Stock Analysis on Net
Stock Analysis on Net

Trade Desk Inc. (NASDAQ:TTD)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in thousands

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable
Accrued expenses and other current liabilities
Operating lease liabilities, current
Current liabilities
Operating lease liabilities, non-current
Other liabilities, non-current
Non-current liabilities
Total liabilities
Preferred stock, par value $0.000001; zero shares issued and outstanding
Common stock, par value $0.000001
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings (accumulated deficit)
Stockholders’ equity
Total liabilities and stockholders’ equity

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 company’s liabilities demonstrate a consistent upward trend over the five-year period, while stockholders’ equity exhibits more volatility. A closer examination reveals shifts in the composition of both liabilities and equity, warranting further investigation.

Current Liabilities
Current liabilities increased steadily from US$1,803,305 thousand in 2021 to US$3,265,997 thousand in 2025. Accounts payable represents the largest component of current liabilities, growing from US$1,655,684 thousand to US$3,007,651 thousand over the same period. Accrued expenses and other current liabilities also increased, though at a slower pace, rising from US$101,472 thousand to US$181,991 thousand. Operating lease liabilities, current, also show a consistent increase, from US$46,149 thousand to US$76,355 thousand.
Non-Current Liabilities
Non-current liabilities experienced a more fluctuating pattern. While decreasing from US$246,729 thousand in 2021 to US$213,630 thousand in 2023, they increased significantly to US$402,832 thousand by 2025. This increase is primarily driven by a substantial rise in operating lease liabilities, non-current, which grew from US$238,449 thousand in 2021 to US$359,975 thousand in 2025. Other liabilities, non-current, also contributed to the overall increase, albeit to a lesser extent.
Total Liabilities
As a result of the trends in both current and non-current liabilities, total liabilities increased from US$2,050,034 thousand in 2021 to US$3,668,829 thousand in 2025. This represents a significant increase in the company’s obligations over the period.
Stockholders’ Equity
Stockholders’ equity initially increased from US$1,527,306 thousand in 2021 to US$2,949,145 thousand in 2024. However, it decreased substantially to US$2,484,391 thousand in 2025. This decline is largely attributable to a significant decrease in retained earnings, which shifted from an accumulated positive balance of US$612,129 thousand in 2021 to an accumulated deficit of US$590,912 thousand in 2025. Additional paid-in capital increased consistently from US$915,177 thousand to US$3,075,303 thousand, but this increase was not sufficient to offset the decline in retained earnings.
Total Liabilities and Stockholders’ Equity
The combined effect of these trends resulted in an increase in total liabilities and stockholders’ equity from US$3,577,340 thousand in 2021 to US$6,153,220 thousand in 2025. The increasing reliance on liabilities, coupled with the recent decline in retained earnings, suggests a potential shift in the company’s capital structure.

The absence of values for preferred stock and common stock par value throughout the period suggests these accounts are either zero or immaterial. The consistent absence of values for accumulated other comprehensive income also indicates this account is not currently a significant factor.