Trade Desk, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Trade Desk, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	203	308	477	661	836	1,196	1,578	1,946	2,445	2,896
Cost of revenue	39.9	66.2	114	156	179	222	281	366	472	619
Gross profit	163	242	363	505	657	975	1,297	1,581	1,973	2,277
Research and development	27.3	52.8	83.9	117	167	226	320	412	463	525
Selling and marketing	46.1	61.4	87.1	133	175	249	338	448	547	644
General and administrative	32.2	58.4	84.9	143	172	375	525	520	536	518
Operating income	57.5	69.4	107	112	144	125	114	200	427	589
Interest expense	3.08	1.79	1.55				4.01	1.66	1.51	1.79
Other non-operating income	-13.7	-5.73	-1.59	4.02	-0.31	-2.78	13.7	67.5	80.1	69.4
Pre-tax income	43.8	63.6	106	116	144	122	127	268	507	659
Income tax	23.4	12.8	17.6	7.9	-98.4	-15.7	74	89.1	114	215
Net income	20.5	50.8	88.1	108	242	138	53.4	179	393	443
EBITDA	61.3	76.6	119	134	173	167	168	281	515	705
EPS, basic	-0.15	0.13	0.21	0.24	0.52	0.29	0.11	0.37	0.80	0.91
EPS, diluted	-0.15	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.90
Shares, basic (weighted)	180	397	419	445	463	477	487	489	491	488
Shares, diluted (weighted)	180	435	452	478	490	499	500	500	502	494

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	133	156	207	131	437	754	1,031	895	1,369	658
Short-term investments				124	187	205	416	485	552	645
Receivables	377	600	835	1,166	1,584	2,021	2,347	2,870	3,330	3,770
Other current assets	5.76	10.3	14.5	27.9	102	112	51.8	63.4	84.6	188
Total current assets	516	766	1,057	1,449	2,310	3,092	3,846	4,314	5,336	5,261
Property, plant and equipment	14.8	17.4	33	64	116	136	174	161	209	397
Lease right-of-use assets				173	248	234	220	198	264	342
Other non-current assets	4.64	10.6	19.8	23.1	29.2	47.5	46.9	60.7	72.2	97.7
Total assets	538	797	1,118	1,729	2,754	3,577	4,381	4,889	6,112	6,153
Accounts payable	321	490	669	869	1,348	1,656	1,871	2,317	2,631	3,008
Accrued liabilities	23	28.2	44.8	47.2	88.3	101	105	138	178	182
Total current liabilities	344	519	714	930	1,475	1,803	2,029	2,511	2,873	3,266
Lease liabilities				175	255	238	209	180	248	360
Other non-current liabilities	3.23	6.05	9.31	11	11.3	8.28	27.5	33.3	41.6	42.9
Total liabilities	373	552	723	1,116	1,741	2,050	2,265	2,724	3,163	3,669
Paid-in capital	179	210	270	380	539	915	1,450	1,967	2,595	3,075
Retained earnings	-14.8	36	124	232	474	612	666	197	354	-591
Shareholders' equity	164	246	395	613	1,013	1,527	2,115	2,164	2,949	2,484
Total equity	164	246	395	613	1,013	1,527	2,115	2,164	2,949	2,484
Total liabilities and equity	538	797	1,118	1,729	2,754	3,577	4,381	4,889	6,112	6,153

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.5	50.8	88.1	108	242	138	53.4	179	393	443
Depreciation and amortization	3.8	7.21	11.8	21.7	28.6	42.2	54.4	80.4	87.5	116
Stock-based compensation	5.06	21.3	42.2	80.8	112	337	499	492	495	491
Deferred income tax	-0.61	-1.58	-5.1	-10.5	-31.2	-18.1	-25.8	-60.8	-75.4	173
Change in receivables	-188	-225	-240	-331	-418	-444	-292	-554	-474	-433
Change in payables	209	172	178	192	481	309	187	475	299	291
Cash from operations	75	31.2	86.6	60.2	405	379	549	598	739	993
Capital expenditures	-6.88	-10.1	-19.8	-35.7	-74.1	-54.8	-84.2	-46.8	-98.2	-197
Acquisitions		-3			0	-13.3	0	0	0	-4.35
Purchases of investments				-213	-231	-278	-553	-608	-680	-954
Sales and maturities of investments				89.5	168	253	339	556	629	876
Cash from investing	-9.22	-16.1	-25.2	-164	-143	-93.6	-304	-108	-158	-293
Stock issued	0.49	2.57	10	29.9	76.1	61.5	47.5	60.5	216	23.8
Share buybacks	-54					0	0	-647	-235	-1,380
Cash from financing	63.5	7.39	-10.1	27.3	44.7	31.9	32	-626	-108	-1,411
Net change in cash	129	22.6	51.3	-76.4	306	317	276	-135	474	-711
Free cash flow	68.1	21.1	66.8	24.5	331	324	465	552	641	796
Interest paid	1.7	1.32	0.82	0.41	1.55	0.52	1	0.97	0.99	0.99
Income taxes paid	16.7	19.2	17.3	19.7	4.98	3.61	4.21	152	159	150

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.9%	Gross profit / revenue.
Operating margin	19.6%	Operating income / revenue.
EBITDA margin	23.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	13.6%	Net income / revenue.
FCF margin	28.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.2%	Cash from operations / revenue.
Effective tax rate	36.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	25.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.1%	Research and development expense / revenue.
Stock-based pay / revenue	15.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.3%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	38.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	73.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	37.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	61.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	32.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	102.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	101.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	19.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-15.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.72x	Current assets / current liabilities.
Quick ratio	1.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	55.3%	Total liabilities / total assets.
Interest coverage	278x	Operating income / interest expense.
Working capital	$2.02B	Current assets - current liabilities.
Tangible book value	$2.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	6.57x	Revenue / average property, plant and equipment.
Receivables turnover	0.93x	Revenue / average receivables.
Days sales outstanding	391 days	365 x average receivables / revenue.
Days payables	1,353 days	365 x average accounts payable / cost of revenue.
FCF conversion	212.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.36	Revenue / diluted weighted shares.
FCF per share	$1.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.30	Cash from operations / diluted weighted shares.
Book value per share	$5.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.48	Tangible book value / shares outstanding.
Cash per share	$3.16	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	112.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.92B	Share price x shares outstanding.
Enterprise value	$4.44B	Market cap + total debt - cash - short-term investments.
P/E	14.6x	Market cap / net income. Only when net income is positive.
P/S	1.98x	Market cap / revenue.
P/B	2.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.30x	Market cap / tangible book value, when positive.
P/FCF	6.86x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.47x	Market cap / cash from operations, when positive.
EV/Sales	1.48x	Enterprise value / revenue.
EV/EBIT	7.56x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.22x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.14x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.6%	Free cash flow / market cap.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	16.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Trade Desk, Inc.'s revenue in fiscal 2025?

Trade Desk, Inc. reported revenue of $2.90B for fiscal 2025, 18.5% higher than the year before.

Was Trade Desk, Inc. profitable in fiscal 2025?

Yes. Net income was $443.3M, a net margin of 15.3%.

How much free cash flow did Trade Desk, Inc. generate in fiscal 2025?

Cash from operations of $992.7M minus capital expenditures of $197.0M left free cash flow of $795.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Trade Desk, Inc.