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Nasdaq · Communication Services

Trade Desk, Inc. (TTD)

As-reported financials and recent SEC filings for Trade Desk, Inc., latest fiscal period FY2025. 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%
P/E (TTM)
21.2×
Market cap
$8.58B
Debt / equity

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (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 Q1 FY2026: revenue $689M, up 11.8% from Q1 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 330 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin78.6%
80th percentile of 262
Operating margin20.3%
85th percentile of 302
Net margin15.3%
76th percentile of 306
FCF margin27.5%
82nd percentile of 283
Revenue growth (YoY)+18.5%
71st percentile of 323
ROE17.8%
77th percentile of 283
P/E (TTM)21.2×
47th percentile of 172
Short interest6.27d
74th percentile of 329

Trade Desk’s operating margin of 20.3% ranks in the 85th percentile of the 302 software companies reporting it.

No open-market insider buys in the last 90 days; 1 insider sale totaling $1.1M. For context, about 16% of companies in the universe saw any open-market insider buying 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 (latest Q1 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
8
1 new, 7 added
Reduced / exited
2
0 trimmed, 2 exited
Combined position
$789.2M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ1 2026$321.3M14.2MAdded
Renaissance TechnologiesquantQ1 2026$123.4M5.4MAdded
Millennium ManagementquantQ1 2026$111.5M4.9MAdded
D. E. ShawquantQ1 2026$108.4M4.8MAdded
Citadel AdvisorsquantQ1 2026$76.5M3.4MAdded
Coatue ManagementQ1 2026$31.5M1.4MNew
AQR Capital ManagementquantQ1 2026$13.4M590.2KAdded
Gotham Asset ManagementQ1 2026$3.2M140.1KAdded

No longer held by: ARK Investment Management (as of Q1 2026), Bridgewater Associates (as of Q1 2026)

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
open-market
Bought (90d)
open-market value
Sells (90d)
1
$1.1M
Signal
Net selling
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
73.6M
settled 2026-07-15
Change vs prior
-4.1%
vs previous settlement
Days to cover
6.27
at avg daily volume
Avg daily volume
11.7M
FINRA reported
SettlementShares shortChangeDays to cover
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
2026-04-3073.8M+2.3%4.44
2026-04-1572.1M+7.9%4.67
2026-03-3166.8M+33.9%2.87

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 methodology.

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 methodology.

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 methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
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
Q2 FY2024$584.5M25.9%$85.0M$0.17

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

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryServices-Computer Programming, Data Processing, Etc.
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2017
SEC CIK1671933

Recent SEC filings

10-Q2026-05-07
View on EDGAR →
8-K2026-07-13
View on EDGAR →
8-K2026-06-09
View on EDGAR →
8-K2026-06-01
View on EDGAR →
8-K2026-05-29
View on EDGAR →

Largest software peers

All software stocksAll Communication Services companies →

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