Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Earnings (P/E) since 2016
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Trade Desk Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets has shifted notably over the analyzed period, spanning from March 31, 2021, to December 31, 2025. Current assets consistently represent the largest portion of the asset base, generally ranging between 84% and 89% of total assets. However, a gradual shift in the composition of both current and non-current assets is apparent.
- Cash and Cash Equivalents
- Cash and cash equivalents exhibited an increasing trend from 18.12% of total assets in March 2021 to a peak of 25.39% in June 2022. Subsequently, a decline is observed, reaching 10.70% by December 2025. This suggests a change in liquidity management or deployment of cash into other assets.
- Short-Term Investments
- Short-term investments demonstrated a generally increasing trend from 8.01% in March 2021 to 13.34% in September 2025, with some fluctuation. This increase correlates with the decrease in cash and cash equivalents, potentially indicating a shift in strategy towards higher-yield, short-term investment vehicles.
- Accounts Receivable
- Accounts receivable consistently constitutes a significant portion of assets, fluctuating between approximately 51% and 61%. A notable increase is observed from 51.30% in March 2022 to 61.27% in December 2023, before decreasing slightly to 61.27% in December 2025. This suggests potential changes in credit terms or sales volume.
- Prepaid Expenses and Other Current Assets
- This category shows a relatively small, but increasing, percentage of total assets, rising from 4.66% in March 2021 to 3.31% in September 2025. A more significant increase is seen in the final period, reaching 3.05% in December 2025. This could indicate increased upfront costs or changes in expense recognition policies.
- Property and Equipment, Net
- The proportion of property and equipment, net, remained relatively stable in the earlier periods, around 4%. However, a noticeable increase is observed from 3.42% in December 2022 to 6.45% in December 2025, indicating increased investment in fixed assets.
- Operating Lease Assets
- Operating lease assets decreased from 9.14% in March 2021 to 5.56% in December 2025. This decline suggests a reduction in reliance on leased assets or a change in accounting treatment.
- Deferred Income Taxes
- Deferred income taxes experienced fluctuations, peaking at 3.77% in December 2024 before decreasing significantly to 0.91% in December 2025. This variability likely reflects changes in temporary differences between accounting and tax reporting.
- Other Non-Current Assets
- Other non-current assets showed a gradual increase over the period, rising from 1.10% in March 2021 to 1.59% in December 2025. This suggests a growing investment in assets not categorized elsewhere.
Overall, the asset composition demonstrates a shift from liquid assets (cash and short-term investments) towards accounts receivable and fixed assets. The decrease in cash and cash equivalents, coupled with the increase in property and equipment, net, suggests a potential strategic move towards long-term investments and operational expansion. The fluctuations in deferred income taxes warrant further investigation into the underlying tax implications.