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Trade Desk, Inc. (TTD) stock

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NASDAQ: TTD Nasdaq Application Software Next results ~November 9, 2026

C+ Fundamentals grade

The Trade Desk is an advertising technology company whose self-service platform lets ad buyers plan, run and measure digital advertising campaigns across formats, channels and devices. Clients can also extend the platform through enterprise application programming interfaces. Named features include Koa, an AI co-pilot, the Kokai platform release, a data marketplace of third-party datasets, and OpenPath, which connects buyers directly to publishers.

Its clients are advertising agencies, advertisers and service providers acting for them, who sign ongoing master services agreements. The company earns revenue mainly through a platform fee, generally set as a percentage of a client's total spend, plus charges for value-added services and data.

The business works only on the buy side, remaining independent from media ownership, and draws inventory from over 430 integrated exchanges, publishers and supply-side platforms, with more than 370 third-party data vendors. It also develops Unified ID 2.0, an identity framework. As of 31 December 2025 it had 3,843 full-time employees across 21 countries, with a client retention rate exceeding 95% for over a decade.

Based on Trade Desk, Inc.'s 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$23

Cash-flow model

Base case. Range ~$18–$30 across our lower- and higher-growth cases (10.8%–20.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 86% above it.

Price used: $12.55, November 2, 2026

Trade Desk, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Trade Desk files

Where Trade Desk stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.99bn, up 11.6% on a year earlier, slower than 15.5% a quarter earlier. Free-cash-flow margin held at 28.9%. The diluted share count is down 4.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $21.22 a share, against a share price of $12.64. At that price, our model says the market is pricing in about 4.9% a year of cash-flow growth for five years, slower than the 20.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Trade Desk, Inc.'s trailing-twelve-month revenue grew 11.6% year on year, with a free-cash-flow margin of 28.4%. Where it stands out: change in share count of -4.3% ranks 19 of 163 application software companies we cover. Where it lags: days sales outstanding of 391 days ranks 162 of 162 application software companies we cover.

Our discounted-cash-flow model values the business at ~$23 per share in the base case (~$18–$30 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 11.6% (-3.9pp vs the prior quarter), the 7th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $12.55 is 86% below our value per share of $23.
  • Strong cash generation. 28.4% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.1bn.

Things to watch

  • Heavy stock-based pay. Stock pay equals 15.1% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 0.8 against the S&P 500.
  • Growth easing. The growth rate is 3.9 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 2.5 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 391 days ranks 162 of 162 application software companies we cover (median 57 days).
  • Below peers: change in growth rate. Change in growth rate of -3.9pp ranks 150 of 184 application software companies we cover (median +0.2pp).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.34 against an average estimate of $0.40: missed by 14.6%
Revenue
$715m, up 3.0% on a year earlier
Share reaction
-27.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $650m (Third Quarter 2026); adjusted EBITDA $160m (Third Quarter 2026)
Next report
November 9, 2026; average EPS estimate $0.25

Trade Desk's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week-1.7%
  • 1 month+5.0%
  • This year-66.9%
  • 1 year-75.0%
  • 5 years-83.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3B
Operating margin
19.6%
Net margin
13.6%
EPS (TTM, diluted)
$0.85

Growth

Revenue growth
+11.6%
Change in growth rate
−3.9 pts
Share count change
−4.3%

Cash

Free cash flow (TTM)
$849M
FCF margin
28.4%
Stock pay % of revenue
15.1%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Product
  3. Leadership
  4. Restructuring
  5. Announcement
  6. Results
  7. Guidance
  8. Leadership
  9. Leadership
  10. Leadership
  11. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trade Desk, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 3.8% a year of cash-flow growth for five years.That is slower than the 20.1% a year revenue growth Trade Desk has delivered.

  • Priced in3.8%
  • Last 12 months11.6%
  • 3 years a year20.0%
  • 5 years a year20.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($12.36, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$23
Price used
$12.36close November 3, 2026
Implied change
▲ +89%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Trade Desk, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($234M, FY2026 Q2 TTM), growing -4.3% and 8.1% in the next two years (forecasts, guidance and its record), then back to 15.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$18–~$30 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Trade Desk, Inc.'s free cash flow after stock-based pay ( $234M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Trade Desk, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$23 ~$18–$30 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$14 ~$12–$23 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.6 ~$3.8–$8.3 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.6 ~$4.9–$6.4 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$5.6–$23 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trade Desk, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$13$16$21$27$34
8.5% $9$11$13$16$20$26
10% $8$9$11$13$17$21

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$2.77$4.57$11.61$25.98$80.10$91.64$44.83$71.96$117.53$37.96$12.55
Market value$506m$2.0bn$5.3bn$12.4bn$39.2bn$45.7bn$22.4bn$36.0bn$59.0bn$18.7bn$6.0bn
+ Net debt (− = net cash)−$108m−$129m−$207m−$131m−$365m−$754m−$1.0bn−$895m−$1.4bn−$658m−$1.1bn
Enterprise value$398m$1.9bn$5.1bn$12.3bn$38.9bn$44.9bn$21.4bn$35.1bn$57.6bn$18.1bn$4.9bn
Multiples
Price / sales 2.5x6.5x11.1x18.8x46.9x38.2x14.2x18.5x24.1x6.5x2.0x
Price / earnings 24.7x39.7x60.3x114.7x161.9xn/mn/mn/m150.1x42.3x14.8x
Price / free cash flow 7.4x95.4x79.6xn/m118.5x141.1x48.2x65.3x92.0x23.5x7.0x
EV / EBITDA 6.5x24.6x42.9x91.8xn/mn/m127.2x124.9x112.0x25.6x6.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Trade Desk's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.1% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 79.4%, moving by 2.5 percentage points (standard deviation) across 9 years.

  • Durability 7 / 20

    Operating margin has been a median 17.7%; its worst year was 2.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 27.0% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 2.0% over five years; stock-based pay has been a median 15.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $651m and EPS of $0.25 (range $0.21 to $0.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.16 −35% $2.8bn −5%
Next $1.01 −13% $2.6bn −6%

Next year's EPS estimate has moved −53.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −37.1% on 90 days ago. In the last 30 days, 0 analysts raised Trade Desk, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Trade Desk, Inc., last 90 days
$0.50 $1.00 $1.50 $2.00 $2.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.84 Current fiscal year, 60 days ago: $1.16 Current fiscal year, 30 days ago: $1.16 Current fiscal year, 7 days ago: $1.16 Current fiscal year, Now: $1.16 $1.16 Next fiscal year, 90 days ago: $2.15 Next fiscal year, 60 days ago: $1.00 Next fiscal year, 30 days ago: $1.00 Next fiscal year, 7 days ago: $1.00 Next fiscal year, Now: $1.01 $1.01

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.84$2.15
60 days ago $1.16$1.00
30 days ago $1.16$1.00
7 days ago $1.16$1.00
Now $1.16$1.01

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.40 $0.34 −14.6%
Mar 2026 $0.32 $0.28 −12.4%
Dec 2025 $0.58 $0.59 +1.7%
Sept 2025 $0.44 $0.45 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue Third Quarter 2026 about $650m
    “Revenue at least $650 million” source
  • Adjusted EBITDA Third Quarter 2026 about $160m Non-GAAP
    “Adjusted EBITDA of approximately $160 million” source

How earlier guidance turned out

  • Revenue, Second Quarter 2026 guided about $750m Below range: $715m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Trade Desk, Inc.'s revenue by -4.3% next year and +8.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-10.5%, weight 56%) , management guidance (-12.1%, weight 19%) and the company's own record (+15.8%, weight 25%) . How the weights are set.

Analyst recommendations

36 analysts, Nov 2026
Buy514%
Hold2364%
Sell822%

Monthly trend

  1. Nov 20264235336
  2. Oct 20264235336
  3. Sep 20264235336

Counts of recommendations published by analysts covering Trade Desk, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.1%
of tradable shares
Days to cover
3.35
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
2.6%
of shares
Employees
3,843
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −75.0%

$50.28 on October 31, 2025 to $12.55

ThenNowEffect
Revenue (last 12 months) $2.7bn $3.0bn +11.6%
Net margin 15.6% 13.6% −12.6%
P/E multiple 60.5x 14.8x −75.5%
Share count 502m 481m +4.5%

Biggest factor: p/e multiple.

Last 3 years −84.1%

$79.08 on November 3, 2023 to $12.55

ThenNowEffect
Revenue (last 12 months) $1.7bn $3.0bn +72.6%
Net margin 7.5% 13.6% +82.3%
P/E multiple n/m 14.8x −95.2%
Share count 507m 481m +5.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TTD+14%−51%+61%+63%−68%−67%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TTD50%25%67%67%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TTD−46%−57%−31%−18%−71%−70%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 21, 2016: 92% from December 4, 2024 to October 6, 2026. Getting back needed a 1070% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.92 – $49.12
From 52-week high
−74.5%
vs 50-day average
−4.1%
vs 200-day average
−37.1%
Volatility (1 year)
57%
Beta vs S&P 500
0.85

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±16.0%
After a week
6 up, 6 down
typical move ±17.9%
After a month
5 up, 7 down
typical move ±22.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −27.2% +0.5% −23.2% −23.9%
May 7, 2026 −3.9% +0.5% −15.0% −19.1%
February 25, 2026 −4.0% +0.3% +0.9% −12.8%
January 26, 2026 −11.9% +0.9% −18.6% −31.2%
November 6, 2025 −9.9% −1.0% −10.1% −17.5%
August 7, 2025 −39.5% +0.7% −43.3% −41.9%
May 8, 2025 +25.8% +0.6% +37.3% +26.6%
February 12, 2025 −31.9% +0.7% −37.0% −55.1%
November 7, 2024 +0.3% +1.2% +0.9% +8.0%
August 8, 2024 +16.9% +2.8% +18.4% +17.0%
May 8, 2024 −1.1% +0.6% +0.7% +5.1%
February 15, 2024 +19.7% +0.2% +9.6% +5.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Trade Desk, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.75× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Trade Desk, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Trade Desk, Inc.
$1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.8B Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.3B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.7B Revenue (TTM), FY25 Q3: $2.8B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $3B Revenue (TTM), FY26 Q2: $3B $3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.8B
FY23 Q4 $1.9B
FY24 Q1 $2.1B
FY24 Q2 $2.2B
FY24 Q3 $2.3B
FY24 Q4 $2.4B
FY25 Q1 $2.6B
FY25 Q2 $2.7B
FY25 Q3 $2.8B
FY25 Q4 $2.9B
FY26 Q1 $3B
FY26 Q2 $3B
Revenue growth, TTM YoY Trade Desk, Inc.
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 23.5% Revenue growth, TTM YoY, FY23 Q4: 23.3% Revenue growth, TTM YoY, FY24 Q1: 24.9% Revenue growth, TTM YoY, FY24 Q2: 25.5% Revenue growth, TTM YoY, FY24 Q3: 26.1% Revenue growth, TTM YoY, FY24 Q4: 25.6% Revenue growth, TTM YoY, FY25 Q1: 25.1% Revenue growth, TTM YoY, FY25 Q2: 23.2% Revenue growth, TTM YoY, FY25 Q3: 20.8% Revenue growth, TTM YoY, FY25 Q4: 18.5% Revenue growth, TTM YoY, FY26 Q1: 15.5% Revenue growth, TTM YoY, FY26 Q2: 11.6% 11.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 23.5%
FY23 Q4 23.3%
FY24 Q1 24.9%
FY24 Q2 25.5%
FY24 Q3 26.1%
FY24 Q4 25.6%
FY25 Q1 25.1%
FY25 Q2 23.2%
FY25 Q3 20.8%
FY25 Q4 18.5%
FY26 Q1 15.5%
FY26 Q2 11.6%
Operating margin (TTM) Trade Desk, Inc.
5% 10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.5% Operating margin (TTM), FY23 Q4: 10.3% Operating margin (TTM), FY24 Q1: 12.3% Operating margin (TTM), FY24 Q2: 14.0% Operating margin (TTM), FY24 Q3: 16.3% Operating margin (TTM), FY24 Q4: 17.5% Operating margin (TTM), FY25 Q1: 17.6% Operating margin (TTM), FY25 Q2: 17.7% Operating margin (TTM), FY25 Q3: 18.9% Operating margin (TTM), FY25 Q4: 20.3% Operating margin (TTM), FY26 Q1: 20.3% Operating margin (TTM), FY26 Q2: 19.6% 19.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.5%
FY23 Q4 10.3%
FY24 Q1 12.3%
FY24 Q2 14.0%
FY24 Q3 16.3%
FY24 Q4 17.5%
FY25 Q1 17.6%
FY25 Q2 17.7%
FY25 Q3 18.9%
FY25 Q4 20.3%
FY26 Q1 20.3%
FY26 Q2 19.6%
FCF margin (TTM) Trade Desk, Inc.
20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 32.9% FCF margin (TTM), FY23 Q4: 27.9% FCF margin (TTM), FY24 Q1: 26.4% FCF margin (TTM), FY24 Q2: 22.1% FCF margin (TTM), FY24 Q3: 22.5% FCF margin (TTM), FY24 Q4: 25.9% FCF margin (TTM), FY25 Q1: 26.7% FCF margin (TTM), FY25 Q2: 27.8% FCF margin (TTM), FY25 Q3: 24.3% FCF margin (TTM), FY25 Q4: 27.0% FCF margin (TTM), FY26 Q1: 27.9% FCF margin (TTM), FY26 Q2: 28.4% 28.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 32.9%
FY23 Q4 27.9%
FY24 Q1 26.4%
FY24 Q2 22.1%
FY24 Q3 22.5%
FY24 Q4 25.9%
FY25 Q1 26.7%
FY25 Q2 27.8%
FY25 Q3 24.3%
FY25 Q4 27.0%
FY26 Q1 27.9%
FY26 Q2 28.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Trade Desk took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Other income $69.4M · 2.4%
  3. Cost of revenue $619M · 21.4%
  4. Gross profit $2.3B · 78.6%
  5. Research and development $525M · 18.1%
  6. Selling, general and admin $1.2B · 40.1%
  7. Operating income $589M · 20.3%
  8. Income tax $215M · 7.4%
  9. Net income $443M · 15.3%

Shares of revenue. Source: Trade Desk's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 203 308 477 661 836 1,196 1,578 1,946 2,445 2,896 2,990
Gross profit 163 242 363 505 657 975 1,297 1,581 1,973 2,277 2,299
EBITDA 61 77 119 134 173 167 168 281 515 705 713
Operating income 58 69 107 112 144 125 114 200 427 589 586
Net income 20 51 88 108 242 138 53 179 393 443 407
Diluted EPS −$0.15 $0.12 $0.19 $0.23 $0.49 $0.28 $0.11 $0.36 $0.78 $0.90 $0.85
Growth (year on year)
Revenue — +51.9% +54.9% +38.5% +26.5% +43.1% +31.9% +23.3% +25.6% +18.5% +11.6%
EBITDA — +24.9% +55.6% +12.3% +29.1% −3.4% +0.6% +67.1% +83.2% +37.0% +25.0%
Operating income — +20.6% +54.7% +4.5% +28.5% −13.4% −8.9% +76.4% +113.1% +38.0% +23.4%
Net income — +148.0% +73.5% +22.9% +123.7% −43.1% −61.2% +235.2% +119.7% +12.8% −2.5%
Diluted EPS — — +67.0% +19.8% +113.0% −42.9% −60.7% +227.3% +116.7% +15.4% +1.9%
Margins
Gross margin 80.3% 78.5% 76.1% 76.4% 78.6% 81.5% 82.2% 81.2% 80.7% 78.6% 76.9%
EBITDA margin 30.2% 24.8% 25.0% 20.2% 20.7% 14.0% 10.7% 14.4% 21.1% 24.3% 23.8%
Operating margin 28.3% 22.5% 22.5% 17.0% 17.2% 10.4% 7.2% 10.3% 17.5% 20.3% 19.6%
Net margin 10.1% 16.5% 18.5% 16.4% 29.0% 11.5% 3.4% 9.2% 16.1% 15.3% 13.6%
Free-cash-flow margin 33.6% 6.9% 14.0% 3.7% 39.6% 27.1% 29.4% 28.3% 26.2% 27.5% 28.9%
Cash flow
Cash from operations 75 31 87 60 405 379 549 598 739 993 1,082
Capital spending 7 10 20 36 74 55 84 47 98 197 219
Free cash flow 68 21 67 25 331 324 465 552 641 796 863
Stock-based pay 5 21 42 81 112 337 499 492 495 491 452
Free cash flow after stock pay 63 −0 25 −56 219 −14 −34 60 147 305 411
Balance sheet
Cash 133 156 207 131 437 754 1,031 895 1,369 658 1,123
Total debt 26 27 — 0 72 0 0 0 0 0 0
Net debt (negative = net cash) −108 −129 −207 −131 −365 −754 −1,031 −895 −1,369 −658 −1,123
Diluted shares 183m 441m 458m 478m 490m 499m 500m 500m 502m 494m 481m
Returned to shareholders
Buybacks 54 — — — — 0 0 647 235 1,380 975
Total returned 54 — — — — 0 0 647 235 1,380 975

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $5.8bn
Short-term assets $4.8bnLonger-term assets $949m
What it owes, and who funded it · $5.8bn
Short-term liabilities $2.8bnLonger-term liabilities $396mShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $2.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $396m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $586m against $2m of interest.

From Trade Desk, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$975M
Returned to shareholders
115%
of free cash flow
Buybacks, last 3 fiscal years
$2.3B
Diluted share count
−4.3%
year over year
Total shareholder yield
16.5%
dividends 0.0% + buybacks 16.5% of market value
R&D spending
18.1%
of revenue
Days sales outstanding
391 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated TTD PTC NICE SABR MDB DOCU Median
Revenue, last 12 months $3.0bn $3.0bn $2.9bn $2.9bn $2.8bn $3.4bn $482m
Revenue growth, last 12 months 11.6% 19.5% 7.7% 4.7% 25.5% 8.6% 12.0%
Revenue growth, 3-year average 19.9% 12.8% 53.1% 0.9% 23.2% 8.2% 11.1%
Revenue growth, latest quarter 3.0% −6.8% — 3.6% 30.5% 9.4% 11.9%
Gross margin 76.9% 84.5% 66.4% 56.2% 72.7% 79.5% 69.2%
Operating margin 19.6% 37.8% 21.9% 11.3% −0.5% 12.0% 1.1%
Operating margin, 3-year average 17.1% 30.4% 15.6% 10.1% −7.9% 7.9% −0.8%
Net margin 13.6% 41.4% 20.8% 25.1% 2.1% 9.8% 2.1%
Cash from operations / revenue 36.2% 32.3% 24.3% 2.6% 24.0% 39.4% 18.2%
Free-cash-flow margin 28.4% 31.7% 23.7% −0.6% 23.7% 35.7% 15.0%
Free-cash-flow margin, 3-year average 26.1% 32.3% 24.4% −2.6% 14.2% 32.7% 16.2%
Stock pay / revenue 15.1% 8.1% 5.0% 1.3% 20.3% 18.0% 9.3%
Change in share count −4.3% −2.0% −3.3% 2.4% 4.0% −5.3% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 11.6% 12.0% 97 of 184
Change in growth rate Growth -3.9pp +0.2pp 150 of 184
Gross margin Profitability 76.9% 69.8% 52 of 160
Operating margin Profitability 19.6% 1.1% 30 of 181
Net margin Profitability 13.6% 2.1% 46 of 185
Free-cash-flow margin Cash generation 28.4% 15.2% 35 of 180
Stock pay as % of revenue Cash generation 15.1% 9.3% 132 of 177
Change in share count Balance sheet -4.3% 1.7% 19 of 163
Days sales outstanding Balance sheet 391 days 57 days 162 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $2.5B 85.5% ▲ 16.1%
Outside the US $420M 14.5% ▲ 34.8%

From Trade Desk, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.9B
Institutions reporting
676
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
93 / 189

Top buyers and sellers, Q2 2026: 317 institutions bought and 444 sold ; the biggest buyer was Jericho Capital Asset Management L.P (+9.4M shares) and the biggest seller State Street Corp (−13.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $591M 32.7M 8.6% ▼ 12.9%
State Street Corp $566M 31.3M 8.2% ▼ 30.4%
Vanguard Capital Management LLC $504M 27.9M 7.3% ▼ 2.6%
Vanguard Portfolio Management LLC $350M 19.4M 5.1% ▼ 13.6%
Two Sigma Investments, LP $308M 17.1M 4.5% ▲ 20.4%
Geode Capital Management, LLC $292M 16.1M 4.2% ▲ 15.3%
Invesco Ltd. $249M 13.8M 3.6% ▲ 64.2%
Goldman Sachs Group Inc $243M 13.5M 3.5% ▲ 54.3%
Alyeska Investment Group, L.P. $201M 11.1M 2.9% ▲ 97.5%
Federated Hermes, Inc. $197M 10.9M 2.9% ▲ 42.6%
Morgan Stanley $178M 9.8M 2.6% ▲ 12.3%
Jericho Capital Asset Management L.P. $170M 9.4M 2.5% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Trade Desk, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $148M 4 trades by 1 insider, last 12 months Insider sales History → $5.8M 3 trades by 2 insiders · 0% under pre-set plans
Net ▲ $142M net buying
Insider Date Trade Shares Price Value
Jacobson Samantha Director May 28, 2026 Sell 53,681 $21.14 $1.1M
Falberg Kathryn E Director March 5, 2026 Sell 50,000 $30.48 $1.5M
Falberg Kathryn E Director March 5, 2026 Sell 102,828 $30.45 $3.1M
Green Jeffrey Terry President and CEO March 4, 2026 Buy 2,314,304 $25.08 $58M
Green Jeffrey Terry President and CEO March 3, 2026 Buy 1,685,696 $24.97 $42.1M
Green Jeffrey Terry President and CEO March 2, 2026 Buy 1,472,676 $24.16 $35.6M
Green Jeffrey Terry President and CEO March 2, 2026 Buy 527,324 $23.49 $12.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 49 trades and filings

In the last 12 months, 2 members of Congress disclosed 7 purchases and 8 sales of Trade Desk, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 18, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 25, 2026
  • January 26, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Trade Desk, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trade Desk, Inc. in brief

What does Trade Desk, Inc. do?
Trade Desk, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Trade Desk, Inc.'s stock ticker?
Trade Desk, Inc. trades under the ticker TTD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trade Desk, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trade Desk, Inc. reported revenue of $3B, 11.6% higher than a year earlier, according to its SEC filings.
What is Trade Desk, Inc.'s free cash flow?
Trade Desk, Inc.'s free-cash-flow margin is 28.4% of revenue over the trailing twelve months, ranking 35 of the 180 application software companies we cover.
What is Trade Desk, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Trade Desk, Inc.'s free cash flow after stock-based pay gives ~$23 per share in the base case, and ~$18–$30 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Trade Desk, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Trade Desk, Inc. buying back stock, and does it pay a dividend?
Trade Desk, Inc. spent $975M on share repurchases over the trailing twelve months, and its diluted share count fell 4.3% over the year.
What is Trade Desk, Inc.'s market cap?
On November 2, 2026, Trade Desk, Inc.'s market capitalisation was about $6B, with a price-to-earnings ratio of 14.8 and net debt of -$1.1B. Market figures come from third-party market data and may be delayed.
Who are Trade Desk, Inc.'s competitors?
In our Application Software peer group, the companies closest to Trade Desk, Inc. are PTC Inc., Nice Ltd., Sabre Corp, Mongodb, Inc. and Docusign, Inc. The side-by-side comparison below sets their revenue, margins and growth against Trade Desk, Inc.'s.
Are insiders buying or selling Trade Desk, Inc. stock?
Over the last 12 months, Trade Desk, Inc.'s directors and officers reported 4 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Trade Desk, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Trade Desk, Inc. announces its own schedule.