TTDNasdaqServices-Computer Programming, Data Processing, Etc.US GAAP · USD

Trade Desk, Inc.

Trade Desk is a U.S.-based advertising technology company that provides a self-service platform for buying and managing digital advertising across connected TV, video, mobile, display, audio, and digital-out-of-home. Its software connects advertisers and agencies to inventory, data, and publisher integrations through a cloud-based system and enterprise APIs.

Revenue2,896m USD
+18.5 %y/y
Operating profit (EBIT)589m USD
+38.0 %y/y
EBIT margin20.3%
+2.9 ppy/y
Net income443m USD
+12.8 %y/y
Free cash flow796m USD
+24.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,000m USD2020: 836 m USD2020: EBIT 144 m USD20202021: 1,196 m USD2021: EBIT 125 m USD20212022: 1,578 m USD2022: EBIT 114 m USD20222023: 1,946 m USD2023: EBIT 200 m USD20232024: 2,445 m USD2024: EBIT 427 m USD20242025: 2,896 m USD2025: EBIT 589 m USD20252,896589
RevenueOperating profit (EBIT)

Business

Share of revenue
Programmatic advertising platform75 %

Core software used to plan, buy, manage, and optimize digital ad campaigns.

Platform fees15 %

Fees charged as a percentage of client advertising spend on the platform.

Value-added services and data10 %

Data products and services that support campaign targeting and optimization.

Customers

Trade Desk sells primarily to advertising agencies, advertisers, and other service providers that manage digital media budgets. These customers use the platform to access inventory, data, and optimization tools for programmatic campaigns, especially in connected TV and other digital channels.

Advertising agencies

Agency buyers use the platform to manage programmatic spend for multiple advertiser accounts and optimize campaigns across channels.

Direct advertisers

Brands and advertisers buy media directly to reach audiences across CTV, video, mobile, display, audio, and DOOH.

Holding-company agency groups

Large agency holding companies and their operating units use separate relationships and budgets on the platform.

Other service providers

Specialized intermediaries and service providers use the platform to support advertiser or agency media buying.

Strategy

Trade Desk’s strategy centers on expanding its self-service platform, deepening client adoption, and broadening inventory and data integrations. It is also investing in connected TV, OpenPath, APIs, and international markets to strengthen reach, improve supply-chain efficiency, and support long-term growth.

Expand connected TV and premium video buyingMedium term

CTV is a major growth channel and a key source of client spend on the platform.

Improve supply-chain efficiency and transparencyMedium term

Directer access to inventory can improve client outcomes and platform differentiation.

Deepen self-service adoption and client retentionShort term

A self-service model scales with lower friction and supports recurring platform usage.

Expand internationallyMedium term

Non-U.S. markets offer additional demand but require local compliance and market-specific execution.

Geography

2025

Trade Desk operates globally, with management highlighting growth opportunities across the United States, Europe, and Asia. The company specifically references markets such as the U.K., Germany, France, China, Japan, India, and Australia, reflecting a geographically broad customer base and regulatory exposure.

United States86 %
Other countries (US filing)14 %

Share of the revenue the company reports by geography.

Risks

Trade Desk depends on continued client spend through its platform, so competition, pricing pressure, or reduced advertiser demand can affect growth. Its business is also exposed to supply-chain quality, channel mix shifts, cyber and platform outages, and regulatory constraints in international markets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Loss or consolidation of client relationships1Competition and pricing pressure2CTV and channel mix dependence3Platform security and uptime4International regulatory and geopolitical exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Loss or consolidation of client relationshipsImpact: HighLikelihood: Medium

    Revenue depends on ongoing spend from agencies and advertisers, and holding-company consolidation can reduce active accounts.

    Exposure: Agency holding companies and their operating units

  2. Competition and pricing pressureImpact: HighLikelihood: Medium

    Clients may switch to lower-cost or differentiated ad-tech platforms if perceived value weakens.

    Exposure: Programmatic ad buying platform

  3. CTV and channel mix dependenceImpact: HighLikelihood: Medium

    Growth has been tied to CTV, video, mobile, and display; a slowdown in these channels would hurt demand.

    Exposure: Connected TV and digital video

  4. Platform security and uptimeImpact: HighLikelihood: Medium

    Outages, cyberattacks, or misuse could impair campaign execution and damage trust.

    Exposure: Cloud platform and APIs

  5. International regulatory and geopolitical exposureImpact: MediumLikelihood: Low

    Operating in Europe and Asia creates compliance, foreign ownership, and trade-related risks.

    ExposureU.KGermanyFranceChinaJapanIndiaAustralia

Accounting

Judgemental items
Gross versus net revenue recognition

Management must judge whether it controls supplier components before transfer, which changes reported revenue and platform operations expense.

Impact: Can materially affect revenue, gross margin, and operating expense presentation

Stock-based compensation

Equity awards are a meaningful expense and can materially affect earnings and diluted share counts.

Impact: Impacts operating income and net income

Income taxes and deferred tax assets

Tax expense depends on estimates, jurisdictional mix, and realizability of deferred tax assets.

Impact: Affects effective tax rate and net income

Capitalized software and property/equipment

Platform development and hosting investments are capitalized and depreciated/amortized over time.

Impact: Affects asset values, depreciation/amortization, and cash flow presentation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Trade Desk, Inc. (TTD) Revenue, Earnings & Financials 2025 – Clarifo