Latest revenue
$688.9M
as of 2026-03-31
Latest net income
$40.0M
as of 2026-03-31
Net margin
5.8%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
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- Enterprise value
- —
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.0%
- 52-wk high
- $91.45
- 52-wk low
- $19.74
- Beta
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- Shares out
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5-year trend
What this company does
The Trade Desk runs a cloud-based platform that ad agencies and brands use to buy and optimize digital ads across connected TV, mobile, web, and audio. It earns revenue by charging clients a fee based on a percentage of their ad spend flowing through its self-service, AI-driven platform. Revenue grew 18% year-over-year to $2.05 billion for the first nine months of 2025, while the company aggressively repurchased $958 million of stock, pushing retained earnings into a deficit.
Generated from TTD's filing dated 2026-02-27
Key risks
- Heavy stock-based comp: $378M over 9 months (~18% of revenue), with aggressive $957M buybacks driving retained earnings to a $364M deficit.
- Cash drain: cash fell from $1.37B to $653M in nine months as buybacks ($957M) far exceeded $681M operating cash flow.
- Tax rate jumped to 36% in Q3 2025 vs 26% prior year, and deferred tax assets dropped from $230M to $111M, pressuring future EPS.
Generated from TTD's filing dated 2026-02-27
Profitability
Operating margin
20.3%
16.5%Net margin
15.3%
4.8%Return on equity
17.8%
33.9%Return on assets
7.2%
12.0%Leverage
Debt / equity
1.48×
37.7%Debt / assets
59.6%
15.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $688.9M | +11.8% | $40.0M | -21.1% | 5.8% |
Q4 2025 2025-12-31 | $846.8M | +14.3% | $186.9M | +2.6% | 22.1% |
Q3 2025 2025-09-30 | $739.4M | +17.7% | $115.5M | +22.7% | 15.6% |
Q2 2025 2025-06-30 | $694.0M | +18.7% | $90.1M | +6.0% | 13.0% |
Q1 2025 2025-03-31 | $616.0M | +25.4% | $50.7M | +60.1% | 8.2% |
Q4 2024 2024-12-31 | $741.0M | — | $182.2M | — | 24.6% |
Q3 2024 2024-09-30 | $628.0M | +27.3% | $94.2M | +139.3% | 15.0% |
Q2 2024 2024-06-30 | $584.5M | +25.9% | $85.0M | +158.1% | 14.5% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Computer Programming, Data Processing, Etc. · SIC 7370
Your notes
Keep private notes on TTD — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$148.1M
Insider selling
$9.4M
Net activity
+$138.7M
Distinct insiders
4
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns TTD
Institutional value
$3.93B
Total shares held
177.1M
Distinct holders
527
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 37.5M | $851.4M | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 28.6M | $650.0M | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 22.4M | $509.2M | — | New |
| 4 | Invesco Ltd. | 8.4M | $190.1M | — | New |
| 5 | FEDERATED HERMES, INC. | 7.6M | $173.1M | — | New |
| 6 | CITIGROUP INC | 4.9M | $111.5M | — | New |
| 7 | BNP PARIBAS FINANCIAL MARKETS | 4.1M | $93.9M | — | New |
| 8 | UBS Group AG | 3.5M | $80.3M | — | New |
| 9 | DEUTSCHE BANK AG\ | 3.2M | $73.2M | — | New |
| 10 | Assenagon Asset Management S.A. | 3.2M | $73.0M | — | New |
| 11 | Legal & General Group Plc | 2.6M | $58.2M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 2.5M | $57.7M | — | New |
| 13 | JPMORGAN CHASE & CO | 2.4M | $52.6M | — | New |
| 14 | Bank of New York Mellon Corp | 2.2M | $49.6M | — | New |
| 15 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 2.0M | $44.4M | — | New |
| 16 | FIRST TRUST ADVISORS LP | 1.4M | $32.9M | — | New |
| 17 | Retirement Systems of Alabama | 1.3M | $29.7M | — | New |
| 18 | Candriam S.C.A. | 29.8K | $29.6M | — | New |
| 19 | Swiss National Bank | 1.3M | $29.3M | — | New |
| 20 | PRIMECAP MANAGEMENT CO/CA/ | 1.2M | $28.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue grew 18% YoY but stock comp ran $378M against $256M net income—when does GAAP profitability stop being subsidized by dilution offset only by buybacks?
- 2
You spent $958M on buybacks YTD while cash fell from $1.37B to $653M; why accelerate repurchases instead of preserving dry powder for Kokai/CTV competition with Amazon DSP?
- 3
Effective tax rate jumped to 34% from 26% and deferred tax assets dropped $120M—what's driving this and is it structural going forward?
Refreshed when TTD files a new report · last from 2026-02-27