Symbols / TTD $23.56 +1.55% The Trade Desk, Inc.

Communication Services • Advertising Agencies • United States • NGM
TTD Chart
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About

The Trade Desk, Inc. operates as a technology company in the United States and internationally. The company creates, manages, and optimizes digital advertising campaigns across ad formats, channels and devices, including CTV and other video, display, audio, and native, on a multitude of devices, such televisions, streaming devices, mobile devices, computers and digital-out-of-home devices. It provides data and other value-added services. It serves advertising agencies, advertisers, and other service providers for agencies or advertisers. The Trade Desk, Inc. was incorporated in 2009 and is headquartered in Ventura, California.

Fundamentals
Scroll to Statements
Market Cap 11.21B Enterprise Value 10.35B Income 443.30M Sales 2.90B Book/sh 5.22 Cash/sh 2.74
Dividend Yield — Payout 0.00% Employees 3843 IPO — P/E 26.18 Forward P/E 9.90
PEG 0.92 P/S 3.87 P/B 4.51 P/C — EV/EBITDA 14.99 EV/Sales 3.57
Quick Ratio 1.55 Current Ratio 1.61 Debt/Eq 17.56 LT Debt/Eq — EPS (ttm) 0.90 EPS next Y 2.38
EPS Growth 7.50% Revenue Growth 14.30% Earnings 2026-05-07 ROA 6.01% ROE 16.32% ROIC —
Gross Margin 78.62% Oper. Margin 30.34% Profit Margin 15.31% Shs Outstand 426.99M Shs Float 422.52M Short Float 18.38%
Short Ratio 2.80 Short Interest — 52W High 91.45 52W Low 19.74 Beta 1.17 Avg Volume 19.91M
Volume 11.29M Target Price $30.61 Recom Buy Prev Close $23.20 Price $23.56 Change 1.55%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$30.61
Mean price target
2. Current target
$23.56
Latest analyst target
3. DCF / Fair value
$25.36
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$23.56
Low
$17.00
High
$55.00
Mean
$30.61

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-21 main UBS Buy → Buy $31
2026-04-06 main Wells Fargo Equal-Weight → Equal-Weight $24
2026-03-19 main Evercore ISI Group Outperform → Outperform $32
2026-03-18 down Rosenblatt Buy → Neutral $25
2026-03-18 down Stifel Buy → Hold $26
2026-03-06 down Wedbush Neutral → Underperform $23
2026-03-02 reit Piper Sandler Neutral → Neutral $28
2026-03-02 main Keybanc Overweight → Overweight $35
2026-02-26 main DA Davidson Buy → Buy $32
2026-02-26 main UBS Buy → Buy $44
2026-02-26 main Scotiabank Sector Perform → Sector Perform $32
2026-02-26 main Morgan Stanley Equal-Weight → Equal-Weight $30
2026-02-26 main BMO Capital Outperform → Outperform $55
2026-02-26 main Oppenheimer Outperform → Outperform $35
2026-02-26 main Wells Fargo Equal-Weight → Equal-Weight $25
2026-02-26 main RBC Capital Outperform → Outperform $40
2026-02-26 main Stifel Buy → Buy $48
2026-02-26 main Truist Securities Buy → Buy $50
2026-02-26 main Rosenblatt Buy → Buy $36
2026-02-26 main Needham Buy → Buy $32
News
RSS: Latest TTD news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-02 VOLLERO ANDREW Director — 12,304 $0.00 $0
2026-04-02 CUNNINGHAM ANDREA LEE Director — 48 $25.57 $1,231
2026-03-05 FALBERG KATHRYN E. Director — 152,828 $30.45 $4,655,113
2026-03-04 GREEN JEFFREY TERRY Chief Executive Officer — 6,000,000 $23.49 $148,101,266
2026-03-03 GREEN JEFFREY TERRY Chief Executive Officer — 398,089 $0.00 $0
2026-03-03 GRANT JAY R Officer — 167,197 $0.00 $0
2026-03-03 KUNDRA VIVEK Chief Operating Officer — 167,197 $0.00 $0
2026-03-03 JACOBSON SAMANTHA Officer and Director — 167,197 $0.00 $0
2026-03-03 DAVIS TAHNIL Chief Financial Officer — 167,197 $0.00 $0
2026-02-13 GREEN JEFFREY TERRY Chief Executive Officer — 28,029 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2,896.28
+18.47%
2,444.83
+25.63%
1,946.12
+23.34%
1,577.80
Operating Revenue
2,896.28
+18.47%
2,444.83
+25.63%
1,946.12
+23.34%
1,577.80
Cost Of Revenue
619.07
+31.15%
472.01
+29.11%
365.60
+30.05%
281.12
Reconciled Cost Of Revenue
619.07
+31.15%
472.01
+29.11%
365.60
+30.05%
281.12
Gross Profit
2,277.22
+15.43%
1,972.82
+24.82%
1,580.52
+21.89%
1,296.67
Operating Expense
1,687.90
+9.20%
1,545.65
+12.00%
1,380.04
+16.65%
1,183.02
Research And Development
525.14
+13.34%
463.32
+12.51%
411.79
+28.74%
319.88
Selling General And Administration
1,162.76
+7.43%
1,082.33
+11.78%
968.25
+12.18%
863.14
Selling And Marketing Expense
644.30
+17.89%
546.52
+22.00%
447.97
+32.55%
337.98
General And Administrative Expense
518.46
-3.24%
535.82
+2.99%
520.28
-0.93%
525.17
Other Gand A
518.46
-3.24%
535.82
+2.99%
520.28
-0.93%
525.17
Total Expenses
2,306.96
+14.34%
2,017.66
+15.58%
1,745.64
+19.23%
1,464.14
Operating Income
589.32
+37.96%
427.17
+113.07%
200.48
+76.40%
113.65
Total Operating Income As Reported
589.32
+37.96%
427.17
+113.07%
200.48
+76.40%
113.65
EBITDA
705.11
+37.00%
514.66
+83.22%
280.90
+67.12%
168.08
Normalized EBITDA
704.39
+37.21%
513.36
+82.11%
281.89
+68.68%
167.12
Reconciled Depreciation
115.78
+32.34%
87.49
+8.79%
80.42
+47.76%
54.42
EBIT
589.32
+37.96%
427.17
+113.07%
200.48
+76.40%
113.65
Total Unusual Items
0.72
-44.55%
1.29
+230.21%
-0.99
-203.33%
0.96
Total Unusual Items Excluding Goodwill
0.72
-44.55%
1.29
+230.21%
-0.99
-203.33%
0.96
Net Income
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Pretax Income
658.75
+29.85%
507.30
+89.30%
268.00
+110.41%
127.37
Net Non Operating Interest Income Expense
68.72
-12.84%
78.84
+15.08%
68.51
+437.11%
12.76
Net Interest Income
68.72
-12.84%
78.84
+15.08%
68.51
+437.11%
12.76
Interest Income Non Operating
68.72
-12.84%
78.84
+15.08%
68.51
+437.11%
12.76
Interest Income
68.72
-12.84%
78.84
+15.08%
68.51
+437.11%
12.76
Other Income Expense
0.72
-44.55%
1.29
+230.21%
-0.99
-203.33%
0.96
Gain On Sale Of Security
0.72
-44.55%
1.29
+230.21%
-0.99
-203.33%
0.96
Tax Provision
215.45
+88.62%
114.23
+28.26%
89.06
+20.37%
73.98
Tax Rate For Calcs
0.00
+45.33%
0.00
-32.23%
0.00
+58.10%
0.00
Tax Effect Of Unusual Items
0.23
-19.41%
0.29
+188.25%
-0.33
-263.36%
0.20
Net Income Including Noncontrolling Interests
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Net Income From Continuing Operation Net Minority Interest
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Net Income From Continuing And Discontinued Operation
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Net Income Continuous Operations
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Normalized Income
442.82
+12.94%
392.07
+118.30%
179.60
+241.28%
52.63
Net Income Common Stockholders
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Diluted EPS
0.90
+15.38%
0.78
+116.67%
0.36
+227.27%
0.11
Basic EPS
0.91
+13.75%
0.80
+116.22%
0.37
+236.36%
0.11
Basic Average Shares
488.28
-0.53%
490.88
+0.33%
489.26
+0.48%
486.94
Diluted Average Shares
493.55
-1.67%
501.92
+0.35%
500.18
+0.05%
499.93
Diluted NI Availto Com Stockholders
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Total Other Finance Cost
—
—
-68.51
-437.11%
-12.76
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
6,153.22
+0.68%
6,111.95
+25.02%
4,888.69
+11.60%
4,380.68
Current Assets
5,261.00
-1.41%
5,336.46
+23.70%
4,313.95
+12.18%
3,845.62
Cash Cash Equivalents And Short Term Investments
1,303.06
-32.19%
1,921.49
+39.21%
1,380.29
-4.58%
1,446.59
Cash And Cash Equivalents
658.17
-51.94%
1,369.46
+52.99%
895.13
-13.14%
1,030.51
Cash Equivalents
417.26
-63.75%
1,151.02
+90.06%
605.62
-12.33%
690.79
Cash Financial
240.92
+10.29%
218.45
-24.55%
289.51
-14.78%
339.72
Other Short Term Investments
644.88
+16.82%
552.03
+13.78%
485.16
+16.60%
416.08
Receivables
3,770.19
+13.21%
3,330.34
+16.03%
2,870.31
+22.29%
2,347.20
Accounts Receivable
3,770.19
+13.21%
3,330.34
+16.03%
2,870.31
+22.29%
2,347.20
Gross Accounts Receivable
3,782.39
+13.19%
3,341.59
+15.90%
2,883.14
+22.29%
2,357.67
Allowance For Doubtful Accounts Receivable
-12.20
-8.49%
-11.24
+12.33%
-12.83
-22.42%
-10.48
Prepaid Assets
—
—
—
—
Other Current Assets
187.75
+121.86%
84.63
+33.58%
63.35
+22.22%
51.84
Total Non Current Assets
892.22
+15.05%
775.49
+34.93%
574.73
+7.41%
535.06
Net PPE
738.86
+56.18%
473.09
+31.72%
359.15
-8.88%
394.15
Gross PPE
1,001.07
+45.48%
688.11
+32.92%
517.69
+3.53%
500.05
Accumulated Depreciation
-262.21
-21.95%
-215.02
-35.63%
-158.54
-49.71%
-105.89
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
327.20
+40.19%
233.39
+28.60%
181.48
+23.41%
147.05
Construction In Progress
117.86
+241.25%
34.54
+306.94%
8.49
-22.17%
10.90
Other Properties
342.04
+29.68%
263.76
+33.39%
197.73
-10.28%
220.40
Leases
213.98
+36.79%
156.42
+20.33%
129.99
+6.81%
121.70
Goodwill And Other Intangible Assets
19.93
+36.30%
14.62
-13.49%
16.90
-8.86%
18.54
Other Intangible Assets
19.93
+36.30%
14.62
-13.49%
16.90
-8.86%
18.54
Non Current Deferred Assets
55.70
-75.81%
230.21
+48.67%
154.85
+64.68%
94.03
Non Current Deferred Taxes Assets
55.70
-75.81%
230.21
+48.67%
154.85
+64.68%
94.03
Other Non Current Assets
77.73
+35.02%
57.56
+31.34%
43.83
+54.68%
28.34
Total Liabilities Net Minority Interest
3,668.83
+16.00%
3,162.81
+16.09%
2,724.47
+20.27%
2,265.34
Current Liabilities
3,266.00
+13.66%
2,873.47
+14.44%
2,510.84
+23.73%
2,029.32
Payables And Accrued Expenses
3,189.64
+13.55%
2,808.97
+14.40%
2,455.31
+24.20%
1,976.89
Payables
3,007.65
+14.31%
2,631.21
+13.55%
2,317.32
+23.83%
1,871.42
Accounts Payable
3,007.65
+14.31%
2,631.21
+13.55%
2,317.32
+23.83%
1,871.42
Current Accrued Expenses
181.99
+2.38%
177.76
+28.82%
138.00
+30.83%
105.47
Current Debt And Capital Lease Obligation
76.36
+18.39%
64.49
+16.15%
55.52
+5.90%
52.43
Current Capital Lease Obligation
76.36
+18.39%
64.49
+16.15%
55.52
+5.90%
52.43
Total Non Current Liabilities Net Minority Interest
402.83
+39.22%
289.34
+35.44%
213.63
-9.49%
236.02
Long Term Debt And Capital Lease Obligation
359.98
+45.31%
247.72
+37.34%
180.37
-13.50%
208.53
Long Term Capital Lease Obligation
359.98
+45.31%
247.72
+37.34%
180.37
-13.50%
208.53
Other Non Current Liabilities
42.86
+2.98%
41.62
+25.13%
33.26
+20.99%
27.49
Stockholders Equity
2,484.39
-15.76%
2,949.14
+36.27%
2,164.22
+2.31%
2,115.34
Common Stock Equity
2,484.39
-15.76%
2,949.14
+36.27%
2,164.22
+2.31%
2,115.34
Capital Stock
0.00
0.00
0.00
0.00
Common Stock
0.00
0.00
0.00
0.00
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
475.92
-4.07%
496.10
+1.47%
488.92
-0.32%
490.47
Ordinary Shares Number
475.92
-4.07%
496.10
+1.47%
488.92
-0.32%
490.47
Additional Paid In Capital
3,075.30
+18.51%
2,594.90
+31.90%
1,967.27
+35.69%
1,449.83
Retained Earnings
-590.91
-266.81%
354.25
+79.86%
196.95
-70.41%
665.51
Total Equity Gross Minority Interest
2,484.39
-15.76%
2,949.14
+36.27%
2,164.22
+2.31%
2,115.34
Total Capitalization
2,484.39
-15.76%
2,949.14
+36.27%
2,164.22
+2.31%
2,115.34
Working Capital
1,995.01
-19.00%
2,462.99
+36.60%
1,803.12
-0.73%
1,816.29
Invested Capital
2,484.39
-15.76%
2,949.14
+36.27%
2,164.22
+2.31%
2,115.34
Total Debt
436.33
+39.75%
312.21
+32.35%
235.89
-9.60%
260.96
Capital Lease Obligations
436.33
+39.75%
312.21
+32.35%
235.89
-9.60%
260.96
Net Tangible Assets
2,464.46
-16.02%
2,934.52
+36.66%
2,147.32
+2.41%
2,096.80
Tangible Book Value
2,464.46
-16.02%
2,934.52
+36.66%
2,147.32
+2.41%
2,096.80
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
992.72
+34.25%
739.46
+23.59%
598.32
+9.04%
548.73
Cash Flow From Continuing Operating Activities
992.72
+34.25%
739.46
+23.59%
598.32
+9.04%
548.73
Net Income From Continuing Operations
443.30
+12.78%
393.08
+119.67%
178.94
+235.19%
53.38
Depreciation Amortization Depletion
115.78
+32.34%
87.49
+8.79%
80.42
+47.76%
54.42
Depreciation And Amortization
115.78
+32.34%
87.49
+8.79%
80.42
+47.76%
54.42
Other Non Cash Items
50.45
+0.14%
50.38
+59.74%
31.54
-29.51%
44.74
Stock Based Compensation
490.63
-0.82%
494.70
+0.63%
491.62
-1.41%
498.64
Provisionand Write Offof Assets
—
0.85
-71.18%
2.96
-7.59%
3.20
Deferred Tax
167.69
+318.05%
-76.90
-24.85%
-61.60
-435.30%
-11.51
Deferred Income Tax
167.69
+318.05%
-76.90
-24.85%
-61.60
-435.30%
-11.51
Change In Working Capital
-275.13
-31.46%
-209.28
-70.71%
-122.60
-30.21%
-94.15
Change In Receivables
-432.72
+8.75%
-474.23
+14.40%
-554.01
-89.89%
-291.75
Changes In Account Receivables
-432.72
+8.75%
-474.23
+14.40%
-554.01
-89.89%
-291.75
Change In Prepaid Assets
-76.59
-97.47%
-38.78
-44.63%
-26.82
-152.94%
50.66
Change In Payables And Accrued Expense
298.00
-13.74%
345.48
-32.41%
511.14
+161.74%
195.29
Change In Accrued Expense
6.93
-85.13%
46.56
+30.50%
35.68
+336.84%
8.17
Change In Payable
291.07
-2.62%
298.92
-37.13%
475.46
+154.10%
187.12
Change In Account Payable
291.07
-2.62%
298.92
-37.13%
475.46
+154.10%
187.12
Change In Other Current Liabilities
-63.82
-52.86%
-41.75
+21.09%
-52.91
-9.45%
-48.35
Investing Cash Flow
-292.63
-85.78%
-157.51
-46.40%
-107.59
+64.65%
-304.37
Cash Flow From Continuing Investing Activities
-292.63
-85.78%
-157.51
-46.40%
-107.59
+64.65%
-304.37
Net PPE Purchase And Sale
-197.01
-100.54%
-98.24
-109.96%
-46.79
+44.40%
-84.16
Purchase Of PPE
-197.01
-100.54%
-98.24
-109.96%
-46.79
+44.40%
-84.16
Capital Expenditure
-209.76
-95.93%
-107.06
-94.59%
-55.02
+40.12%
-91.89
Capital Expenditure Reported
-12.75
-44.51%
-8.82
-7.22%
-8.23
-6.54%
-7.72
Net Investment Purchase And Sale
-78.52
-55.63%
-50.45
+4.04%
-52.57
+75.26%
-212.49
Purchase Of Investment
-954.27
-40.43%
-679.54
-11.70%
-608.38
-9.96%
-553.29
Sale Of Investment
875.75
+39.21%
629.09
+13.18%
555.81
+63.09%
340.81
Net Business Purchase And Sale
-4.35
0.00
0.00
0.00
Purchase Of Business
-4.35
0.00
0.00
0.00
Financing Cash Flow
-1,411.38
-1211.58%
-107.61
+82.81%
-626.11
-2057.07%
31.99
Cash Flow From Continuing Financing Activities
-1,411.38
-1211.58%
-107.61
+82.81%
-626.11
-2057.07%
31.99
Net Issuance Payments Of Debt
—
—
—
0.00
Issuance Of Debt
—
—
—
0.00
Repayment Of Debt
—
—
—
0.00
Short Term Debt Issuance
—
—
—
0.00
Short Term Debt Payments
—
—
—
0.00
Net Short Term Debt Issuance
—
—
—
0.00
Net Common Stock Issuance
-1,380.42
-487.95%
-234.78
+63.69%
-646.60
0.00
Common Stock Payments
-1,380.42
-487.95%
-234.78
+63.69%
-646.60
0.00
Repurchase Of Capital Stock
-1,380.42
-487.95%
-234.78
+63.69%
-646.60
0.00
Proceeds From Stock Option Exercised
66.70
-74.95%
266.27
+168.94%
99.01
+22.86%
80.59
Net Other Financing Charges
-97.65
+29.79%
-139.09
-77.15%
-78.52
-61.57%
-48.59
Changes In Cash
-711.29
-249.96%
474.33
+450.38%
-135.38
-148.99%
276.35
Beginning Cash Position
1,369.46
+52.99%
895.13
-13.14%
1,030.51
+36.64%
754.15
End Cash Position
658.17
-51.94%
1,369.46
+52.99%
895.13
-13.14%
1,030.51
Free Cash Flow
782.96
+23.81%
632.39
+16.40%
543.30
+18.92%
456.85
Interest Paid Supplemental Data
0.99
+0.71%
0.99
+1.96%
0.97
-2.81%
0.99
Income Tax Paid Supplemental Data
150.11
-5.34%
158.58
+4.40%
151.90
+3507.20%
4.21
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Trades
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