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TTD

The Trade Desk, Inc.

TTD

The Trade Desk, Inc. • NASDAQ
$39.56 ▲ 1.15% (+0.45)
Market Cap $19.46 B
52w High $141.53
52w Low $38.23
Dividend Yield 0%
P/E 44.95
Volume 5.25M
Outstanding Shares 491.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $739.433M ▲ $416.06M ▼ $115.547M ▲ 15.626% ▲ $0.24 ▲ $212.654M ▲
Q2-2025 $694.039M ▲ $426.282M ▲ $90.129M ▲ 12.986% ▲ $0.18 ▲ $143.481M ▲
Q1-2025 $616.021M ▼ $418.73M ▲ $50.678M ▼ 8.227% ▼ $0.1 ▼ $78.437M ▼
Q4-2024 $741.012M ▲ $410.436M ▲ $182.229M ▲ 24.592% ▲ $0.37 ▲ $219.421M ▲
Q3-2024 $628.016M $396.879M $94.158M 14.993% $0.19 $129.235M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.445B ▼ $5.94B ▼ $3.34B ▲ $2.601B ▼
Q2-2025 $1.687B ▼ $5.958B ▲ $3.262B ▲ $2.696B ▼
Q1-2025 $1.74B ▼ $5.705B ▼ $2.989B ▼ $2.717B ▼
Q4-2024 $1.921B ▲ $6.112B ▲ $3.163B ▲ $2.949B ▲
Q3-2024 $1.732B $5.505B $2.88B $2.626B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $115.547M ▲ $224.686M ▲ $-66.773M ▲ $-401.166M ▼ $-243.253M ▼ $158.35M ▲
Q2-2025 $90.129M ▲ $165.013M ▼ $-213.566M ▼ $-173.605M ▲ $-222.158M ▲ $116.695M ▼
Q1-2025 $50.678M ▼ $291.433M ▲ $-132.589M ▼ $-409.762M ▼ $-250.918M ▼ $229.66M ▲
Q4-2024 $182.229M ▲ $199.401M ▼ $-61.183M ▼ $9.77M ▲ $147.988M ▼ $177.095M ▼
Q3-2024 $94.158M $273.324M $-59.196M $-2.016M $212.112M $222.331M

Five-Year Company Overview

Income Statement

Income Statement The Trade Desk shows a clear pattern of strong growth and improving profitability over the last several years. Revenue has increased steadily each year, and gross profits have scaled alongside it, which suggests the core business model is working and benefits from operating leverage. Operating income and cash-style earnings have moved up meaningfully, even though there were some bumps in net income as the company invested heavily in growth and likely absorbed higher stock-based compensation and other expenses. Overall, this looks like a mature growth profile: still expanding quickly, already profitable, and gradually improving margins rather than chasing growth at any cost.

Balance Sheet

Balance Sheet The balance sheet looks robust and conservative. Total assets have grown consistently, with cash balances rising over time, giving the company a sizable liquidity cushion. Debt levels remain relatively low compared with the overall asset and equity base, which reduces financial risk and reliance on lenders. Shareholders’ equity has increased year after year, reflecting retained earnings and reinvestment back into the business. In simple terms, the company appears well-capitalized, not overly leveraged, and financially flexible if conditions in digital advertising become more volatile.

Cash Flow

Cash Flow Cash generation is a major strength. The business converts a healthy share of its revenue into operating cash flow, and that cash flow has grown steadily alongside sales. After relatively modest capital spending needs, free cash flow remains strong and rising, which indicates a scalable, asset-light model typical of successful software platforms. This gives management room to keep investing in technology, pursue selective acquisitions, and maintain a strong balance sheet without depending heavily on new financing. The overall cash profile points to a business that not only grows on paper, but also consistently brings in real cash.

Competitive Edge

Competitive Edge The Trade Desk occupies a powerful niche as the leading independent demand-side platform in digital advertising. Its independence from large “walled gardens” helps build trust with advertisers who want transparency and flexibility across the open internet. Strong network effects are at work: more advertisers attract more premium publishers, which in turn attract still more advertisers. Deep integration into clients’ workflows and campaign processes raises switching costs, making it inconvenient and risky for customers to leave. At the same time, the company faces intense competition from global tech giants and is exposed to overall advertising budgets and economic cycles, so maintaining this advantage will require continued execution and differentiation, especially in connected TV and retail media.

Innovation and R&D

Innovation and R&D Innovation is at the center of The Trade Desk’s strategy and is a key part of its moat. Its AI engine, Koa, and platform overhauls like Solimar and Kokai are designed to make campaigns smarter and easier to manage, while spanning many channels, including fast-growing connected TV. Its work on Unified ID 2.0 shows the company is trying to lead the industry into a post-cookie world with a more privacy-aware identity solution. New initiatives such as Audience Unlimited, adaptive AI trading modes, expansion into retail media, and data-strengthening acquisitions all point to an R&D engine focused on staying ahead of major shifts in advertising technology. The main risk is execution: these bets must continue to deliver clear value to advertisers in a very competitive and fast-changing landscape.

Summary

Overall, The Trade Desk combines strong growth, real profitability, and robust cash generation with a differentiated competitive position in digital advertising. Financially, the company looks disciplined, with a solid balance sheet, rising cash reserves, and limited debt. Strategically, it benefits from being the leading independent platform with meaningful network effects, high switching costs, and a clear stance on transparency and openness. Its heavy emphasis on AI, identity solutions, connected TV, and retail media suggests a company leaning into the most important long-term trends in advertising. Key uncertainties remain around macro advertising cycles, regulatory and privacy changes, and aggressive competition from larger technology players, but the current trajectory reflects a business that is both financially resilient and strategically ambitious.

NEWS

November 6, 2025 · 4:01 PM UTC

The Trade Desk Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 9:00 AM UTC

The Trade Desk Announces Anders Mortensen as New Chief Revenue Officer

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October 16, 2025 · 4:01 PM UTC

The Trade Desk Announces Date of Third Quarter 2025 Financial Results and Conference Call

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October 8, 2025 · 1:14 PM UTC

TRADE DESK ALERT: Bragar Eagel & Squire, P.C. is Investigating The Trade Desk, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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October 1, 2025 · 9:00 AM UTC

The Trade Desk and DIRECTV Announce Plans to Develop Custom Version of Ventura TV OS with DIRECTV's User Interface

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