The Trade Desk, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 86% and Outside the United States was 14% of revenue.

Quarters: The Trade Desk, Inc.'s SEC filings, named by the month they end. Fiscal years: The Trade Desk, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $15.3 ends up as net income. Net margin rose from 3.4% to 15.3% over the past 3 years.

Circled: Mar 2023 (net 2.4%, operating −6.1%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: The Trade Desk, Inc.'s annual reports to the SEC; quarters: SEC filings.

How much does it spend on building?

The Trade Desk spent $253M on property and equipment in the four quarters to Sep 2026, 8.5% of its revenue, against 6.8% a year earlier. That is 23% of the cash its operations brought in.

From The Trade Desk, Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

How much goes into research?

The Trade Desk spent $561M on research and development in the four quarters to Sep 2026, 18.8% of its revenue, against 18.7% a year earlier. Over the year its research spending rose 7.4% and its revenue rose 7.0%.

From The Trade Desk, Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report The Trade Desk buys from Alphabet.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet

Marvell Technology MRVLto Alphabet

Show 3

Suppliers

Alphabet GOOGL

 

TTDThe Trade Desk

The Trade Desk's 10-K for the year to Dec 2025 gives the share of revenue of a group of customers, not of any one: Two Holding Companies (30%).

From The Trade Desk, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Only the companies The Trade Desk names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 22.8x, below the peer median of 81.3x, with earnings still growing.

Priced 72% below the peer median of 81.3x.

At 22.8× trailing earnings TTD is below most of its five-year range; the five-year median is 205×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $13.57, 12% below the current price; 14% of 36 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 5 analysts (14%). Sell or Strong Sell: 8.

Over the past year the average of the analysts' latest price targets went from $71.44 to $14.31 (−80%), while TTD went from $42.87 to $15.47 (−64%). In the past three months targets were raised 3 times and cut once. 2 upgrades and 18 downgrades over the year; the latest: DA Davidson moved it to Neutral from Buy on Aug 10, 2026.

The day after each of these reports the stock moved −4.0% (Dec 2025, beat); −3.9% (Mar 2026, missed); −27.2% (Jun 2026, missed); +19.3% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.29 a share, 51% less than the $0.59 of a year earlier, and revenue of $752M, down 11% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $2.6B, down 8% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $860M in free cash flow over the year, of which $660M went back to shareholders (dividends plus buybacks), leaving $200M in the company.

The Trade Desk had 470M diluted shares in the quarter ended Sep 2026, 4.6% fewer than a year earlier, and 1.0% fewer each year on average since Jun 2021. It spent $664M on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 21.8% and its net income fell 24.9%: fewer shares added about 3 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves TTD out (on the exchange, not in the app yet): Coatue Management, Canada Pension Plan Investment Board, Rob Bresnahan, Swiss National Bank, Norges Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held TTD at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 4 cut, 1 sold all and 1 held the same. The largest of them is Renaissance Technologies, 7.76M shares worth $94.5M at Sep 30, 2026, 10.5% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TTD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $148M and sold $5.8M of TTD on the open market in the 12 months to Nov 12, 2026. The largest was Jeffrey Terry Green (President and CEO; director), who bought $148M in 4 purchases.

From the Form 4s filed with the SEC about The Trade Desk, Inc. (46 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 94 other transactions (grants, shares withheld for tax, gifts and other transfers).