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Trade Desk Inc. (NASDAQ:TTD)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

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Jun 30, 2026 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
Accounts payable 44.45 45.92 48.88 46.48 45.72 42.05 43.05 43.77 45.28 44.92 47.40 43.53 43.55 41.93 42.72 42.09 41.86 40.95 46.28 43.66 43.76 43.89
Accrued expenses and other current liabilities 2.61 3.14 2.96 2.70 2.56 3.69 2.91 2.59 2.33 2.82 2.82 2.69 2.38 2.50 2.41 2.11 2.16 2.71 2.84 2.59 2.39 3.21
Operating lease liabilities, current 1.40 1.35 1.24 1.23 1.22 1.27 1.06 1.14 1.19 1.23 1.14 1.28 1.26 1.33 1.20 1.30 1.31 1.38 1.29 1.53 1.42 1.45
Current liabilities 48.46% 50.41% 53.08% 50.41% 49.50% 47.01% 47.01% 47.50% 48.81% 48.96% 51.36% 47.50% 47.18% 45.76% 46.32% 45.50% 45.34% 45.03% 50.41% 47.78% 47.57% 48.54%
Operating lease liabilities, non-current 6.13 6.03 5.85 5.10 4.55 4.60 4.05 4.18 3.93 3.87 3.69 4.21 4.56 5.02 4.76 5.50 5.97 6.69 6.67 8.30 9.06 9.45
Other liabilities, non-current 0.75 0.77 0.70 0.71 0.70 0.77 0.68 0.62 0.65 0.72 0.68 0.61 0.61 0.69 0.63 0.22 0.23 0.24 0.23 0.34 0.32 0.35
Non-current liabilities 6.88% 6.81% 6.55% 5.81% 5.25% 5.38% 4.73% 4.80% 4.58% 4.59% 4.37% 4.82% 5.17% 5.71% 5.39% 5.72% 6.20% 6.93% 6.90% 8.63% 9.38% 9.79%
Total liabilities 55.34% 57.21% 59.62% 56.22% 54.75% 52.38% 51.75% 52.31% 53.38% 53.55% 55.73% 52.32% 52.35% 51.48% 51.71% 51.22% 51.54% 51.96% 57.31% 56.41% 56.95% 58.34%
Preferred stock, par value $0.000001; zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 57.14 55.43 49.98 49.92 47.97 47.54 42.46 43.54 42.97 44.24 40.24 40.60 39.12 38.97 33.10 33.64 32.71 30.63 25.58 23.38 23.55 22.57
Accumulated other comprehensive income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained earnings (accumulated deficit) -12.48 -12.64 -9.60 -6.14 -2.73 0.08 5.80 4.15 3.65 2.21 4.03 7.09 8.53 9.55 15.19 15.15 15.75 17.41 17.11 20.21 19.50 19.10
Stockholders’ equity 44.66% 42.79% 40.38% 43.78% 45.25% 47.62% 48.25% 47.69% 46.62% 46.45% 44.27% 47.68% 47.65% 48.52% 48.29% 48.78% 48.46% 48.04% 42.69% 43.59% 43.05% 41.66%
Total liabilities and stockholders’ equity 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% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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 balance sheet reveals a shifting capital structure characterized by a significant increase in contributed capital and a corresponding decline in retained earnings, leading to an accumulated deficit in the later periods. While total liabilities have remained relatively stable as a percentage of the total balance sheet, the internal composition of equity has undergone a fundamental transformation.

Liability Structure and Composition
Total liabilities have fluctuated within a range of 51.22% to 59.62% over the observed period. The most prominent component is accounts payable, which consistently represents a substantial portion of the total balance sheet, ranging from 40.95% to 48.88%. This indicates a heavy reliance on trade credit for operational financing. Current liabilities generally comprise between 45% and 53% of the total structure, maintaining a dominant position over non-current obligations.
Operating Lease Obligations
Non-current operating lease liabilities exhibited a marked downward trend for several years, falling from a high of 9.45% in March 2021 to a low of 3.69% by December 2023. However, a reversal in this trend occurred starting in 2024, with non-current lease liabilities climbing back to 6.13% by June 2026. Current lease liabilities remained relatively flat, typically hovering between 1.06% and 1.45%.
Equity Financing and Paid-In Capital
A significant upward trend is observed in additional paid-in capital, which grew from 22.57% in March 2021 to 57.14% by June 2026. This suggests a substantial increase in capital raised through equity issuance or the impact of stock-based compensation relative to the total size of the balance sheet.
Retained Earnings and Deficit Transition
Retained earnings showed a consistent and severe decline over the analyzed timeframe. Starting at 19.10% in March 2021, the proportion decreased steadily, reaching a near-zero level of 0.08% by March 2025. From June 2025 onward, the company entered a state of accumulated deficit, with the percentage dropping to -12.48% by June 2026. This trend indicates that losses or dividend distributions have significantly eroded the company's historical earnings reserves.
Overall Solvency and Equity Balance
Stockholders' equity has fluctuated between approximately 40% and 48% of total liabilities and stockholders' equity. Although additional paid-in capital increased significantly, the growth was partially offset by the erosion of retained earnings, resulting in a total equity percentage that remained relatively stable despite the internal volatility of its components.

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