Stock Analysis on Net
Stock Analysis on Net

Trade Desk Inc. (NASDAQ:TTD)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 6, 2026.

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Trade Desk Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: 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
Net income (loss)
Depreciation and amortization expense
Stock-based compensation expense
Deferred income taxes
Noncash lease expense
Provision for expected credit losses on accounts receivable
Gain on sale of property and equipment
Other
Accounts receivable
Prepaid expenses and other current and non-current assets
Accounts payable
Accrued expenses and other current and non-current liabilities
Operating lease liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Sales of investments
Maturities of investments
Purchases of property and equipment
Proceeds from sale of property and equipment
Capitalized software development costs
Business acquisition
Net cash (used in) provided by investing activities
Repurchases of Class A common stock
Payment of debt financing costs
Proceeds from exercise of stock options
Proceeds from employee stock purchase plan
Taxes paid relating to net settlement of restricted stock
Proceeds from short-term borrowings
Net cash provided by (used in) financing activities
Increase (decrease) in cash and cash equivalents

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).

Operating cash flow demonstrates a strong and consistent growth trajectory over the analyzed period. Net cash provided by operating activities has scaled from $75 million in early 2021 to a peak of $391 million by the first quarter of 2026. While net income has exhibited significant quarterly volatility, particularly between 2021 and 2023, it shows a marked increase in magnitude during 2024 and 2025, indicating an improvement in underlying profitability that supports the expansion of cash generation.

Non-Cash Adjustments and Earnings Quality
A substantial portion of operating cash flow is driven by non-cash add-backs. Stock-based compensation expense remains a primary driver, consistently ranging between $100 million and $130 million per quarter from 2022 onward. Depreciation and amortization expenses have also shown a steady upward trend, increasing from approximately $10 million per quarter in 2021 to over $30 million by 2026, reflecting an expanding asset base.
Working Capital Volatility
Significant cyclicality is observed in operating assets and liabilities. Accounts receivable and accounts payable exhibit large, alternating swings, typically with substantial outflows in the first quarter followed by inflows in subsequent periods. These patterns suggest a seasonal nature in billing and payment cycles, where working capital requirements peak during specific quarters of the fiscal year.
Investment Strategy and Capital Expenditure
Investing activities are characterized by consistent outflows for the purchase of investments and property and equipment. Capital expenditures on property and equipment grew moderately until a significant spike to $112 million in March 2026. However, a strategic shift is evident in 2025 and 2026, where increased maturities and sales of investments began to offset new purchases, occasionally resulting in positive net cash flow from investing activities.
Financing Activities and Capital Allocation
There is a distinct pivot in capital allocation starting in 2023, characterized by an aggressive share repurchase program. Outflows for the repurchase of Class A common stock escalated sharply, with several quarters exceeding $300 million, including a peak of $422 million in the fourth quarter of 2025. These buybacks have become the primary use of cash, frequently exceeding the total net cash provided by operating activities in a given period.

The overall cash position is subject to high variance due to the scale of share repurchases and the timing of investment maturities. Despite the heavy outflows associated with financing activities, the company maintains a robust capacity to fund these returns through its accelerating operating cash flow and the strategic liquidation of previous investments.