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
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Trends
- Revenue shows a generally strong upward trajectory over the periods, increasing from 160,660 thousand USD in March 2020 to a peak of 741,012 thousand USD in December 2024. There are minor fluctuations in some quarters, but the overall trend is growth, particularly accelerated from 2021 onward, indicating robust business expansion or market demand.
- Platform Operations Expenses
- Platform operations costs steadily increase in absolute terms from -40,208 thousand USD in March 2020 to -162,154 thousand USD in December 2025. The growth in expenses aligns with the revenue increase but at a slower relative pace, suggesting some operational scalability. However, the rise in platform costs could be significant for the gross margin management.
- Gross Profit Analysis
- Gross profit trends mirror revenue growth with some variability, starting at 120,452 thousand USD in early 2020, peaking at 605,745 thousand USD by the end of 2024, and subsequently tapering slightly by the last period. Despite rising platform costs, gross profit improvements imply effective control over cost of revenue or improved pricing strategies.
- Sales and Marketing Expenses
- Sales and marketing costs increase consistently, reflecting ongoing investment in customer acquisition and brand promotion. Expenses rise from approximately 34,294 thousand USD in March 2020 to around 156,830 thousand USD in September 2025. The proportional increase suggests continuous efforts to support revenue growth, though these costs remain a considerable portion of total expenses.
- Technology and Development Expenses
- Technology and development expenditures also ascend steadily, starting near 36,794 thousand USD and rising to about 127,893 thousand USD by the last period. This trend highlights sustained investment in innovation and product development, crucial for maintaining competitive advantage over time.
- General and Administrative Expenses
- General and administrative expenses display irregular spikes, notably a sharp increase to -218,777 thousand USD in December 2021, before normalizing in subsequent periods around 130,000 thousand USD. This anomaly could indicate a one-off charge or accrual affecting that quarter. Apart from that, these expenses show a relatively stable pattern with a mild upward trend.
- Income from Operations
- Operating income exhibits significant volatility, oscillating between positive and negative results. Initial quarters see positive values, followed by negative operation income in late 2021, then recovery and notable profitability in 2024 and onwards. The variability implies episodic operational challenges or investment phases offset by periods of improved efficiency or revenue gains.
- Net Interest and Other Income
- Interest income and net other income items generally trend upward, particularly other income which rises markedly in later periods. These gains contribute positively to pre-tax income, offsetting some operational fluctuations.
- Foreign Currency Exchange Impact
- Foreign currency exchange gains and losses fluctuate with no consistent trend, suggesting exposure to currency risk but with manageable impact relative to overall financials.
- Income Before Taxes and Tax Provision
- Income before income taxes follows a pattern similar to operating income but generally exhibits higher volatility. Tax provisions alternate between benefits and expenses, at times showing large negative tax impacts, indicating possible deferred tax assets or liabilities adjustments affecting the effective tax rate over time.
- Net Income Performance
- Net income has substantial volatility, with strong positive results in some quarters, such as the peak at 182,229 thousand USD in March 2025, but also quarters with losses or reduced profits. The general trajectory over the analyzed period is upward, corresponding with revenue and gross profit trends, yet influenced by the variability in operating income and tax impacts.
- Overall Financial Insights
- The company demonstrates robust revenue growth supported by increasing investments in platform operations, sales and marketing, and technology development. Despite fluctuating operating income and tax provision challenges, gross profit and net income generally improve. Occasional spikes in administrative expenses and volatility in operating income suggest episodic costs or restructuring. Sustained growth in other income items contributes positively, and overall, the financial data depict a company in expansion mode balancing investment with profitability improvements.