The Trade Desk, Inc. (TTD)财务
NASDAQ · Communication Services · Advertising Agencies · 员工3,843人 · CEO Jeffrey Terry Green
- 股价
- $12.29 -5.90%
- 市值
- $58.1亿
- 企业价值
- $51.2亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-09 EPS预期 $0.04
营收(TTM)$29.9亿+11.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)19.6%+1.9 百分点 对比去年同期营业利润 $5.86亿
净利润(TTM)$4.07亿-2.5% 对比去年同期税后,含营业外收益
自由现金流(TTM)$8.6亿+15.4% 对比去年同期资本支出 $2.21亿
稀释EPS(TTM)$0.85+2.4% 对比去年同期最近4个季度之和
净现金$10.5亿-21.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $58.1亿 EV $51.2亿
- 营收
- $29.9亿 过去12个月
- 营收增速
- -5% FY2026年一致预期
- 净利润率
- 13.6% 净利润 / 营收,TTM
- P/E
- 14.6× 预期 33.9×(FY2026)
- P/S
- 1.9× 股价 / 营收,TTM
- EV / EBITDA
- 6.7× TTM
- 自由现金流
- $8.6亿 过去12个月
- 净利润
- $4.07亿 过去12个月
- 营收预期
- $27.5亿 FY2026年一致预期
- 盈利
- 2026-11-09 营收预期 $6.51亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-06):营收低于预期5.0%,EPS 超预期91.4%营收$7.15亿,预期$7.52亿(-5.0%);EPS $0.34,预期$0.18(+91.4%)。
- 营收增长放缓:同比3.0%Q2 '26营收$7.15亿,此前四个季度的平均值为15.6%。
- 营业利润率19.6%(TTM),较去年同期+1.9 百分点营收增长11.6%,营业利润增长23.4%。
- 资本支出占营收的7.4%(去年为6.8%)最近4个季度投入$2.21亿(同比+20.7%)。自由现金流$8.6亿,相当于净利润的211.5%。
- 股东回报$9.75亿 = 自由现金流的113.3%回购$9.75亿(去年为$7.57亿),股息$0,股权激励$4.52亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少5.2%Q2 '26稀释股数4.7亿,一年前为4.96亿。
- 净现金 $10.5亿现金 + 短期投资 $14.9亿,含租赁债务 $4.34亿;一年前净现金 $13.4亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $7.15亿 | $6.94亿 | +3.0% |
| 毛利率 | 74.2% | 78.2% | -4.0 百分点 |
| 营业利润 | $1.02亿 | $1.17亿 | -13.0% |
| 营业利润率 | 14.2% | 16.8% | -2.6 百分点 |
| 净利润 | $6440万 | $9010万 | -28.6% |
| 稀释EPS | $0.14 | $0.18 | -22.2% |
| 经营现金流 | $1.54亿 | $1.65亿 | -6.9% |
| 资本支出 | $1320万 | $4830万 | -72.6% |
| 自由现金流 | $1.4亿 | $1.17亿 | +20.3% |
| R&D | $1.41亿 | $1.34亿 | +4.8% |
| 股权激励费用 | $1.1亿 | $1.29亿 | -15.0% |
实际 vs 一致预期
2026-08-06| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $7.15亿 | $7.52亿 | -5.0% |
| EPS(一致预期口径) | $0.34 | $0.18 | +91.4% |
来自2026-08-06发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $10.8亿
- 资本支出
- -$2.21亿
- 股票回购
- -$9.75亿
- 股息
- $0
- 收购
- $0
- 债务净发行
- -$7420万
- 股权激励费用
- $4.52亿
- 自由现金流
- $8.6亿
- 股东回报 / FCF
- 113.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 14.6× | 221.2× | 41.3× – 407.5× |
| EV / EBITDA | 6.7× | 119.0× | 23.2× – 261.5× |
| EV / 营收 | 1.7× | 19.3× | 6.2× – 36.1× |
| 股价 / FCF | 6.8× | 72.8× | 22.9× – 137.2× |
| 股价 / 净资产 | 2.2× | 16.4× | 7.3× – 28.6× |
| FCF收益率 | 14.8% | 2.0% | 0.7% – 4.4% |
| 投入资本回报率 | 12.2% | 7.5% | 2.0% – 13.4% |
| 净资产收益率 | 16.1% | 10.2% | 2.5% – 17.8% |
分析师
一致目标价 $14.68 (+19.4%)
区间 $6.00 – $25.00 · 评级 Hold
强烈买入0
买入17
持有25
卖出5
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $27.5亿 | -5.1% | $0.36 | -60.1% | 33.9× | 19 |
| FY2027 | $26亿 | -5.2% | $0.22 | -40.6% | 57.0× | 18 |
| FY2028 | $27.5亿 | +5.8% | $0.33 | +51.1% | 37.7× | 15 |
| FY2029 | $28.5亿 | +3.6% | $0.54 | +66.4% | 22.7× | 9 |
| FY2030 | $30.4亿 | +6.4% | $0.68 | +24.6% | 18.2× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
The Trade Desk, Inc.在近期10-Q / 10-K文件中标记的全部188项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $25.6亿 | $27.2亿 | -5.9% | $30.1亿 | $26.3亿 | +14.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $32亿 | $32.5亿 | -1.7% | $37.7亿 | $33.3亿 | +13.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1610万 | $1230万 | +30.5% | $1220万 | $1120万 | +8.5% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $53.2万 | $244万 | -78.2% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $26.4万 | $68.5万 | -61.5% | $149万 | $85.3万 | +74.3% |
| Accrued Liabilities, Current | $1.5亿 | $1.52亿 | -1.5% | $1.82亿 | $1.78亿 | +2.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.62亿2025-12-31 | $2.15亿 | +22.0% | $2.62亿 | $2.15亿 | +22.0% |
| Additional Paid in Capital, Common Stock | $32.9亿 | $28.6亿 | +15.2% | $30.8亿 | $25.9亿 | +18.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3360万 | 1610万 | +109.5% | 2270万 | 28.4万 | +7,907.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.12亿 | $1.31亿 | -14.4% | $4.98亿 | $5亿 | -0.4% |
| Assets | $57.6亿 | $59.6亿 | -3.2% | $61.5亿 | $61.1亿 | +0.7% |
| Assets, Current | $48.2亿 | $50.5亿 | -4.7% | $52.6亿 | $53.4亿 | -1.4% |
| Capital Expenditures Incurred but Not yet Paid | $7800万 | $3560万 | +119.5% | $1.04亿 | $2050万 | +409.5% |
| Capitalized Computer Software, Accumulated Amortization | $1460万2025-12-31 | $1220万 | +19.4% | $1460万 | $1220万 | +19.4% |
| Capitalized Computer Software, Amortization | – | – | – | $1500万 | $1600万 | -6.3% |
| Capitalized Computer Software, Gross | $3450万2025-12-31 | $2680万 | +28.6% | $3450万 | $2680万 | +28.6% |
| Capitalized Computer Software, Impairments | – | – | – | $0 | $0 | – |
| Capitalized Computer Software, Net | $1990万2025-12-31 | $1460万 | +36.3% | $1990万 | $1460万 | +36.3% |
| Cash and Cash Equivalents, at Carrying Value | $11.2亿 | $8.96亿 | +25.3% | $6.58亿 | $13.7亿 | -51.9% |
| Cash, Cash Equivalents, and Short-term Investments | $14.9亿 | $16.9亿 | -12.0% | $13亿 | $19.2亿 | -32.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $11.2亿 | $8.96亿 | +25.3% | $6.58亿 | $13.7亿 | -51.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.45亿 | -$2.22亿 | +210.1% | -$7.11亿 | $4.74亿 | -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 | $1.84亿 | $1.51亿 | +22.1% | $6.19亿 | $4.72亿 | +31.2% |
| Costs and Expenses | $6.13亿 | $5.77亿 | +6.3% | $23.1亿 | $20.2亿 | +14.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1110万 | $1.48亿 | -92.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $889万 | $877万 | +1.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $4270万 | $1.9亿 | -77.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2270万 | $3300万 | -31.1% |
| Debt Securities, Available-for-sale | $3.62亿 | $7.91亿 | -54.2% | $6.45亿 | $5.52亿 | +16.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $2.8亿 | $7.08亿 | -60.5% | $5.73亿 | $4.74亿 | +20.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $1.61亿 | -$5750万 | +380.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$349万 | -$306万 | -14.1% |
| Deferred Income Tax Assets, Net | $5570万 | $2.29亿 | -75.7% | $5570万 | $2.3亿 | -75.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $1.73亿 | -$7540万 | +329.2% |
| Deferred Income Taxes and Tax Credits | $4950万2025-12-31 | -$7690万 | +164.4% | $1.68亿 | -$7690万 | +318.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1530万 | -$1490万 | +202.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.4亿2025-12-31 | $1.61亿 | -13.2% | $1.4亿 | $1.61亿 | -13.2% |
| Deferred Tax Assets, Net | $5570万2025-12-31 | $2.3亿 | -75.8% | $5570万 | $2.3亿 | -75.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3.21亿2025-12-31 | $2.92亿 | +10.0% | $3.21亿 | $2.92亿 | +10.0% |
| Deferred Tax Assets, Other | $822万2025-12-31 | $450万 | +82.8% | $822万 | $450万 | +82.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $2780万2025-12-31 | $2290万 | +21.0% | $2780万 | $2290万 | +21.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3350万2025-12-31 | $2340万 | +42.9% | $3350万 | $2340万 | +42.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $597万2025-12-31 | $593万 | +0.7% | $597万 | $593万 | +0.7% |
| Deferred Tax Assets, Valuation Allowance | $4.75亿2025-12-31 | $4.59亿 | +3.7% | $4.75亿 | $4.59亿 | +3.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $7960万2025-12-31 | $5780万 | +37.5% | $7960万 | $5780万 | +37.5% |
| Deferred Tax Liabilities, Prepaid Expenses | $147万2025-12-31 | $117万 | +26.1% | $147万 | $117万 | +26.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $4730万2025-12-31 | $2720万 | +74.2% | $4730万 | $2720万 | +74.2% |
| Depreciation, Depletion and Amortization | $3010万 | $2670万 | +12.9% | $1.16亿 | $8750万 | +32.3% |
| Depreciation, Depletion and Amortization, Nonproduction | – | – | – | $9600万 | $6700万 | +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 | – | – | – | $1.38亿 | $1.07亿 | +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 | – | – | – | $713万 | $523万 | +36.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 1.1% | 1.0% | +10.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-02