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Technology · NASDAQ: TTD

The Trade Desk: how the business works

The Trade Desk sells software that ad agencies and advertisers use to buy digital ads. It kept $2,896.3 million of revenue in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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The Trade Desk, Inc. · Ventura, California · Founded 2009

Updated for Q2 FY2026 · checked

Revenue, FY2025
$2,896.3M
Net income, FY2025
$443.3M
Revenue, Q2 FY2026 (up 3% from a year earlier)
$715.1M
Employees, Dec 31, 2025
3,843
Jeff Green's share of votes, Mar 6, 2026
49.7%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

The Trade Desk in 5 points

  1. 1 · What it sells

    The Trade Desk sells self-service software that ad agencies and advertisers use to buy digital ads, and counted $2,896.3 million of revenue in FY2025 from $13,394.7 million of client spend.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, clients in the United States gave 85.5% of The Trade Desk's revenue and clients in other countries 14.5%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, including interest income, The Trade Desk kept $14.9 as net income; its operating income was $20.3 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    The Trade Desk reports one segment, so all of its FY2025 operating income of $589.3 million came from its ad-buying platform, after $490.6 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Revenue growth from a year earlier slowed from 19% in Q2 FY2025 to 3% in Q2 FY2026, and on Aug 6, 2026 The Trade Desk said it expects Q3 FY2026 revenue of at least $650 million, against $739.4 million a year earlier.

    More: the one thing to watch

Sources: From The Trade Desk's FY2025 10-K and the Q2 FY2025, Q3 FY2025 and Q2 FY2026 earnings releases · checked

See the full receipt and the management scorecard below

Sources (4)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of The Trade Desk's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

The Trade Desk · FY2025

Receipt for every $100

Where $100 of The Trade Desk's money went in FY2025
Sales and marketing$21.7
Platform operations (running the platform)$20.9
Technology and development$17.7
General and administrative$17.5
Income tax$7.3
Kept as net income$14.9
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $2,896.3 million + interest and other income $69.4 million = $2,965.7 million), $14.9 was left as net income. Measured on revenue alone, operating income was $20.3 per $100. Stock-based compensation of $490.6 million sits inside the cost lines. The company reports costs by function and has no cost-of-revenue line.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does The Trade Desk do?

Ad agencies and advertisers pay The Trade Desk a share of what they spend buying ads through its software; most of that share goes on sales, running the platform, technology and administration, and in FY2025 $14.9 of every $100 that came in was left as net income.

  • Clients spent $13,394.7 million through the platform in FY2025, by the company's own gross spend measure. The Trade Desk counted $2,896.3 million, its share, as revenue.
  • Revenue grew every year from FY2021 to FY2025. Growth slowed to 3% in Q2 FY2026, and on Aug 6, 2026 the company said it expects at least $650 million in Q3 FY2026, against $739.4 million a year earlier.
Next: Who pays it

03Who pays it

Who pays The Trade Desk?

  • Agencies and advertisers in the United States

    86%

    of revenue

    Clients with a US address: advertising agencies and advertisers. The Trade Desk contracts with individual agencies.

  • Agencies and advertisers outside the United States

    15%

    of revenue

    Clients with an address in other countries. Their share of revenue was 12.8% in FY2023 (Cityfort calculation from the FY2025 10-K).

  • Agencies and advertisers in the United States86%
  • Agencies and advertisers outside the United States15%

How spread out the customers are

Grouped by agency holding company, two holding companies accounted for 30% of FY2025 gross billings together, against one at 14% in FY2024. The FY2025 10-K does not name them; earlier 10-Ks named Publicis Groupe (FY2022, FY2023) and Publicis Groupe and WPP (FY2021). Contracts run a year, renew automatically and can end on 60 days' notice. The company had more than 1,100 clients on Dec 31, 2023, per its FY2023 10-K; later 10-Ks give no count. It says client retention has been over 95% for more than a decade.

Sources (3)
Next: Why it makes money

04Why it makes money

Why does The Trade Desk make money?

A fee on a growing pool of ad spend, with costs that grow more slowly

The Trade Desk keeps a share of every dollar clients spend through its platform. Total operating expenses rose 115% from FY2021 to FY2025 while revenue rose 142%. Operating income per $100 of revenue rose from $10.4 to $20.3.

Revenue per $100 of client gross spend

$19.4$21.6

FY2021 to FY2025

  1. Agencies run more campaigns on the platform
  2. Client spend on ads, data and services grows
  3. The Trade Desk keeps its share as revenue
  4. It spends on sales, technology and running the platform
  5. Better tools and data draw more spend

↺ Step 5 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has The Trade Desk done?

Revenue

$2.9BFY2025

Revenue grew every year, from $1,196.5 million in FY2021 to $2,896.3 million in FY2025, while growth from a year earlier slowed from 19% in Q2 FY2025 to 3% in Q2 FY2026.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$1.2B
FY2022$1.6B
FY2023$1.9B
FY2024$2.4B
FY2025$2.9B
Q3 FY2024$628M
Q4 FY2024$741M
Q1 FY2025$616M
Q2 FY2025$694M
Q3 FY2025$739M
Q4 FY2025$847M
Q1 FY2026$689M
Q2 FY2026$715M

Net profit

$443MFY2025

Net income rose from $53.4 million in FY2022 to $443.3 million in FY2025, and was $64.4 million in Q2 FY2026, down from $90.1 million a year earlier.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$138M$0.28
FY2022$53.4M$0.11
FY2023$179M$0.36
FY2024$393M$0.78
FY2025$443M$0.90
Q3 FY2024$94.2M$0.19
Q4 FY2024$182M$0.36
Q1 FY2025$50.7M$0.10
Q2 FY2025$90.1M$0.18
Q3 FY2025$116M$0.23
Q4 FY2025$187M$0.39
Q1 FY2026$40M$0.08
Q2 FY2026$64.4M$0.14

Profit kept per $100 of revenue

$15.3FY2025

Operating income per $100 of revenue rose from $10.4 in FY2021 to $20.3 in FY2025; stock-based compensation of $490.6 million was 16.9% of FY2025 revenue and 110.7% of net income.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202111.5%14.0%
FY20223.4%10.7%
FY20239.2%14.4%
FY202416.1%21.1%
FY202515.3%24.3%

Free cash flow

$796MFY2025

Free cash flow was positive every year, at $795.7 million in FY2025, and the company spent $1,380.4 million on share buybacks that year.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$379M$54.8M$324M
FY2022$549M$84.2M$465M
FY2023$598M$46.8M$552M
FY2024$740M$98.2M$641M
FY2025$993M$197M$796M
See all yearly numbers
The Trade Desk annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$1.2B$167M$138M$0.28$379M$54.8M$324M
FY2022$1.6B$168M$53.4M$0.11$549M$84.2M$465M
FY2023$1.9B$281M$179M$0.36$598M$46.8M$552M
FY2024$2.4B$515M$393M$0.78$740M$98.2M$641M
FY2025$2.9B$705M$443M$0.90$993M$197M$796M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (The Trade Desk's fiscal year is the calendar year)). Net profit is the share belonging to the company's owners.

Download The Trade Desk's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

06Who runs it

Who runs The Trade Desk, and did they deliver?

  • Jeff Green

    Co-founder and chief executive officer

    Held 49.7% of total votes on Mar 6, 2026. Granted a new performance option over 7.0 million shares on Sep 14, 2026.

  • Nate Olmstead

    Chief financial officer · since 2026

    CFO from Jul 9, 2026, the third person in the role since August 2025.

  • Penry Price

    Director, compensation committee chair · since 2026

    Joined the board on Jul 9, 2026 and sits on the audit committee.

What they said, and what happened

2 missed · 3 delivered · 1 too early to tell

  1. Said on Nov 7, 2024

    Q4 FY2024 revenue of at least $756 million.

    What happened

    Revenue was $741.0 million. The CEO said the company was "disappointed that we fell short of our own expectations".

    Missed

  2. Said on Feb 12, 2025

    Q1 FY2025 revenue of at least $575 million.

    What happened

    Revenue was $616.0 million.

    Delivered

  3. Said on Nov 6, 2025

    Q4 FY2025 revenue of at least $840 million, reaffirmed on Jan 26, 2026.

    What happened

    Revenue was $846.8 million.

    Delivered

  4. Said on Feb 25, 2026

    Q1 FY2026 revenue of at least $678 million.

    What happened

    Revenue was $688.9 million.

    Delivered

  5. Said on May 7, 2026

    Q2 FY2026 revenue of at least $750 million.

    What happened

    Revenue was $715.1 million. The CEO said the quarter "did not meet the standard we set for ourselves".

    Missed

  6. Said on Aug 6, 2026

    Q3 FY2026 revenue of at least $650 million, and Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. (a company measure) of about $160 million.

    What happened

    Q3 FY2026 results are due on Nov 9, 2026.

    Too early to tell
Sources (14)
Next: What could go wrong

07What could go wrong

What could go wrong for The Trade Desk?

  • Demand

    Revenue growth has slowed

    Revenue grew 3% from a year earlier in Q2 FY2026, after 19% in Q2 FY2025. On Aug 6, 2026 the company said it expects Q3 FY2026 revenue of at least $650 million, against $739.4 million a year earlier.

    Watch Q3 FY2026 revenue against the at-least-$650 million outlook, on Nov 9, 2026.

  • Concentration

    A few agency groups give much of the business

    Two agency holding companies accounted for 30% of FY2025 gross billings. Contracts can end on 60 days' notice and carry no spending commitment.

    Watch The holding-company share of gross billings in the FY2026 10-K.

  • Competition

    Competition from Google and Amazon

    The 10-K names ad-buying divisions of Google and Amazon as competitors. In Q2 FY2026 the company reported lower gross spend from existing clients and discounts tied to joint business plans.

    Watch Gross spend growth (11% in FY2025) and the company's comments on existing clients.

  • Governance

    One person controls about half the votes

    Class B shares carry 10 votes each. Jeff Green held 49.7% of total votes on Mar 6, 2026, and Class B converts automatically only on Dec 22, 2035.

    Watch Class B conversions, which lower the class's share of votes (50.3% on Jul 31, 2026).

  • Legal

    Shareholder and privacy lawsuits

    A securities class action covering Nov 15, 2023 to Aug 8, 2025 alleges securities law violations, including an insider-trading claim against the CEO, the then-CFO and the chief strategy officer. A motion to dismiss was denied, and trial is set for May 16, 2028. A data privacy class action and several derivative suits are also pending. The company calls the securities claims meritless.

    Watch Court rulings, any settlement, and legal costs in the quarterly filings.

  • Other

    Large stock-based pay and option changes

    Stock-based compensation was $490.6 million in FY2025, 16.9% of revenue and 110.7% of net income. Options repriced in October 2026 add a further cost to be expensed.

    Watch Stock-based compensation each quarter ($109.6 million in Q2 FY2026).

  • Execution

    Restructuring and leadership changes

    In September 2026 the company announced an organizational realignment cutting about 15% of the workforce, with $39–51 million of cash charges expected in Q3 2026. It has had three CFOs since August 2025.

    Watch Restructuring charges in the Q3 FY2026 results.

Sources (11)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year, from $1,196.5 million in FY2021 to $2,896.3 million in FY2025.
  • Free cash flow was $795.7 million in FY2025, and positive in every year from FY2021.
  • The company had no borrowings and $1,485.3 million of cash and short-term investments on Jun 30, 2026.
  • Operating income per $100 of revenue rose from $10.4 in FY2021 to $20.3 in FY2025.
  • The company says client retention has been over 95% for more than a decade.

What critics point to

  • Revenue grew 3% in Q2 FY2026, and the company said on Aug 6, 2026 it expects at least $650 million in Q3 FY2026, against $739.4 million a year earlier.
  • Two agency holding companies accounted for 30% of FY2025 gross billings.
  • Stock-based compensation was $490.6 million in FY2025, more than the year's $443.3 million net income.
  • Jeff Green held 49.7% of total votes on Mar 6, 2026, and Class B's automatic conversion was extended to 2035.
  • The company has had three CFOs since August 2025 and in September 2026 announced a plan to cut about 15% of its workforce.
Next: What to watch next

09What to watch next

What should you watch next at The Trade Desk?

Next event

Q3 FY2026 results

Nov 9, 2026

Date confirmed by the company

Add to calendarAnnouncementAll earnings dates

  • Q3 FY2026 against the company's outlook

    The company said on Aug 6, 2026 that it expects Q3 FY2026 revenue of at least $650 million and Adjusted EBITDA, its own measure, of about $160 million. It announced that results come on Nov 9, 2026, after the market close.

  • Restructuring costs

    The company estimated in its Sep 4, 2026 8-K cash charges of $39–51 million in Q3 2026 from the planned 15% workforce cut. Also the cost of the October 2026 option repricing.

  • Board and lawsuits

    Whether the company reports meeting Nasdaq's committee rules, and rulings in the securities and privacy class actions.

Next: Key dates

10Key dates

What are the key dates for The Trade Desk?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for The Trade Desk
EventDateSource
Q3 FY2026 resultsAfter the market close, as The Trade Desk announced on Oct 27, 2026.The Trade Desk Announces Date of Third Quarter 2026 Financial Results and Conference Call (press release, Oct 27, 2026)
Repriced options keep the new price if held untilA repriced option reverts to its original price if the holder leaves or exercises it before this date.Form 8-K (Items 5.02, 5.07): stock option repricing approved at Oct 19, 2026 special meeting, filed Oct 20, 2026; Definitive proxy statement (DEF 14A), special meeting Oct 19, 2026 (stock option repricing)
Securities class action trial dateForm 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026)
Class B shares convert automatically to Class AForm 8-K (Items 3.03, 5.03, 5.07): Class B automatic conversion date extended to Dec 22, 2035, filed Sep 17, 2025

Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027 · Dual-class shares: when votes and ownership don't match

Sources (5)
Next: Key facts

11Key facts

Key facts about The Trade Desk

What does The Trade Desk do?
The Trade Desk, Inc. runs a self-service software platform that ad agencies and advertisers use to buy digital ads, mainly connected TV and other video, mobile and display ads. Clients spent $13,394.7 million through the platform in FY2025 (the year to Dec 31, 2025), by The Trade Desk's own gross spend measure.
How does The Trade Desk make money?
The Trade Desk makes money by keeping a share of what clients spend buying ads, data and other services through its platform. The Trade Desk records only that share as revenue: $2,896.3 million in FY2025, about $21.6 for every $100 of client gross spend (Cityfort calculation from the FY2025 10-K).
What is The Trade Desk's business model?
The Trade Desk's business model is a platform fee on ad buying: clients pay for ad space, data and services through its software, The Trade Desk pays the ad and data suppliers, and keeps the rest as revenue. In FY2025 The Trade Desk's revenue was $2,896.3 million and its operating income $589.3 million.
Is The Trade Desk profitable?
The Trade Desk is profitable on a GAAP basis: net income was $443.3 million in FY2025 and $64.4 million in Q2 FY2026 (the quarter to Jun 30, 2026). The Trade Desk's FY2025 profit was after $490.6 million of stock-based compensation, a non-cash cost paid in shares.
What is The Trade Desk's revenue by segment?
The Trade Desk reports one segment, its advertising technology platform, so it gives no segment revenue split. By client address, The Trade Desk's FY2025 revenue was $2,476.7 million from the United States (85.5%) and $419.6 million from other countries (14.5%).
Who are The Trade Desk's customers?
The Trade Desk's customers are advertising agencies and advertisers; it contracts with individual agencies, not their holding companies. In FY2025 two agency holding companies together accounted for 30% of The Trade Desk's gross billings; contracts are yearly, can end on 60 days' notice and carry no spending commitment.
How big is The Trade Desk?
The Trade Desk had revenue of $2,896.3 million and net income of $443.3 million in FY2025, and 3,843 full-time employees in 21 countries on Dec 31, 2025. The Trade Desk's revenue for the 12 months to Jun 30, 2026 was $2,990.1 million (Cityfort calculation from the FY2025 10-K and the Q2 FY2026 earnings release).
What is The Trade Desk's gross spend?
Gross spend is The Trade Desk's own measure of what clients spend on its platform for ads, data and services, including its platform fee. The Trade Desk's gross spend was $13,394.7 million in FY2025, up 11%, while its GAAP revenue was $2,896.3 million.
What products does The Trade Desk sell?
The Trade Desk's FY2025 10-K names its Kokai platform upgrade, OpenPath (direct links to publishers), OpenSincera (data on about 400,000 publishers), Unified ID 2.0 and Audience Unlimited, and its Q3 FY2025 earnings release names Ventura TV OS. The Trade Desk does not split its $2,896.3 million FY2025 revenue by product.
Who owns and controls The Trade Desk?
Jeff Green, The Trade Desk's co-founder and CEO, held 97.6% of its unlisted Class B shares, which carry 10 votes each, and 49.7% of total votes in the 2026 proxy table (Mar 6, 2026). BlackRock reported 11.4% of The Trade Desk's Class A shares as of Sep 30, 2026.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does The Trade Desk sell?

The Trade Desk sells software that buys ads. Agencies and advertisers use it to plan, buy and measure ad campaigns on connected TV, other video, mobile and display. They also buy data and extra services through it. The Trade Desk keeps a share and pays the rest to ad sellers and data providers.

  • The ad-buying platform (Kokai)

    A self-service platform where clients plan, buy and measure ad campaigns across connected TV and other video, mobile and display. Kokai is the company's name for its platform upgrade. Revenue was $2,896.3 million in FY2025.

  • Data and value-added services

    Clients can buy audience data from more than 370 third-party data vendors linked to the platform, plus other services. Higher pricing on these services added to revenue in Q2 FY2026.

  • OpenPath and OpenSincera

    OpenPath connects the platform directly to publishers' ad space. OpenSincera gives data on the ad supply chain of about 400,000 publishers.

  • Unified ID 2.0, Audience Unlimited and Ventura

    The FY2025 10-K names Unified ID 2.0 and Audience Unlimited as part of the platform. Ventura TV OS and the Ventura Ecosystem are newer offerings named in the Q3 and Q4 FY2025 earnings releases.

Think of it like this

Like a buying agent at an auction: the client sets the budget, the agent bids for the slots, and keeps a fee on what passes through.

What it does

  • Does: Sells self-service software that buys ads for agencies and advertisers
  • Does: Lets clients buy third-party audience data through the same platform
  • Does: Buys its own data-center equipment
  • Does: Keeps a share of client spend as revenue

What it does not do

  • Does not: Does not own the ad space it buys: it pays inventory suppliers such as publishers
  • Does not: Does not count all client spend as revenue: only its own share
  • Does not: Does not sign clients to spending commitments
  • Does not: Does not pay a dividend
Sources (4)
13How the money flows

13How the money flows · FY2025

How does money flow through The Trade Desk?

Money in

  • Revenue (its share of client ad spend)$2.9B
  • Interest and other income, net$69.4M

The company

The Trade Desk

$3.0B came in

Money out

  • Sales and marketing$644M
  • Platform operations (the cost of running the platform)$619M
  • Technology and development$525M
  • General and administrative (including the CEO's option)$519M
  • Income tax$216M
  • Net income$443M
  1. Clients spent $13,394.7 million through the platform in FY2025. The Trade Desk counted $2,896.3 million, its share, as revenue.
  2. Interest on its cash and investments, net of other items, added $69.4 million.
  3. Sales and marketing cost $644.3 million and platform operations $619.1 million.
  4. Technology and development cost $525.1 million, and general and administrative costs $518.5 million, leaving operating income of $589.3 million.
  5. After $215.5 million of income tax, net income was $443.3 million.
Sources (1)
14What it needs to run

14What it needs to run

What does The Trade Desk need to run?

  • People

    3,843 full-time employees in 21 countries on Dec 31, 2025: 63% in North America, 20% in Europe, the Middle East and Africa, and 17% in Asia-Pacific. In September 2026 the company announced a plan to cut about 15% of its workforce.

  • Data-center equipment

    Property and equipment rose to $455.2 million on Jun 30, 2026 from $209.3 million at the end of 2024. Purchases of property and equipment were $197.0 million in FY2025.

  • Data partners

    More than 370 third-party data vendors are linked to the platform, so clients can target audiences with their data.

  • Ad supply

    Publishers and other inventory suppliers sell the ad space clients buy. The Trade Desk owed them $2,562.6 million in accounts payable on Jun 30, 2026.

Sources (3)
15Where it sells

15Where it sells · FY2025

Where does The Trade Desk sell?

  • United States (by client address)86%
  • Outside the United States15%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does The Trade Desk compete with?

The Trade Desk's FY2025 10-K says it competes with other demand-side platforms (ad-buying software), including divisions of Google and Amazon. It names no other competitors.

  • Google

    NASDAQ: GOOGL

    Named in the FY2025 10-K: its ad-buying divisions compete with The Trade Desk's platform.

  • Amazon

    NASDAQ: AMZN

    Named in the FY2025 10-K: its ad-buying divisions compete with The Trade Desk's platform.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Clients that stay4 of 5

    The company says client retention has been over 95% for more than a decade, though contracts carry no spending commitment.

  • Scale of spend on the platform3 of 5

    Clients spent $13,394.7 million through it in FY2025, against $6,172 million in FY2021, by the company's own measure.

  • Data links3 of 5

    More than 370 third-party data vendors are integrated, and OpenSincera covers about 400,000 publishers.

Weak spot

A few agency groups and short contracts

Two agency holding companies gave 30% of FY2025 gross billings. Contracts can end on 60 days' notice, and in Q2 FY2026 the company reported lower gross spend from existing clients.

Sources (3)
17Where growth could come from

17Where growth could come from

Where could The Trade Desk's growth come from?

In its Q2 FY2026 earnings release (Aug 6, 2026), The Trade Desk said it expects Q3 FY2026 revenue of at least $650 million and Adjusted EBITDA, its own measure, of about $160 million. Q3 FY2025 revenue was $739.4 million.
Management statement, Aug 6, 2026. Reported as a statement, not our forecast.

  • New clients

    Mixed

    Revenue +3%, Q2 FY2026

    The Q2 FY2026 10-Q credits more campaigns from new clients, partly offset by lower gross spend from existing clients and discounts tied to joint business plans.

    Status: Mixed, partly on track.

  • Clients outside the United States

    Working

    $419.6 million, FY2025

    Revenue from clients outside the US rose from $249.2 million in FY2023 to $419.6 million in FY2025, 14.5% of the total.

    Status: Working, on track against what the company said.

  • Pricing of data and other services

    Mixed

    Higher prices, Q2 FY2026

    Higher pricing on value-added services added to Q2 FY2026 revenue, offset by volume and other discounts.

    Status: Mixed, partly on track.

  • Client spend (gross spend)

    Mixed

    +11%, FY2025

    Gross spend rose 11% in FY2025 to $13,394.7 million, after rising about 25% in FY2024. It is disclosed yearly only.

    Status: Mixed, partly on track.

  • Ventura TV OS

    New

    No revenue disclosed

    The company named Ventura TV OS and the Ventura Ecosystem in its Q3 and Q4 FY2025 releases. It has not disclosed revenue from them.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q2 FY2026

What do The Trade Desk's own measures show?

These are The Trade Desk's own measures, shown next to the nearest official (GAAP) figure. They are never added together.

  • Official (GAAP): Revenue, FY2025

    $2.9B

    Company's own measure: Gross spend, FY2025

    $13.4B

    The Trade Desk's definition: what clients spend on its platform for ad space, value-added services and data, plus its platform fee. It is not revenue. The company says gross spend rose 11% in FY2025; revenue rose 18.5% (Cityfort calculation from the FY2025 10-K).

  • Official (GAAP): Net income, FY2025

    $443M

    Company's own measure: Adjusted EBITDA, FY2025

    $1.2B

    Net income plus depreciation and amortization, stock-based compensation and income taxes, less net interest income. It leaves out $490.6 million of stock-based pay.

  • Official (GAAP): Net income, Q2 FY2026

    $64.4M

    Company's own measure: Adjusted EBITDA, Q2 FY2026

    $241M

    Same definition; stock-based pay was $109.6 million in the quarter. The company states a margin of 34% of revenue.

  • Official (GAAP): Net income, Q2 FY2026

    $64.4M

    Company's own measure: Non-GAAP net income, Q2 FY2026

    $158M

    Net income plus stock-based compensation, less the related tax adjustment.

  • Official (GAAP): Diluted EPS, Q2 FY2026

    $0.14

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2026

    $0.34

    Non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more net income divided by diluted shares.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
19Financial strength and debt

19Financial strength · Jun 30, 2026

How much debt does The Trade Desk have?

On Jun 30, 2026 The Trade Desk had no borrowings and $1,485.3 million of cash and short-term investments. Its $750 million bank credit line was undrawn.
  • Total debt$0M
  • Cash and investments$1.5B
  • Net cash (cash minus debt)$1.5B
  • Net worth (shareholders' money)$2.6B
Debt to equity
0×
$ of debt for every $1 of shareholders' money
  • Net cash = cash and cash equivalents $1,123.0 million + short-term investments $362.4 million − no borrowings = $1,485.3 million (Cityfort calculation from the Q2 FY2026 10-Q).
  • Accounts receivable ($3,200.8 million) and accounts payable ($2,562.6 million) are large because the company bills clients for their full ad spend and owes ad sellers their part, while revenue counts only its own share.
  • The $750 million revolving credit facility, amended Apr 14, 2026, is secured by most of the company's assets until it gets certain investment-grade ratings. $745 million was available after $5 million of letters of credit.
  • Not counted as debt: $434.1 million of operating lease liabilities. $92 million of cash was held by subsidiaries outside the US.
  • Stockholders' equity was $2,574.4 million, with an accumulated deficit of $719.5 million, because share buybacks are charged against retained earnings.
Sources (4)
20Who owns it

20Who owns it · ownership as of Mar 6, 2026

Who owns The Trade Desk?

Class B shares carry 10 votes each and are not listed. Officers and directors as a group (8 people) held 3.0% of Class A, 97.6% of Class B and 49.8% of total votes on Mar 6, 2026. The two Vanguard entities report separately and are not added together; State Street reported 3.3% on Sep 30, 2026.
Officers and directors (as a group), votes
49.8%

Shares vs votes by class

The Trade Desk has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes49.7%
  • Class B common stock: share of all votes50.3%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
The Trade Desk share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Jul 31, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from the Q2 FY2026 10-Q cover.)426.81Public and institutional investors; trades on Nasdaq as TTD90.8%49.7%Yes
Class B common stock (Shares outstanding on Jul 31, 2026 (10-Q cover). Converts into Class A one for one, and automatically on Dec 22, 2035. Share and vote percentages are a Cityfort calculation from the Q2 FY2026 10-Q cover.)43.110Mainly Jeff Green, who held 97.6% of the class on Mar 6, 20269.2%50.3%No
Holders of 5% or more
The Trade Desk holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Jeff Green (co-founder and CEO)11.3%49.7%Mar 31, 2026S33, S1753,571,829 shares counted as if converted to Class A, including 42,071,879 Class B shares and 3,891,403 options, from his Schedule 13G/A. In the 2026 proxy table (Mar 6, 2026) he held 2.6% of Class A, 97.6% of Class B and 49.7% of total votes.
BlackRock, Inc.11.4%–Sep 30, 2026S3048,984,658 Class A shares, 11.4% of the class, from its Schedule 13G/A filed Oct 5, 2026.
Vanguard Portfolio Management5.8%–Sep 30, 2026S3124,632,620 Class A shares, from its Schedule 13G filed Oct 30, 2026. The percentage is as filed.
Vanguard Capital Management5.3%–Sep 30, 2026S3222,625,743 Class A shares, from its Schedule 13G/A filed Oct 30, 2026. The percentage is as filed.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did The Trade Desk's insiders report trading?

The Trade Desk's insiders made 46 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported 4 purchases (6 million shares) and 3 sales (206,509 shares) in the open market or privately (codes P and S).

None of the sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 94 other share transactions (F: 50, A: 24, G: 10, D: 9, C: 1).

They also report 56 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
D
shares handed back to the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
C
conversion of a derivative security
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 101 transactions
The Trade Desk's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Olmstead NathanChief Financial OfficerSep 14, 2026A398,262 A$0.00644,324Not checkedForm 4, filed Sep 14, 2026
GRANT JAY RChief Legal OfficerSep 14, 2026A398,262 A$0.00732,728Not checkedForm 4, filed Sep 14, 2026
Kundra VivekChief Operating OfficerSep 14, 2026A724,112 A$0.00958,192Not checkedForm 4, filed Sep 14, 2026
Davis Tahnil R.Chief Accounting Officer & EVPSep 14, 2026A217,233 A$0.00459,941Not checkedForm 4, filed Sep 14, 2026
Green Jeffrey TerryDirector, President and CEO, 10% ownerAug 15, 2026G52,910 D$0.00550,098Not checkedForm 4, filed Aug 18, 2026
Green Jeffrey TerryDirector, President and CEO, 10% ownerAug 15, 2026G52,910 A$0.00137,548 (indirect: See Footnote)Not checkedForm 4, filed Aug 18, 2026
GRANT JAY RChief Legal OfficerAug 15, 2026F2,652 D$14.14345,169Not checkedForm 4, filed Aug 18, 2026
GRANT JAY RChief Legal OfficerAug 15, 2026F2,076 D$14.14343,093Not checkedForm 4, filed Aug 18, 2026
GRANT JAY RChief Legal OfficerAug 15, 2026F2,848 D$14.14340,245Not checkedForm 4, filed Aug 18, 2026
GRANT JAY RChief Legal OfficerAug 15, 2026F5,779 D$14.14334,466Not checkedForm 4, filed Aug 18, 2026
Kundra VivekChief Operating OfficerAug 15, 2026F2,320 D$14.14238,793Not checkedForm 4, filed Aug 18, 2026
Kundra VivekChief Operating OfficerAug 15, 2026F4,713 D$14.14234,080Not checkedForm 4, filed Aug 18, 2026
Davis Tahnil R.Chief Accounting Officer & EVPAug 15, 2026F1,220 D$14.14250,449Not checkedForm 4, filed Aug 18, 2026
Davis Tahnil R.Chief Accounting Officer & EVPAug 15, 2026F1,051 D$14.14249,398Not checkedForm 4, filed Aug 18, 2026
Davis Tahnil R.Chief Accounting Officer & EVPAug 15, 2026F1,373 D$14.14248,025Not checkedForm 4, filed Aug 18, 2026
Davis Tahnil R.Chief Accounting Officer & EVPAug 15, 2026F5,317 D$14.14242,708Not checkedForm 4, filed Aug 18, 2026
Olmstead NathanChief Financial OfficerJul 9, 2026A246,062 A$0.00246,062Not checkedForm 4, filed Jul 13, 2026
Haddad David AlanDirectorJun 11, 2026A13,193 A$0.0013,193Not checkedForm 4, filed Jun 15, 2026
Haddad David AlanDirectorJun 11, 2026A11,820 A$0.0025,013Not checkedForm 4, filed Jun 15, 2026
Jacobson SamanthaDirectorMay 28, 2026S53,681 D$21.1413,099Not checkedForm 4, filed Jun 1, 2026
Jacobson SamanthaDirectorMay 24, 2026A12,477 A$0.0066,780Not checkedForm 4, filed May 27, 2026
Jacobson SamanthaDirector, Chief Strategy OfficerMay 18, 2026D9,589 D$0.00302,872Not checkedForm 4, filed May 19, 2026
Jacobson SamanthaDirector, Chief Strategy OfficerMay 18, 2026D30,037 D$0.00272,835Not checkedForm 4, filed May 19, 2026
Jacobson SamanthaDirector, Chief Strategy OfficerMay 18, 2026D61,784 D$0.00211,051Not checkedForm 4, filed May 19, 2026
Jacobson SamanthaDirector, Chief Strategy OfficerMay 18, 2026D156,748 D$0.0054,303Not checkedForm 4, filed May 19, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of The Trade Desk's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (7)
21What it does with profit

21What it does with profit

What does The Trade Desk do with its profit?

The Trade Desk paid no dividends from FY2021 to FY2025 or in the first half of 2026. Total shares outstanding fell from 496.1 million at Dec 31, 2024 to 469.9 million at Jul 31, 2026.

  • Buyback · Dec 31, 2023

    Class A shares repurchased in FY2023 (cash flow statement).

    $647M

  • Buyback · Dec 31, 2024

    Class A shares repurchased in FY2024 (cash flow statement).

    $235M

  • Buyback · Dec 31, 2025

    Class A shares repurchased in FY2025 (cash flow statement): 26.2 million shares at an average of $52.60.

    $1.4B

  • Buyback · Jun 30, 2026

    Class A shares repurchased in the first half of FY2026 (cash flow statement): 10 million shares retired for $233 million. $269 million of the authorization was left on Jun 30, 2026.

    $241M

Sources (4)
22Governance signals

22Governance signals

What do The Trade Desk's governance filings show?

Auditor
PricewaterhouseCoopers LLP, since 2015
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Since Jan 1, 2025 the company has reimbursed CEO Jeff Green about $1.0 million of legal costs for lawsuits that named him as a defendant in his role as CEO, under his indemnification agreement, according to the 2026 proxy statement. Total PwC fees were $8.67 million for 2025, including $6.67 million of audit fees.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 7, 2026

Flags to know about

  • other · Sep 16, 2025

    One person holds about half the votes

    Class B shares carry 10 votes each. Jeff Green held 49.7% of total votes on Mar 6, 2026. Class B was 9.2% of shares and 50.3% of votes on Jul 31, 2026 (Cityfort calculation from the Q2 FY2026 10-Q cover). Stockholders voted on Sep 16, 2025 to extend Class B's automatic conversion to Dec 22, 2035 (516.0 million votes for, 228.4 million against).

  • regulatory · Dec 9, 2025

    Nasdaq letter of reprimand

    On Dec 9, 2025 Nasdaq issued a letter of reprimand, finding that the Class B conversion-date extension violated its voting-rights rule. Nasdaq closed the matter and the listing was not affected. The company said it does not concur with Nasdaq's view.

  • regulatory · Mar 25, 2026

    Nasdaq notice on board committees

    After two directors resigned on Mar 19 and Mar 23, 2026, Nasdaq notified the company on Mar 25, 2026 that its audit and compensation committees did not meet its rules, with a cure deadline of Sep 21, 2026. Two more directors left effective Apr 3, 2026. Three directors joined between April and July 2026. No 8-K read states that compliance was regained.

  • other · Jul 9, 2026

    Three CFOs in a year

    The CFO role passed from Mr. Schenkein to Mr. Kayyal in August 2025. Mr. Kayyal's employment was terminated on Jan 24, 2026 and Tahnil Davis served as interim CFO. Nate Olmstead became CFO on Jul 9, 2026.

  • other · Oct 19, 2026

    Option repricing and a new CEO option

    On Oct 19, 2026 stockholders approved repricing eligible options over up to 15.58 million shares, with exercise prices of $3.69 to $122.59; only those priced above that day's $12.26 close were cut to $12.26 (441.1 million votes for, 232.5 million against). On Sep 14, 2026 the CEO received an option over 7.0 million shares at $14.97, vesting only if the share price averages $18 to $105 for 20 trading days.

  • other · Nov 15, 2024

    Moved from Delaware to Nevada

    The company reincorporated in Nevada on Nov 15, 2024 (575.1 million votes for, 203.0 million against). A Delaware class action challenging the move was pending as of Aug 6, 2026.

Sources (18)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for The Trade Desk on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: The Trade Desk's Class A shares closed at $12.81 on Nasdaq, from Nasdaq's historical price table. Market value of about $6,019.2 million = $12.81 × 469,880,194 Class A and Class B shares (Jul 31, 2026) (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover); unlisted Class B shares are counted at the Class A price. P/E (price ÷ earnings per share) is 15.3, using diluted EPS of $0.84 for the four quarters to Jun 30, 2026 (Cityfort calculation from the Q3 FY2025 to Q2 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $2,574.4 million at Jun 30, 2026: 2.3. In the same table the highest close from Nov 6, 2025 to Nov 5, 2026 was $45.90 (Nov 6, 2025) and the lowest $11.92 (Oct 6, 2026). Q3 FY2026 results are scheduled for Nov 9, 2026, after this price date.

Share price
$12.81
Market value (market cap)
$6.0B
P/E
15.3×
P/B
2.3×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 469.88 million ($12.81 × 469.88 million shares ≈ $6.0B). Source: Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting; Form 8-K (Items 3.03, 5.03, 5.07): Class B automatic conversion date extended to Dec 22, 2035, filed Sep 17, 2025

Source: TTD historical prices (Nasdaq), daily closes Nov 3, 2025 to Nov 5, 2026; close of Nov 5, 2026; Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026); Q2 2026 earnings release (Form 8-K, Ex. 99.1) and 3 more

Sources (9)
24How it got here

24How it got here

How did The Trade Desk get here?

  1. 2009

    Milestone

    The Trade Desk is founded

    The company was founded in 2009 and is based in Ventura, California.

  2. 2021

    Milestone

    CEO performance option

    In October 2021 the board granted Jeff Green an option that vests only if the share price reaches levels the board set, from $90 to $340. It cost $262 million in FY2022, the year net income fell to $53.4 million.

  3. 2023

    Milestone

    Share buybacks begin

    The company spent $646.6 million on buybacks in FY2023, and $2,503.1 million from FY2023 to mid-2026 (Cityfort calculation from the FY2025 10-K and the Q2 FY2026 earnings release).

  4. 2024

    Milestone

    Reincorporated in Nevada

    The company moved its legal home from Delaware to Nevada on Nov 15, 2024.

  5. 2025

    Crisis

    Revenue misses its own outlook

    Q4 FY2024 revenue of $741.0 million, reported in February 2025, fell short of the at-least-$756 million outlook.

  6. 2025

    Milestone

    Founder control extended to 2035

    Stockholders voted in September 2025 to move Class B's automatic conversion to Dec 22, 2035. Nasdaq reprimanded the company over it in December 2025.

  7. 2026

    Crisis

    Growth slows, staff cut

    Revenue grew 3% in Q2 FY2026. In September 2026 the company announced a plan to cut about 15% of its workforce, and in October stockholders approved an option repricing.

Sources (10)

25Sources and changes

Where every number on this page comes from

Sources (36 documents)
  1. S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2026
  2. S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
  3. S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2023
  4. S5Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  5. S9Q2 2026 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  6. S10Q1 2026 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  7. S11Q4 and full-year 2025 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  8. S12Q3 2025 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  9. S13Q2 2025 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
  10. S14Q1 2025 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  11. S15Q4 and full-year 2024 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
  12. S16Q3 2024 earnings release (Form 8-K, Ex. 99.1) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  13. S17Definitive proxy statement (DEF 14A), 2026 annual meeting · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 9, 2026
  14. S18Definitive proxy statement (DEF 14A), special meeting Oct 19, 2026 (stock option repricing) · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 18, 2026
  15. S19Form 8-K (Items 5.02, 5.07): stock option repricing approved at Oct 19, 2026 special meeting, filed Oct 20, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  16. S20Form 8-K (Item 5.02): CEO performance stock option grant, filed Sep 15, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 15, 2026
  17. S21Form 8-K (Item 2.05): organizational realignment, about 15% workforce reduction, filed Sep 4, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 4, 2026
  18. S22Form 8-K (Items 1.01, 2.03): amended and restated $750 million revolving credit facility, filed Apr 20, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
  19. S23Form 8-K (Items 3.01, 5.02): Nasdaq committee-composition notice; director changes, filed Mar 25, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
  20. S24Form 8-K (Items 2.02, 5.02, 7.01): interim CFO appointed, CFO employment terminated, Q4 2025 guidance reaffirmed, filed Jan 26, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 26, 2026
  21. S25Form 8-K (Item 3.01): Nasdaq letter of reprimand on voting-rights rule, filed Dec 15, 2025 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 15, 2025
  22. S26Form 8-K (Items 3.03, 5.03, 5.07): Class B automatic conversion date extended to Dec 22, 2035, filed Sep 17, 2025 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 17, 2025
  23. S27Form 8-K (Item 5.02): CFO transition (Schenkein to Kayyal), filed Aug 7, 2025 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
  24. S28Form 8-K (Item 5.02): Nate Olmstead appointed CFO effective Jul 9, 2026, filed Jun 1, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 1, 2026
  25. S29Form 8-K (Items 5.07, 8.01): reincorporation from Delaware to Nevada, filed Nov 18, 2024 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 18, 2024
  26. S30Schedule 13G/A, BlackRock, Inc. (event date Sep 30, 2026), filed Oct 5, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  27. S31Schedule 13G, Vanguard Portfolio Management (event date Sep 30, 2026), filed Oct 30, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  28. S32Schedule 13G/A, Vanguard Capital Management (event date Sep 30, 2026), filed Oct 30, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  29. S33Schedule 13G/A, Jeffrey T. Green (event date Mar 31, 2026), filed May 15, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  30. S34Schedule 13G, State Street Corporation (event date Sep 30, 2026), filed Oct 7, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2026
  31. S35TTD historical prices (Nasdaq), daily closes Nov 3, 2025 to Nov 5, 2026; close of Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  32. S36The Trade Desk Announces Date of Third Quarter 2026 Financial Results and Conference Call (press release, Oct 27, 2026) · The Trade Desk, Inc. (investor relations) · Tier 3: context only · Oct 27, 2026
  33. S37Form 8-K (Item 5.02): Penry Price appointed director, effective Jul 9, 2026, filed Jul 13, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 13, 2026
  34. S38Form 8-K (Item 5.02): David Haddad appointed director, effective Jun 11, 2026, filed Jun 9, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
  35. S39Form 8-K (Item 5.02): director Gokul Rajaram to resign effective Apr 3, 2026, filed Mar 9, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 9, 2026
  36. S40Form 8-K (Item 5.02): director Lise J. Buyer to resign effective Apr 3, 2026, filed Apr 6, 2026 · The Trade Desk, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version (US edition), from the FY2022 to FY2025 10-Ks, the 10-Qs to Q2 FY2026, earnings releases from Q3 FY2024 to Q2 FY2026, the 2026 proxy statements, 8-Ks and Schedule 13G filings. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.