Trade Desk (TTD) financial statements

Communication Services · Advertising Agencies · Market cap $5.9B

Trade Desk reported revenue of $2.9B in fiscal 2025, up 34.4% a year over 9 years.

Net income was $443M and the operating margin 20.3%, against 28.3% in 2016.

Free cash flow was $783M, and the company returned $1.4B in net buybacks.

The diluted share count rose 170% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

01232016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Trade Desk's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$203M$308M$477M$661M$836M$1.2B$1.6B$1.9B$2.4B$2.9B
Cost of revenue$40M$66M$114M$156M$179M$222M$281M$366M$472M$619M
Gross profit$163M$242M$363M$505M$657M$975M$1.3B$1.6B$2.0B$2.3B
Research and development$27M$53M$84M$117M$167M$226M$320M$412M$463M$525M
Selling, general and admin$78M$120M$172M$276M$346M$624M$863M$968M$1.1B$1.2B
Operating income$58M$69M$107M$112M$144M$125M$114M$200M$427M$589M
Interest expense$3M$2M$2M———$4M$2M$2M$2M
Pre-tax income$44M$64M$106M$116M$144M$122M$127M$268M$507M$659M
Income tax$23M$13M$18M$8M-$98M-$16M$74M$89M$114M$215M
Net income$20M$51M$88M$108M$242M$138M$53M$179M$393M$443M
EPS (diluted)-$0.15$0.11$0.19$0.23$0.49$0.28$0.11$0.36$0.78$0.90
Diluted shares183M441M458M478M490M499M500M500M502M494M
Gross margin80.3%78.5%76.1%76.4%78.6%81.5%82.2%81.2%80.7%78.6%
Operating margin28.3%22.5%22.5%17.0%17.2%10.4%7.2%10.3%17.5%20.3%
Net margin10.1%16.5%18.5%16.4%29.0%11.5%3.4%9.2%16.1%15.3%

Balance sheet

Fiscal years, from Trade Desk's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$133M$156M$207M$255M$624M$959M$1.4B$1.4B$1.9B$1.3B
Receivables$377M$600M$835M$1.2B$1.6B$2.0B$2.3B$2.9B$3.3B$3.8B
Total current assets$516M$766M$1.1B$1.4B$2.3B$3.1B$3.8B$4.3B$5.3B$5.3B
Property, plant and equipment$15M$17M$33M$64M$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 current liabilities$344M$519M$714M$930M$1.5B$1.8B$2.0B$2.5B$2.9B$3.3B
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
Net debt-$133M-$156M-$207M-$131M-$437M-$754M-$1.0B-$895M-$1.4B-$658M

Cash flow

Fiscal years, from Trade Desk's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$75M$31M$87M$60M$405M$379M$549M$598M$739M$993M
Capital spending$9M$13M$25M$41M$80M$60M$92M$55M$107M$210M
Free cash flow$66M$18M$61M$20M$325M$319M$457M$543M$632M$783M
Stock-based compensation$5M$21M$42M$81M$112M$337M$499M$492M$495M$491M
Share buybacks (net)—————$0$0-$647M-$235M-$1.4B
Free cash flow margin32.4%5.9%12.9%3.0%38.9%26.6%29.0%27.9%25.9%27.0%
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Questions

What was Trade Desk's revenue in 2025?

$2.9B in fiscal 2025, from its 10-K filing.

How much free cash flow does Trade Desk generate?

$783M in fiscal 2025 (operating cash flow minus capital spending).

From Trade Desk's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.