Loading financials from SEC filings…
Software - Application · Technology · Fiscal year ends Dec 31
Trade Desk reported revenue of $2.9B in the fiscal year ended Dec 2025, up 18.5% from the year before. Operating income was $589M, an operating margin of 20.3%, and net income was $443M. Operating cash flow of $993M less capital expenditure of $197M left free cash flow of $796M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,196 | 1,578 | 1,946 | 2,445 | 2,896 |
| Cost of revenue | 222 | 281 | 366 | 472 | 619 |
| Gross profit | 975 | 1,297 | 1,581 | 1,973 | 2,277 |
| Research & development | 226 | 320 | 412 | 463 | 525 |
| Selling, general & admin | 624 | 863 | 968 | 1,082 | 1,163 |
| Operating income | 125 | 114 | 200 | 427 | 589 |
| Net interest incomeBanks | −1.0 | 12.8 | 68.5 | 78.8 | 68.7 |
| Interest expense | – | 4.0 | 1.7 | 1.5 | 1.8 |
| Pre-tax income | 122 | 127 | 268 | 507 | 659 |
| Income tax | −15.7 | 74.0 | 89.1 | 114 | 215 |
| Net income | 138 | 53.4 | 179 | 393 | 443 |
| Diluted EPS | 0.28 | 0.11 | 0.36 | 0.78 | 0.90 |
| Diluted shares | 499 | 500 | 500 | 502 | 494 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 754 | 1,031 | 895 | 1,369 | 658 |
| Receivables | 2,021 | 2,347 | 2,870 | 3,330 | 3,770 |
| Current assets | 3,092 | 3,846 | 4,314 | 5,336 | 5,261 |
| Net PP&E | 136 | 174 | 161 | 209 | 397 |
| Total assets | 3,577 | 4,381 | 4,889 | 6,112 | 6,153 |
| Payables | 1,656 | 1,871 | 2,317 | 2,631 | 3,008 |
| Current liabilities | 1,803 | 2,029 | 2,511 | 2,873 | 3,266 |
| Total liabilities | 2,050 | 2,265 | 2,724 | 3,163 | 3,669 |
| Shareholders' equity | 1,527 | 2,115 | 2,164 | 2,949 | 2,484 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 379 | 549 | 598 | 739 | 993 |
| Capital expenditure | 54.8 | 84.2 | 46.8 | 98.2 | 197 |
| Free cash flow | 324 | 465 | 552 | 641 | 796 |
| Depreciation & amortisation | 42.2 | 54.4 | 80.4 | 87.5 | 116 |
| Stock-based compensation | 337 | 499 | 492 | 495 | 491 |
| Acquisitions | – | – | 0.0 | 0.0 | 4.4 |
| Share buybacks | 0.0 | 0.0 | 647 | 235 | 1,380 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.9% | 23.3% | 25.6% | 18.5% |
| Operating income growth (YoY) | – | −8.9% | 76.4% | 113.1% | 38.0% |
| EPS growth (YoY) | – | −60.7% | 227.3% | 116.7% | 15.4% |
| Gross margin | 81.5% | 82.2% | 81.2% | 80.7% | 78.6% |
| Operating margin | 10.4% | 7.2% | 10.3% | 17.5% | 20.3% |
| Net margin | 11.5% | 3.4% | 9.2% | 16.1% | 15.3% |
| Return on equityBlank when equity is negative | 9.0% | 2.5% | 8.3% | 13.3% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.0% | 4.8% | 8.4% | 13.2% | 20.4% |
| Free cash flow margin | 27.1% | 29.4% | 28.3% | 26.2% | 27.5% |
| Cash conversion (CFO ÷ net income) | 2.75x | 10.3x | 3.34x | 1.88x | 2.24x |
| Receivable days | 616 | 543 | 538 | 497 | 475 |
| Payable days | 2728 | 2430 | 2314 | 2035 | 1773 |
| Interest cover | – | 28.3x | 121x | 282x | 329x |
| Current ratio | 1.71x | 1.90x | 1.72x | 1.86x | 1.61x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.