TTDMEDIUM SIGNALFINANCIAL10-K

TTD delivered solid financial growth with revenue increasing 18.5% and operating income growing 38%, though cash reserves declined significantly from $1.4B to $658M.

The company demonstrated strong operational momentum with meaningful expansion in profitability and cash generation from operations. However, the substantial reduction in cash holdings suggests significant capital deployment or investment activities that warrant investor attention regarding the company's strategic priorities and future liquidity position.

Comparing 2026-02-27 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

TTD showed robust top-line growth with revenue reaching $2.9B and operating income expanding notably to $589M, while operating cash flow grew meaningfully to $993M. The balance sheet reflects mixed signals, with accounts receivable growth supporting the revenue expansion but cash reserves declining substantially by over 50% to $658M. Overall liabilities increased modestly while stockholders' equity decreased, indicating potential capital allocation activities or strategic investments that reduced the cash position.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-51.9%
$1.4B→$658.2M

Cash declined 51.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Income
P&L
+38%
$427.2M→$589.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+34.3%
$739.5M→$992.7M

Operating cash flow surged 34.3% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+18.5%
$2.4B→$2.9B

Revenue growing 18.5% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+16%
$3.2B→$3.7B

Liabilities increased 16% — monitor debt-to-equity ratio and interest coverage.

Stockholders Equity
Balance Sheet
-15.8%
$2.9B→$2.5B

Equity decreased 15.8% — buybacks or losses reducing book value, monitor solvency ratios.

Current Liabilities
Balance Sheet
+13.7%
$2.9B→$3.3B

Current liabilities rose 13.7% — increased short-term obligations, watch current ratio.

R&D Expense
P&L
+13.3%
$463.3M→$525.1M

R&D investment increased 13.3% — signals commitment to future product development, though near-term margin impact.

Accounts Receivable
Balance Sheet
+13.2%
$3.3B→$3.8B

Receivables grew 13.2% — monitor days sales outstanding for collection efficiency.

Net Income
P&L
+12.8%
$393.1M→$443.3M

Net income grew 12.8% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-21
ADDED
As of January 31, 2026, there were 432,868,418 shares of the registrant s Class A common stock outstanding and 43,108,629 shares of the registrant s Class B common stock outstanding.
Evolving industry standards regarding impression counts and related disputes and customer collections could impact our business and reputation.
Business Overview We are a global leader in advertising technology.
We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices.
Our platform s depth, artificial intelligence ( AI ) capabilities and rich ecosystem of inventory, publisher and data partner integrations enable superior reach and decisioning for clients.
+7 more — sign up free →
REMOVED
As of January 31, 2025, there were 452,425,879 shares of the registrant s Class A common stock outstanding and 43,662,678 shares of the registrant s Class B common stock outstanding.
The effects of health epidemics have had, and could in the future have, an adverse impact on our business, financial condition and results of operations.
(the Company, we, our, or The Trade Desk ) offers a self-service, cloud-based ad-buying platform that empowers our clients to plan, manage, optimize and measure more expressive data-driven digital advertising campaigns.
Our platform allows clients to execute integrated campaigns across ad formats and channels, including connected television ( CTV ) and other video, display, audio, and native, on a multitude of devices, such as televisions, streaming devices, mobile devices, computers and digital-out-of-home devices.
Our platform s integrations with major inventory, publisher and data partners provide ad buyers reach and decisioning capabilities, and our enterprise application programming interfaces ( APIs ) enable our clients to customize and expand platform functionality.
+7 more — sign up free →
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