Stock Analysis on Net
Stock Analysis on Net

Trade Desk Inc. (NASDAQ:TTD)

Common-Size Income Statement 
Quarterly Data

Trade Desk Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Platform operations -19.26 -21.93 -21.75 -23.19 -18.25 -19.53 -18.90 -21.10 -16.62 -18.93 -18.67 -22.17 -16.22 -17.76 -17.90 -20.26 -16.90 -17.74 -18.15 -22.97
Gross profit 80.74% 78.07% 78.25% 76.81% 81.75% 80.47% 81.10% 78.90% 83.38% 81.07% 81.33% 77.83% 83.78% 82.24% 82.10% 79.74% 83.10% 82.26% 81.85% 77.03%
Sales and marketing -20.50 -21.21 -23.22 -24.80 -20.33 -22.34 -22.90 -24.78 -20.93 -22.80 -24.01 -25.40 -18.92 -21.54 -23.72 -22.42 -18.33 -19.69 -22.06 -25.37
Technology and development -15.42 -17.30 -19.34 -21.49 -17.26 -18.74 -18.82 -21.92 -16.84 -23.88 -21.18 -24.48 -17.21 -20.24 -22.15 -22.83 -15.88 -18.55 -19.12 -24.53
General and administrative -14.48 -17.76 -18.86 -21.69 -17.80 -22.11 -23.17 -26.37 -21.77 -26.75 -27.17 -34.04 -27.23 -33.16 -35.77 -39.90 -55.30 -17.31 -18.54 -23.59
Income (loss) from operations 30.33% 21.80% 16.83% 8.84% 26.36% 17.27% 16.20% 5.83% 23.84% 7.64% 8.98% -6.09% 20.41% 7.30% 0.46% -5.41% -6.41% 26.72% 22.13% 3.54%
Interest income (expense), net 1.66 2.23 2.60 3.27 3.37 3.09 3.05 3.39 3.13 3.57 3.77 3.77 2.33 0.44 0.17 -0.34 -0.12 -0.11 -0.07 -0.02
Foreign currency exchange gain (loss), net -0.08 0.24 -0.23 0.19 0.18 -0.11 -0.01 0.15 -0.45 0.34 0.16 -0.19 0.11 -0.01 -0.08 0.25 -0.19 -0.38 -0.07 0.16
Other income (expense), net 1.58% 2.47% 2.37% 3.46% 3.55% 2.98% 3.04% 3.54% 2.68% 3.92% 3.93% 3.58% 2.44% 0.43% 0.09% -0.09% -0.31% -0.49% -0.14% 0.14%
Income (loss) before income taxes 31.92% 24.28% 19.19% 12.30% 29.90% 20.25% 19.24% 9.37% 26.52% 11.56% 12.91% -2.51% 22.85% 7.73% 0.55% -5.50% -6.72% 26.23% 21.98% 3.68%
(Provision for) benefit from income taxes -9.84 -8.65 -6.21 -4.07 -5.31 -5.26 -4.70 -2.93 -10.46 -3.58 -5.81 4.95 -8.34 -3.71 -5.61 0.87 8.75 -6.51 -4.95 6.62
Net income (loss) 22.08% 15.63% 12.99% 8.23% 24.59% 14.99% 14.55% 6.44% 16.07% 7.98% 7.10% 2.44% 14.51% 4.02% -5.06% -4.63% 2.03% 19.72% 17.04% 10.30%

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 common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Revenue is consistently represented as 100% by definition, allowing for a clear view of the proportional impact of each line item. A notable pattern emerges in the gross profit margin, which generally remained between 77% and 84% of revenue, with a slight dip observed in the most recent quarters.

Platform Operations
Platform operations consistently represent a substantial outflow, ranging from approximately -16% to -23% of revenue. A general increasing trend is observed in this expense as a percentage of revenue, particularly in the later periods, suggesting potential scaling challenges or increased investment in the platform. The most recent quarters show a significant increase, reaching -23.19% and -21.75%.
Sales and Marketing
Sales and marketing expenses demonstrate a cyclical pattern, generally decreasing from around -25% to -18% of revenue before increasing again. The expense appears to be relatively stable, fluctuating within a range of approximately 7 percentage points. Recent quarters show a slight increase, but remain within the historical range.
Technology and Development
Technology and development expenses exhibit a similar pattern to sales and marketing, fluctuating between approximately -15% and -24% of revenue. A decrease is observed in the latter half of the analyzed period, followed by a slight increase in the most recent quarters. This suggests potential shifts in investment priorities related to technology and product development.
General and Administrative
General and administrative expenses show a dramatic shift. Prior to the period beginning with March 31, 2022, this expense was consistently around -17% to -23% of revenue. However, a substantial increase is observed, peaking at -39.90% and -35.77% before decreasing again, but remaining elevated at -17.80% and -14.48% in the most recent quarters. This warrants further investigation to understand the drivers of this significant change.
Operating Income
Income from operations displays considerable volatility. It ranges from a loss of -6.41% to a gain of 26.72% of revenue. A clear upward trend is visible in operating income during 2021 and early 2022, followed by a decline and subsequent recovery. The most recent quarters show a strong positive trend, reaching 30.33% in December 2025.
Net Income
Net income mirrors the volatility of operating income, ranging from a loss of -4.63% to a gain of 19.72% of revenue. The impact of taxes is significant, often offsetting a portion of the operating income. Similar to operating income, net income demonstrates a strong positive trend in the most recent quarters, culminating in 22.08% in December 2025.
Other Income and Expenses
Interest income, foreign currency exchange, and other income/expense items generally represent smaller percentages of revenue, but contribute to overall profitability. These items fluctuate, with some quarters showing gains and others losses. The impact of these items appears to be relatively consistent over time, with no major shifts in trend.

Overall, the company exhibits fluctuating profitability, influenced by significant expense management and external factors. The recent trend indicates improving performance, particularly in operating and net income, but the substantial changes in general and administrative expenses and platform operations require further scrutiny.

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