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Nasdaq · Communication Services

Trade Desk, Inc. (TTD)

As-reported financials and SEC filings for Trade Desk, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Trade Desk, Inc.

Trade Desk, Inc. provides a global advertising technology platform that enables ad buyers to create, manage, and optimize digital advertising campaigns across multiple formats, channels, and devices. Its platform uses artificial intelligence and integrates with various inventory, publisher, and data partners to support advertisers, agencies, and service providers. The company serves clients by offering tools for programmatic media buying, data management, campaign measurement, and customization through APIs.

Snapshot

Revenue
$2.90B
Revenue growth (YoY)
18.5%
Net income
$443.3M
Diluted EPS
$0.90
Gross margin
78.6%
Operating margin
20.3%
Net margin
15.3%
FCF margin
27.5%
ROE
17.8%
net income / fiscal-year-end equity
P/E
16.7×
trailing when available, otherwise FY EPS
Market cap
$6.59B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Trade Desk

  • Revenue grew 18.5% to $2.9B in FY2025, slower than the 25.6% the year before.
  • Operating margin is 20.3% in FY2025, +9.9 pp against 10.4% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $715M, up 3.0% from Q2 FY2025.
  • Free cash flow was $796M in FY2025, 27.5% of revenue.
  • Net income rose 12.8% to $443M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Trade Desk’s fundamentals sit among the 332 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin78.6%
81st percentile of 264
Operating margin20.3%
84th percentile of 303
Net margin15.3%
77th percentile of 307
FCF margin27.5%
82nd percentile of 285
Revenue growth (YoY)+18.5%
70th percentile of 325
ROE17.8%
77th percentile of 285
P/E16.7×
30th percentile of 168
Short interest5.40d
70th percentile of 329

No reported insider transactions (codes P/S) in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
4
0 new, 4 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$746.7M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$308.3M17.1MAdded
D. E. ShawquantQ2 2026$145.5M8.0MAdded
Renaissance TechnologiesquantQ2 2026$127.0M7.0MAdded
Millennium ManagementquantQ2 2026$76.1M4.2MReduced
Citadel AdvisorsquantQ2 2026$56.3M3.1MReduced
Coatue ManagementQ2 2026$25.1M1.4MHeld
Gotham Asset ManagementQ2 2026$6.3M349.4KAdded
AQR Capital ManagementquantQ2 2026$2.0M114.4KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
0
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-05-28
filed 2026-06-01
Jacobson SamanthaDirectorSell53.7K$21.14$1.1M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
87.7M
settled 2026-08-31
Change vs prior
+4.8%
vs previous settlement
Days to cover
5.40
at avg daily volume
Avg daily volume
16.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-3187.7M+4.8%5.40
2026-08-1483.6M+10.9%1.93
2026-07-3175.4M+2.4%5.01
2026-07-1573.6M-4.1%6.27
2026-06-3076.8M+5.2%3.34
2026-06-1573.0M-4.5%3.42
2026-05-2976.4M-0.2%3.62
2026-05-1576.6M+3.7%3.61

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$2.90B$2.44B$1.95B$1.58B$1.20B
Gross profit$2.28B$1.97B$1.58B$1.30B$974.9M
Operating income$589.3M$427.2M$200.5M$113.7M$124.8M
Net income$443.3M$393.1M$178.9M$53.4M$137.8M
Diluted EPS$0.90$0.78$0.36$0.11$0.28

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$658.2M$1.37B$895.1M$1.03B$754.2M
Current assets$5.26B$5.34B$4.31B$3.85B$3.09B
Total assets$6.15B$6.11B$4.89B$4.38B$3.58B
Current liabilities$3.27B$2.87B$2.51B$2.03B$1.80B
Long-term debt
Total liabilities$3.67B$3.16B$2.72B$2.27B$2.05B
Total equity$2.48B$2.95B$2.16B$2.12B$1.53B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$992.7M$739.5M$598.3M$548.7M$378.5M
Capital expenditure$197.0M$98.2M$46.8M$84.2M$54.8M
Free cash flow$795.7M$641.2M$551.5M$464.6M$323.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$715.1M3.0%$64.4M$0.14
Q1 FY2026$688.9M11.8%$40.0M$0.08
Q4 FY2025$846.8M14.3%$186.9M$0.39
Q3 FY2025$739.4M17.7%$115.5M$0.23
Q2 FY2025$694.0M18.7%$90.1M$0.18
Q1 FY2025$616.0M25.4%$50.7M$0.10
Q4 FY2024$741.0M22.3%$182.2M$0.36
Q3 FY2024$628.0M27.3%$94.2M$0.19

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryServices-Computer Programming, Data Processing, Etc.
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2017
SEC CIK1671933

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-09-04
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-07-13
View on EDGAR →
8-K2026-06-09
View on EDGAR →

Largest software peers

All software stocksAll Communication Services companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.