TTD The Trade Desk
FY2025 10-K
The Trade Desk (TTD) filed its fiscal year 2025 10-K annual report with the SEC on Feb 12, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Global marketplace connecting guests with unique stays, experiences, and services across 220+ countries and regions
- • Introduced Airbnb Services and redesigned experiences in May 2025 to expand offerings beyond traditional travel accommodations
Management Discussion & Analysis
- • Revenue $12.2B, up 10% YoY (+$1.1B), driven by Nights and Seats Booked growth and 3% ADR increase
- • Net income $2.5B, down 5% YoY; net margin 21% vs 24% due to higher compensation, marketing, and lower interest income
Risk Factors
- • Regulatory risk from insurance laws impacting Host Damage Protection program; potential coverage denials, premium increases, and insolvent insurers affecting cost and liability
- • Macroeconomic exposure to global travel downturns; 61% of revenue outside U.S. vulnerable to economic, political, and pandemic disruptions
Financial SummaryXBRL
Revenue
$12.2B
Net Income
$2.5B
Operating Margin
20.8%
Net Margin
20.5%
ROE
30.6%
Total Assets
$22.2B
Operating Cash Flow
$4.6B
Source: XBRL data from The Trade Desk FY2025 10-K filing on SEC EDGAR. All figures in USD.
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