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The Trade Desk

TTD Communication Services Advertising Agencies

The Trade Desk’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 18.5% from fiscal 2024.

Revenue
+3.03%
EPS
−22.2%
Free cash flow
+29.8%

Quarter to June 2026, against a year earlier

12.81 0.42 −3.17%
Market cap
$6.1B
P/E
15.1×
Fwd P/E
32.6×
Dividend yield
—
F-score
7/9
Altman Z
4.07
Beneish M
−2.80
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • UNITED STATES
  • Non-US

Every year since 2023 →

Insider Decisions last twelve months

Bought, $m 148.10
Sold, $m 5.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — — 1 — 1 — — — — — —
Insider Ownership 10.66%

Capital & Financial Ratios $m

Size
Market Cap 6,060.00
Revenue ttm 2,990.14
Net income ttm 406.89
Free cash flow ttm 864.15
Net debt Q (1,485.33)
Valuation
P/E 15.07
Forward P/E 32.60
Price / sales 2.01
Forward P/S Powerpack
Price / FCF 6.94
Price / book 2.33
Financial health
Current ratio Q 1.72 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (2.84)
Growth
Revenue growth Q +3.03% (above 0%: growing)
Operating income growth Q −13.02% (below 0%: shrinking)
EPS, this year −59.67% (below 0%: weak)
EPS, next year A −40.62% (below 0%: weak)
Revenue, next year A −4.98% (below 0%: weak)
EPS, past 5 yrs +12.70%
EPS, next 5 yrs A −28.73% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 16.7×; over the ten years it ranged from 1.4× in 2026 to 56.7× in 2020.
P/E against its own 10 years 1.11%
10-year low 10-year high
P/S against its own 10 years 1.54%
10-year low 10-year high
P/B against its own 10 years 2.36%
10-year low 10-year high
EV/Sales against its own 10 years 1.38%
10-year low 10-year high
EV/FCF against its own 10 years 1.02%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,380 1,921 1,303 1,485
Receivables 2,870 3,330 3,770 3,201
Inventory — — — —
Other — — — —
4,314 5,336 5,261 4,816
2023 2024 2025 Q'26
Payables 2,317 2,631 3,008 2,563
ST’ Debt — — — —
Other — — — —
2,511 2,873 3,266 2,794

Compound Annual Growth %

10y 5y 3y
Sales 38.22% 28.21% 22.44%
Cash Flow 0.00% 19.64% 21.85%
Earnings 48.05% 12.84% 102.50%
Book Value 67.68% 19.65% 5.51%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.41 Actual 0.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.44 0.45 Beat by 0.01
Q4 FY25 0.59 0.59 Met by 0.00
Q1 FY26 0.32 0.28 Miss by 0.04
Q2 FY26 0.41 0.34 Miss by 0.07
Q3 FY26 0.26 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.08 0.14 — — —
’25 0.10 0.18 0.23 0.39 0.90
’24 0.06 0.17 0.19 0.36 0.78
’23 0.02 0.07 0.08 0.19 0.36
’22 (0.03) (0.04) 0.03 0.14 0.11
’21 0.05 0.10 0.12 0.02 0.28
’20 0.05 0.05 0.08 0.31 0.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 689 715 — — —
’25 616 694 739 847 2,896
’24 491 585 628 741 2,445
’23 383 464 493 606 1,946
’22 315 377 395 491 1,578
’21 220 280 301 396 1,196
’20 161 139 216 320 836
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 392 154 — — —
’25 291 165 225 312 993
’24 185 81 273 199 739
’23 188 128 192 91 598
’22 146 92 137 173 549
’21 75 10 130 163 379
’20 53 96 88 168 405
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 276 152 — — —
’25 230 117 155 282 783
’24 176 57 222 177 632
’23 177 119 184 64 543
’22 136 86 112 123 457
’21 61 3 103 151 319
’20 34 76 66 149 325
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −1.8% a year for ten years. It grew 43.3% a year over the last ten.

Implied
−1.8%
10 years, reported
43.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 203 308 477 661 836 1,196 1,578 1,946 2,445 2,896 2,990 +34.4% 2,752 2,602 2,730 (2.0%)
Gross margin, % 80.35 78.51 76.09 76.37 78.61 81.48 82.18 81.21 80.69 78.63 76.87 (1.7) pt
EBT 44 64 106 116 144 122 127 268 507 659 642 +35.1%
EBT margin, % 21.60 20.64 22.15 17.58 17.21 10.20 8.07 13.77 20.75 22.74 21.47 +1.1 pt
Net income 20 51 88 108 242 138 53 179 393 443 407 +40.7%
Per share, $
Per share, $ Revenue 1.11 0.77 1.12 1.48 1.81 2.51 3.24 3.98 4.98 5.93 6.38 +20.5%
Earnings (0.15) 0.13 0.21 0.24 0.52 0.29 0.11 0.37 0.80 0.91 0.85 n/m
Cash flow 0.41 0.08 0.20 0.14 0.88 0.79 1.13 1.22 1.51 2.03 2.31 +19.5%
Capex (0.05) (0.03) (0.06) (0.09) (0.17) (0.13) (0.19) (0.11) (0.22) (0.43) (0.46) +26.9%
Free cash flow 0.36 0.05 0.14 0.04 0.70 0.67 0.94 1.11 1.29 1.60 1.85 +18.1%
Book value 0.90 0.61 0.93 1.38 2.19 3.20 4.34 4.42 6.01 5.09 5.50 +21.2%
Shares, m 183 403 424 445 463 477 487 489 491 488 480 +11.5%
Valuation, ×
Valuation, × P/E 0.00 36.83 56.36 107.36 154.04 318.19 400.18 190.78 148.77 41.71 15.07 145.4
P/S 2.42 6.06 10.32 17.50 44.35 36.52 13.59 17.75 23.60 6.40 2.01 17.9
P/B 2.99 7.61 12.49 18.89 36.59 28.61 10.13 15.96 19.56 7.46 2.33 16.0
EV/Sales 1.90 5.65 9.95 17.38 43.69 35.78 12.71 17.07 22.84 5.97 1.53 17.3
EV/FCF 5.85 95.81 77.31 586.21 112.40 134.40 43.91 61.16 88.31 22.10 5.31 122.7
Cash, $m
Cash, $m Operating cash flow 75 31 87 60 405 379 549 598 739 993 1,082 +33.2%
Capex (9) (13) (25) (41) (80) (60) (92) (55) (107) (210) (218) +41.5%
Free cash flow 66 18 61 20 325 319 457 543 632 783 864 +31.7%
Balance, $m
Balance, $m Working capital 172 247 343 519 836 1,288 1,816 1,803 2,463 1,995 2,022 +31.3%
Net debt (108) (129) (207) (255) (624) (959) (1,447) (1,380) (1,921) (1,303) (1,485) +31.9%
Shareholders’ equity 164 246 395 613 1,013 1,527 2,115 2,164 2,949 2,484 2,574 +35.2%
Returns, %
Returns, % ROA (7.15) 7.61 9.21 7.61 10.81 4.35 1.34 3.86 7.15 7.23 6.94 +14.4 pt
ROIC 63.26 37.17 35.81 19.61 23.16 13.72 10.62 15.98 25.98 31.18 33.65 (32.1) pt
ROE (29.94) 24.78 27.54 21.51 29.81 10.85 2.93 8.36 15.37 16.32 15.44 +46.3 pt
People
People Employees 467 713 944 1,310 1,545 1,967 2,770 3,115 3,522 3,843 — +26.4%
Revenue/emp, $m 0.43 0.43 0.51 0.50 0.54 0.61 0.57 0.62 0.69 0.75 — +6.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

The Trade Desk operates a technology platform that helps advertising agencies, advertisers and their service providers buy digital advertising. Founded in 2009 and headquartered in Ventura, the company is led by CEO and co-founder Jeff Green.

Its platform lets customers plan, run and measure campaigns across websites, streaming television, mobile devices, audio and other channels. Rather than negotiating each placement manually, buyers can use the platform to purchase available advertising space through automated systems. They can set campaign objectives, choose audiences, manage budgets and see how campaigns perform.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
UNITED STATES 2,477 85.51%
Non-US 420 14.49%
Gross margin 78.63%
Operating margin 20.35%
Pre-tax margin 22.74%

Revenue by segment since 2023

The Trade Desk vs peers in Advertising Agencies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OMC Omnicom Group Inc. $23.8B 48.0× 9.8× +59.09% (above 0%: growing) +35.80% (above 0%: growing) +108.14% (above 0%: growing) 21.16% 15.44% Compare
TTD The Trade Desk $6.1B 15.1× 32.6× +3.03% (above 0%: growing) −22.22% (below 0%: shrinking) +29.84% (above 0%: growing) 74.22% 14.21%
WPP WPP PLC $6.0B 20.8× 26.8× +7.31% (above 0%: growing) −56.60% (below 0%: shrinking) −21.98% (below 0%: shrinking) 14.73% 0.00% Compare
MGNI Magnite, Inc. $4.0B 21.9× 31.7× +13.76% (above 0%: growing) +71.43% (above 0%: growing) +36.82% (above 0%: growing) 68.65% 24.75% Compare
LFTO Liftoff Mobile, Inc $2.9B — — — n/m — 86.77% 35.27% Compare
STGW Stagwell Inc. $2.7B 271× 44.9× +9.83% (above 0%: growing) −30.00% (below 0%: shrinking) +243.48% (above 0%: growing) 37.29% 5.89% Compare
DV DoubleVerify Holdings, Inc. $2.1B 33.9× 30.0× +9.02% (above 0%: growing) +66.67% (above 0%: growing) +16.98% (above 0%: growing) 81.26% 13.78% Compare
ZD Ziff Davis, Inc. $1.9B 3.1× 2.8× −18.59% (below 0%: shrinking) +2,623.81% (above 0%: growing) +100.30% (above 0%: growing) 84.06% (15.60%) Compare
QNST QuinStreet, Inc. $1.2B 14.3× 15.7× +42.67% (above 0%: growing) +450.00% (above 0%: growing) +84.60% (above 0%: growing) 13.32% 5.11% Compare
Median of peers $2.8B 21.9× 26.8× +9.83% +66.67% +84.60% 52.97% 9.84%

All 41 Advertising Agencies stocks →

From the latest earnings call

Updated

  • CEO Jeff Green attributed revenue growth below the company’s expectations to macroeconomic pressure on advertisers and execution, while noting growth among smaller advertisers.
  • CFO Nate Olmstead said the transition to owned data centers would increase platform operations expense in 2026, while supporting AI and machine learning workloads.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.30%
Held by the ten largest 44.30%
Holder Shares Stake Change
Vanguard 51.93m 11.05% −3.71m
BlackRock 32.67m 6.95% −4.85m
State Street 31.29m 6.66% −13.65m
Two Sigma 17.05m 3.63% +2.89m
Geode Capital Management 16.13m 3.43% +2.15m
Invesco 13.76m 2.93% +5.38m
Goldman Sachs 13.47m 2.87% +4.74m
Alyeska Investment Group, L.P. 11.12m 2.37% +5.49m
FEDERATED HERMES, INC. 10.88m 2.32% +3.25m
Morgan Stanley 9.85m 2.10% +1.08m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 September 2026

Ownership

Directors and executive officers, together 50.30% of the votes
Jeff T. Green 50.20% of the votes
State Street Corporation 5.20% of the votes
BlackRock, Inc. 3.90% of the votes
Vanguard Capital Management 3.80% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Trade Desk (TTD) Latest News

4 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

3 Nov

Impact 3 · · Simply Wall St.

2 Nov

Impact 3 · · Trefis

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Business Wire
Impact 4 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 4 · · Trefis
Impact 3 · · Business Wire
Impact 3 · · Trefis

23 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis

22 Oct

Impact 4 · · Insider Monkey

21 Oct

Impact 4 · · TIKR
Impact 3 · · Zacks

20 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · The Motley Fool

19 Oct

Impact 4 · · Trefis
Impact 4 · · Zacks
Impact 4 · · Zacks

17 Oct

Impact 3 · · The Motley Fool

16 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Trefis
Impact 3 · · Zacks

15 Oct

Impact 3 · · Trefis
Impact 3 · · StockStory

TTD metrics, ten years each

stockrow.com/TTD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com