The Trade Desk, Inc.TTDNASDAQ

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Revenue (LTM)

$2.9B

+18.5% YoY

Net Income (LTM)

$443M

+12.8% YoY

Free Cash Flow

$796M

Revenue CAGR (5Y)

+28.2%

—Marginsstable

FCF$0.8B

Profitable

Watch on earnings:Revenue growth rate and guidance (consensus expectations typically 20-30% range)Adjusted EBITDA margins and operating leverage trajectoryCustomer count and average spend per customer trendsCTV revenue growth and percentage of total revenueFree cash flow generation and conversion rates

Key metrics:U.S. digital advertising spend growth rates (eMarketer, IAB quarterly reports) · Connected TV household penetration and ad-supported streaming adoption (Nielsen, Roku active accounts) · Google DV360 and Amazon DSP market share trends in programmatic display and CTV · UID2.0 adoption rates among publishers and advertisers (alternative to third-party cookies)

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	1,196	1,578↑31.9%	1,946↑23.3%	2,445↑25.6%	2,896↑18.5%
Gross Profit	975	1,297↑33.0%	1,581↑21.9%	1,973↑24.8%	2,277↑15.4%
Operating Income	125	114↓8.9%	200↑76.4%	427↑113.1%	589↑38.0%
Net Income	138	53↓61.2%	179↑235.2%	393↑119.7%	443↑12.8%
EBITDA	167	168↑0.6%	281↑67.1%	515↑83.2%	775↑50.5%
EPS Diluted	0.28	0.11↓60.7%	0.36↑227.3%	0.78↑116.7%	0.91↑16.7%

Balance Sheet

⚠ Minimal balance sheet risk with 1.71 current ratio, 0.14 debt-to-equity, and $700M operating cash flow supporting operations

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	754	1,031↑36.6%	895↓13.1%	1,369↑53.0%	658↓51.9%
Total Current Assets	3,092	3,846↑24.4%	4,314↑12.2%	5,336↑23.7%	5,261↓1.4%
Total Assets	3,577	4,381↑22.5%	4,889↑11.6%	6,112↑25.0%	6,153↑0.7%
Total Current Liabilities	1,803	2,029↑12.5%	2,511↑23.7%	2,873↑14.4%	3,266↑13.7%
Total Liabilities	2,050	2,265↑10.5%	2,724↑20.3%	3,163↑16.1%	3,669↑16.0%
Total Equity	1,527	2,115↑38.5%	2,164↑2.3%	2,949↑36.3%	2,484↓15.8%
Total Debt	285	261↓8.3%	236↓9.6%	312↑32.4%	436↑39.8%
Net Debt	-470	-770↓63.9%	-659↑14.3%	-1,057↓60.4%	-222↑79.0%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	379	549↑45.0%	598↑9.0%	739↑23.6%	993↑34.3%
Capital Expenditure	-60	-92↓53.2%	-55↑40.1%	-107↓94.6%	-197↓84.0%
Free Cash Flow	319	457↑43.4%	543↑18.9%	632↑16.4%	796↑25.8%
Stock-Based Comp	337	499↑47.8%	492↓1.4%	495↑0.6%	491↓0.8%
Net Change in Cash	317	276↓12.8%	-135↓149.0%	474↑450.4%	-711↓250.0%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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