Selected Financial Data
since 2016
Income Statement
Trade Desk Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Income from operations | Net income |
|---|---|---|---|
| Dec 31, 2025 | 2,896,284) | 589,321) | 443,304) |
| Dec 31, 2024 | 2,444,831) | 427,167) | 393,076) |
| Dec 31, 2023 | 1,946,120) | 200,480) | 178,940) |
| Dec 31, 2022 | 1,577,795) | 113,654) | 53,385) |
| Dec 31, 2021 | 1,196,467) | 124,817) | 137,762) |
| Dec 31, 2020 | 836,033) | 144,208) | 242,317) |
| Dec 31, 2019 | 661,058) | 112,196) | 108,318) |
| Dec 31, 2018 | 477,294) | 107,323) | 88,140) |
| Dec 31, 2017 | 308,217) | 69,356) | 50,798) |
| Dec 31, 2016 | 202,926) | 57,518) | 20,482) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
The income statement reveals a consistent upward trend in revenue over the observed period. From 2016 to 2025, revenue increased substantially, demonstrating significant growth. However, the growth rate in revenue appears to have moderated slightly between 2022 and 2025 compared to earlier periods.
Income from operations exhibited a generally positive trajectory, though with some fluctuations. While increasing from 2016 to 2020, a decline was noted in 2021, followed by another decrease in 2022. A substantial recovery and acceleration in growth occurred in 2023 and continued through 2025, indicating improved operational efficiency or increased profitability as revenue grew.
Net income followed a similar pattern to income from operations, with growth from 2016 to 2020, a decrease in 2021, a significant drop in 2022, and then a strong rebound in 2023 and 2024. Net income continued to increase in 2025, though at a slightly slower pace than the growth observed between 2023 and 2024.
- Revenue Growth
- Revenue experienced consistent year-over-year growth throughout the period. The compound annual growth rate (CAGR) from 2016 to 2025 is substantial, indicating a strong market position and effective revenue generation strategies. However, the rate of growth appears to be decelerating in the most recent years.
- Profitability Trends
- While revenue consistently increased, the relationship between revenue growth and profitability (as measured by income from operations and net income) was not always direct. The declines in income from operations and net income in 2021 and 2022 suggest potential increases in operating expenses or other factors impacting profitability despite continued revenue growth. The subsequent recovery in 2023 and 2024 indicates successful cost management or improved operational leverage.
- Operational Efficiency
- The fluctuations in income from operations relative to revenue suggest potential variations in operational efficiency. The significant increase in income from operations in 2023 and 2024, outpacing revenue growth, points to improved cost control or enhanced operational performance. Further investigation into the underlying drivers of these changes would be beneficial.
- Net Income Margin
- The net income margin (net income divided by revenue) varied over the period. It peaked in 2020, declined in 2021 and 2022, and then recovered significantly in 2023 and 2024, continuing to improve in 2025. This suggests that the company's ability to convert revenue into profit has improved after a period of decline.
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Balance Sheet: Assets
Trade Desk Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 5,261,004) | 6,153,220) |
| Dec 31, 2024 | 5,336,458) | 6,111,951) |
| Dec 31, 2023 | 4,313,954) | 4,888,687) |
| Dec 31, 2022 | 3,845,617) | 4,380,679) |
| Dec 31, 2021 | 3,091,649) | 3,577,340) |
| Dec 31, 2020 | 2,310,317) | 2,753,645) |
| Dec 31, 2019 | 1,449,221) | 1,728,761) |
| Dec 31, 2018 | 1,056,523) | 1,117,872) |
| Dec 31, 2017 | 765,813) | 797,164) |
| Dec 31, 2016 | 516,403) | 537,596) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
The company’s total assets and current assets have demonstrated a consistent upward trajectory between 2016 and 2024, with a slight decrease in total and current assets in the most recent year, 2025. This suggests a period of substantial growth followed by a potential stabilization or minor contraction.
- Overall Growth
- Total assets increased from US$537.6 million in 2016 to US$6,111.9 million in 2024, representing a significant expansion of the company’s resource base. Current assets mirrored this growth, rising from US$516.4 million to US$5,336.5 million over the same period. The year 2025 saw a slight decline in both, with total assets decreasing to US$6,153.2 million and current assets to US$5,261.0 million.
- Current Asset Composition
- Current assets consistently represent a substantial portion of total assets throughout the observed period. In 2016, current assets constituted approximately 96.1% of total assets. This proportion remained high through 2024, fluctuating between 88.1% and 96.8%. In 2025, current assets represented approximately 85.5% of total assets, indicating a potential shift in asset allocation or a decrease in highly liquid assets relative to longer-term investments.
- Growth Rates
- The most substantial growth in both total and current assets occurred between 2019 and 2021. From 2019 to 2020, total assets increased by approximately 58.8%, while current assets grew by approximately 59.2%. The growth rate decelerated in subsequent years, with more moderate increases observed between 2021 and 2024. The decrease in 2025 suggests a potential slowdown in expansion or strategic asset adjustments.
The observed trends indicate a company that has experienced considerable asset growth, primarily driven by increases in current assets. The recent stabilization and slight decrease in 2025 warrant further investigation to determine the underlying causes and potential implications for future performance.
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Balance Sheet: Liabilities and Stockholders’ Equity
Trade Desk Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Debt, net | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 3,265,997) | 3,668,829) | —) | 2,484,391) |
| Dec 31, 2024 | 2,873,465) | 3,162,806) | —) | 2,949,145) |
| Dec 31, 2023 | 2,510,838) | 2,724,468) | —) | 2,164,219) |
| Dec 31, 2022 | 2,029,323) | 2,265,340) | —) | 2,115,339) |
| Dec 31, 2021 | 1,803,305) | 2,050,034) | —) | 1,527,306) |
| Dec 31, 2020 | 1,474,683) | 1,740,500) | —) | 1,013,145) |
| Dec 31, 2019 | 930,373) | 1,116,244) | —) | 612,517) |
| Dec 31, 2018 | 713,991) | 723,305) | —) | 394,567) |
| Dec 31, 2017 | 518,532) | 551,581) | 27,000) | 245,583) |
| Dec 31, 2016 | 344,136) | 373,216) | 25,847) | 164,380) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
The liabilities and stockholders’ equity of the company demonstrate significant growth over the analyzed period, from 2016 to 2025. Both current and total liabilities increased consistently, while stockholders’ equity experienced substantial fluctuations. A notable trend is the increasing proportion of liabilities relative to equity in recent years.
- Current Liabilities
- Current liabilities exhibited a consistent upward trend throughout the period. Beginning at US$344.136 thousand in 2016, they increased to US$3,265.997 thousand by 2025. The rate of increase accelerated from 2019 onwards, suggesting a growing reliance on short-term financing or increased operational demands requiring immediate payment.
- Total Liabilities
- Total liabilities mirrored the trend of current liabilities, increasing from US$373.216 thousand in 2016 to US$3,668.829 thousand in 2025. The increase between 2019 and 2020 was particularly pronounced, rising from US$1,116.244 thousand to US$1,740.500 thousand. This suggests a significant increase in the company’s overall debt obligations during that period. The growth rate slowed somewhat between 2021 and 2023, but resumed a higher pace in 2024 and 2025.
- Debt, Net
- Information regarding net debt is limited, being available only for 2016 and 2017. Net debt remained relatively stable during those years, at US$25.847 thousand and US$27.000 thousand respectively. The absence of subsequent data prevents any trend analysis for this metric.
- Stockholders’ Equity
- Stockholders’ equity demonstrated substantial growth initially, increasing from US$164.380 thousand in 2016 to US$1,527.306 thousand in 2021. However, equity decreased in 2022 and 2023, falling to US$2,164.219 thousand, before increasing again in 2024 to US$2,949.145 thousand. A decrease is then observed in 2025, with equity falling to US$2,484.391 thousand. This volatility suggests potential impacts from factors such as stock-based compensation, retained earnings, and market fluctuations. The decrease in 2022 and 2023, followed by a recovery in 2024, and subsequent decline in 2025, warrants further investigation.
Overall, the company’s financial structure has become increasingly reliant on liabilities over the analyzed period. While stockholders’ equity grew significantly in the earlier years, its recent fluctuations and the concurrent rise in liabilities suggest a potential shift in the company’s capital structure. Continued monitoring of these trends is recommended.
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Cash Flow Statement
Trade Desk Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 992,721) | (292,632) | (1,411,377) |
| Dec 31, 2024 | 739,456) | (157,513) | (107,609) |
| Dec 31, 2023 | 598,322) | (107,593) | (626,106) |
| Dec 31, 2022 | 548,734) | (304,374) | 31,992) |
| Dec 31, 2021 | 378,513) | (93,638) | 31,926) |
| Dec 31, 2020 | 405,069) | (143,271) | 44,679) |
| Dec 31, 2019 | 60,205) | (163,841) | 27,280) |
| Dec 31, 2018 | 86,603) | (25,191) | (10,130) |
| Dec 31, 2017 | 31,224) | (16,064) | 7,390) |
| Dec 31, 2016 | 75,031) | (9,221) | 63,543) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
The cash flow statement reveals significant shifts in the company’s financial activities between 2016 and 2025. Operating activities demonstrate a strong and accelerating positive trend, while investing and financing activities exhibit more complex patterns over the period.
- Operating Activities
- Net cash provided by operating activities began at US$75.031 million in 2016, experienced volatility in the following years, peaking dramatically at US$405.069 million in 2020. This positive trend continued, reaching US$548.734 million in 2022 and further increasing to US$598.322 million in 2023. The most recent years, 2024 and 2025, show substantial growth, reaching US$739.456 million and US$992.721 million respectively. This indicates a consistent and accelerating ability to generate cash from core business operations.
- Investing Activities
- Net cash used in investing activities consistently represents a cash outflow throughout the analyzed period. The outflow increased from US$9.221 million in 2016 to US$304.374 million in 2022, suggesting increasing investment in the business. A decrease in cash used for investing was observed in 2023 (US$107.593 million), but this trend reversed in subsequent years, reaching US$292.632 million in 2025. This pattern suggests periods of significant capital expenditure followed by relative pauses, with a renewed increase in investment in the later years.
- Financing Activities
- Net cash provided by (used in) financing activities demonstrates the most volatile pattern. Positive cash flow from financing was observed in 2016 (US$63.543 million), 2017 (US$7.390 million), and 2020 (US$44.679 million). However, 2018 and 2019 saw negative cash flow, and 2023 experienced a substantial cash outflow of US$626.106 million. This negative trend continued and intensified in 2024 (US$107.609 million outflow) and 2025 (US$1.411.377 million outflow). This suggests a shift from raising capital through financing to utilizing cash for debt repayment or shareholder returns, particularly in the later years, and a significant reliance on external funding in 2023-2025 to offset investing and operating cash needs.
Overall, the company demonstrates a strengthening core business as evidenced by operating cash flow. However, increasing investment and a significant shift towards cash outflow from financing activities suggest a changing capital structure and potentially increased reliance on internally generated funds or external financing to support growth and operations.
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Per Share Data
Trade Desk Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 0.91 | 0.90 | 0.00 |
| Dec 31, 2024 | 0.80 | 0.78 | 0.00 |
| Dec 31, 2023 | 0.37 | 0.36 | 0.00 |
| Dec 31, 2022 | 0.11 | 0.11 | 0.00 |
| Dec 31, 2021 | 0.29 | 0.28 | 0.00 |
| Dec 31, 2020 | 0.52 | 0.49 | 0.00 |
| Dec 31, 2019 | 0.24 | 0.23 | 0.00 |
| Dec 31, 2018 | 0.21 | 0.19 | 0.00 |
| Dec 31, 2017 | 0.13 | 0.12 | 0.00 |
| Dec 31, 2016 | -0.15 | -0.15 | 0.00 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings of the company demonstrate a volatile pattern over the observed period. Initially, the company experienced negative earnings per share, followed by a period of growth, a subsequent decline, and then renewed expansion. Dividend payments have not been initiated during the analyzed timeframe.
- Basic Earnings Per Share
- Basic earnings per share began at a loss of US$-0.15 in 2016. A positive trend emerged in subsequent years, reaching US$0.24 in 2019. However, earnings decreased to US$0.29 in 2021 before falling to US$0.11 in 2022. A recovery was observed in 2023, with earnings per share reaching US$0.37, and this upward trajectory continued, reaching US$0.80 in 2024 and US$0.91 in 2025.
- Diluted Earnings Per Share
- The trend in diluted earnings per share mirrors that of basic earnings per share. Starting with a loss of US$-0.15 in 2016, diluted earnings per share increased to US$0.23 in 2019. A similar decline to US$0.28 in 2021 and US$0.11 in 2022 was noted. The recovery in 2023 resulted in US$0.36, followed by increases to US$0.78 in 2024 and US$0.90 in 2025. The difference between basic and diluted earnings per share remains consistently small throughout the period.
- Dividend Per Share
- No dividend payments have been made to shareholders during the period from 2016 to 2025. The absence of dividend payments suggests the company has prioritized reinvesting earnings back into the business or maintaining a strong cash position.
The period between 2021 and 2022 represents a notable downturn in earnings, followed by a strong recovery and continued growth in the subsequent years. The consistency between basic and diluted earnings per share suggests minimal impact from potentially dilutive securities. The lack of dividends indicates a focus on internal growth and capital preservation.
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