Stock Analysis on Net
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Trade Desk Inc. (NASDAQ:TTD)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Trade Desk Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 48.88 43.05 47.40 42.72 46.28
Accrued expenses and other current liabilities 2.96 2.91 2.82 2.41 2.84
Operating lease liabilities, current 1.24 1.06 1.14 1.20 1.29
Current liabilities 53.08% 47.01% 51.36% 46.32% 50.41%
Operating lease liabilities, non-current 5.85 4.05 3.69 4.76 6.67
Other liabilities, non-current 0.70 0.68 0.68 0.63 0.23
Non-current liabilities 6.55% 4.73% 4.37% 5.39% 6.90%
Total liabilities 59.62% 51.75% 55.73% 51.71% 57.31%
Preferred stock, par value $0.000001; zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.000001 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 49.98 42.46 40.24 33.10 25.58
Accumulated other comprehensive income 0.00 0.00 0.00 0.00 0.00
Retained earnings (accumulated deficit) -9.60 5.80 4.03 15.19 17.11
Stockholders’ equity 40.38% 48.25% 44.27% 48.29% 42.69%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity exhibits notable shifts over the five-year period. Total liabilities as a percentage of the total increased from 51.71% to 59.62%, while stockholders’ equity decreased from 48.29% to 40.38%. This indicates a growing reliance on debt financing relative to equity.

Current Liabilities
Current liabilities initially decreased from 50.41% to 46.32% between 2021 and 2022, then increased to 53.08% by 2025. Accounts payable consistently represents the largest component of current liabilities, fluctuating between 42.72% and 48.88% of the total. Accrued expenses and other current liabilities remained relatively stable, ranging from 2.41% to 2.96%. Operating lease liabilities, current, show a slight decreasing trend initially, before increasing in the final year.
Non-Current Liabilities
Non-current liabilities decreased from 6.90% to 4.37% between 2021 and 2023, before increasing to 6.55% in 2025. The primary driver of this trend is operating lease liabilities, non-current, which decreased significantly from 6.67% to 3.69% and then increased to 5.85%. Other non-current liabilities remained consistently low, increasing slightly from 0.23% to 0.70%.
Stockholders’ Equity
Stockholders’ equity experienced a complex pattern. Additional paid-in capital increased substantially from 25.58% to 49.98%, suggesting significant equity issuance or stock-based compensation. However, retained earnings (accumulated deficit) declined dramatically from 17.11% to -9.60%, indicating accumulated losses exceeding prior earnings. This decline in retained earnings partially offset the increase in additional paid-in capital, resulting in an overall decrease in stockholders’ equity as a percentage of the total.

The increasing proportion of total liabilities, coupled with the decreasing proportion of stockholders’ equity, suggests a shift in the company’s capital structure towards greater financial leverage. The substantial increase in additional paid-in capital is noteworthy, but is counterbalanced by the significant decline in retained earnings. The trend in operating lease liabilities, non-current, warrants further investigation to understand the underlying reasons for the fluctuations.

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