Technology platform for buyers of advertising enabling data-driven digital advertising campaigns across channels.
Profile & Fundamentals
The Trade Desk: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
The Trade Desk Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
The Trade Desk, Inc. operates as a technology company in the United States and internationally. The company creates, manages, and optimizes digital advertising campaigns across ad formats, channels and devices, including CTV and other video, display, audio, and native, on a multitude of devices, such televisions, streaming devices, mobile devices, computers and digital-out-of-home devices. It provides data and other value-added services. It serves advertising agencies, advertisers, and other service providers for agencies or advertisers. The Trade Desk, Inc. was incorporated in 2009 and is headquartered in Ventura, California.
Company profile record
Trade Desk Inc
Common Stock · Communication Services · Advertising
Company
- Company / asset
- Trade Desk Inc
- Security type
- Common Stock
- Sector
- Communication Services
- Industry
- Advertising
- HQ
- 🇺🇸 United States
- Head office
- 42 North Chestnut Street, Ventura, CA, United States, 93001
Leadership & scale
- Chief executive
- Mr. Jeffrey Terry Green
- CEO year born
- 1977
- Full-time employees
- 3.8K
- Fiscal year end
- December
- IPO date
- 2016-09-21
Fundamentals snapshot
- Market Cap
- USD 5.6B
- P/E
- 13.8x
- Revenue (Q2 26)
- USD 715.1M
- Profit (Q2 26)
- USD 64.4M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 2.9B
- Shares in public float
- 416.5M
- Insider ownership
- 2.6%
Reporting & identifiers
- Symbol
- TTD.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US88339J1051
- Asset ID
- equity_b6781778-e97a-5d24-afb4-f7465b6a9321
Ownership
Shares Outstanding
Latest: 469.9M | Max: 506.8M | Min: 444.6M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
88.63%
416.5M latest reported shares
Insider Ownership
2.60%
Latest reported insider stake
Short Float
0.24%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
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| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 444,640,000 |
| 2018-01-01 | 467,770,000 |
| 2019-01-01 | 480,340,000 |
| 2020-01-01 | 497,540,000 |
| 2021-01-01 | 500,314,000 |
| 2022-01-01 | 500,432,000 |
| 2023-01-01 | 499,682,000 |
| 2024-01-01 | 506,843,000 |
| 2025-01-01 | 482,725,000 |
| 2026-01-01 | 469,948,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| State Street Corp | 44,933,369 | 9.56% | 2026-03-31 |
| BlackRock Inc | 37,521,596 | 7.99% | 2026-03-31 |
| Vanguard Capital Management, LLC | 28,645,253 | 6.1% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 22,443,160 | 4.78% | 2026-03-31 |
| State Street® CommServSelSectSPDR®ETF | 17,448,774 | 3.71% | 2026-08-31 |
| Two Sigma Investments LLC | 17,050,857 | 3.63% | 2026-06-30 |
| Geode Capital Management, LLC | 13,988,728 | 2.98% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 13,588,080 | 2.89% | 2026-08-31 |
| Vanguard 500 Index Investor | 11,339,632 | 2.41% | 2026-08-31 |
| Federated Hermes Inc | 10,877,783 | 2.32% | 2026-06-30 |
| Vanguard Small Cap Index | 9,829,796 | 2.09% | 2026-08-31 |
| Invesco S&P 500® Equal Weight ETF | 9,796,622 | 2.08% | 2026-08-31 |
| Jericho Capital Asset Management LP | 9,395,296 | 2% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 8,767,560 | 1.87% | 2026-03-31 |
| The Goldman Sachs Group Inc | 8,728,294 | 1.86% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company experienced an abrupt slowdown in revenue growth during 2026 as brand advertisers temporarily paused discretionary marketing budgets. Management guided third-quarter revenue to approximately $650 million, marking the first year-over-year contraction in company history and sparking intense investor panic. Yet beneath these headline challenges, the core business generated an impressive $860 million in trailing free cash flow. This notable divergence between falling reported net income and resilient cash generation occurred because non-cash depreciation expenses and stock grants temporarily depressed accounting profits while underlying operational cash flow remained remarkably healthy.
The company experienced an abrupt slowdown in revenue growth during 2026 as brand advertisers temporarily paused discretionary marketing budgets. Management guided third-quarter revenue to approximately $650 million, marking the first year-over-year contraction in company history and sparking intense investor panic. Yet beneath these headline challenges, the core business generated an impressive $860 million in trailing free cash flow. This notable divergence between falling reported net income and resilient cash generation occurred because non-cash depreciation expenses and stock grants temporarily depressed accounting profits while underlying operational cash flow remained remarkably healthy.
Revenue, Net Income, and Free Cash Flow
Latest: USD 2.9B | Max: USD 2.9B | Min: USD 18.2M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 41x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Gross profitability demonstrates formidable software economics, consistently holding near 78.6% across recent reporting periods. This pricing durability proves that advertiser demand for neutral ad-buying software remains intact despite intensifying competition from retail media walled gardens. However, operating margins compressed temporarily due to severance charges, fixed server depreciation, and planned administrative hiring ahead of slower top-line growth. The fifteen percent workforce reduction executed in September 2026 directly resets this overhead structure, setting up strong profit margin recovery as ad volumes reaccelerate.
Gross profitability demonstrates formidable software economics, consistently holding near 78.6% across recent reporting periods. This pricing durability proves that advertiser demand for neutral ad-buying software remains intact despite intensifying competition from retail media walled gardens. However, operating margins compressed temporarily due to severance charges, fixed server depreciation, and planned administrative hiring ahead of slower top-line growth. The fifteen percent workforce reduction executed in September 2026 directly resets this overhead structure, setting up strong profit margin recovery as ad volumes reaccelerate.
Profitability Margins
Latest: 78.6% | Max: 82.2% | Min: 3.4%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
78.6%
Gross profit / revenue
Operating Margin
20.3%
Operating income / revenue
Net Margin
15.3%
Net income / revenue
FCF Margin
27.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 202,926,000 | 20,482,000 | 65,810,000 |
| 2017-12-31 | 308,217,000 | 50,798,000 | 18,160,000 |
| 2018-12-31 | 477,294,000 | 88,140,000 | 61,412,000 |
| 2019-12-31 | 661,058,000 | 108,318,000 | 19,601,000 |
| 2020-12-31 | 836,033,000 | 242,317,000 | 324,955,000 |
| 2021-12-31 | 1,196,467,000 | 137,762,000 | 318,540,000 |
| 2022-12-31 | 1,577,795,000 | 53,385,000 | 456,849,000 |
| 2023-12-31 | 1,946,120,000 | 178,940,000 | 543,302,000 |
| 2024-12-31 | 2,444,831,000 | 393,076,000 | 632,394,000 |
| 2025-12-31 | 2,896,284,000 | 443,304,000 | 795,710,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 41.34 | Trailing four quarters |
| 2024-12-31 | 151.55 | Trailing four quarters |
| 2023-12-31 | 200.95 | Trailing four quarters |
| 2022-12-31 | 420.24 | Annual net income |
| 2021-12-31 | 332.81 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 80.35 | 28.34 | 10.09 | 32.43 |
| 2017-12-31 | 78.51 | 22.5 | 16.48 | 5.89 |
| 2018-12-31 | 76.09 | 22.49 | 18.47 | 12.87 |
| 2019-12-31 | 76.37 | 16.97 | 16.39 | 2.97 |
| 2020-12-31 | 78.61 | 17.25 | 28.98 | 38.87 |
| 2021-12-31 | 81.48 | 10.43 | 11.51 | 26.62 |
| 2022-12-31 | 82.18 | 7.2 | 3.38 | 28.95 |
| 2023-12-31 | 81.21 | 10.3 | 9.19 | 27.92 |
| 2024-12-31 | 80.69 | 17.47 | 16.08 | 25.87 |
| 2025-12-31 | 78.63 | 20.35 | 15.31 | 27.47 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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