Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2016
- Current Ratio since 2016
- Debt to Equity since 2016
- Total Asset Turnover since 2016
- Price to Operating Profit (P/OP) since 2016
- Price to Book Value (P/BV) since 2016
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Trade Desk Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue and Gross Profit Trends
- The revenue remains constant at 100% across all periods, serving as the baseline for analysis. Gross profit as a percentage of revenue exhibits significant fluctuation, ranging roughly between 69.77% and 83.86%. Early 2020 shows a dip towards the lower end around June but recovers strongly by year-end 2020. Throughout 2021 and 2022, gross profit remains relatively stable with minor oscillations mostly between 77% and 83.8%, indicating a consistent ability to maintain profitability after platform operation costs.
- Platform Operations Expense
- Platform operations costs as a percentage of revenue demonstrate variability, generally fluctuating between approximately -16% and -25%. There is no clear long-term directional trend, but notable spikes downward are visible around the end of 2021 and several points in 2023 and 2025, suggesting periods of increased operational expenditure or investment pressures impacting that segment.
- Sales and Marketing Expense
- Sales and marketing expenses also vary between approximately -18% and -26%, with repeated cyclical upticks around the first quarters of various years, such as early 2021, 2023, and 2025. These suggests possibly seasonal spending patterns or strategic pushes in advertising and promotion that recur annually.
- Technology and Development Expense
- Technology and development costs display notable volatility, spanning roughly -15% to nearly -25% of revenue. A downward trend in expense intensity is observable toward certain year-end quarters, for example, Q4 2021 and Q4 2023, which may reflect control measures or shifts in R&D investments after intensive previous quarters.
- General and Administrative Expense
- General and administrative expenses present significant irregularity. While consistently ranging between -16% and -27% in most quarters, Q4 2021 stands out with a sharp spike to -55.3%, indicating a likely one-time or exceptional charge. This anomaly greatly impacts overall operating margins during that quarter. This high variation suggests occasional extraordinary costs or restructuring expenses affecting this category.
- Income from Operations
- Operating income as a percentage of revenue fluctuates substantially across periods. After a negative low in Q2 2020 (-11.32%), there is recovery and strong positive peaks such as 33.27% in Q4 2020 and secondary peaks around Q4 2023 and Q1 2025. Several quarters show losses or marginal profits, indicating operational profitability is somewhat volatile and susceptible to varying cost pressures in the spending areas.
- Non-operating Income and Expenses
- Interest income (expense) remains modestly positive for most of the terms, turning more favorable and reaching above 3% in most quarters from late 2022 onward, which may indicate improved financial income streams or reduced financing costs. Foreign currency exchange gains and losses show minor fluctuations around zero, with no consistent pattern. Other income occasionally makes minor positive contributions, markedly increasing from late 2022, possibly reflecting gains from ancillary activities.
- Income Before Income Taxes and Tax Provision
- Income before taxes generally mirrors operating income trends but with slightly higher volatility given non-operating impacts. It ranges from a negative 11.46% in Q2 2020 to peaks around 33.44% in Q4 2020 and near 29.9% in Q1 2025. Tax provisions show broad oscillation between positive and negative values, with some quarters indicating income tax benefits (negative tax provision), suggesting variations in effective tax rates, tax strategy, or deferred tax adjustments.
- Net Income Trends
- Net income as a percentage of revenue is considerably volatile, fluctuating from negative values (-5.06% in Q2 2022) to strong positive peaks (up to 47.48% in Q4 2020). The sizable spike in Q4 2020 may be influenced by exceptional operational or tax-related gains. Several quarters post-2020 maintain positive net income, albeit with moderate variation, reflecting a generally profitable but variable overall earnings performance. The pattern indicates cycles of profitability influenced by both operational efficiency and non-operating factors.
- Overall Observations
- The data showcases a pattern of high variability in cost management and profitability on a quarterly basis, with certain quarters marked by exceptional expenses or gains, particularly visible in general and administrative costs and net income spikes. The company maintains a generally profitable stance with gross profit margins remaining strong, though the fluctuating operational costs and tax provisions preclude steady net income growth. Seasonal or cyclical spending in sales, marketing, and development is evident, suggesting strategic timing of expenditures throughout the calendar year.