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The Trade Desk’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 18.5% from fiscal 2024. In the quarter to June 2026, revenue grew 3.03%, EPS fell 22.2% and free cash flow grew 29.8%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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The Trade Desk (TTD) Beneish M-score
The Trade Desk's Beneish M-score for fiscal 2025 is −2.80; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.80 | (0.32) |
| FY2024 | −2.48 | 0.23 |
| FY2023 | −2.72 | 0.17 |
| FY2022 | −2.88 | (0.24) |
| FY2021 | −2.64 | (0.19) |
| FY2020 | −2.45 | (2.07) |
| FY2019 | −0.39 | 1.45 |
| FY2018 | −1.83 | (0.14) |
| FY2017 | −1.69 | 0.58 |
| FY2016 | −2.28 | (2.19) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 1.18 | — | 1.06 | |
| Depreciation index | 1.30 | — | 0.15 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.09) | — | −0.42 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.80 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DV DoubleVerify Holdings, Inc. compare | −3.1× |
| CRTO Criteo S.A. compare | −3.0× |
| ZD Ziff Davis, Inc. compare | −3.0× |
| TTD The Trade Desk | −2.8× |
| WPP WPP PLC compare | −2.8× |
| STGW Stagwell Inc. compare | −2.7× |
| MGNI Magnite, Inc. compare | −2.5× |
| QNST QuinStreet, Inc. compare | −2.5× |
| OMC Omnicom Group Inc. compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI