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Trade Desk (The)

TTD Clue Score83
United States Fiscal year ends December CIK 0001671933
$12.08 -2.11% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $12.08 −82.92% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue202.9Operating income57.5Net income20.5EPS, diluted−1.46Fiscal year 2017Revenue308.2 +51.9%Operating income69.4Net income50.8 +148.0%EPS, diluted1.15Fiscal year 2018Revenue477.3 +54.9%Operating income107.3Net income88.1 +73.5%EPS, diluted1.92Fiscal year 2019Revenue661.1 +38.5%Operating income112.2Net income108.3 +22.9%EPS, diluted0.23Fiscal year 2020Revenue836.0 +26.5%Operating income144.2Net income242.3 +123.7%EPS, diluted0.49Fiscal year 2021Revenue1,196.5 +43.1%Operating income124.8Net income137.8 −43.1%EPS, diluted0.28Fiscal year 2022Revenue1,577.8 +31.9%Operating income113.7Net income53.4 −61.2%EPS, diluted0.11Fiscal year 2023Revenue1,946.1 +23.3%Operating income200.5Net income178.9 +235.2%EPS, diluted0.36Fiscal year 2024Revenue2,444.8 +25.6%Operating income427.2Net income393.1 +119.7%EPS, diluted0.78Fiscal year 2025Revenue2,896.3 +18.5%Operating income589.3Net income443.3 +12.8%EPS, diluted0.90
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 202.9 308.2 477.3 661.1 836.0 1,196.5 1,577.8 1,946.1 2,444.8 2,896.3
Growth +51.9% +54.9% +38.5% +26.5% +43.1% +31.9% +23.3% +25.6% +18.5%
Operating income 57.5 69.4 107.3 112.2 144.2 124.8 113.7 200.5 427.2 589.3
Net income 20.5 50.8 88.1 108.3 242.3 137.8 53.4 178.9 393.1 443.3
Growth +148.0% +73.5% +22.9% +123.7% −43.1% −61.2% +235.2% +119.7% +12.8%
EPS, diluted −1.46 1.15 1.92 0.23 0.49 0.28 0.11 0.36 0.78 0.90

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin28.3%Net margin10.1%Free cash flow margin33.6%Fiscal year 2017Operating margin22.5%Net margin16.5%Free cash flow margin6.9%Fiscal year 2018Operating margin22.5%Net margin18.5%Free cash flow margin14.0%Fiscal year 2019Operating margin17.0%Net margin16.4%Free cash flow margin3.7%Fiscal year 2020Operating margin17.2%Net margin29.0%Free cash flow margin39.6%Fiscal year 2021Operating margin10.4%Net margin11.5%Free cash flow margin27.1%Fiscal year 2022Operating margin7.2%Net margin3.4%Free cash flow margin29.4%Fiscal year 2023Operating margin10.3%Net margin9.2%Free cash flow margin28.3%Fiscal year 2024Operating margin17.5%Net margin16.1%Free cash flow margin26.2%Fiscal year 2025Operating margin20.3%Net margin15.3%Free cash flow margin27.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 28.3% 22.5% 22.5% 17.0% 17.2% 10.4% 7.2% 10.3% 17.5% 20.3%
Net margin 10.1% 16.5% 18.5% 16.4% 29.0% 11.5% 3.4% 9.2% 16.1% 15.3%
Free cash flow margin 33.6% 6.9% 14.0% 3.7% 39.6% 27.1% 29.4% 28.3% 26.2% 27.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow75.0Capital expenditure−6.9Free cash flow68.1Fiscal year 2017Operating cash flow31.2Capital expenditure−10.1Free cash flow21.1 −69.0%Fiscal year 2018Operating cash flow86.6Capital expenditure−19.8Free cash flow66.8 +216.4%Fiscal year 2019Operating cash flow60.2Capital expenditure−35.7Free cash flow24.5 −63.3%Fiscal year 2020Operating cash flow405.1Capital expenditure−74.1Free cash flow331.0 +1,250.4%Fiscal year 2021Operating cash flow378.5Capital expenditure−54.8Free cash flow323.7 −2.2%Buybacks0.0Fiscal year 2022Operating cash flow548.7Capital expenditure−84.2Free cash flow464.6 +43.5%Buybacks0.0Fiscal year 2023Operating cash flow598.3Capital expenditure−46.8Free cash flow551.5 +18.7%Buybacks−646.6Fiscal year 2024Operating cash flow739.5Capital expenditure−98.2Free cash flow641.2 +16.3%Buybacks−234.8Fiscal year 2025Operating cash flow992.7Capital expenditure−197.0Free cash flow795.7 +24.1%Buybacks−1,380.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 75.0 31.2 86.6 60.2 405.1 378.5 548.7 598.3 739.5 992.7
Capital expenditure −6.9 −10.1 −19.8 −35.7 −74.1 −54.8 −84.2 −46.8 −98.2 −197.0
Free cash flow 68.1 21.1 66.8 24.5 331.0 323.7 464.6 551.5 641.2 795.7
Growth −69.0% +216.4% −63.3% +1,250.4% −2.2% +43.5% +18.7% +16.3% +24.1%
Buybacks n/a n/a n/a n/a n/a 0.0 0.0 −646.6 −234.8 −1,380.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash133.4Shareholders’ equity164.4Fiscal year 2017Cash156.0Shareholders’ equity245.6Fiscal year 2018Cash207.2Shareholders’ equity394.6Fiscal year 2019Cash130.9Shareholders’ equity612.5Fiscal year 2020Cash437.4Shareholders’ equity1,013.1Fiscal year 2021Cash754.2Shareholders’ equity1,527.3Fiscal year 2022Cash1,030.5Shareholders’ equity2,115.3Fiscal year 2023Cash895.1Shareholders’ equity2,164.2Fiscal year 2024Cash1,369.5Shareholders’ equity2,949.1Fiscal year 2025Cash658.2Shareholders’ equity2,484.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 133.4 156.0 207.2 130.9 437.4 754.2 1,030.5 895.1 1,369.5 658.2
Shareholders’ equity 164.4 245.6 394.6 612.5 1,013.1 1,527.3 2,115.3 2,164.2 2,949.1 2,484.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017† 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
202.9 308.2 477.3 661.1 836.0 1,196.5 1,577.8 1,946.1 2,444.8 2,896.3
Growth +51.9% +54.9% +38.5% +26.5% +43.1% +31.9% +23.3% +25.6% +18.5%
39.9 66.2 114.1 156.2 178.8 221.6 281.1 365.6 472.0 619.1
27.3 52.8 83.9 116.8 166.7 226.1 319.9 411.8 463.3 525.1
32.2 58.4 84.9 143.0 171.6 374.7 525.2 520.3 535.8 518.5
57.5 69.4 107.3 112.2 144.2 124.8 113.7 200.5 427.2 589.3
Growth +20.6% +54.7% +4.5% +28.5% −13.4% −8.9% +76.4% +113.1% +38.0%
43.8 63.6 105.7 116.2 143.9 122.0 127.4 268.0 507.3 658.8
23.4 12.8 17.6 7.9 −98.4 −15.7 74.0 89.1 114.2 215.5
20.5 50.8 88.1 108.3 242.3 137.8 53.4 178.9 393.1 443.3
Growth +148.0% +73.5% +22.9% +123.7% −43.1% −61.2% +235.2% +119.7% +12.8%
Per share
−1.46 1.26 2.08 0.24 0.52 0.29 0.11 0.37 0.80 0.91
−1.46 1.15 1.92 0.23 0.49 0.28 0.11 0.36 0.78 0.90
Growth +67.0% −88.0% +113.0% −42.9% −60.7% +227.3% +116.7% +15.4%
18.3 40.3 42.4 445.3 462.9 476.9 486.9 489.3 490.9 488.3
18.3 44.1 45.8 478.1 489.9 498.5 499.9 500.2 501.9 493.6
Growth +141.0% +3.9% +944.0% +2.5% +1.8% +0.3% +0.1% +0.3% −1.7%

† The diluted share count jumps at 2017 and 2019, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 28.2% a year over five years.
  • Operating margin is up 3.1 points on five years ago, at 20.3%.
  • Profitable in every one of the 10 years on file.