# The Trade Desk Inc. (TTD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TTD/thesis · /stocks/TTD/memo

## Financial Snapshot

---
ticker: TTD
step: 04
generated: 2026-05-13
source: quick-research
---

### The Trade Desk, Inc. (TTD) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $1.58B | $1.95B | $2.44B | +26% |
| Gross Margin | ~81% | ~81% | ~81% | stable |
| GAAP Operating Margin | ~18% | ~20% | ~22% | |
| Non-GAAP Operating Margin | ~30% | ~35% | ~38% | |
| Adj. EBITDA Margin | ~40% | ~42% | ~43% | |

*FY2025: Revenue $2.896B (+18% YoY). CTV = ~50% of revenue. Adj. EBITDA margin 43%. Q1 2026: softer guidance — auto/CPG category headwinds + Temu/Shein pullback from tariffs. Wedbush upgraded from Underperform to Buy in May 2026, signaling the worst may be priced in.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$700M |
| Free Cash Flow | $632M (26% FCF margin) |
| Capital Expenditures | ~$70M |
| Cash & Equivalents | ~$1.4B |
| Total Debt | $0 (debt-free) |

*TTD is a cash generation machine: 26% FCF margins on ~$2.4B revenue = $632M FCF in FY2024. Debt-free. Buyback programs initiated. FCF quality is high — minimal capex requirements for a software platform. FY2025 FCF likely $700–750M at similar margins on $2.9B revenue.*

#### Key Ratios (approximate)
- P/E: ~19–25x (non-GAAP FY2026E; compressed from 60x+ historical highs) | EV/Sales: ~9x | FCF Yield: ~2.5–3%
- Revenue Growth (TTM): ~18% | Adj. EBITDA Margin: ~43%

#### Growth Profile
The Trade Desk compounded from $1.58B (FY2022) to $2.896B (FY2025) — 83% in 3 years. Growth decelerated from 32% (FY2022) to 18% (FY2025), primarily driven by Temu/Shein e-commerce advertiser pullback from US tariffs, Publicis agency billing dispute, and auto/CPG category softness. These are largely cyclical headwinds, not structural — CTV secular tailwinds (linear TV cord cutting, streaming ad tiers) continue to grow the TAM. The valuation compression from 60x+ P/E to ~19x forward represents an extraordinary de-rating for a profitable, cash-generative business.

#### Forward Estimates
- FY2026: Revenue ~$3.3–3.5B (+15–20%); World Cup 2026 ad spend + political ads provide H2 tailwind
- FCF margin: ~25–27%; $800M+ in annual FCF by FY2026
- Ventura CTV ecosystem: incremental revenue from deeper streaming platform integrations
- UID2 adoption: cookie deprecation pushes advertisers to UID2 — TTD's identity solution
- Analyst range: wide dispersion; Wedbush upgraded to Buy May 2026; P/E at 19x historically cheap

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TTD/fundamental

## Navigation

- Overview: /stocks/TTD
- Financials (this page): /stocks/TTD/financials
- Thesis: /stocks/TTD/thesis
- Investment Memo: /stocks/TTD/memo
- Coverage universe: /stocks