Metrics
The numbers behind The Trade Desk, Inc.: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in US$ thousands unless noted.
Reading notes: All figures are in US$ thousands, the unit line printed on every Trade Desk statement page ("In thousands, except per share amounts"). Per-share rows are as printed. The Trade Desk operates one reportable segment (advertising technology platform), so there is no segment profit disclosure. The revenue disaggregation the company reports is by principal geographic area, based on the address of the client or client affiliate. Revenue by geographic area was first disclosed in the FY2025 Form 10-K (Note 12), for 2025, 2024 and 2023; that filing states the 2024 and 2023 amounts were recast to the current-year presentation. FY2021 and FY2022 revenue was never disaggregated geographically, so those cells are blank rather than estimated. The FY2021-FY2024 Form 10-Ks disclosed Gross Billings by geography instead of revenue by geography; the FY2025 Form 10-K dropped that table, so FY2025 Gross Billings is not disclosed and is left blank.
Share Price — Full Available History — 10 Years
The stock closed at $17.29 on Jul 24, 2026 — up 474% over the window shown (+19.4% a year), trading between $2.28 and $139.51. At that close the stock trades at 19× FY2025 diluted EPS as reported below.
Source: market price feed, weekly closes, sampled from 2,474 source observations, Sep 2016–Jul 2026. Price return only, excludes dividends.
Market capitalization $316mn.
Market cap = 18.3M shares outstanding × the Jul 24, 2026 close of $17.29. Market-derived, shown without filing links.
FY2025 at a Glance
Revenue (US$ thousands)
Net income (US$ thousands)
Diluted EPS
Source: FY2025 consolidated statements [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Revenue by Geographic Area
| Revenue by Geographic Area | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| United States | — | — | 1,696,911 | 2,133,502 | 2,476,683 |
| International | — | — | 249,209 | 311,329 | 419,601 |
| Total | — | — | 1,946,120 | 2,444,831 | 2,896,284 |
Source: Form 10-K Note 12 Segment and Geographic Information. The Trade Desk operates a single reportable segment; revenue by principal geographic area (based on the address of the client or client affiliate) was first disclosed in the FY2025 Form 10-K, for 2025, 2024 and 2023. FY2021 and FY2022 revenue was not disaggregated geographically in the filings. [5]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Operations [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates from S&P Capital IQ (CapIQ), shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-30. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Balance Sheet
Source: Consolidated Balance Sheets [6] [7] [8] [9]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows [10] [11] [12] [13]. Click any linked figure to open the filing page with the row highlighted.
Gross Billings by Geographic Area
| Gross Billings by Geographic Area | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| United States | 5,286,191 | 6,696,743 | 8,216,446 | 10,244,266 | — |
| International | 843,436 | 937,824 | 1,214,207 | 1,508,501 | — |
| Total | 6,129,627 | 7,634,567 | 9,430,653 | 11,752,767 | — |
Source: Form 10-K segment and geographic footnote. Gross Billings is the gross amount clients are billed for supplier features plus platform fees, net of allowances; revenue is reported net of amounts paid to suppliers. The FY2025 Form 10-K replaced this Gross Billings disaggregation with revenue by geography, so FY2025 is not disclosed. [14] [15] [16]. Click any linked figure to open the filing page with the row highlighted.
Platform Ecosystem and Client Loyalty
| Platform Ecosystem and Client Loyalty | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Directly integrated ad exchanges, publishers and SSPs | 105 | 100 | 140 | 220 | 430 |
| Integrated third-party data vendors | 200 | 200 | 250 | 350 | 370 |
| Client retention rate (disclosed as over 95%) | 95.0% | 95.0% | 95.0% | 95.0% | 95.0% |
Source: company filings [17] [18] [19] [20]. Click any linked figure to open the filing page with the row highlighted.
Client and Supplier Concentration
| Client and Supplier Concentration | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Agency holding companies above 10% of Gross Billings | 2 | 1 | 1 | 1 | 2 |
| Gross Billings from holding companies above 10% | — | 11.0% | 12.0% | 14.0% | 30.0% |
| Clients individually above 10% of accounts receivable | 3 | 4 | 2 | 3 | 2 |
| Accounts receivable held by those clients | 41.0% | 49.0% | 31.0% | 42.0% | 30.0% |
| Suppliers individually above 10% of accounts payable | 1 | 2 | 2 | 2 | 2 |
| Accounts payable held by those suppliers | 17.0% | 25.0% | 31.0% | 36.0% | 34.0% |
Source: company filings [21] [22] [23] [24]. Click any linked figure to open the filing page with the row highlighted.
Non-GAAP Measures Management Reports
| Non-GAAP Measures Management Reports | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Adjusted EBITDA | 502,698 | 667,682 | 771,526 | 1,010,649 | 1,196,449 |
| Adjusted EBITDA margin | 42.0% | 42.0% | 40.0% | 41.0% | — |
| Non-GAAP net income | 455,556 | 522,032 | 628,099 | 832,303 | 873,080 |
| Non-GAAP diluted earnings per share | 0.91 | 1.04 | 1.26 | 1.66 | 1.77 |
Source: company filings [25] [26] [27] [28]. Click any linked figure to open the filing page with the row highlighted.
Workforce and Global Footprint
| Workforce and Global Footprint | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Full-time employees | 1,967 | 2,770 | 3,115 | 3,522 | 3,843 |
| Countries with employees | 19 | 19 | 19 | 20 | 21 |
| North America share of workforce | 65.0% | 63.0% | 64.0% | 64.0% | 63.0% |
| EMEA share of workforce | 18.0% | 19.0% | 19.0% | 19.0% | 20.0% |
| APAC share of workforce | 17.0% | 18.0% | 17.0% | 17.0% | 17.0% |
Source: company filings [29] [30] [31] [32]. Click any linked figure to open the filing page with the row highlighted.
Capital Returns, Equity Overhang and Tax
| Capital Returns, Equity Overhang and Tax | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Class A shares repurchased and retired (thousands) | — | — | 10,000 | 2,500 | 26,200 |
| Repurchase authorization remaining at year end | — | — | 53,000 | 464,000 | 150,000 |
| Shares available for grant under Incentive Award Plan (thousands) | 56,400 | 69,000 | 81,200 | 94,900 | 106,800 |
| Effective income tax rate | (13.0%) | 58.0% | 33.0% | 23.0% | 33.0% |
Source: company filings [33] [34] [35] [36]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Revenue | Income from operations | Net income | Earnings per share, diluted | Net cash provided by operating activities | Purchases of property and equipment | Total stockholders equity |
|---|---|---|---|---|---|---|---|
| FY2016 | 202,926 | 57,518 | 20,482 | — | 75,031 | (6,884) | 164,380 |
| FY2017 | 308,217 | 69,356 | 50,798 | — | 31,224 | (10,110) | 245,583 |
| FY2018 | 477,294 | 107,323 | 88,140 | — | 86,603 | (19,795) | 394,567 |
| FY2019 | 661,058 | 112,196 | 108,318 | 0.23 | 60,205 | (35,693) | 612,517 |
| FY2020 | 836,033 | 144,208 | 242,317 | 0.49 | 405,069 | (74,061) | 1,013,145 |
| FY2021 | 1,196,467 | 124,817 | 137,762 | 0.28 | 378,513 | (54,804) | 1,527,306 |
| FY2022 | 1,577,795 | 113,654 | 53,385 | 0.11 | 548,734 | (84,160) | 2,115,339 |
| FY2023 | 1,946,120 | 200,480 | 178,940 | 0.36 | 598,322 | (46,790) | 2,164,219 |
| FY2024 | 2,444,831 | 427,167 | 393,076 | 0.78 | 739,456 | (98,238) | 2,949,145 |
| FY2025 | 2,896,284 | 589,321 | 443,304 | 0.90 | 992,721 | (197,011) | 2,484,391 |
Source: consolidated statements across filings; older years from the standardized feed [10] [1] [6] [11]. Click any linked figure to open the filing page with the row highlighted.
Operating KPIs
| KPI | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross spend | 6,172,000 | 7,741,000 | 9,611,000 | 12,040,872 | 13,394,683 |
Source: company-reported operating metrics [37]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Mean target
Median target
High target
Low target
Street ratings: 11 strong buy, 2 buy, 19 hold, 1 sell, 3 strong sell. Consensus: Hold.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-30. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Traceability
536 of 558 figures on this page (96%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
All figures are in US$ thousands, the unit line printed on every Trade Desk statement page ("In thousands, except per share amounts"). Per-share rows are as printed.
The Trade Desk operates one reportable segment (advertising technology platform), so there is no segment profit disclosure. The revenue disaggregation the company reports is by principal geographic area, based on the address of the client or client affiliate.
Revenue by geographic area was first disclosed in the FY2025 Form 10-K (Note 12), for 2025, 2024 and 2023; that filing states the 2024 and 2023 amounts were recast to the current-year presentation. FY2021 and FY2022 revenue was never disaggregated geographically, so those cells are blank rather than estimated.
The FY2021-FY2024 Form 10-Ks disclosed Gross Billings by geography instead of revenue by geography; the FY2025 Form 10-K dropped that table, so FY2025 Gross Billings is not disclosed and is left blank.
FY2019 and FY2020 long-term figures are comparative columns of the FY2021 Form 10-K; FY2019 stockholders equity has no filing coverage in the corpus (the FY2021 balance sheet prints only 2021 and 2020) and is taken from the data feed, unlinked.
FY2016-FY2018 long-term figures come from the standardized data feed (SEC XBRL) and are shown without page links; no 10-K older than FY2021 is in the corpus.
Income-statement sign convention is as printed: "Total other expense (income), net" is negative when it is net income (FY2022-FY2025) and positive when it is net expense (FY2021). The FY2024 and FY2025 10-Ks label this row "Total other income, net".
Quarterly income statements for Q4 FY25 come from the GAAP financial information table in the February 25, 2026 investor presentation, the only document in the corpus printing the three months ended December 31, 2025; Q4 FY24 comes from the February 12, 2025 Form 8-K earnings exhibit. All other quarters come from the Form 10-Q.
Quarterly balance sheets at December 31, 2024 and December 31, 2025 are cited to the audited FY2024 and FY2025 Form 10-Ks rather than to a press release.
Quarterly cash flows are derived from the printed year-to-date statements: Q1 as printed, later quarters as the current year-to-date figure less the prior quarter year-to-date figure, with Q4 taken as the full-year 10-K statement less the nine-month 10-Q. Every derived value reconciles exactly to the two printed figures and to the change in the quarter-end cash balance, and Q2 FY25, Q3 FY25 and Q1 FY26 match data/financials/cash_flow_quarterly.json exactly.
Cross-checked against data/financials/*.json for FY2021-FY2025: revenue, operating income, net income, operating cash flow, total assets, total liabilities and stockholders equity agree with the filings to the dollar. No feed-versus-filing conflicts were found in the core statements.
2 figure(s) differed between the data feed and the filing; the filing value is shown (see the run's metrics/metrics_tab.json for the audit trail).