Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
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- Enterprise Value to FCFF (EV/FCFF)
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- Analysis of Revenues
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Trade Desk Inc., common-size consolidated income statement (quarterly data)
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.