Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
Trade Desk Inc., consolidated balance sheet: assets
US$ in thousands
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).
Total assets experienced consistent growth over the five-year period, increasing from US$3,577.34 million in 2021 to US$6,153.22 million in 2025. However, the rate of growth fluctuated, with a notable deceleration in the final year examined. A significant portion of this asset growth is attributable to increases in current assets, particularly accounts receivable, and a substantial rise in non-current assets, specifically property and equipment and operating lease assets.
- Current Assets
- Current assets demonstrated a generally upward trend, rising from US$3,091.65 million in 2021 to a peak of US$5,336.46 million in 2024 before decreasing slightly to US$5,261.00 million in 2025. Accounts receivable, net, was the primary driver of this increase, growing consistently throughout the period from US$2,020.72 million to US$3,770.19 million. Cash and cash equivalents exhibited volatility, peaking at US$1,369.46 million in 2024 but declining to US$658.18 million in 2025. Prepaid expenses and other current assets also showed an increase, particularly in 2025.
- Non-Current Assets
- Non-current assets increased steadily from US$485.69 million in 2021 to US$892.22 million in 2025. Property and equipment, net, experienced substantial growth, more than doubling from US$135.86 million to US$396.82 million. Operating lease assets also increased, though at a more moderate pace. Deferred income taxes showed a significant increase between 2021 and 2024, peaking at US$230.21 million before decreasing substantially in 2025. Other non-current assets also exhibited a gradual upward trend.
- Liquidity and Short-Term Investments
- While accounts receivable increased significantly, the fluctuation in cash and cash equivalents, coupled with the growth in short-term investments, suggests active cash management. Short-term investments more than doubled from US$204.63 million in 2021 to US$644.88 million in 2025. The decrease in cash and cash equivalents in 2025 may indicate investment in other areas or a return of capital to shareholders, though further investigation would be required.
The composition of assets shifted over the period, with a growing proportion represented by property and equipment and operating lease assets. The deceleration in total asset growth in 2025, despite continued increases in most asset categories, warrants further investigation to determine the underlying causes and potential implications.
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