Trade Desk, Inc. TTD

Technology SIC 7370 - Services-Computer Programming, Data Processing, Etc. NAICS Professional, Scientific, and Technical Services › Computer Systems Design and Related Services derived Nasdaq

We are a global leader in advertising technology. We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices. Our platform's depth, artificial intelligence ("AI") capabilities and rich ecosystem of inventory, publisher and data partner integrations enable superior reach and decisioning for clients. In addition to the primary capabilities provided by our self-service platform, our enterprise application programming interfaces ("APIs") equip our clients with the ability to customize and expand platform functionality.

Our clients are advertising agencies, advertisers and other service providers for agencies or advertisers, with whom we enter into ongoing master services agreements ("MSAs"). We generate revenue by charging our clients a platform fee generally based on a percentage of our clients' total platform spend and from providing value-added services and data to support their advertising campaigns.

Last close 13.00 2026-10-23
Market cap $6.09B estimated share count
52-week range 11.62 - 54.05

Valuation FY2025 figures against the last close

P/S2.1x
P/E14.4x
P/FCF7.7x
EV/EBITDA8.6x
Dividend yield—
Diluted EPS0.90

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • International
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 2.5B (85.5%) 86% United States International, FY2025: 419.6M (14.5%) 14% International FY2024 United States, FY2024: 2.1B (87.3%) 87% International, FY2024: 311.3M (12.7%) 13% FY2023 United States, FY2023: 1.7B (87.2%) 87% International, FY2023: 249.2M (12.8%) 13%
Region FY2025FY2024FY2023
United States $2.48B $2.13B $1.70B
International $419.6M $311.3M $249.2M

As the company reported it, from the “Segment and Geographical Information - Gross Billings, Based on Billing Address of Clients or Client Affiliates (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.90B$2.44B$1.95B$1.58B$1.20B$836.0M$661.1M$477.3M$308.2M$202.9M
Cost of revenue $619.1M$472.0M$365.6M$281.1M$221.6M$178.8M$156.2M$114.1M$66.2M$39.9M
Gross profit $2.28B$1.97B$1.58B$1.30B$974.9M$657.2M$504.9M$363.2M$242.0M$163.1M
R&D $525.1M$463.3M$411.8M$319.9M$226.1M$166.7M$116.8M$83.9M$52.8M$27.3M
SG&A $518.5M$535.8M$520.3M$525.2M$374.7M$171.6M$143.0M$84.9M$58.4M$32.2M
Total operating expenses $2.31B$2.02B$1.75B$1.46B$1.07B$691.8M$548.9M$370.0M$238.9M$145.4M
Operating income $589.3M$427.2M$200.5M$113.7M$124.8M$144.2M$112.2M$107.3M$69.4M$57.5M
Interest expense $1.8M$1.5M$1.7M$4.0M$1.0M$656.0K$4.7M$333.0K$1.7M$3.1M
Pre-tax income $658.8M$507.3M$268.0M$127.4M$122.0M$143.9M$116.2M$105.7M$63.6M$43.8M
Income tax $215.5M$114.2M$89.1M$74.0M$15.7M$98.4M$7.9M$17.6M$12.8M$23.4M
Net income $443.3M$393.1M$178.9M$53.4M$137.8M$242.3M$108.3M$88.1M$50.8M$20.5M
EPS, basic 0.910.800.370.110.290.520.242.081.26-1.46
EPS, diluted 0.900.780.360.110.280.490.231.921.15-1.46
Shares, diluted (wtd. avg.) 493.6M501.9M500.2M499.9M498.5M489.9M478.1M45.8M44.1M18.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $658.2M$1.37B$895.1M$1.03B$754.2M$437.4M$130.9M$207.2M$155.9M$133.4M
Short-term investments $644.9M$552.0M$485.2M$416.1M$204.6M$186.7M$124.1M———
Receivables $3.77B$3.33B$2.87B$2.35B$2.02B$1.58B$1.17B$834.8M$599.6M$377.2M
Total current assets $5.26B$5.34B$4.31B$3.85B$3.09B$2.31B$1.45B$1.06B$765.8M$516.4M
Property, plant and equipment $396.8M$209.3M$161.4M$173.8M$135.9M$115.9M$64.0M$33.0M$17.4M$14.8M
Total assets $6.15B$6.11B$4.89B$4.38B$3.58B$2.75B$1.73B$1.12B$797.2M$537.6M
Accounts payable $3.01B$2.63B$2.32B$1.87B$1.66B$1.35B$868.6M$669.1M$490.4M$321.2M
Total current liabilities $3.27B$2.87B$2.51B$2.03B$1.80B$1.47B$930.4M$714.0M$518.5M$344.1M
Total liabilities $3.67B$3.16B$2.72B$2.27B$2.05B$1.74B$1.12B$723.3M$551.6M$373.2M
Retained earnings -$590.9M$354.2M$197.0M$665.5M$612.1M$474.4M$232.4M$124.1M$36.0M-$14.8M
Total equity $2.48B$2.95B$2.16B$2.12B$1.53B$1.01B$612.5M$394.6M$245.6M$164.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $992.7M$739.5M$598.3M$548.7M$378.5M$405.1M$60.2M$86.6M$31.2M$75.0M
Depreciation and amortisation $115.8M$87.5M$80.4M$54.4M$42.2M$28.6M$21.7M$11.8M$7.2M$3.8M
Stock-based compensation $490.6M$494.7M$491.6M$498.6M$337.4M$111.8M$80.8M$42.2M$21.3M$5.1M
Capital expenditure $197.0M$98.2M$46.8M$84.2M$54.8M$74.1M$35.7M$19.8M$10.1M$6.9M
Investing cash flow -$292.6M-$157.5M-$107.6M-$304.4M-$93.6M-$143.3M-$163.8M-$25.2M-$16.1M-$9.2M
Financing cash flow -$1.41B-$107.6M-$626.1M$32.0M$31.9M$44.7M$27.3M-$10.1M$7.4M$63.5M
Buybacks $1.38B$234.8M$646.6M$0$0—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001671933-26-000034.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 202.9M Gross profit, FY2016: 163.1M Net income, FY2016: 20.5M Revenue, FY2017: 308.2M Gross profit, FY2017: 242M Net income, FY2017: 50.8M Revenue, FY2018: 477.3M Gross profit, FY2018: 363.2M Net income, FY2018: 88.1M Revenue, FY2019: 661.1M Gross profit, FY2019: 504.9M Net income, FY2019: 108.3M Revenue, FY2020: 836M Gross profit, FY2020: 657.2M Net income, FY2020: 242.3M Revenue, FY2021: 1.2B Gross profit, FY2021: 974.9M Net income, FY2021: 137.8M Revenue, FY2022: 1.6B Gross profit, FY2022: 1.3B Net income, FY2022: 53.4M Revenue, FY2023: 1.9B Gross profit, FY2023: 1.6B Net income, FY2023: 178.9M Revenue, FY2024: 2.4B Gross profit, FY2024: 2B Net income, FY2024: 393.1M Revenue, FY2025: 2.9B Gross profit, FY2025: 2.3B Net income, FY2025: 443.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $202.9M $308.2M $477.3M $661.1M $836.0M $1.20B $1.58B $1.95B $2.44B $2.90B
Gross profit $163.1M $242.0M $363.2M $504.9M $657.2M $974.9M $1.30B $1.58B $1.97B $2.28B
Net income $20.5M $50.8M $88.1M $108.3M $242.3M $137.8M $53.4M $178.9M $393.1M $443.3M

Recent filings and events

  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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