Trade Desk, Inc. (TTD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.0B

Revenue growth

11.6%

Net income, last twelve months

$406.9M

Earnings per share

$0.84

Gross margin

76.9%

Operating margin

19.6%

Net margin

13.6%

Free cash flow

$863.0M

Return on equity

15.8%

Market value

$6.0B

Price to earnings

15.2x

Cash

$1.1B

Debt

$0

Debt to equity

0.00

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• Revenue growth slowed to 3%. Revenue was $715 million, up 3% from $694 million a year earlier. First-quarter revenue growth was 12% per the prior release. Six-month revenue rose 7%.
• GAAP earnings declined. GAAP net income was $64 million against $90 million. GAAP diluted EPS was $0.14 against $0.18 in the year-earlier quarter.
• Adjusted EBITDA margin fell. Adjusted EBITDA was $241 million against $271 million, a margin of 34% against 39%. Non-GAAP diluted EPS was $0.34 against $0.41.
• Six-month profit also lower. Net income for the six months was $104 million against $141 million, and six-month adjusted EBITDA was $447 million against $479 million.
• Samsung Ads opened home screen inventory. Samsung Ads opened its premium home screen inventory to programmatic buyers, and the company was named among the first platforms granted access.
• Travel and commerce integrations added. The commerce media ecosystem was expanded through integrations with travel, hospitality and mobility partners, enabling activation of commerce and travel signals.
• Databricks and Adobe data links. Databricks named the company a launch partner for CustomerLake, and Adobe built an integration linking paid media exposure data to Adobe Real-Time CDP profiles.
• Adobe integration links first-party profiles. The new integration connects paid media exposure data directly to first-party profiles in Adobe Real-Time CDP.
• Platform operations costs rose most. Platform operations expense was $184 million against $151 million. Sales and marketing was $174 million against $161 million, and technology and development was $141 million against $134 million.
• General and administrative costs fell. General and administrative expense was $114 million against $131 million. No CEO performance grant expense was recorded this quarter, against $19 million a year earlier.
• Operating income declined. Income from operations was $102 million against $117 million. Total operating expenses were $613 million against $577 million.
• Marketers navigating a complex environment. Management said marketers are navigating a complex environment and that complexity raises the value of decisioning, measurement and AI.
• First quarter cited macro headwinds. In the first-quarter release, management cited headwinds in the macro environment and said it remained confident in its ability to lead within programmatic.
• Customer retention held above 95%. Customer retention remained over 95% during the second quarter, which management said has been the case for over a decade.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 99 held.

Every filing

The newest filings with the SEC of 222 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

881 funds held it at 30 Jun 2026: 300 added and 255 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Alphabet Inc. (GOOGL): revenue $445.9B, market value $3.98T
• Alphabet Inc. (GOOG): revenue $445.9B, market value $3.94T
• Meta Platforms, Inc. (META): revenue $241.6B, market value $1.58T
• AppLovin Corp. (APP): revenue –, market value $87.2B
• Zoom Communications, Inc. (ZM): revenue $5.0B, market value $30.1B
• Baidu, Inc. (BIDU): revenue $18.0B, market value $27.1B
• Tempus AI, Inc. (TEM): revenue $1.4B, market value $14.0B
• Flutter Entertainment plc (FLUT): revenue $17.2B, market value $13.6B
• Pinterest, Inc. (PINS): revenue $4.6B, market value $11.8B
• DigitalOcean Holdings, Inc. (DOCN): revenue $1.0B, market value $11.0B

What the company does

The Trade Desk is an advertising technology company whose self-service platform lets ad buyers create, manage and optimize digital advertising campaigns across ad formats, channels and devices. It was founded in 2009. Its clients are advertising agencies, advertisers and other service providers for agencies or advertisers. The company reports one primary business activity and one operating segment. At 31 December 2025 it had 3,843 full-time employees in 21 countries, with about 63% in North America, 20% in EMEA and 17% in APAC.

How it makes money

Clients sign ongoing master services agreements (MSAs) with the company. It charges a platform fee that is generally based on a percentage of the client's total spend on the platform. It also earns money from value-added services and data that support campaigns. Generally, the company reports revenue as an agent on a net basis. That means gross billings less what it pays suppliers for advertising inventory and for supplier-provided parts of value-added services and data. Because receivables are recorded at gross billings and payables at amounts owed to suppliers, both look large next to reported revenue. For internal management the company also tracks gross spend, which is a client's spend on inventory, services and data plus the platform fee.

What the platform does

Buyers use the platform to purchase media programmatically on exchanges and sell-side platforms, or directly from publishers. They can use third-party data, bring in their own first-party data, and link digital campaigns to offline sales results. The platform covers CTV and other video, display, audio and native formats. Devices include televisions, streaming devices, mobile devices, computers and digital-out-of-home screens.

Koa is the platform's AI co-pilot. It is used for predictive clearing, ad impression relevance scoring, measurement, forecasting, budget optimization and key performance indicator scoring. Kokai is an upgrade to the platform, and Audience Unlimited is a capability the company is developing for data buying. Other features include auto-optimization, reporting and analytics, media planning tools and private marketplace support. Clients can also use the company's APIs to design their own interface, manage campaigns in bulk and link ad servers or reporting tools.

Who buys from it

Clients are agencies, advertisers or groups within agencies. They have independent relationships with the company, manage budgets separately, are based in different jurisdictions and are served by separate Trade Desk teams. MSAs generally run for one year and renew automatically. Either party can end them on 60 days' notice, and they carry no material commitment by the client to buy inventory, services or data. The company says its customer retention rate has exceeded 95% for over a decade. If client relationships were grouped by holding company, two holding companies each represented more than 10% of gross billings in 2025.

New clients work with client service teams that onboard them and support their early campaigns. Most then move to full self-service. The company also runs an e-learning program called The Trade Desk Edge Academy.

Where inventory and data come from

The company obtains inventory from over 430 directly integrated ad exchanges, publishers and supply-side platforms. As of 31 December 2025 its platform was integrated with more than 370 third-party data vendors. It says hundreds of independent companies make data and services available through the platform.

- OpenPath, a direct connection to publishers. - PubDesk, a dashboard for publishers. - OpenSincera, an open-source tool with metadata on ad experiences across 400,000 publishers. - Unified ID 2.0, an open-source identity framework that turns email addresses or phone numbers into an advertising identifier designed not to directly identify the person.

How it competes

The company competes with other demand-side platform providers. Some are smaller private firms, and others are divisions of large companies such as Google and Amazon. It says it competes on the performance, capabilities and transparency of its platform and on its focus on the buy side. It describes itself as an independent technology company without the conflicts of interest of competitors that also own and operate media.

Data rules and seasonal pattern

The platform works with pseudonymous data about internet and mobile app users. The company contractually prohibits clients, data providers and inventory suppliers from importing data that directly identifies individuals. For transfers of personal data to the United States, it is certified under the EU-U.S. and Swiss-U.S. Data Privacy Frameworks and the U.K. Extension.

Advertising activity is highest in the fourth quarter and lowest in the first quarter. It is typically heightened in the periods before major United States political elections.

*From Trade Desk's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1671933/000167193326000014/ttd-20251231.htm)*

From the company's 10-K.