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)

Microsoft Excel
3 months ended: Mar 31, 2026 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 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Platform operations -26.42 -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 73.58% 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 -24.99 -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 -20.72 -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 -18.20 -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 9.68% 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 1.94 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 -0.15 -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 1.79% 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 11.46% 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 -5.66 -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) 5.81% 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-Q (reporting date: 2026-03-31), 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 a trajectory of expanding operational efficiency and increasing profitability, characterized by significant volatility in administrative spending and a general trend toward scale in technology and development costs.

Gross Profitability and Platform Costs
Gross profit margins remained robust for the majority of the period, typically fluctuating between 77% and 84%. A recurring seasonal pattern is observed, where margins tend to compress in the first quarter of each year. The most recent period, ending March 31, 2026, shows a significant contraction in gross profit to 73.58%, driven by platform operations costs reaching a period high of 26.42% of revenue.
Operating Expense Trends
Sales and marketing expenses remained relatively stable, generally oscillating between 18% and 25% of revenue. Technology and development costs exhibited a gradual downward trend as a percentage of revenue, decreasing from peaks near 24% in early periods to a low of 15.42% by December 2025, suggesting improved technical leverage.
General and administrative expenses showed the most extreme volatility. A substantial spike occurred between December 2021 and March 2022, with costs peaking at 55.30% and 39.90% of revenue, respectively. Following this period, G&A expenses trended downward consistently, reaching a low of 14.48% by September 2025.
Operating and Net Income Performance
Operating margins transitioned from periods of instability and losses in 2022 and early 2023 to a phase of strong growth. Operating income peaked at 30.33% of revenue in December 2025. Net income mirrored this trend, showing a marked increase in profitability throughout 2024 and 2025, peaking at 22.08% in December 2025 before declining to 5.81% in the final quarter.
Non-Operating Financials
Interest income became a consistent positive contributor to the bottom line starting in 2022, typically adding between 1.6% and 3.8% to the pre-tax margin. Foreign currency exchange gains and losses remained marginal, generally exerting a negligible impact on overall revenue percentages.

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