Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Trade Desk Inc., consolidated income statement (quarterly data)

US$ in thousands

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	688,857)	846,791)	739,433)	694,039)	616,021)	741,012)	628,016)	584,550)	491,253)	605,797)	493,266)	464,254)	382,803)	490,737)	394,773)	376,962)	315,323)	395,598)	301,091)	279,967)	219,811)
Platform operations	(181,970)	(163,094)	(162,154)	(150,980)	(142,839)	(135,267)	(122,656)	(110,459)	(103,630)	(100,695)	(93,382)	(86,654)	(84,867)	(79,619)	(70,124)	(67,490)	(63,890)	(66,845)	(53,400)	(50,809)	(50,500)
Gross profit	506,887)	683,697)	577,279)	543,059)	473,182)	605,745)	505,360)	474,091)	387,623)	505,102)	399,884)	377,600)	297,936)	411,118)	324,649)	309,472)	251,433)	328,753)	247,691)	229,158)	169,311)
Sales and marketing	(172,179)	(173,596)	(156,830)	(161,131)	(152,743)	(150,629)	(140,296)	(133,867)	(121,725)	(126,793)	(112,466)	(111,489)	(97,222)	(92,829)	(85,038)	(89,420)	(70,688)	(72,501)	(59,278)	(61,755)	(55,764)
Technology and development	(142,720)	(130,595)	(127,893)	(134,251)	(132,402)	(127,893)	(117,705)	(110,035)	(107,686)	(102,004)	(117,772)	(98,308)	(93,710)	(84,479)	(79,915)	(83,483)	(71,999)	(62,836)	(55,847)	(53,536)	(53,918)
General and administrative	(125,341)	(122,633)	(131,337)	(130,900)	(133,585)	(131,914)	(138,878)	(135,469)	(129,555)	(131,867)	(131,969)	(126,130)	(130,312)	(133,650)	(130,892)	(134,826)	(125,799)	(218,777)	(52,120)	(51,919)	(51,845)
Income (loss) from operations	66,647)	256,873)	161,219)	116,777)	54,452)	195,309)	108,481)	94,720)	28,657)	144,438)	37,677)	41,673)	(23,308)	100,160)	28,804)	1,743)	(17,053)	(25,361)	80,446)	61,948)	7,784)
Interest income (expense), net	13,369)	14,060)	16,490)	18,035)	20,132)	24,956)	19,408)	17,817)	16,661)	18,952)	17,626)	17,507)	14,423)	11,434)	1,741)	656)	(1,076)	(474)	(317)	(194)	(45)
Foreign currency exchange gain (loss), net	(1,058)	(667)	1,810)	(1,611)	1,185)	1,334)	(711)	(45)	715)	(2,714)	1,697)	747)	(723)	526)	(43)	(317)	795)	(747)	(1,153)	(204)	353)
Other income (expense), net	12,311)	13,393)	18,300)	16,424)	21,317)	26,290)	18,697)	17,772)	17,376)	16,238)	19,323)	18,254)	13,700)	11,960)	1,698)	339)	(281)	(1,221)	(1,470)	(398)	308)
Income (loss) before income taxes	78,958)	270,266)	179,519)	133,201)	75,769)	221,599)	127,178)	112,492)	46,033)	160,676)	57,000)	59,927)	(9,608)	112,120)	30,502)	2,082)	(17,334)	(26,582)	78,976)	61,550)	8,092)
(Provision for) benefit from income taxes	(38,961)	(83,316)	(63,972)	(43,072)	(25,091)	(39,370)	(33,020)	(27,463)	(14,373)	(63,353)	(17,648)	(26,988)	18,934)	(40,933)	(14,633)	(21,155)	2,736)	34,621)	(19,592)	(13,853)	14,550)
Net income (loss)	39,997)	186,950)	115,547)	90,129)	50,678)	182,229)	94,158)	85,029)	31,660)	97,323)	39,352)	32,939)	9,326)	71,187)	15,869)	(19,073)	(14,598)	8,039)	59,384)	47,697)	22,642)

Revenue exhibits a consistent long-term upward trajectory characterized by pronounced quarterly seasonality. A recurring pattern is observed where the fourth quarter of each fiscal year produces the highest revenue peak, followed by a typical contraction in the first quarter of the subsequent year. Over the period from March 31, 2021, to March 31, 2026, revenue grew from 219.8 million to 688.8 million, with the highest single-quarter performance occurring in December 2025 at 846.8 million.

Gross Profitability and Cost of Revenue: Platform operations costs have increased in absolute terms alongside revenue growth, rising from 50.5 million in March 2021 to 181.9 million in March 2026. Despite this increase, gross profit has scaled proportionally, expanding from 169.3 million to 506.8 million over the same period. This suggests a stable gross margin profile capable of supporting significant volume expansion.
Operating Expense Trends: Sales and marketing expenses show a steady increase, rising from 55.7 million in March 2021 to 172.1 million in March 2026. Technology and development costs followed a similar trajectory, increasing from 53.9 million to 142.7 million. General and administrative expenses remained relatively stable throughout most of the period, hovering between 120 million and 140 million, with the notable exception of a significant spike to 218.7 million in December 2021.
Operating Income and Scalability: Income from operations transitioned from a period of volatility and intermittent losses between 2021 and early 2023 to a phase of sustained and accelerating growth. Operating income rose from 7.7 million in March 2021 to 66.6 million in March 2026, peaking at 256.8 million in December 2025. The widening gap between revenue growth and operating expense growth indicates improving operational leverage.
Net Income and Bottom-Line Performance: Net income displays a strong growth trend, mirroring the operational improvements. While early periods saw fluctuations, including losses in early 2022, the trend shifted toward consistent profitability. Net income reached a peak of 186.9 million in December 2025. The results are further supported by a positive trend in interest income and other income, which became more significant contributors to the pre-tax income starting in 2022.

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Trade Desk Inc. (NASDAQ:TTD)

Income Statement Quarterly Data

Income Statement
Quarterly Data