Trade Desk, Inc. (TTD)
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.
- Ticker
- TTD
- Exchange
- Nasdaq
- Sector
- Communication Services
- Industry
- Advertising Agencies
- Market cap
- $6.08B
- 52-week range
- $11.62 - $47.96
Valuation
- Share price
- $12.93 (close of Nov 6, 2026)
- P/E (TTM)
- 15.21x
- Price to book
- 2.36x
- Price to free cash flow
- 7.04x
- Enterprise value
- $5.02B
- Book value per share
- $5.48
Price performance
| Period | Change |
|---|---|
| 1 day | +0.94% |
| 5 days | +5.21% |
| 1 month | +8.47% |
| 3 months | -26.83% |
| 6 months | -46.15% |
| Year to date | -65.94% |
| 1 year | -71.83% |
| 3 years | -83.31% |
| 5 years | -81.14% |
| 10 years | +441.00% |
| All time | +329.57% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 22.10%
- Shares short
- 83.14M
- Days to cover
- 4.88
- Change since prior report
- -1.12%
- Source
- FINRA consolidated short interest
Members of Congress who disclosed TTD trades
Byron Donalds · Gilbert Ray Cisneros · Jefferson Shreve · Lisa McClain · Robert Bresnahan · James Comer · Josh Gottheimer
Super investors holding TTD
Ken Griffin (Citadel) · Philippe Laffont (Coatue Management)
Profitability and growth
- Return on equity
- 17.84%
- Return on invested capital
- 12.80%
- Return on assets
- 7.20%
- Return on capital employed
- 20.41%
- Gross margin
- 78.63%
- Net margin
- 15.31%
- EBITDA margin
- 24.35%
- Revenue growth
- 18.47%
- Net income growth
- 12.78%
- Free cash flow growth
- 24.09%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 14.21%
- Current ratio
- 1.72x
- Net debt to EBITDA
- -1.45x
Latest reported year
- Period end
- Dec 31, 2025
- Fiscal year
- 2025
- Revenue
- $2.90B
- Cost of revenue
- $619.07M
- Gross profit
- $2.28B
- EBITDA
- $705.11M
- Net income
- $443.30M
- Earnings per share
- $0.91
- Research and development
- $525.14M
- Interest expense
- $1.79M
- Shares outstanding
- 488.28M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $2.90B | $2.28B | $443.30M | $0.91 |
| 2024-12-31 | $2.44B | $1.97B | $393.08M | $0.80 |
| 2023-12-31 | $1.95B | $1.58B | $178.94M | $0.37 |
| 2022-12-31 | $1.58B | $1.30B | $53.38M | $0.11 |
| 2021-12-31 | $1.20B | $974.91M | $137.76M | $0.29 |
| 2020-12-31 | $836.03M | $657.22M | $242.32M | $0.52 |
| 2019-12-31 | $661.06M | $504.88M | $108.32M | $0.24 |
| 2018-12-31 | $477.29M | $363.20M | $88.14M | $0.21 |
| 2017-12-31 | $308.22M | $241.99M | $50.80M | $0.13 |
| 2016-12-31 | $202.93M | $163.05M | $20.48M | -$0.15 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 78.63% | 15.31% | 17.84% | 12.80% |
| 2024-12-31 | 80.69% | 16.08% | 13.33% | 9.60% |
| 2023-12-31 | 81.21% | 9.19% | 8.27% | 4.64% |
| 2022-12-31 | 82.18% | 3.38% | 2.52% | 2.39% |
| 2021-12-31 | 81.48% | 11.51% | 9.02% | 6.89% |
| 2020-12-31 | 78.61% | 28.98% | 23.92% | 11.05% |
| 2019-12-31 | 76.37% | 16.39% | 17.68% | 13.00% |
| 2018-12-31 | 76.09% | 18.47% | 22.34% | 20.32% |
| 2017-12-31 | 78.51% | 16.48% | 20.68% | 20.74% |
| 2016-12-31 | 80.35% | 10.09% | 12.46% | 17.96% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $1.30B | - |
| 2024-12-31 | $1.92B | - |
| 2023-12-31 | $1.38B | - |
| 2022-12-31 | $1.45B | - |
| 2021-12-31 | $958.78M | - |
| 2020-12-31 | $624.04M | - |
| 2019-12-31 | $254.99M | - |
| 2018-12-31 | $207.23M | - |
| 2017-12-31 | $155.95M | $27.00M |
| 2016-12-31 | $133.40M | $25.85M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $795.71M | $490.63M |
| 2024-12-31 | $641.22M | $494.70M |
| 2023-12-31 | $551.53M | $491.62M |
| 2022-12-31 | $464.57M | $498.64M |
| 2021-12-31 | $323.71M | $337.41M |
| 2020-12-31 | $331.01M | $111.78M |
| 2019-12-31 | $24.51M | $80.76M |
| 2018-12-31 | $66.81M | $42.21M |
| 2017-12-31 | $21.11M | $21.32M |
| 2016-12-31 | $68.15M | $5.06M |
Investor relations
Next earnings report
- Next confirmed report
- Nov 9, 2026
- Consensus EPS estimate
- $0.08
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-08-06 | Jun 2026 | $0.22 |
| 2026-05-07 | Mar 2026 | $0.12 |
| 2026-02-25 | Dec 2025 | $0.38 |
| 2025-11-06 | Sep 2025 | $0.24 |
| 2025-08-07 | Jun 2025 | $0.22 |
| 2025-05-08 | Mar 2025 | $0.08 |
| 2025-02-12 | Dec 2024 | $0.38 |
| 2024-11-07 | Sep 2024 | $0.23 |
Filings and sources
- Company website
- thetradedesk.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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