TTD

MKT CAP:$11B

The Trade Desk, Inc.

Market Cap

$11B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$23.34-$14.34 (-38.04%)

Apr 22, 2026

Company Details

Trade Desk, Inc. operates as a technology company in the United States and internationally. The company operates a self-service cloud-based platform that allows buyers to create, manage, and optimize data-driven digital advertising campaign...

CEO

Jeffrey Terry Green

IPO Date

Sep 21, 2016

Website

www.thetradedesk.com

Key Metrics TTM

Revenue

$2.9B

+18.5% YoY

Net Income

$443M

EPS (Diluted)

$0.91

Free Cash Flow

$787M

Revenue / Share

$6.00

Gross Margin

78.6%

Operating Margin

20.3%

Net Margin

15.3%

FCF Margin

27.2%

P/S

3.9x

P/E

25.8x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$2.9B+18.5%EPS $0.91

Q4 2025

Feb 27, 2026

$847M+14.3%EPS $0.40

Q3 2025

Nov 6, 2025

$739M+17.7%EPS $0.23

Q2 2025

Aug 7, 2025

$694M+18.7%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$315M	$251M	-$17M
Q2 22	$377M	$309M	$2M
Q3 22	$395M	$325M	$29M
Q4 22	$491M	$411M	$100M
Q1 23	$383M	$298M	-$23M
Q2 23	$464M	$383M	$42M
Q3 23	$493M	$400M	$38M
Q4 23	$606M	$505M	$144M
Q1 24	$491M	$388M	$29M
Q2 24	$585M	$474M	$95M
Q3 24	$628M	$505M	$108M
Q4 24	$741M	$606M	$195M
Q1 25	$616M	$473M	$54M
Q2 25	$694M	$543M	$117M
Q3 25	$739M	$577M	$161M
Q4 25	$847M	$684M	$257M

Valuation

Quarter	P/S	P/E
Q1 22	8.8x	113.7x
Q2 22	8.2x	338.7x
Q3 22	7.7x	—
Q4 22	7.2x	214.2x
Q1 23	6.9x	147.9x
Q2 23	6.6x	88.4x
Q3 23	6.2x	74.8x
Q4 23	5.9x	63.9x
Q1 24	5.6x	56.8x
Q2 24	5.3x	45.1x
Q3 24	5.0x	37.1x
Q4 24	4.7x	29.1x
Q1 25	4.4x	27.7x
Q2 25	4.3x	27.4x
Q3 25	4.1x	26.1x
Q4 25	3.9x	25.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$146M	$136M
Q2 22	$92M	$86M
Q3 22	$137M	$112M
Q4 22	$173M	$123M
Q1 23	$188M	$177M
Q2 23	$128M	$119M
Q3 23	$192M	$184M
Q4 23	$91M	$64M
Q1 24	$185M	$176M
Q2 24	$81M	$57M
Q3 24	$273M	$222M
Q4 24	$199M	$177M
Q1 25	$291M	$230M
Q2 25	$165M	$117M
Q3 25	$225M	$164M
Q4 25	$312M	$277M

Capital Expenditures

Quarter	CapEx
Q1 22	$10M
Q2 22	$6M
Q3 22	$25M
Q4 22	$51M
Q1 23	$11M
Q2 23	$9M
Q3 23	$8M
Q4 23	$27M
Q1 24	$9M
Q2 24	$25M
Q3 24	$51M
Q4 24	$22M
Q1 25	$62M
Q2 25	$48M
Q3 25	$61M
Q4 25	$35M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.5%	+56.8%
Q2 22	+34.6%	+72.1%
Q3 22	+31.1%	+65.9%
Q4 22	+24.0%	-7.2%
Q1 23	+21.4%	+22.2%
Q2 23	+23.2%	+12.6%
Q3 23	+24.9%	+24.5%
Q4 23	+23.4%	+18.1%
Q1 24	+28.3%	+13.9%
Q2 24	+25.9%	+15.9%
Q3 24	+27.3%	+14.0%
Q4 24	+22.3%	+18.3%
Q1 25	+25.4%	+21.4%
Q2 25	+18.7%	+17.8%
Q3 25	+17.7%	+11.3%
Q4 25	+14.3%	+8.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$125M	39.6%
Q2 22	$125M	33.2%
Q3 22	$121M	30.7%
Q4 22	$128M	26.0%
Q1 23	$113M	29.6%
Q2 23	$117M	25.2%
Q3 23	$140M	28.3%
Q4 23	$121M	20.0%
Q1 24	$111M	22.5%
Q2 24	$126M	21.6%
Q3 24	$129M	20.5%
Q4 24	$129M	17.4%
Q1 25	$128M	20.8%
Q2 25	$129M	18.6%
Q3 25	$121M	16.4%
Q4 25	$112M	13.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$72M	$126M	$71M
Q2 22	$83M	$135M	$89M
Q3 22	$80M	$131M	$85M
Q4 22	$84M	$134M	$93M
Q1 23	$94M	$130M	$97M
Q2 23	$98M	$150M	$93M
Q3 23	$118M	$132M	$112M
Q4 23	$102M	$132M	$127M
Q1 24	$108M	$130M	$122M
Q2 24	$110M	$135M	$134M
Q3 24	$118M	$139M	$140M
Q4 24	$128M	$132M	$151M
Q1 25	$132M	$134M	$153M
Q2 25	$134M	$131M	$161M
Q3 25	$128M	$131M	$157M
Q4 25	$131M	$123M	$174M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	43.5%	-1.5%	42.0
Q2 22	34.6%	3.7%	38.4
Q3 22	31.1%	10.6%	41.7
Q4 22	24.0%	23.8%	47.9
Q1 23	21.4%	-1.0%	20.4
Q2 23	23.2%	13.3%	36.5
Q3 23	24.9%	11.8%	36.7
Q4 23	23.4%	27.2%	50.7
Q1 24	28.3%	10.3%	38.6
Q2 24	25.9%	19.8%	45.7
Q3 24	27.3%	20.6%	47.9
Q4 24	22.3%	29.6%	51.9
Q1 25	25.4%	12.7%	38.1
Q2 25	18.7%	20.7%	39.4
Q3 25	17.7%	28.8%	46.5
Q4 25	14.3%	35.7%	50.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$844M	$260M	$1.1B
Q2 22	$933M	$280M	$1.2B
Q3 22	$995M	$327M	$1.3B
Q4 22	$1.0B	$416M	$1.4B
Q1 23	$893M	$438M	$1.3B
Q2 23	$966M	$465M	$1.4B
Q3 23	$1.1B	$450M	$1.5B
Q4 23	$895M	$485M	$1.4B
Q1 24	$918M	$501M	$1.4B
Q2 24	$1.0B	$497M	$1.5B
Q3 24	$1.2B	$510M	$1.7B
Q4 24	$1.4B	$552M	$1.9B
Q1 25	$1.1B	$622M	$1.7B
Q2 25	$896M	$791M	$1.7B
Q3 25	$653M	$792M	$1.4B
Q4 25	$658M	$645M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	484M	-3.2%	-2.8%
Q2 22	486M	+0.4%	-2.1%
Q3 22	500M	+2.9%	+0.3%
Q4 22	500M	+0.0%	+0.0%
Q1 23	500M	-0.1%	+3.2%
Q2 23	499M	-0.1%	+2.7%
Q3 23	502M	+0.5%	+0.3%
Q4 23	500M	-0.4%	-0.1%
Q1 24	498M	-0.3%	-0.3%
Q2 24	500M	+0.4%	+0.1%
Q3 24	503M	+0.5%	+0.1%
Q4 24	507M	+0.9%	+1.4%
Q1 25	503M	-0.8%	+1.0%
Q2 25	496M	-1.4%	-0.9%
Q3 25	493M	-0.6%	-1.9%
Q4 25	483M	-2.1%	-4.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$160.3K	2K
Q2 22	$191.6K	2K
Q3 22	$200.7K	2K
Q4 22	$177.2K	3K
Q1 23	$138.2K	3K
Q2 23	$167.6K	3K
Q3 23	$178.1K	3K
Q4 23	$194.5K	3K
Q1 24	$157.7K	3K
Q2 24	$187.7K	3K
Q3 24	$201.6K	3K
Q4 24	$210.4K	4K
Q1 25	$174.9K	4K
Q2 25	$197.1K	4K
Q3 25	$209.9K	4K
Q4 25	$220.3K	4K

Revenue / Employee