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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- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Operating Profit (P/OP) since 2016
- Price to Book Value (P/BV) since 2016
- Aggregate Accruals
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Trade Desk Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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).
The cash flow profile indicates a transition from a growth-oriented phase characterized by investment accumulation to a mature phase focused on substantial shareholder returns. Net cash provided by operating activities demonstrates a strong and consistent upward trajectory, growing from a range of 75 million to 163 million US dollars in 2021 to a peak of 391.8 million US dollars by March 31, 2026. This growth suggests a significant enhancement in the company's ability to generate liquidity from its core business operations.
- Operating Cash Flow Dynamics
- Net income exhibits significant volatility, with periods of losses in early 2022, followed by a robust recovery and growth trend reaching 186.9 million US dollars in December 2025. The reconciliation from net income to operating cash flow is heavily influenced by stock-based compensation, which consistently remains a high non-cash expense, typically ranging between 110 million and 130 million US dollars per quarter. Depreciation and amortization expenses have scaled steadily from approximately 10 million US dollars in early 2021 to over 31 million US dollars by early 2026, reflecting an increase in the company's asset base.
- Investment and Capital Expenditure Patterns
- Investing activities are primarily characterized by a continuous cycle of investment purchases and maturities. While purchases of investments frequently exceed 150 million US dollars per quarter in later years, these are largely offset by maturities of investments, which grew from 62 million US dollars in March 2021 to a peak of 278 million US dollars in December 2025. Capital expenditures for property and equipment show a general increase, with periodic spikes, such as the 112.7 million US dollar expenditure in March 2026, indicating intermittent heavy investments in infrastructure.
- Financing Activities and Capital Allocation
- A strategic pivot in capital allocation is evident starting in 2023, marked by the initiation of an aggressive share repurchase program. Repurchases of Class A common stock became a dominant use of cash, with quarterly outflows frequently exceeding 200 million US dollars, reaching 422.8 million US dollars in December 2025. This shift has moved net cash from financing activities into a consistently negative position, as the scale of buybacks far outweighs the proceeds from stock options and employee stock purchase plans.
- Working Capital and Liquidity Trends
- Changes in operating assets and liabilities exhibit high quarterly seasonality, particularly within accounts receivable and accounts payable. Large fluctuations are observed, such as the significant decrease in accounts receivable in December quarters, which typically provides a seasonal boost to cash flow. Despite these fluctuations and the heavy outflows for share repurchases, the company maintains a positive net increase in cash in several high-growth quarters, supported by the accelerating strength of operating cash flows.