in Q1 2025, supporting liquidity and growth investments.
  • Strong Balance Sheet: Total assets increased from approximately $4.0 billion in Q1 2023 to nearly $6.0 billion in Q2 2025, providing a strong financial foundation for the company.
  • Increase in Cash & Equivalents: Cash and equivalents rose from $892 million in Q1 2023 to about $896 million by Q2 2025, supporting operational flexibility.
  • Stable Equity Base: Total common equity grew to $2.7 billion in Q2 2025 from $1.9 billion in Q1 2023, reflecting accumulated retained earnings and capital.
  • Controlled Operating Expenses: While operating expenses have increased in absolute terms due to growth, expenses as a percentage of revenue have remained well-managed, with marketing and R&D investments supporting future growth.
  • Consistent EPS Growth: Basic and diluted earnings per share increased from $0.02 in Q1 2023 to $0.18 in Q2 2025, indicating enhancing value creation for shareholders.

Neutral Financial Elements:

  • Share Count Stability: Weighted average diluted shares outstanding have been relatively stable, around 490-500 million shares, suggesting no major dilution events.
  • Interest Expense Level: Interest expenses are consistent at around $17-$25 million per quarter, which is manageable given the company’s earnings scale.
  • Tax Expense Rate: Income tax expenses have increased in line with higher pre-tax income, reflecting the company’s growing profitability.
  • Capital Expenditures: Steady investments in property, plant, and equipment have been observed, supporting business growth but balanced to avoid excessive capital intensity.
  • Non-Cash Adjustments: Large non-cash adjustments reflect ongoing accounting activities but are standard for a tech company with intangible assets and stock compensation plans.

Negative/Concerning Factors:

  • Equity Repurchases: Significant and consistent repurchases of common equity, peaking at $386 million in Q1 2025 and $261 million in Q2 2025, reduce cash reserves and could pressure liquidity if continued aggressively.
  • Net Cash Outflow in Investing and Financing: The company shows a consistent net cash outflow in investing (around $21-$213 million quarterly) and financing sections (especially due to repurchases), reducing free cash flow for other uses.
  • Increasing Accounts Payable: Accounts payable have grown from about $1.68 billion in Q1 2023 to over $2.7 billion in Q2 2025, which may affect supplier relations or indicate increased supplier credit reliance.
  • Retained Earnings Volatility: Retained earnings decreased to a negative $162 million in Q2 2025, influenced by buybacks and other equity transactions, potentially indicating pressure on shareholder equity quality.

Summary: Trade Desk has delivered strong revenue and earnings growth over the past four years, with improving margins and cash flow from operations. The company maintains a robust balance sheet with increasing asset base and cash reserves. However, significant equity repurchases and sustained net investing outflows are digesting considerable cash, which investors should monitor regarding the sustainability of growth investments and balance sheet strength. Overall, Trade Desk’s financial trends point toward a growing and profitable business with disciplined expense management, supported by a solid capital structure.

08/18/25 03:03 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Trade Desk's Financials

When does Trade Desk's financial year end?

According to the most recent income statement we have on file, Trade Desk's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Trade Desk's net income changed over the last 10 years?

Trade Desk's net income appears to be on an upward trend, with a most recent value of $393.08 million in 2024, rising from $5 thousand in 2014. The previous period was $178.94 million in 2023. See where experts think Trade Desk is headed by visiting Trade Desk's forecast page.

What is Trade Desk's operating income?
Trade Desk's total operating income in 2024 was $427.17 million, based on the following breakdown:
  • Total Gross Profit: $1.97 billion
  • Total Operating Expenses: $1.55 billion
How has Trade Desk's revenue changed over the last 10 years?

Over the last 10 years, Trade Desk's total revenue changed from $44.55 million in 2014 to $2.44 billion in 2024, a change of 5,388.1%.

How much debt does Trade Desk have?

Trade Desk's total liabilities were at $3.16 billion at the end of 2024, a 16.1% increase from 2023, and a 1,740.1% increase since 2015.

How much cash does Trade Desk have?

In the past 9 years, Trade Desk's cash and equivalents has ranged from $4.05 million in 2015 to $1.37 billion in 2024, and is currently $1.37 billion as of their latest financial filing in 2024.

How has Trade Desk's book value per share changed over the last 10 years?

Over the last 10 years, Trade Desk's book value per share changed from 0.00 in 2014 to 5.98 in 2024, a change of 597.5%.


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This page (NASDAQ:TTD) was last updated on 8/18/2025 by MarketBeat.com Staff
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