TTD FY 2025 Earnings Report — The Trade Desk, Inc. Revenue & Financial Results | Market Cap Arena

The Trade Desk, Inc.TTD

FY 2025 Earnings

Reported February 27, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$2.9B	—	$2.4B	—	18.5%
Op. Income	$589M	—	$427M	—	38.0%
Gross Margin	78.6%	—	80.7%	—	-2.1pp
Net Margin	15.3%	—	16.1%	—	-0.8pp
EPS (Diluted)	$0.91	—	$0.78	—	16.7%
Free Cash Flow	$796M	—	$632M	—	25.8%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$619M
GROSS PROFIT	$2.3B
R&D Expenses	$525M
Selling & Marketing	$644M
General & Administrative	$518M
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.7B
Cost & Expenses	$2.3B
OPERATING INCOME	$589M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$69M
INCOME BEFORE TAX	$659M
Income Tax Expense	$215M
Net Income from Continuing Ops	$443M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$443M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$443M
D&A	$116M
EBIT	$659M
EBITDA	$775M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$619M
GROSS PROFIT	$2.3B
R&D Expenses	$525M
Selling & Marketing	$644M
General & Administrative	$518M
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.7B
Cost & Expenses	$2.3B
OPERATING INCOME	$589M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$69M
INCOME BEFORE TAX	$659M
Income Tax Expense	$215M
Net Income from Continuing Ops	$443M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$443M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$443M
D&A	$116M
EBIT	$659M
EBITDA	$775M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$443M
Depreciation & Amortization	$116M
Stock-Based Compensation	$491M
Deferred Income Tax	$168M
Other Non-Cash Items	$50M
Change in Working Capital	-$275M
OPERATING CASH FLOW	$993M
Capital Expenditure	-$197M
Acquisitions (Net)	-$4M
Purchases of Investments	-$954M
Sales/Maturities of Investments	$876M
Other Investing Activities	-$13M
NET CASH FROM INVESTING	-$293M
Net Debt Issuance	$0
Common Stock Repurchased	-$1.4B
Common Dividends Paid	$0
Other Financing Activities	-$98M
NET CASH FROM FINANCING	-$1.4B
FREE CASH FLOW	$796M
Net Change in Cash	-$711M

Balance Sheet

Item	Amount
Cash & Equivalents	$658M
Short-Term Investments	$645M
Net Receivables	$3.9B
Inventory	$0
Other Current Assets	$13M
TOTAL CURRENT ASSETS	$5.3B
PP&E (Net)	$739M
Goodwill	$0
Intangible Assets	$20M
Long-Term Investments	$0
Tax Assets	$56M
Other Non-Current Assets	$78M
TOTAL NON-CURRENT ASSETS	$892M
TOTAL ASSETS	$6.2B
Account Payables	$3.0B
Short-Term Debt	$76M
Deferred Revenue	$0
Other Current Liabilities	$182M
TOTAL CURRENT LIABILITIES	$3.3B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$43M
TOTAL NON-CURRENT LIABILITIES	$403M
TOTAL LIABILITIES	$3.7B
Common Stock	$0
Additional Paid-In Capital	$3.1B
Retained Earnings	-$591M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$0
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$6.2B
Total Debt	$436M
Net Debt	-$222M