Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Trade Desk Inc., solvency ratios (quarterly data)
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).
The solvency profile across the analyzed period demonstrates a consistently low reliance on debt financing, characterized by a phase of deleveraging followed by a modest increase in leverage toward the end of the series. The company maintains a conservative capital structure, as evidenced by low debt-to-equity and debt-to-asset ratios.
- Debt-to-Equity and Debt-to-Capital Ratios
- A consistent downward trend is observed from March 2022 through December 2024. The debt-to-equity ratio decreased from 0.17 to a low of 0.10, while the debt-to-capital ratio declined from 0.14 to 0.10. This indicates a period of strengthened solvency and a reduction in the proportion of debt relative to shareholders' equity and total capital. However, a reversal occurred in 2025, with the debt-to-equity ratio climbing to 0.18 by December 2025 before settling at 0.17 in March 2026, and the debt-to-capital ratio increasing to 0.15 in the final two quarters.
- Debt-to-Assets Ratio
- The debt-to-assets ratio remained low and stable throughout the period, beginning at 0.08 in March 2022 and reaching a floor of 0.05 between September 2023 and December 2024. A slight upward adjustment is noted in late 2025 and early 2026, where the ratio rose to 0.07. This stability suggests that the company's total assets comfortably cover its total liabilities, including operating lease obligations.
- Financial Leverage
- Financial leverage exhibited relative stability between 2.05 and 2.15 for the majority of the period from March 2022 through March 2024. A gradual upward trajectory began in June 2024, culminating in a peak of 2.48 in December 2025. The ratio subsequently moderated to 2.34 by March 2026. The overall increase in financial leverage, juxtaposed with the low debt ratios, suggests an expansion in the asset base relative to equity that is not primarily driven by high-interest debt.
In summary, the financial data indicates a robust solvency position. While there is a observable increase in leverage and debt ratios starting in 2025, the absolute values remain low, suggesting that the company continues to operate with minimal financial risk and significant headroom for future borrowing if required.
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Debt Ratios
Debt to Equity
Trade Desk Inc., debt to equity calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Stockholders’ equity | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.16 | 0.11 | 0.06 | 0.07 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||
| Comcast Corp. | 1.07 | 1.02 | 1.02 | 1.05 | 1.14 | 1.16 | 1.18 | 1.18 | 1.17 | 1.17 | 1.18 | 1.16 | 1.16 | 1.17 | 1.15 | 1.02 | 1.00 | ||||||
| Meta Platforms Inc. | 0.24 | 0.27 | 0.15 | 0.15 | 0.16 | 0.16 | 0.18 | 0.12 | 0.12 | 0.12 | 0.13 | 0.14 | 0.08 | 0.08 | 0.08 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.46 | 0.54 | 0.56 | 0.58 | 0.62 | 0.63 | 0.70 | 0.63 | 0.66 | 0.71 | 0.65 | 0.63 | 0.66 | 0.69 | 0.68 | 0.75 | 0.83 | ||||||
| Walt Disney Co. | 0.43 | 0.38 | 0.39 | 0.41 | 0.44 | 0.45 | 0.47 | 0.47 | 0.47 | 0.47 | 0.48 | 0.50 | 0.50 | 0.51 | 0.56 | 0.57 | 0.60 | ||||||
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).
1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 2,453,486 = 0.00
2 Click competitor name to see calculations.
The solvency profile is characterized by an absence of reported total debt across all observed quarters from March 2022 through March 2026. Consequently, the debt-to-equity ratio remains at zero throughout the entire period, indicating a capital structure funded exclusively by equity and a complete lack of reliance on external debt financing.
- Stockholders' Equity Growth Phase
- A general upward trend in stockholders' equity is observed from March 31, 2022, through December 31, 2024. Equity increased from 1.65 billion US dollars to a peak of 2.95 billion US dollars. Although a brief contraction occurred in the first quarter of 2023, where equity fell to 1.94 billion US dollars, a sustained recovery followed, leading to the period's maximum valuation at the end of 2024.
- Equity Contraction Phase
- Following the peak in December 2024, a consistent downward trend is evident. Stockholders' equity declined sequentially from 2.72 billion US dollars in March 2025 to 2.45 billion US dollars by March 2026. This represents a gradual reduction in the equity base over the final four quarters of the analyzed period.
- Solvency Interpretation
- The absence of debt obligations combined with a multi-billion dollar equity base indicates an exceptionally strong solvency position. The entity maintains zero financial leverage, which eliminates interest rate risk and ensures that solvency is not threatened by debt repayment obligations.
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Debt to Equity (including Operating Lease Liability)
Trade Desk Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Operating lease liabilities, current | 77,505) | 76,355) | 73,129) | 72,414) | 72,301) | 64,492) | 62,858) | 61,579) | 57,208) | 55,524) | 57,890) | 54,793) | 53,054) | 52,430) | 51,025) | 48,287) | 47,226) | ||||||
| Operating lease liabilities, non-current | 346,070) | 359,975) | 302,848) | 271,135) | 262,667) | 247,723) | 230,355) | 202,769) | 180,456) | 180,369) | 190,207) | 198,075) | 200,728) | 208,527) | 215,728) | 219,341) | 229,489) | ||||||
| Total debt (including operating lease liability) | 423,575) | 436,330) | 375,977) | 343,549) | 334,968) | 312,215) | 293,213) | 264,348) | 237,664) | 235,893) | 248,097) | 252,868) | 253,782) | 260,957) | 266,753) | 267,628) | 276,715) | ||||||
| Stockholders’ equity | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.17 | 0.18 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.12 | 0.14 | 0.15 | 0.17 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.19 | 0.14 | 0.09 | 0.10 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.10 | 0.10 | ||||||
| Meta Platforms Inc. | 0.36 | 0.39 | 0.26 | 0.25 | 0.27 | 0.27 | 0.30 | 0.24 | 0.25 | 0.24 | 0.25 | 0.27 | 0.22 | 0.21 | 0.21 | 0.13 | 0.11 | ||||||
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).
1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 423,575 ÷ 2,453,486 = 0.17
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a distinct U-shaped trajectory in leverage over the analyzed period. Initially, a trend of decreasing reliance on debt coincided with an expansion of equity, leading to a period of peak financial stability. However, more recent quarters indicate a reversal of this trend, characterized by increasing total liabilities and a contraction in stockholders' equity.
- Total Debt Trends
- A gradual reduction in total debt, including operating lease liabilities, occurred from March 2022 through December 2023, with obligations falling from $276.7 million to a low of $235.9 million. Following this period, a sustained increase is observed, with debt levels rising steadily to peak at $436.3 million in September 2025, before concluding at $423.6 million in March 2026.
- Stockholders' Equity Trends
- Equity experienced significant growth between March 2022 and December 2024, increasing from $1.65 billion to a peak of $2.95 billion. This period of accumulation was followed by a gradual decline throughout 2025 and early 2026, with equity levels retreating to $2.45 billion by the end of the observed period.
- Debt to Equity Ratio Analysis
- The debt to equity ratio mirrored these movements, declining from 0.17 in early 2022 to a stabilized floor of 0.11 throughout much of 2023 and 2024. This indicated a period of minimal financial leverage. Starting in March 2025, the ratio trended upward, reaching 0.18 in December 2025 and ending at 0.17 in March 2026. While the ratio has returned to its initial 2022 levels, the overall leverage remains relatively low, suggesting that the company continues to rely more heavily on equity than debt to fund its operations.
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Debt to Capital
Trade Desk Inc., debt to capital calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Stockholders’ equity | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Total capital | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.14 | 0.10 | 0.05 | 0.06 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Comcast Corp. | 0.52 | 0.51 | 0.51 | 0.51 | 0.53 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.51 | 0.50 | ||||||
| Meta Platforms Inc. | 0.19 | 0.21 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.07 | 0.07 | 0.07 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.32 | 0.35 | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.39 | 0.40 | 0.41 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.43 | 0.45 | ||||||
| Walt Disney Co. | 0.30 | 0.28 | 0.28 | 0.29 | 0.31 | 0.31 | 0.32 | 0.32 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.38 | ||||||
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).
1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 2,453,486 = 0.00
2 Click competitor name to see calculations.
The analysis of the company's capital structure from March 31, 2022, to March 31, 2026, reveals a distinct pattern of capital expansion followed by a gradual contraction, paired with a complete absence of reported debt.
- Capitalization Trends
- Total capital exhibited a consistent upward trajectory throughout 2022 and 2023, rising from 1,649,103 thousand US$ in March 2022 to a peak of 2,949,145 thousand US$ by December 31, 2024. Following this peak, a downward trend is observed throughout 2025 and into the first quarter of 2026, with total capital decreasing to 2,453,486 thousand US$ by March 31, 2026.
- Solvency and Leverage Profile
- Total debt remained nonexistent across all reporting periods. Consequently, the debt to capital ratio is zero, indicating that the company operates without traditional debt financing. This suggests a highly solvent financial position with no reliance on borrowed funds to sustain its capital base, effectively eliminating interest rate risk and debt-servicing obligations.
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Debt to Capital (including Operating Lease Liability)
Trade Desk Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Operating lease liabilities, current | 77,505) | 76,355) | 73,129) | 72,414) | 72,301) | 64,492) | 62,858) | 61,579) | 57,208) | 55,524) | 57,890) | 54,793) | 53,054) | 52,430) | 51,025) | 48,287) | 47,226) | ||||||
| Operating lease liabilities, non-current | 346,070) | 359,975) | 302,848) | 271,135) | 262,667) | 247,723) | 230,355) | 202,769) | 180,456) | 180,369) | 190,207) | 198,075) | 200,728) | 208,527) | 215,728) | 219,341) | 229,489) | ||||||
| Total debt (including operating lease liability) | 423,575) | 436,330) | 375,977) | 343,549) | 334,968) | 312,215) | 293,213) | 264,348) | 237,664) | 235,893) | 248,097) | 252,868) | 253,782) | 260,957) | 266,753) | 267,628) | 276,715) | ||||||
| Stockholders’ equity | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Total capital (including operating lease liability) | 2,877,061) | 2,920,721) | 2,976,763) | 3,039,382) | 3,051,652) | 3,261,360) | 2,918,963) | 2,669,754) | 2,404,219) | 2,400,112) | 2,403,623) | 2,324,278) | 2,194,589) | 2,376,296) | 2,181,041) | 2,047,459) | 1,925,818) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.15 | 0.15 | 0.13 | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.12 | 0.13 | 0.14 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.16 | 0.12 | 0.08 | 0.09 | 0.06 | 0.06 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | ||||||
| Meta Platforms Inc. | 0.26 | 0.28 | 0.21 | 0.20 | 0.21 | 0.21 | 0.23 | 0.20 | 0.20 | 0.20 | 0.20 | 0.21 | 0.18 | 0.17 | 0.17 | 0.11 | 0.10 | ||||||
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).
1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 423,575 ÷ 2,877,061 = 0.15
2 Click competitor name to see calculations.
The analysis of solvency metrics for the period between March 31, 2022, and March 31, 2026, reveals a cyclical pattern in the leverage structure, characterized by an initial period of deleveraging followed by a steady increase in debt obligations and a subsequent rise in the debt-to-capital ratio.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a consistent downward trend from March 31, 2022, reaching a minimum of 235.89 million USD by December 31, 2023. Following this trough, a period of expansion began, with debt levels climbing steadily for nearly two years to peak at 436.33 million USD in December 2025. A slight reduction to 423.58 million USD was observed in the final quarter ending March 31, 2026.
- Total Capital Trends
- Total capital grew steadily from 1.93 billion USD in March 2022 to a peak of 3.26 billion USD by December 31, 2024. However, from March 2025 onward, total capital entered a gradual decline, contracting to 2.88 billion USD by March 31, 2026. This shift indicates a reduction in the total financing base during the latter part of the analyzed period.
- Debt to Capital Ratio Interpretation
- The debt to capital ratio began at 0.14 and declined to a stable low of 0.10, which was maintained from September 30, 2023, through December 31, 2024. During this window, the growth in total capital effectively offset the incremental increases in debt. However, as total capital began to contract and total debt continued to rise throughout 2025, the ratio experienced an upward trajectory, returning to 0.15 by March 31, 2026. This suggests an increase in the proportion of debt relative to the overall capital structure by the end of the period.
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Debt to Assets
Trade Desk Inc., debt to assets calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total assets | 5,734,384) | 6,153,220) | 5,940,401) | 5,957,809) | 5,705,441) | 6,111,951) | 5,505,325) | 5,159,922) | 4,663,797) | 4,888,687) | 4,520,432) | 4,346,968) | 3,999,638) | 4,380,679) | 3,923,954) | 3,672,746) | 3,432,721) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.11 | 0.08 | 0.04 | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||
| Comcast Corp. | 0.36 | 0.36 | 0.36 | 0.37 | 0.37 | 0.37 | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.36 | 0.35 | 0.35 | ||||||
| Meta Platforms Inc. | 0.15 | 0.16 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.05 | 0.05 | 0.06 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.24 | 0.26 | 0.26 | 0.27 | 0.29 | 0.29 | 0.31 | 0.28 | 0.29 | 0.30 | 0.29 | 0.28 | 0.29 | 0.30 | 0.29 | 0.31 | 0.32 | ||||||
| Walt Disney Co. | 0.23 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 | ||||||
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).
1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 5,734,384 = 0.00
2 Click competitor name to see calculations.
The financial trajectory of the entity is characterized by a significant expansion of the asset base, although a comprehensive solvency analysis is constrained by the absence of debt-related figures.
- Asset Expansion Trend
- A consistent increase in total assets is observed from March 31, 2022, through December 31, 2024. Total assets grew from 3,432,721 thousand US$ to a peak of 6,111,951 thousand US$, indicating a substantial growth in the company's resource base over this window.
- Recent Asset Volatility
- Following the peak in late 2024, the asset base exhibited fluctuations. A decrease to 5,705,441 thousand US$ was recorded by March 31, 2025, with subsequent variations leading to a closing balance of 5,734,384 thousand US$ by March 31, 2026.
- Solvency Ratio Determination
- The debt to assets ratio remains uncalculable as total debt values are not provided for any of the quarters analyzed. Due to this lack of data, no objective conclusions regarding the company's leverage or solvency position can be established.
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Debt to Assets (including Operating Lease Liability)
Trade Desk Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Operating lease liabilities, current | 77,505) | 76,355) | 73,129) | 72,414) | 72,301) | 64,492) | 62,858) | 61,579) | 57,208) | 55,524) | 57,890) | 54,793) | 53,054) | 52,430) | 51,025) | 48,287) | 47,226) | ||||||
| Operating lease liabilities, non-current | 346,070) | 359,975) | 302,848) | 271,135) | 262,667) | 247,723) | 230,355) | 202,769) | 180,456) | 180,369) | 190,207) | 198,075) | 200,728) | 208,527) | 215,728) | 219,341) | 229,489) | ||||||
| Total debt (including operating lease liability) | 423,575) | 436,330) | 375,977) | 343,549) | 334,968) | 312,215) | 293,213) | 264,348) | 237,664) | 235,893) | 248,097) | 252,868) | 253,782) | 260,957) | 266,753) | 267,628) | 276,715) | ||||||
| Total assets | 5,734,384) | 6,153,220) | 5,940,401) | 5,957,809) | 5,705,441) | 6,111,951) | 5,505,325) | 5,159,922) | 4,663,797) | 4,888,687) | 4,520,432) | 4,346,968) | 3,999,638) | 4,380,679) | 3,923,954) | 3,672,746) | 3,432,721) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 0.13 | 0.10 | 0.06 | 0.07 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||
| Meta Platforms Inc. | 0.22 | 0.23 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.17 | 0.17 | 0.16 | 0.17 | 0.18 | 0.15 | 0.14 | 0.14 | 0.09 | 0.09 | ||||||
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).
1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 423,575 ÷ 5,734,384 = 0.07
2 Click competitor name to see calculations.
The solvency profile indicates a conservative capital structure characterized by low leverage and a strong asset base. Throughout the observed period, the debt-to-assets ratio remained well below 0.10, suggesting a minimal reliance on borrowed funds relative to the total resource base.
- Debt Dynamics
- A bifurcated trend is evident in total debt obligations, including operating lease liabilities. From March 2022 through December 2023, a consistent deleveraging process occurred, with total debt decreasing from 276.7 million to 235.9 million. However, starting in March 2024, a reversal occurred, characterized by a steady increase in liabilities that peaked at 436.3 million in December 2025, before a slight moderation to 423.6 million by March 2026.
- Asset Accumulation
- Total assets exhibited an overall upward trajectory, growing from 3.43 billion in March 2022 to a peak of 6.11 billion in December 2024. Although some volatility was observed in 2025 and early 2026, with assets fluctuating between 5.7 billion and 6.1 billion, the long-term trend reflects significant balance sheet expansion.
- Debt-to-Assets Ratio Analysis
- The ratio demonstrates a U-shaped pattern over the analysis window. An initial decline from 0.08 in March 2022 to a floor of 0.05 between December 2023 and September 2024 was driven by the simultaneous reduction of debt and growth of assets. In the subsequent period, the ratio climbed back to 0.07 by December 2025 and remained at that level through March 2026, reflecting an increase in leverage that marginally outpaced asset growth during the final stages of the period.
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Financial Leverage
Trade Desk Inc., financial leverage calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Total assets | 5,734,384) | 6,153,220) | 5,940,401) | 5,957,809) | 5,705,441) | 6,111,951) | 5,505,325) | 5,159,922) | 4,663,797) | 4,888,687) | 4,520,432) | 4,346,968) | 3,999,638) | 4,380,679) | 3,923,954) | 3,672,746) | 3,432,721) | ||||||
| Stockholders’ equity | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | 2.34 | 2.48 | 2.28 | 2.21 | 2.10 | 2.07 | 2.10 | 2.15 | 2.15 | 2.26 | 2.10 | 2.10 | 2.06 | 2.07 | 2.05 | 2.06 | 2.08 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| Alphabet Inc. | 1.47 | 1.43 | 1.39 | 1.38 | 1.38 | 1.39 | 1.37 | 1.38 | 1.39 | 1.42 | 1.45 | 1.43 | 1.42 | 1.43 | 1.41 | 1.39 | 1.41 | ||||||
| Comcast Corp. | 2.95 | 2.81 | 2.81 | 2.83 | 3.09 | 3.11 | 3.15 | 3.15 | 3.19 | 3.20 | 3.16 | 3.12 | 3.15 | 3.18 | 3.17 | 2.92 | 2.89 | ||||||
| Meta Platforms Inc. | 1.62 | 1.68 | 1.57 | 1.51 | 1.51 | 1.51 | 1.56 | 1.47 | 1.49 | 1.50 | 1.51 | 1.54 | 1.48 | 1.48 | 1.44 | 1.35 | 1.33 | ||||||
| Netflix Inc. | 1.96 | 2.09 | 2.12 | 2.13 | 2.17 | 2.17 | 2.30 | 2.22 | 2.29 | 2.37 | 2.24 | 2.23 | 2.27 | 2.34 | 2.32 | 2.43 | 2.58 | ||||||
| Walt Disney Co. | 1.86 | 1.80 | 1.80 | 1.88 | 1.93 | 1.95 | 1.97 | 1.97 | 1.96 | 2.07 | 2.09 | 2.09 | 2.10 | 2.14 | 2.21 | 2.23 | 2.26 | ||||||
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).
1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 5,734,384 ÷ 2,453,486 = 2.34
2 Click competitor name to see calculations.
The financial structure exhibits a period of sustained asset expansion followed by a shift in capital composition and an increase in leverage between March 2022 and March 2026. While the balance sheet grew significantly in the first three years, the latter period is characterized by a contraction in stockholders' equity and a corresponding rise in the financial leverage ratio.
- Total Asset Trends
- A consistent upward trajectory in total assets is observed from March 2022, where assets stood at 3.43 billion USD, reaching a peak of 6.11 billion USD by December 2024. Following this peak, a period of volatility and slight decline occurred, with assets ending at 5.73 billion USD in March 2026.
- Stockholders' Equity Evolution
- Equity grew steadily from 1.65 billion USD in March 2022 to a maximum of 2.95 billion USD in December 2024. However, a downward trend emerged in 2025, with equity decreasing to 2.45 billion USD by the end of the period. This decline in equity, occurring while assets remained relatively high, contributed to the increase in the leverage ratio.
- Financial Leverage Analysis
- The financial leverage ratio remained remarkably stable between 2.05 and 2.15 from March 2022 through June 2024, suggesting a consistent approach to the debt-to-equity balance. A shift toward higher leverage began in late 2023, culminating in a peak ratio of 2.48 in December 2025. This indicates a growing reliance on liabilities relative to equity to fund assets. A slight correction to 2.34 was noted by March 2026, although the ratio remained significantly higher than the 2022-2024 baseline.
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