Trade Desk, Inc. TTD
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.91 | 0.80 | 0.37 | 0.11 | 0.29 | 0.52 | 0.24 | 2.08 | 1.26 | -1.46 |
| EPS, diluted | 0.90 | 0.78 | 0.36 | 0.11 | 0.28 | 0.49 | 0.23 | 1.92 | 1.15 | -1.46 |
| Shares, diluted (wtd. avg.) | $493.6M | $501.9M | $500.2M | $499.9M | $498.5M | $489.9M | $478.1M | $45.8M | $44.1M | $18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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