Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Trade Desk Inc., short-term (operating) activity ratios (quarterly data)
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).
The operating activity ratios demonstrate a general improvement in operational efficiency and asset management from March 2022 through June 2026. There is a consistent trend toward the acceleration of cash conversion cycles, characterized by faster receivable collections and a reduction in the duration of payable obligations.
- Receivables Management
- The receivables turnover ratio exhibits a gradual upward trajectory, rising from 0.73 in March 2022 to 0.93 by June 2026. This increase corresponds with a notable reduction in the average receivable collection period, which declined from a peak of 543 days in December 2022 to 391 days by June 2026. These patterns indicate a strengthening of credit collection efficiency and a reduction in the time capital remains tied up in outstanding invoices.
- Payables Management
- Payables turnover remained low throughout the period but showed a steady increase from 0.17 to 0.27. This is reflected in the average payables payment period, which experienced a significant contraction from 2,184 days in early 2022 to 1,353 days by mid-2026. While the payment period remains exceptionally high, the downward trend suggests a shift toward more timely settlement of obligations to suppliers.
- Working Capital Efficiency
- Working capital turnover shows a sustained improvement, increasing from 0.92 in March 2022 to 1.48 in June 2026. This upward trend indicates that the entity is generating more revenue per unit of working capital invested, suggesting enhanced operational leverage and more effective utilization of short-term assets and liabilities to support growth.
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Turnover Ratios
Average No. Days
Receivables Turnover
Trade Desk Inc., receivables turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenue | 715,057) | 688,857) | 846,791) | 739,433) | 694,039) | 616,021) | 741,012) | 628,016) | 584,550) | 491,253) | 605,797) | 493,266) | 464,254) | 382,803) | 490,737) | 394,773) | 376,962) | 315,323) | ||||||
| Accounts receivable, net of allowance for credit losses | 3,200,824) | 3,323,673) | 3,770,194) | 3,478,338) | 3,254,908) | 3,051,928) | 3,330,343) | 2,989,387) | 2,905,533) | 2,619,280) | 2,870,313) | 2,434,047) | 2,346,070) | 2,086,332) | 2,347,195) | 2,026,929) | 1,902,504) | 1,760,985) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 0.93 | 0.89 | 0.77 | 0.80 | 0.82 | 0.84 | 0.73 | 0.77 | 0.75 | 0.78 | 0.68 | 0.75 | 0.74 | 0.79 | 0.67 | 0.73 | 0.73 | 0.73 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 6.45 | 6.71 | 6.41 | 6.75 | 6.75 | 7.05 | 6.69 | 6.92 | 6.97 | 7.14 | 6.41 | 7.24 | 7.46 | 7.90 | 7.03 | 8.13 | 7.79 | 7.79 | ||||||
| Comcast Corp. | 8.95 | 8.90 | 8.92 | 9.33 | 9.52 | 9.59 | 9.06 | 8.77 | 9.20 | 9.28 | 8.80 | 9.42 | 9.29 | 9.78 | 9.58 | 10.17 | 10.18 | 9.77 | ||||||
| Meta Platforms Inc. | 10.49 | 12.30 | 10.17 | 10.95 | 10.80 | 11.74 | 9.68 | 10.63 | 10.33 | 10.63 | 8.34 | 9.81 | 9.63 | 10.63 | 8.66 | 10.52 | 10.36 | 10.51 | ||||||
| Walt Disney Co. | 6.76 | 6.36 | 7.14 | 7.05 | 7.48 | 6.72 | 7.18 | 6.94 | 7.42 | 6.30 | 7.21 | 6.70 | 6.81 | 6.03 | 6.54 | 5.93 | 5.57 | 4.90 | ||||||
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).
1 Q2 2026 Calculation
Receivables turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Accounts receivable, net of allowance for credit losses
= (715,057 + 688,857 + 846,791 + 739,433)
÷ 3,200,824 = 0.93
2 Click competitor name to see calculations.
Revenue exhibits a consistent upward trajectory from March 2022 through June 2026, characterized by significant seasonal peaks every December. Concurrently, net accounts receivable have expanded from approximately 1.76 billion USD to 3.2 billion USD over the analyzed period. While both metrics increased, the growth in receivables did not keep pace with revenue growth in the latter stages of the period, resulting in a gradual improvement in turnover efficiency.
- Receivables Turnover Trend
- The turnover ratio remained relatively stable between 0.67 and 0.79 throughout 2022 and 2023. A positive inflection point occurred starting in 2024, with the ratio climbing from 0.78 in March 2024 to a peak of 0.93 by June 2026. This progression indicates an acceleration in the velocity of converting outstanding receivables into cash.
- Seasonal Impact on Liquidity
- A recurring pattern of diminished turnover efficiency is observed during the fourth quarter of each year. The lowest ratios were recorded in December 2022 (0.67) and December 2023 (0.68). This suggests that the surge in year-end revenue creates a temporary spike in outstanding balances that outpaces immediate collection efforts, leading to a seasonal dip in the turnover ratio.
- Working Capital Management
- The shift from a ratio of 0.73 in December 2024 to 0.93 in June 2026 reflects a marked improvement in credit management. The narrowing gap between quarterly revenue and the average receivables balance suggests either more stringent credit policies, improved collection procedures, or a shift toward shorter payment terms with clients.
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Payables Turnover
Trade Desk Inc., payables turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Platform operations | 184,333) | 181,970) | 163,094) | 162,154) | 150,980) | 142,839) | 135,267) | 122,656) | 110,459) | 103,630) | 100,695) | 93,382) | 86,654) | 84,867) | 79,619) | 70,124) | 67,490) | 63,890) | ||||||
| Accounts payable | 2,562,580) | 2,633,030) | 3,007,651) | 2,761,261) | 2,724,093) | 2,398,948) | 2,631,213) | 2,409,773) | 2,336,589) | 2,094,855) | 2,317,318) | 1,967,649) | 1,892,906) | 1,677,154) | 1,871,419) | 1,651,447) | 1,537,448) | 1,405,673) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 0.27 | 0.25 | 0.21 | 0.21 | 0.20 | 0.21 | 0.18 | 0.18 | 0.17 | 0.18 | 0.16 | 0.18 | 0.17 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 8.61 | 9.94 | 13.32 | 14.92 | 18.27 | 17.53 | 18.32 | 20.32 | 22.98 | 22.01 | 17.79 | 22.59 | 24.29 | 30.41 | 24.61 | 19.65 | 27.29 | 33.89 | ||||||
| Comcast Corp. | 3.22 | 3.12 | 3.16 | 2.97 | 3.06 | 3.17 | 3.27 | 3.16 | 3.04 | 3.10 | 2.96 | 2.97 | 3.00 | 3.01 | 3.05 | 3.13 | 3.23 | 3.16 | ||||||
| Meta Platforms Inc. | 2.62 | 2.91 | 4.07 | 4.37 | 3.14 | 3.65 | 3.92 | 3.79 | 8.78 | 7.00 | 5.35 | 6.08 | 8.44 | 6.90 | 5.06 | 6.01 | 5.82 | 7.25 | ||||||
| Netflix Inc. | 30.22 | 26.71 | 25.84 | 28.39 | 33.94 | 34.70 | 23.38 | 32.06 | 34.06 | 32.75 | 26.38 | 37.07 | 31.96 | 33.26 | 28.54 | 33.93 | 36.53 | 28.76 | ||||||
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).
1 Q2 2026 Calculation
Payables turnover
= (Platform operationsQ2 2026
+ Platform operationsQ1 2026
+ Platform operationsQ4 2025
+ Platform operationsQ3 2025)
÷ Accounts payable
= (184,333 + 181,970 + 163,094 + 162,154)
÷ 2,562,580 = 0.27
2 Click competitor name to see calculations.
An analysis of the short-term operating activity reveals a consistent expansion in both platform operations costs and accounts payable obligations over the observed period from March 2022 through June 2026. Platform operations expenses exhibited a steady upward trajectory, rising from 63,890 thousand US$ to 184,333 thousand US$, reflecting a significant increase in the scale of operational activity.
- Accounts Payable Trends
- Accounts payable demonstrated a general growth pattern, increasing from 1,405,673 thousand US$ in early 2022 to 2,562,580 thousand US$ by mid-2026. While the overall trend is positive, periodic fluctuations occurred, specifically noted in March 2023 and March 2024, where balances decreased before resuming their upward climb.
- Payables Turnover Ratio Analysis
- The payables turnover ratio remained relatively stable between 0.15 and 0.18 from March 2022 through December 2024. This stability suggests that for the first three years, the growth in platform operations costs was closely mirrored by the growth in liabilities, maintaining a consistent payment cycle with suppliers.
- Shift in Payment Efficiency
- A distinct shift in the turnover ratio is observed beginning in March 2025, where the ratio climbed from 0.21 to a peak of 0.27 by June 2026. This upward trend indicates an acceleration in the rate at which payables are settled relative to the costs incurred. The increasing ratio suggests a shortening of the payment period or a strategic shift in managing short-term liabilities compared to operating expenditures.
The convergence of rising operational costs and an increasing turnover ratio in the final quarters suggests a transition toward a more aggressive payment schedule or an optimization of working capital management. By June 2026, the turnover ratio reached its highest point in the series, marking a departure from the historical baseline established between 2022 and 2024.
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Working Capital Turnover
Trade Desk Inc., working capital turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Current assets | 4,815,827) | 4,861,663) | 5,261,004) | 5,120,286) | 5,053,715) | 4,856,335) | 5,336,458) | 4,838,373) | 4,522,840) | 4,096,419) | 4,313,954) | 4,013,806) | 3,831,763) | 3,475,865) | 3,845,617) | 3,415,363) | 3,196,177) | 2,955,339) | ||||||
| Less: Current liabilities | 2,793,676) | 2,890,442) | 3,265,997) | 2,994,771) | 2,948,984) | 2,682,062) | 2,873,465) | 2,615,090) | 2,518,386) | 2,283,350) | 2,510,838) | 2,147,155) | 2,050,984) | 1,830,354) | 2,029,323) | 1,785,240) | 1,665,074) | 1,545,802) | ||||||
| Working capital | 2,022,151) | 1,971,221) | 1,995,007) | 2,125,515) | 2,104,731) | 2,174,273) | 2,462,993) | 2,223,283) | 2,004,454) | 1,813,069) | 1,803,116) | 1,866,651) | 1,780,779) | 1,645,511) | 1,816,294) | 1,630,123) | 1,531,103) | 1,409,537) | ||||||
| Revenue | 715,057) | 688,857) | 846,791) | 739,433) | 694,039) | 616,021) | 741,012) | 628,016) | 584,550) | 491,253) | 605,797) | 493,266) | 464,254) | 382,803) | 490,737) | 394,773) | 376,962) | 315,323) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 1.48 | 1.51 | 1.45 | 1.31 | 1.27 | 1.18 | 0.99 | 1.04 | 1.09 | 1.13 | 1.08 | 0.98 | 0.97 | 1.00 | 0.87 | 0.91 | 0.91 | 0.92 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 2.05 | 4.12 | 3.90 | 5.18 | 4.71 | 5.11 | 4.69 | 4.43 | 3.90 | 3.60 | 3.43 | 3.30 | 3.18 | 3.06 | 2.96 | 2.82 | 2.51 | 2.33 | ||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Meta Platforms Inc. | 3.30 | 3.41 | 3.00 | 5.24 | 4.92 | 3.02 | 2.48 | 2.71 | 3.03 | 3.02 | 2.53 | 2.65 | 3.04 | 4.33 | 3.59 | 3.32 | 3.54 | 3.13 | ||||||
| Netflix Inc. | 28.15 | 9.49 | 22.16 | 13.43 | 13.67 | 20.30 | 16.63 | 26.43 | — | 55.26 | 31.89 | 13.41 | 11.35 | 14.73 | 23.67 | 29.95 | 91.06 | 84.84 | ||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | 54.74 | 45.26 | 420.20 | — | 3,308.88 | 112.96 | 41.96 | 25.38 | ||||||
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).
1 Q2 2026 Calculation
Working capital turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Working capital
= (715,057 + 688,857 + 846,791 + 739,433)
÷ 2,022,151 = 1.48
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a progressive improvement in the efficiency of working capital utilization from March 2022 through June 2026. While both revenue and working capital grew over the period, the rate of revenue expansion eventually outpaced the growth of working capital, resulting in a sustained increase in the turnover ratio.
- Revenue and Working Capital Dynamics
- Revenue exhibited a consistent upward trajectory, increasing from 315.3 million USD in March 2022 to 715.1 million USD by June 2026. This growth was accompanied by a general increase in working capital, which rose from 1.41 billion USD in the initial period to a peak of 2.46 billion USD in December 2024, before moderating to 2.02 billion USD by June 2026.
- Working Capital Turnover Trends
- The turnover ratio remained below 1.0 throughout most of 2022, reaching a low of 0.87 in December 2022. A shift in efficiency occurred during 2023, as the ratio consistently surpassed the 1.0 threshold, ending the year at 1.08. The most pronounced acceleration is observed from March 2025 (1.18) to March 2026 (1.51), demonstrating a significant enhancement in the company's ability to generate sales relative to its investment in working capital.
- Operational Efficiency and Seasonality
- A recurring seasonal pattern is evident in the revenue figures, with distinct peaks every December. Despite these fluctuations, the long-term trend indicates a strategic optimization of operating assets and liabilities. The transition from a ratio below 1.0 to a peak of 1.51 suggests that the company has moved from a position where working capital requirements were disproportionately high relative to quarterly output to a leaner, more efficient operating model.
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Average Receivable Collection Period
Trade Desk Inc., average receivable collection period calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Receivables turnover | 0.93 | 0.89 | 0.77 | 0.80 | 0.82 | 0.84 | 0.73 | 0.77 | 0.75 | 0.78 | 0.68 | 0.75 | 0.74 | 0.79 | 0.67 | 0.73 | 0.73 | 0.73 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 391 | 409 | 475 | 455 | 443 | 434 | 497 | 472 | 488 | 465 | 538 | 485 | 494 | 463 | 543 | 499 | 500 | 497 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 57 | 54 | 57 | 54 | 54 | 52 | 55 | 53 | 52 | 51 | 57 | 50 | 49 | 46 | 52 | 45 | 47 | 47 | ||||||
| Comcast Corp. | 41 | 41 | 41 | 39 | 38 | 38 | 40 | 42 | 40 | 39 | 41 | 39 | 39 | 37 | 38 | 36 | 36 | 37 | ||||||
| Meta Platforms Inc. | 35 | 30 | 36 | 33 | 34 | 31 | 38 | 34 | 35 | 34 | 44 | 37 | 38 | 34 | 42 | 35 | 35 | 35 | ||||||
| Walt Disney Co. | 54 | 57 | 51 | 52 | 49 | 54 | 51 | 53 | 49 | 58 | 51 | 55 | 54 | 61 | 56 | 62 | 65 | 74 | ||||||
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).
1 Q2 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 0.93 = 391
2 Click competitor name to see calculations.
An analysis of the operating activity ratios indicates a general improvement in the efficiency of receivable collections over the period from March 2022 to June 2026. The trend is characterized by a gradual increase in the receivables turnover ratio, which corresponds with an overall reduction in the average time required to collect outstanding payments.
- Receivables Turnover Trends
- The turnover ratio remained relatively stable, fluctuating between 0.67 and 0.79 during the first two years of the analyzed period. However, a consistent upward trajectory is observable starting in 2024, culminating in a peak of 0.93 by June 30, 2026. This increase suggests a more effective conversion of receivables into cash over time.
- Average Receivable Collection Period Analysis
- The collection period exhibited significant volatility with recurring peaks occurring every December. The longest collection periods were recorded on December 31, 2022, at 543 days, and December 31, 2023, at 538 days. These cyclical spikes suggest seasonal delays in payment processing or extended credit terms typical of year-end activities.
- Efficiency Gains and Long-term Trajectory
- Despite the annual volatility, a distinct downward trend in the collection period emerged in the final quarters of the data set. The period decreased from 475 days in September 2025 to a low of 391 days by June 30, 2026. This represents the most efficient collection cycle in the provided timeframe, indicating a substantial enhancement in credit control and short-term liquidity management.
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Average Payables Payment Period
Trade Desk Inc., average payables payment period calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Payables turnover | 0.27 | 0.25 | 0.21 | 0.21 | 0.20 | 0.21 | 0.18 | 0.18 | 0.17 | 0.18 | 0.16 | 0.18 | 0.17 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 1,353 | 1,460 | 1,773 | 1,705 | 1,802 | 1,713 | 2,035 | 2,011 | 2,089 | 1,989 | 2,314 | 2,085 | 2,151 | 2,026 | 2,430 | 2,246 | 2,230 | 2,184 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 42 | 37 | 27 | 24 | 20 | 21 | 20 | 18 | 16 | 17 | 21 | 16 | 15 | 12 | 15 | 19 | 13 | 11 | ||||||
| Comcast Corp. | 113 | 117 | 115 | 123 | 119 | 115 | 112 | 115 | 120 | 118 | 123 | 123 | 122 | 121 | 120 | 117 | 113 | 116 | ||||||
| Meta Platforms Inc. | 139 | 125 | 90 | 83 | 116 | 100 | 93 | 96 | 42 | 52 | 68 | 60 | 43 | 53 | 72 | 61 | 63 | 50 | ||||||
| Netflix Inc. | 12 | 14 | 14 | 13 | 11 | 11 | 16 | 11 | 11 | 11 | 14 | 10 | 11 | 11 | 13 | 11 | 10 | 13 | ||||||
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).
1 Q2 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 0.27 = 1,353
2 Click competitor name to see calculations.
The financial data reveals a distinct inverse correlation between payables turnover and the average payables payment period from March 2022 through June 2026. An overall trend toward more rapid settlement of liabilities is evident, characterized by a steady increase in turnover ratios and a significant contraction in the average number of days taken to pay creditors.
- Payables Turnover Analysis
- The payables turnover ratio remained relatively stable within a narrow range of 0.15 to 0.18 between March 2022 and December 2024. A shift toward higher efficiency began in March 2025, as the ratio climbed to 0.21 and continued an upward trajectory to reach 0.27 by June 2026. This increase indicates a higher frequency of payment cycles relative to the average payables balance held.
- Average Payables Payment Period Analysis
- The average payment period peaked at 2,430 days in December 2022 before initiating a general decline. Throughout 2023 and 2024, the period remained volatile but trended downward, fluctuating primarily between 1,989 and 2,314 days. A more pronounced acceleration in payment speed occurred from March 2025 onward, with the period falling from 1,713 days to a low of 1,353 days by June 2026. This represents a substantial reduction in the time elapsed before obligations to suppliers are settled.
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