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 The Trade Desk prints on its consolidated statements ('In thousands, except per share amounts'). Each of FY2021-FY2025 is cited to that year's own Form 10-K: income statement, balance sheet and cash-flow statement are read from the primary-year column of the filing for that year. The Trade Desk operates in a single operating segment (advertising technology platform), so the only revenue disaggregation it reports is by principal geographic area. Revenue by geography on a revenue basis was first disclosed in the FY2025 Form 10-K, which recast FY2024 and FY2023; the FY2021-FY2024 Forms 10-K disclosed geographic split on a Gross Billings basis only. FY2022 and FY2021 US/International revenue is therefore shown as not disclosed, and only the total is given for those years.
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 Geography
| Revenue by Geography | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| United States | — | — | 1,696,911 | 2,133,502 | 2,476,683 |
| International | — | — | 249,209 | 311,329 | 419,601 |
| Total revenue | 1,196,467 | 1,577,795 | 1,946,120 | 2,444,831 | 2,896,284 |
| Total revenue growth, derived | — | +31.9% | +23.3% | +25.6% | +18.5% |
Source: FY2025 Form 10-K, Note 12-Segment and Geographic Information (FY2024 and FY2023 recast to a revenue basis); FY2022 and FY2021 totals from the Consolidated Statements of Operations [5] [4] [6]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Operations, Forms 10-K FY2021-FY2025 (in thousands) [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 2026-07-25. 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, Forms 10-K FY2021-FY2025 (in thousands) [7] [8] [9] [10]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows, Forms 10-K FY2021-FY2025 (in thousands) [11] [12] [13] [14]. Click any linked figure to open the filing page with the row highlighted.
Client Franchise Concentration
| Client Franchise Concentration | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Clients on the platform (last disclosed FY2023) | 980 | 1,000 | 1,100 | — | — |
| Client retention rate (disclosed as over) | 95.0% | 95.0% | 95.0% | 95.0% | — |
| Agency holding companies above 10% of Gross Billings | 2 | 1 | 1 | 1 | 2 |
| Largest holding company - share of Gross Billings | 11.0% | 11.0% | 12.0% | 14.0% | — |
| Two largest holding companies combined - share of Gross Billings | — | — | — | — | 30.0% |
| Clients at 10%+ of accounts receivable - combined share | 41.0% | 49.0% | 31.0% | 42.0% | 30.0% |
Source: company filings [15] [16] [17] [18]. Click any linked figure to open the filing page with the row highlighted.
Geographic Footprint
| Geographic Footprint | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross Billings - United States | 5,286,191 | 6,696,743 | 8,216,446 | 10,244,266 | — |
| Gross Billings - International | 843,436 | 937,824 | 1,214,207 | 1,508,501 | — |
| 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 [19] [20] [21] [22]. Click any linked figure to open the filing page with the row highlighted.
Cost Structure (% of revenue, as reported)
| Cost Structure (% of revenue, as reported) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Platform operations (% of revenue) | 19.0% | 18.0% | 19.0% | 19.0% | 21.0% |
| Sales and marketing (% of revenue) | 21.0% | 21.0% | 23.0% | 22.0% | 22.0% |
| Technology and development (% of revenue) | 19.0% | 20.0% | 21.0% | 19.0% | 18.0% |
| General and administrative (% of revenue) | 31.0% | 33.0% | 27.0% | 22.0% | 18.0% |
| Income from operations (% of revenue) | 10.0% | 7.0% | 10.0% | 17.0% | 20.0% |
Source: company filings [23] [24] [25] [26]. Click any linked figure to open the filing page with the row highlighted.
Growth Non-GAAP Performance
| Growth Non-GAAP Performance | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross spend growth year over year | 47.0% | 25.0% | 24.0% | 25.0% | 11.0% |
| 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 [27] [28] [29] [30]. Click any linked figure to open the filing page with the row highlighted.
Capital Returns Share Count
| Capital Returns Share Count | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Class A shares repurchased and retired | — | — | 10,000,000 | 2,500,000 | 26,200,000 |
| Repurchase authorization remaining at year-end | — | — | 53,000 | 464,000 | 150,000 |
| Class A shares outstanding (January 31 after year-end) | 440,597,630 | 446,505,568 | 445,017,931 | 452,425,879 | 432,868,418 |
| Class B shares outstanding (January 31 after year-end) | 44,234,950 | 44,289,230 | 43,918,900 | 43,662,678 | 43,108,629 |
Source: company filings [31] [32] [33] [34]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Revenue | Income from operations | Net income | Diluted earnings per share | Net cash provided by operating activities | Purchases of property and equipment |
|---|---|---|---|---|---|---|
| FY2016 | 202,926 | 57,518 | 20,482 | — | 75,031 | (6,884) |
| FY2017 | 308,217 | 69,356 | 50,798 | — | 31,224 | (10,110) |
| FY2018 | 477,294 | 107,323 | 88,140 | — | 86,603 | (19,795) |
| FY2019 | 661,058 | 112,196 | 108,318 | 0.23 | 60,205 | (35,693) |
| FY2020 | 836,033 | 144,208 | 242,317 | 0.49 | 405,069 | (74,061) |
| FY2021 | 1,196,467 | 124,817 | 137,762 | 0.28 | 378,513 | (54,804) |
| FY2022 | 1,577,795 | 113,654 | 53,385 | 0.11 | 548,734 | (84,160) |
| FY2023 | 1,946,120 | 200,480 | 178,940 | 0.36 | 598,322 | (46,790) |
| FY2024 | 2,444,831 | 427,167 | 393,076 | 0.78 | 739,456 | (98,238) |
| FY2025 | 2,896,284 | 589,321 | 443,304 | 0.90 | 992,721 | (197,011) |
Source: consolidated statements across filings; older years from the standardized feed [11] [1] [12] [2]. 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 |
| Adjusted EBITDA | 502,698 | 667,682 | 771,526 | 1,010,649 | 1,196,449 |
| Full-time employees | 1,967 | 2,770 | 3,115 | 3,522 | 3,843 |
Source: company-reported operating metrics [27] [29] [35] [36]. 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 2026-07-25. 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
499 of 516 figures on this page (97%) 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 The Trade Desk prints on its consolidated statements ('In thousands, except per share amounts').
Each of FY2021-FY2025 is cited to that year's own Form 10-K: income statement, balance sheet and cash-flow statement are read from the primary-year column of the filing for that year.
The Trade Desk operates in a single operating segment (advertising technology platform), so the only revenue disaggregation it reports is by principal geographic area.
Revenue by geography on a revenue basis was first disclosed in the FY2025 Form 10-K, which recast FY2024 and FY2023; the FY2021-FY2024 Forms 10-K disclosed geographic split on a Gross Billings basis only. FY2022 and FY2021 US/International revenue is therefore shown as not disclosed, and only the total is given for those years.
FY2016-FY2018 long-term figures come from the standardized data feed (SEC XBRL) and carry no page links. FY2019 and FY2020 are cited to the comparative columns of the FY2021 Form 10-K.
The Trade Desk carries no borrowings on its balance sheet in any year shown, so no debt lines appear on the balance-sheet statement.
Repurchases of Class A common stock are shown as zero for FY2021 and FY2022: the buyback programme began in 2023 and the line does not appear in the FY2021 or FY2022 Forms 10-K cash-flow statements, so those two cells carry no citation.
Quarterly Q4 figures are not filed on a stand-alone 10-Q. Q4 FY24 income-statement figures are cited to the Form 8-K earnings exhibit filed 12 February 2025 and Q4 FY25 to the fourth-quarter 2025 earnings release of 25 February 2026; Q4 balance sheets are cited to the corresponding Form 10-K.
Quarterly cash flows are derived from printed year-to-date statements except Q1 FY25 and Q1 FY26, which are printed three-month statements. Every derived quarter reconciles exactly to the two printed year-to-date figures and matches data/financials/cash_flow_quarterly.json where that file carries the quarter.
No stock split occurred inside the quarterly window, so quarterly per-share figures are on the current share basis as printed.
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).