The Trade Desk, Inc. (TTD) quarterly cash flow statement — complete operating, investing & financing history
The Trade Desk, Inc. (TTD) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 153.59M | 391.81M | 311.59M | 224.69M | 165.01M | 291.43M | 199.4M | 273.32M | 81.26M | 185.47M | 91.12M | 191.54M | 128.09M | 187.57M | 173.48M | 137.3M | 91.77M | 146.19M | 163.39M | 129.68M |
| Operating CF Margin % | 21.48% | 56.88% | 36.8% | 30.39% | 23.78% | 47.31% | 26.91% | 43.52% | 13.9% | 37.75% | 15.04% | 38.83% | 27.59% | 49% | 35.35% | 34.78% | 24.34% | 46.36% | 41.3% | 43.07% |
| Operating CF Growth % | -6.92% | 34.44% | 56.26% | -17.79% | 103.07% | 57.13% | 118.83% | 42.7% | -36.56% | -1.12% | -47.48% | 39.51% | 39.58% | 28.31% | 6.17% | 5.87% | 784.83% | 94.74% | -2.51% | 46.72% |
| Net Income | 64.39M | 40M | 186.95M | 115.55M | 90.13M | 50.68M | 182.23M | 94.16M | 85.03M | 31.66M | 97.32M | 39.35M | 32.94M | 9.33M | 71.19M | 15.87M | -19.07M | -14.6M | 8.04M | 59.38M |
| Depreciation & Amortization | 30.14M | 31.43M | 31.96M | 33.13M | 26.7M | 23.98M | 24.11M | 20.75M | 20.88M | 21.74M | 20.53M | 20.53M | 20.07M | 19.29M | 16.84M | 12.96M | 12.27M | 12.35M | 12.25M | 8.95M |
| Stock-Based Compensation | 109.56M | 109.05M | 112.17M | 121.32M | 128.88M | 128.25M | 129.23M | 128.51M | 126.34M | 110.62M | 121.44M | 139.63M | 117.08M | 113.47M | 127.53M | 121M | 125.21M | 124.89M | 205.4M | 34.46M |
| Deferred Taxes | 0 | 0 | 49.53M | 118.16M | 0 | 0 | 0 | 0 | 0 | 0 | -61.6M | 0 | 0 | 0 | -12.11M | -951K | 6.86M | -5.3M | -21.82M | 0 |
| Other Non-Cash Items | 4.46M | 28.97M | 11.55M | 17.36M | 15.95M | 5.58M | -56.99M | 7.98M | 8.56M | 13.92M | 1.36M | 13.95M | 5.3M | 10.92M | 8.73M | 9.16M | 17.81M | 12.24M | 10.41M | 8.31M |
| Working Capital Changes | -54.95M | 182.36M | -80.58M | -180.84M | -96.66M | 82.94M | -79.18M | 21.92M | -159.55M | 7.53M | -87.94M | -21.93M | -47.3M | 34.56M | -38.7M | -20.74M | -51.32M | 16.61M | -50.89M | 18.58M |
| Change in Receivables | 118.82M | 429.29M | -283.67M | -229.09M | -202.3M | 282.34M | -348.52M | -76.39M | -287.47M | 238.15M | -423.36M | -95.28M | -293.53M | 258.17M | -316.65M | -87.44M | -147.14M | 259.48M | -395.7M | -98.44M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -148.56M | -279.38M | 170.69M | 140.22M | 214.83M | -234.67M | 211.74M | 100.42M | 206.95M | -220.2M | 349.8M | 74.67M | 251.7M | -200.7M | 255.88M | 61.09M | 116.08M | -245.94M | 353.51M | 89.41M |
| Cash from Investing | 164.45M | 466K | 120.3M | -66.77M | -213.57M | -132.59M | -61.18M | -59.2M | -16.02M | -21.12M | -57.05M | 11.34M | -33.26M | -28.61M | -138.62M | -72.18M | -26.47M | -67.1M | 4.04M | -33.78M |
| Capital Expenditures | -13.22M | -112.74M | -26.32M | -66.34M | -45.24M | -59.11M | -20.19M | -48.71M | -22.11M | -7.22M | -25.2M | -5.04M | -7.4M | -9.16M | -47.77M | -23.85M | -4.14M | -8.4M | -10.88M | -25.42M |
| CapEx % of Revenue | 1.85% | 16.37% | 3.11% | 8.97% | 6.52% | 9.6% | 2.72% | 7.76% | 3.78% | 1.47% | 4.16% | 1.02% | 1.59% | 2.39% | 9.73% | 6.04% | 1.1% | 2.66% | 2.75% | 8.44% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -4.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11.14M | -3.03M | -3.66M | -3.35M | -3.08M | -2.66M | -2.12M | -2.28M | -2.47M | -1.96M | -2.13M | -2.68M | -1.95M | -1.47M | -2.89M | -1.61M | -1.61M | -1.61M | -1.49M | -14.27M |
| Cash from Financing | -73.44M | -172.07M | -426.84M | -401.17M | -173.6M | -409.76M | 9.77M | -2.02M | 25.92M | -141.28M | -210.7M | -96.94M | -21.7M | -296.76M | 987K | -3.14M | 23.17M | 10.98M | 9.81M | 4.11M |
| Debt Issued (Net) | 0 | 0 | 0 | -74.24M | 74.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -75.2M | -161.42M | -408.92M | -304.25M | -260.84M | -386.25M | -57.36M | -52.15M | 57.48M | -125.28M | -219.91M | -90.19M | -44.96M | -291.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -77.82M | -163.51M | -422.88M | -310.45M | -260.84M | -386.25M | -57.36M | -52.15M | 0 | -125.28M | -219.91M | -90.19M | -44.96M | -291.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.76M | -10.65M | -17.93M | -22.68M | 13M | -23.51M | 67.13M | 50.13M | -31.56M | -16M | 9.21M | -6.75M | 23.26M | -5.23M | 987K | -3.14M | 23.17M | 10.98M | 9.81M | 4.11M |
| Net Change in Cash | 244.6M | 220.2M | 5.04M | -243.25M | -222.16M | -250.92M | 147.99M | 212.11M | 91.16M | 23.07M | -176.63M | 105.93M | 73.13M | -137.8M | 35.85M | 61.97M | 88.46M | 90.07M | 177.24M | 100.01M |
| Free Cash Flow | 140.37M | 279.06M | 276.87M | 164.09M | 116.69M | 229.66M | 177.09M | 222.33M | 56.68M | 176.29M | 63.79M | 183.82M | 118.74M | 176.95M | 122.82M | 111.84M | 86.01M | 136.18M | 151.03M | 103.25M |
| FCF Margin % | 19.63% | 40.51% | 32.7% | 22.19% | 16.81% | 37.28% | 23.9% | 35.4% | 9.7% | 35.89% | 10.53% | 37.27% | 25.58% | 46.22% | 25.03% | 28.33% | 22.82% | 43.19% | 38.18% | 34.29% |
| FCF Growth % | 20.29% | 21.51% | 56.34% | -26.2% | 105.89% | 30.27% | 177.62% | 20.95% | -52.27% | -0.37% | -48.06% | 64.37% | 38.05% | 29.94% | -18.67% | 8.32% | 2445.55% | 123.65% | 1.05% | 55.37% |
| FCF per Share | 0.30 | 0.59 | 0.57 | 0.33 | 0.24 | 0.46 | 0.35 | 0.44 | 0.11 | 0.35 | 0.13 | 0.37 | 0.24 | 0.35 | 0.25 | 0.22 | 0.18 | 0.28 | 0.30 | 0.21 |
| FCF Conversion (FCF/Net Income) | 2.39x | 9.80x | 1.67x | 1.94x | 1.83x | 5.75x | 1.09x | 2.90x | 0.96x | 5.86x | 0.94x | 4.87x | 3.89x | 20.11x | 2.44x | 8.65x | -4.81x | -10.01x | 20.33x | 2.18x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |