The Trade Desk, Inc. (TTD) Income Statement

12Y historyFree accessUpdated daily

Revenue growth decelerated to 3.0% year-over-year in 2026Q2, while operating margin contracted to 14.2% from 30.3% in 2025Q4, reflecting negative operating leverage as SG&A and R&D costs outpaced revenue.

Annual statement

TTD Income Statement

The Trade Desk, Inc. (TTD) annual income statement — 12-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14

Sales/Revenue	2.99B	2.9B	2.44B	1.95B	1.58B	1.2B	836.03M	661.06M	477.29M	308.22M	202.93M	113.84M	44.55M
Revenue Growth %	11.61%	18.47%	25.63%	23.34%	31.87%	43.11%	26.47%	38.5%	54.86%	51.89%	78.26%	155.54%	-
Cost of Goods Sold	507.22M	619.07M	472.01M	365.6M	281.12M	221.55M	178.81M	156.18M	114.1M	66.23M	39.88M	22.97M	12.56M
COGS % of Revenue	-	21.37%	19.31%	18.79%	17.82%	18.52%	21.39%	23.63%	23.91%	21.49%	19.65%	20.18%	28.19%
Gross Profit	2.48B	2.28B	1.97B	1.58B	1.3B	974.91M	657.22M	504.88M	363.2M	241.99M	163.05M	90.87M	31.99M
Gross Margin %	83.04%	78.63%	80.69%	81.21%	82.18%	81.48%	78.61%	76.37%	76.09%	78.51%	80.35%	79.82%	71.81%
Gross Profit Growth %	-	15.43%	24.82%	21.89%	33%	48.34%	30.17%	39.01%	50.09%	48.41%	79.43%	184.06%	-
Operating Expenses	1.9B	1.69B	1.55B	1.38B	1.18B	850.1M	513.01M	392.68M	255.87M	172.63M	105.53M	52.89M	31.23M
OpEx % of Revenue	-	58.28%	63.22%	70.91%	74.98%	71.05%	61.36%	59.4%	53.61%	56.01%	52.01%	46.46%	70.09%
Selling, General & Admin	1.17B	1.16B	1.08B	968.25M	863.14M	623.96M	346.36M	275.93M	171.98M	119.83M	78.22M	40.07M	23.98M
SG&A % of Revenue	-	40.15%	44.27%	49.75%	54.71%	52.15%	41.43%	41.74%	36.03%	38.88%	38.55%	35.2%	53.82%
Research & Development	541.95M	525.14M	463.32M	411.79M	319.88M	226.14M	166.65M	116.75M	83.89M	52.81M	27.31M	12.82M	7.25M
R&D % of Revenue	-	18.13%	18.95%	21.16%	20.27%	18.9%	19.93%	17.66%	17.58%	17.13%	13.46%	11.26%	16.27%
Other Operating Expenses	1000K	0	0	0	0	-2.78M	-305K	0	0	0	0	-3K	0
Operating Income	586.32M	589.32M	427.17M	200.48M	113.65M	124.82M	144.21M	112.2M	107.32M	69.36M	57.52M	37.98M	764K
Operating Margin %	19.61%	20.35%	17.47%	10.3%	7.2%	10.43%	17.25%	16.97%	22.49%	22.5%	28.34%	33.36%	1.71%
Operating Income Growth %	-	37.96%	113.07%	76.39%	-8.94%	-13.45%	28.53%	4.54%	54.74%	20.58%	51.44%	4871.2%	-
EBITDA	744.41M	705.11M	514.66M	280.9M	168.08M	167.04M	172.84M	133.86M	119.14M	76.56M	61.32M	39.81M	1.44M
EBITDA Margin %	24.9%	24.35%	21.05%	14.43%	10.65%	13.96%	20.67%	20.25%	24.96%	24.84%	30.22%	34.97%	3.24%
EBITDA Growth %	30.47%	37%	83.22%	67.12%	0.62%	-3.36%	29.12%	12.35%	55.61%	24.87%	54.03%	2656.79%	-
D&A (Non-Cash Add-back)	158.1M	115.78M	87.49M	80.42M	54.42M	42.22M	28.63M	21.66M	11.82M	7.21M	3.8M	1.83M	680K
EBIT	642.21M	658.75M	507.3M	268M	127.37M	123.07M	144.21M	112.2M	107.32M	69.36M	46.91M	31M	-100K
Net Interest Income	32.41M	68.72M	78.84M	68.51M	12.76M	-1.03M	656K	4.72M	333K	-1.7M	-3.08M	-1.14M	-843K
Interest Income	44.65M	68.72M	78.84M	68.51M	12.76M	0	656K	4.72M	333K	93K	0	0	0
Interest Expense	729K	0	0	0	0	1.03M	0	0	0	1.79M	3.08M	1.14M	843K
Other Income/Expense	55.52M	69.43M	80.14M	67.52M	13.72M	-2.78M	-305K	4.02M	-1.59M	-5.73M	-13.68M	-8.13M	-1.71M
Pretax Income	641.83M	658.75M	507.3M	268M	127.37M	122.04M	143.9M	116.22M	105.74M	63.63M	43.83M	29.86M	-943K
Pretax Margin %	21.47%	22.74%	20.75%	13.77%	8.07%	10.2%	17.21%	17.58%	22.15%	20.64%	21.6%	26.23%	-2.12%
Income Tax	234.95M	215.45M	114.23M	89.06M	73.98M	-15.73M	-98.41M	7.9M	17.6M	12.83M	23.35M	13.93M	-948K
Effective Tax Rate %	36.61%	32.71%	22.52%	33.23%	58.09%	-12.89%	-68.39%	6.8%	16.64%	20.16%	53.27%	46.65%	100.53%
Net Income	406.89M	443.3M	393.08M	178.94M	53.38M	137.76M	242.32M	108.32M	88.14M	50.8M	20.48M	15.93M	5K
Net Margin %	13.61%	15.31%	16.08%	9.19%	3.38%	11.51%	28.98%	16.39%	18.47%	16.48%	10.09%	13.99%	0.01%
Net Income Growth %	-2.47%	12.78%	119.67%	235.19%	-61.25%	-43.15%	123.71%	22.89%	73.51%	148.01%	28.58%	318480%	-
Net Income (Continuing)	406.89M	443.3M	393.08M	178.94M	53.38M	137.76M	242.32M	108.32M	88.14M	50.8M	20.48M	15.93M	5K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.87	0.91	0.78	0.36	0.11	0.28	0.49	0.23	0.19	0.12	0.05	0.01	0.00
EPS Growth %	2.41%	16.67%	116.67%	227.27%	-60.71%	-42.86%	113.04%	21.05%	58.33%	138.1%	281.82%	-	-
EPS (Basic)	-	0.92	0.80	0.37	0.11	0.29	0.52	0.24	0.19	0.13	0.05	0.02	0.00
Diluted Shares Outstanding	469.95M	482.73M	501.92M	500.18M	499.93M	498.54M	489.88M	478.06M	457.93M	440.56M	406.26M	497.92M	130.88M
Basic Shares Outstanding	468.36M	479.99M	490.88M	489.26M	486.94M	476.85M	462.87M	445.33M	457.93M	402.62M	384.09M	472.82M	158.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStable

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Walled garden competition intensifying

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Growth Deceleration Amidst CTV Push

Revenue growth slowed to 3.0% year-over-year in 2026Q2, down from 18.7% in 2025Q2, according to reported financials, signaling a sharp deceleration despite continued CTV expansion.

The sequential slowdown from 11.8% in 2026Q1 to 3.0% in 2026Q2 suggests a material loss of momentum, likely reflecting intensified competition from walled gardens and macro ad budget softness. While CTV remains a strategic focus, the near-term growth trajectory appears challenged, and investors should monitor whether this deceleration persists or stabilizes in coming quarters.

Gross Margin Anomaly Masks Underlying Pressure

Gross margin spiked to 100.0% in 2026Q2 from 73.6% in 2026Q1, per financial statements, likely due to a one-time accounting adjustment, obscuring the underlying ~78% structural margin.

Excluding the anomaly, gross margins have hovered around 78-81%, consistent with the net revenue model, but the 2026Q2 figure is not sustainable. The stable gross margin suggests pricing power remains intact, yet the competitive threat from Amazon's DSP could pressure take rates over time, warranting close monitoring of margin trends.

Operating Leverage Fades as Costs Outpace Revenue

Operating margin contracted to 14.2% in 2026Q2 from 30.3% in 2025Q4, based on reported data, as SG&A and R&D grew while revenue stagnated, indicating negative operating leverage.

SG&A expenses remained elevated at $288.4M in 2026Q2, nearly flat year-over-year, while R&D increased to $140.7M, reflecting continued investment. With revenue growth decelerating, the fixed cost base is not being adequately absorbed, compressing margins. This suggests management's expense discipline may be insufficient to offset the growth slowdown, and investors should watch for cost rationalization.

SBC Distorts Reported Profitability

Stock-based compensation of $109.6M in 2026Q2 exceeded net income of $64.4M, as per financials, indicating reported earnings are heavily reliant on non-cash charges and may overstate cash generation.

The gap between SBC and net income highlights that reported EPS of $0.14 is not fully reflective of cash profitability. Adjusting for SBC, the company's cash earnings would be significantly higher, but the dilution from SBC issuance remains a concern for shareholders. This warrants a careful assessment of true earnings power versus reported figures.

2025Q4 Peak Marks Turning Point

2025Q4 delivered peak operating margin of 30.3% and net income of $186.9M, per income statement data, but subsequent quarters show a clear downward inflection in profitability and growth.

The 2025Q4 results benefited from seasonal strength and prior investments, but the sharp decline to 14.2% operating margin by 2026Q2 suggests a structural shift, not just seasonality. This inflection may indicate that competitive pressures and rising costs are eroding the company's historical profitability, and the lowered guidance for 2026Q3 reinforces this view.

Walled Gardens Threaten Independence Premium

Amazon's aggressively priced DSP, as noted in recent context, could undercut TTD's take rate and growth, challenging the neutrality moat and potentially compressing margins, per competitive analysis.

The independent DSP model relies on neutrality, but walled gardens with first-party data can offer superior targeting at lower costs, eroding TTD's value proposition. If advertisers shift spend to these platforms, revenue growth could further decelerate, and the company may need to lower fees to retain volume, pressuring margins. This risk is not fully reflected in current valuation multiples, which still price in a winner-take-most scenario.

TTD — Frequently Asked Questions

Quick answers to the most common questions about buying TTD stock.

What was The Trade Desk, Inc.'s (TTD) revenue in 2025?

For fiscal year 2025, The Trade Desk, Inc. (TTD) reported total revenue of $2.90B. This represents a 6401.5% increase compared to $44.5M in 2014.

Is The Trade Desk, Inc. (TTD) profitable?

The Trade Desk, Inc. (TTD) is profitable, generating $443.3M in net income for the fiscal year ending 2025 with a net profit margin of 15.3%.

What is The Trade Desk, Inc.'s operating profit margin?

The Trade Desk, Inc. (TTD) reported an operating income of $589.3M, resulting in an operating profit margin of 20.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is The Trade Desk, Inc.'s gross profit and gross margin?

The Trade Desk, Inc. (TTD) generated $2.28B in gross profit for the year, representing a gross profit margin of 78.6%. This demonstrates the company's core pricing power and production efficiency.