The Trade Desk, Inc. (TTD) financials
NASDAQ · Communication Services · Advertising Agencies · 3,843 employees · CEO Jeffrey Terry Green
- Price
- $12.29 -5.90%
- Market cap
- $5.81B
- Enterprise value
- $5.12B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-09 EPS est. $0.04
Revenue (TTM)$2.99B+11.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)19.6%+1.9 pp vs a year agoOperating income $586M
Net income (TTM)$407M-2.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$860M+15.4% vs a year agoCapex $221M
Diluted EPS (TTM)$0.85+2.4% vs a year agoSum of the last 4 quarters
Net cash$1.05B-21.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $5.81B EV $5.12B
- Revenue
- $2.99B Trailing 12 months
- Revenue growth
- -5% FY2026 consensus
- Profit margin
- 13.6% Net income / revenue, TTM
- P/E
- 14.6× Forward 33.9× (FY2026)
- P/S
- 1.9× Price / sales, TTM
- EV / EBITDA
- 6.7× TTM
- Free cash flow
- $860M Trailing 12 months
- Net income
- $407M Trailing 12 months
- Revenue estimate
- $2.75B FY2026 consensus
- Earnings
- 2026-11-09 Revenue est. $651M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue missed by 5.0%, EPS beat by 91.4%Revenue $715M vs $752M expected (-5.0%); EPS $0.34 vs $0.18 (+91.4%).
- Revenue growth slowing: 3.0% year on yearQ2 '26 revenue $715M, against an average of 15.6% over the four quarters before.
- Operating margin 19.6% (TTM), +1.9 pp on a year agoOperating income grew 23.4% while revenue grew 11.6%.
- Capex 7.4% of revenue (a year ago 6.8%)$221M invested in the last 4 quarters (+20.7% on a year earlier). Free cash flow $860M = 211.5% of net income.
- Returned $975M to shareholders = 113.3% of free cash flowBuybacks $975M (a year earlier $757M), dividends $0, stock-based pay $452M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 5.2% in a year470M diluted shares in Q2 '26, 496M a year earlier.
- Net cash $1.05BCash + short-term investments $1.49B, debt incl. leases $434M; a year ago net cash $1.34B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $715M | $694M | +3.0% |
| Gross margin | 74.2% | 78.2% | -4.0 pp |
| Operating income | $102M | $117M | -13.0% |
| Operating margin | 14.2% | 16.8% | -2.6 pp |
| Net income | $64.4M | $90.1M | -28.6% |
| Diluted EPS | $0.14 | $0.18 | -22.2% |
| Operating cash flow | $154M | $165M | -6.9% |
| Capex | $13.2M | $48.3M | -72.6% |
| Free cash flow | $140M | $117M | +20.3% |
| R&D | $141M | $134M | +4.8% |
| Stock-based compensation | $110M | $129M | -15.0% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $715M | $752M | -5.0% |
| EPS (as estimated) | $0.34 | $0.18 | +91.4% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.08B
- Capex
- -$221M
- Buybacks
- -$975M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$74.2M
- Stock-based compensation
- $452M
- Free cash flow
- $860M
- Returned to shareholders / FCF
- 113.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 14.6× | 221.2× | 41.3× – 407.5× |
| EV / EBITDA | 6.7× | 119.0× | 23.2× – 261.5× |
| EV / Sales | 1.7× | 19.3× | 6.2× – 36.1× |
| Price / FCF | 6.8× | 72.8× | 22.9× – 137.2× |
| Price / Book | 2.2× | 16.4× | 7.3× – 28.6× |
| FCF yield | 14.8% | 2.0% | 0.7% – 4.4% |
| Return on invested capital | 12.2% | 7.5% | 2.0% – 13.4% |
| Return on equity | 16.1% | 10.2% | 2.5% – 17.8% |
Analysts
Consensus target $14.68 (+19.4%)
range $6.00 – $25.00 · rating Hold
Strong buy0
Buy17
Hold25
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $2.75B | -5.1% | $0.36 | -60.1% | 33.9× | 19 |
| FY2027 | $2.6B | -5.2% | $0.22 | -40.6% | 57.0× | 18 |
| FY2028 | $2.75B | +5.8% | $0.33 | +51.1% | 37.7× | 15 |
| FY2029 | $2.85B | +3.6% | $0.54 | +66.4% | 22.7× | 9 |
| FY2030 | $3.04B | +6.4% | $0.68 | +24.6% | 18.2× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 188 figures The Trade Desk, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.56B | $2.72B | -5.9% | $3.01B | $2.63B | +14.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.2B | $3.25B | -1.7% | $3.77B | $3.33B | +13.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $16.1M | $12.3M | +30.5% | $12.2M | $11.2M | +8.5% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $532K | $2.44M | -78.2% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $264K | $685K | -61.5% | $1.49M | $853K | +74.3% |
| Accrued Liabilities, Current | $150M | $152M | -1.5% | $182M | $178M | +2.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $262M2025-12-31 | $215M | +22.0% | $262M | $215M | +22.0% |
| Additional Paid in Capital, Common Stock | $3.29B | $2.86B | +15.2% | $3.08B | $2.59B | +18.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33.6M | 16.1M | +109.5% | 22.7M | 284K | +7,907.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $112M | $131M | -14.4% | $498M | $500M | -0.4% |
| Assets | $5.76B | $5.96B | -3.2% | $6.15B | $6.11B | +0.7% |
| Assets, Current | $4.82B | $5.05B | -4.7% | $5.26B | $5.34B | -1.4% |
| Capital Expenditures Incurred but Not yet Paid | $78M | $35.6M | +119.5% | $104M | $20.5M | +409.5% |
| Capitalized Computer Software, Accumulated Amortization | $14.6M2025-12-31 | $12.2M | +19.4% | $14.6M | $12.2M | +19.4% |
| Capitalized Computer Software, Amortization | – | – | – | $15M | $16M | -6.3% |
| Capitalized Computer Software, Gross | $34.5M2025-12-31 | $26.8M | +28.6% | $34.5M | $26.8M | +28.6% |
| Capitalized Computer Software, Impairments | – | – | – | $0 | $0 | – |
| Capitalized Computer Software, Net | $19.9M2025-12-31 | $14.6M | +36.3% | $19.9M | $14.6M | +36.3% |
| Cash and Cash Equivalents, at Carrying Value | $1.12B | $896M | +25.3% | $658M | $1.37B | -51.9% |
| Cash, Cash Equivalents, and Short-term Investments | $1.49B | $1.69B | -12.0% | $1.3B | $1.92B | -32.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $1.12B | $896M | +25.3% | $658M | $1.37B | -51.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $245M | -$222M | +210.1% | -$711M | $474M | -250.0% |
| Commitments and Contingencies | $02025-12-31 | $0 | – | $0 | $0 | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Cost of Goods and Services Sold | $184M | $151M | +22.1% | $619M | $472M | +31.2% |
| Costs and Expenses | $613M | $577M | +6.3% | $2.31B | $2.02B | +14.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $11.1M | $148M | -92.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8.89M | $8.77M | +1.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $42.7M | $190M | -77.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $22.7M | $33M | -31.1% |
| Debt Securities, Available-for-sale | $362M | $791M | -54.2% | $645M | $552M | +16.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $280M | $708M | -60.5% | $573M | $474M | +20.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $161M | -$57.5M | +380.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$3.49M | -$3.06M | -14.1% |
| Deferred Income Tax Assets, Net | $55.7M | $229M | -75.7% | $55.7M | $230M | -75.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $173M | -$75.4M | +329.2% |
| Deferred Income Taxes and Tax Credits | $49.5M2025-12-31 | -$76.9M | +164.4% | $168M | -$76.9M | +318.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $15.3M | -$14.9M | +202.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $140M2025-12-31 | $161M | -13.2% | $140M | $161M | -13.2% |
| Deferred Tax Assets, Net | $55.7M2025-12-31 | $230M | -75.8% | $55.7M | $230M | -75.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $321M2025-12-31 | $292M | +10.0% | $321M | $292M | +10.0% |
| Deferred Tax Assets, Other | $8.22M2025-12-31 | $4.5M | +82.8% | $8.22M | $4.5M | +82.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $27.8M2025-12-31 | $22.9M | +21.0% | $27.8M | $22.9M | +21.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $33.5M2025-12-31 | $23.4M | +42.9% | $33.5M | $23.4M | +42.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $5.97M2025-12-31 | $5.93M | +0.7% | $5.97M | $5.93M | +0.7% |
| Deferred Tax Assets, Valuation Allowance | $475M2025-12-31 | $459M | +3.7% | $475M | $459M | +3.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $79.6M2025-12-31 | $57.8M | +37.5% | $79.6M | $57.8M | +37.5% |
| Deferred Tax Liabilities, Prepaid Expenses | $1.47M2025-12-31 | $1.17M | +26.1% | $1.47M | $1.17M | +26.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $47.3M2025-12-31 | $27.2M | +74.2% | $47.3M | $27.2M | +74.2% |
| Depreciation, Depletion and Amortization | $30.1M | $26.7M | +12.9% | $116M | $87.5M | +32.3% |
| Depreciation, Depletion and Amortization, Nonproduction | – | – | – | $96M | $67M | +43.3% |
| Earnings Per Share, Basic | $0.14 | $0.18 | -22.2% | $0.91 | $0.80 | +13.7% |
| Earnings Per Share, Diluted | $0.14 | $0.18 | -22.2% | $0.90 | $0.78 | +15.4% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $138M | $107M | +29.9% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.0% | 0.0% | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | – | – | – | $0 | $0 | – |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | – | – | – | 0.0% | 0.0% | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $7.13M | $5.23M | +36.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 1.1% | 1.0% | +10.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02