Analysis of Geographic Areas
Trade Desk Inc. operates in 2 regions: United States and International.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Earnings (P/E) since 2016
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Area Asset Turnover
Trade Desk Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
An examination of area asset turnover reveals distinct trends between the United States and International segments. Reported values begin in 2023, allowing for a three-year comparative analysis.
- United States
- The United States segment demonstrates a decreasing asset turnover ratio over the observed period. Beginning at 6.08 in 2023, the ratio declined to 5.83 in 2024, and further decreased to 3.80 in 2025. This suggests a diminishing efficiency in asset utilization within the United States segment.
- International
- In contrast to the United States, the International segment exhibits an increasing asset turnover ratio. Starting at 3.11 in 2023, the ratio rose to 2.91 in 2024 before increasing significantly to 4.85 in 2025. This indicates improving efficiency in asset utilization within the International segment.
The divergence in trends between the two segments is notable. While the United States experienced a consistent decline in asset turnover, the International segment showed initial stagnation followed by substantial improvement. This suggests differing operational dynamics or investment strategies between the geographic areas. Further investigation into the underlying factors driving these trends may be warranted.
Area Asset Turnover: United States
Trade Desk Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net and operating lease assets
= ÷ =
Analysis of the provided financial information reveals trends in revenue, property and equipment, and area asset turnover for the specified geographic area. Revenue demonstrates consistent growth over the observed period, while property and equipment show a substantial increase, impacting the area asset turnover ratio.
- Revenue
- Revenue figures are not available for 2021 and 2022. However, revenue is reported as US$1,696,911 thousand in 2023, increasing to US$2,133,502 thousand in 2024, and further growing to US$2,476,683 thousand in 2025. This indicates a positive revenue growth trajectory.
- Property and Equipment
- Values for property and equipment are unavailable for 2021 and 2022. In 2023, property and equipment, net and operating lease assets, were valued at US$278,998 thousand. This increased to US$366,188 thousand in 2024, and significantly rose to US$652,276 thousand in 2025. This substantial increase suggests considerable investment in fixed assets.
- Area Asset Turnover
- The area asset turnover ratio is not available for 2021 and 2022. In 2023, the ratio was 6.08. It decreased to 5.83 in 2024, and further declined to 3.80 in 2025. This downward trend suggests a decreasing efficiency in generating revenue from the area’s assets, potentially due to the faster growth of property and equipment relative to revenue.
The increasing investment in property and equipment, while contributing to revenue growth, appears to be outpacing revenue gains, resulting in a declining area asset turnover ratio. Further investigation may be warranted to understand the drivers behind the asset investment and its impact on operational efficiency.
Area Asset Turnover: International
Trade Desk Inc.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net and operating lease assets
= ÷ =
Analysis of the provided financial information reveals a developing trend in international area asset turnover. Revenue figures are available from 2023 through 2025, alongside corresponding property, plant, and equipment (PP&E) and operating lease asset values and calculated asset turnover ratios.
- Revenue
- Revenue demonstrates consistent growth over the observed period. It increased from US$249.209 million in 2023 to US$311.329 million in 2024, and further to US$419.601 million in 2025. This indicates expanding international operations and sales performance.
- Property and Equipment, Net and Operating Lease Assets
- The value of property and equipment, net and operating lease assets, increased from US$80.156 million in 2023 to US$106.905 million in 2024. However, a decrease is observed in 2025, with the value falling to US$86.585 million. This suggests potential asset disposals or depreciation exceeding new acquisitions in the latest period.
- Area Asset Turnover
- The area asset turnover ratio, a measure of efficiency in utilizing assets to generate revenue, initially decreased from 3.11 in 2023 to 2.91 in 2024. A significant increase is then observed in 2025, with the ratio rising to 4.85. This substantial improvement suggests a more efficient use of assets in generating revenue during that year, potentially due to the combination of increased revenue and a slight reduction in the asset base.
The fluctuation in the area asset turnover ratio warrants further investigation. While the initial decrease in 2024 may have been due to proportionally higher asset investment, the substantial increase in 2025 indicates improved operational efficiency or a strategic shift in asset management within international operations.
Revenue
Trade Desk Inc., revenue by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Revenue figures demonstrate consistent growth across both the United States and International segments between 2023 and 2025. The United States consistently represents the vast majority of overall revenue, while the International segment exhibits a higher growth rate, albeit from a smaller base.
- United States Revenue Trend
- Revenue from the United States increased from US$1,696,911 thousand in 2023 to US$2,476,683 thousand in 2025, representing a cumulative growth of approximately 46.1%. The growth rate appears relatively consistent year-over-year.
- International Revenue Trend
- International revenue experienced more substantial percentage growth, rising from US$249,209 thousand in 2023 to US$419,601 thousand in 2025. This represents a cumulative growth of approximately 67.9%. The growth rate in the International segment accelerated between 2023 and 2024, and continued at a strong pace through 2025.
- Total Revenue Composition
- In 2023, the United States accounted for approximately 87.1% of total revenue, while the International segment comprised the remaining 12.8%. By 2025, the United States’ contribution decreased slightly to approximately 85.5% of total revenue, with the International segment increasing to 14.5%. This indicates a gradual shift in revenue composition, with the International segment becoming a larger, though still secondary, contributor.
- Overall Revenue Growth
- Total revenue increased from US$1,946,120 thousand in 2023 to US$2,896,284 thousand in 2025, a cumulative growth of approximately 48.8%. This growth is driven by contributions from both geographic segments.
The observed trends suggest a successful expansion into international markets, although the United States remains the dominant revenue source. Continued monitoring of the International segment’s growth rate relative to the United States will be important to assess the long-term sustainability of this revenue diversification.
Property and equipment, net and operating lease assets
Trade Desk Inc., property and equipment, net and operating lease assets by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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 values representing property and equipment, net and operating lease assets demonstrate a clear growth trajectory between 2023 and 2025. This growth is segmented between the United States and International regions, with the United States consistently representing the larger portion of the total.
- United States
- The United States exhibits substantial growth in these asset values, increasing from US$278,998 thousand in 2023 to US$366,188 thousand in 2024, and further to US$652,276 thousand in 2025. This represents a significant acceleration in investment within the United States during this period.
- International
- The International segment also shows growth, rising from US$80,156 thousand in 2023 to US$106,905 thousand in 2024. However, in 2025, the International segment experienced a decrease to US$86,585 thousand, indicating a potential shift in investment strategy or asset disposition in that region.
- Total
- Total asset values increased from US$359,154 thousand in 2023 to US$473,093 thousand in 2024, and continued to rise to US$738,861 thousand in 2025. The overall growth is largely driven by the expansion in the United States, despite the fluctuation observed in the International segment.
- Regional Contribution
- In 2023, the International segment represented approximately 22.3% of the total asset value. This proportion decreased to 22.6% in 2024, and then to 11.7% in 2025. This suggests an increasing concentration of these assets within the United States.
The observed trends suggest a strategic focus on expanding property and equipment, net and operating lease assets within the United States, while the International segment experienced a decline in these assets in the most recent period. Further investigation would be required to understand the reasons behind the International segment’s decrease in 2025.