The Trade Desk (TTD) FY2025 10-K Annual Report
The Trade Desk (TTD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
The Trade Desk FY2025 10-K Analysis
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
- • Strategic emphasis on localized product updates and marketing in less mature markets to drive global expansion and user engagement
- • Employee count grew to approximately 8,200 in 2025 with an additional 13,000 third-party workers supporting community contacts
- • Completed major technology stack rebuild in 2025, enhancing scalability, AI integration, and platform stability for faster innovation and trust improvements
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
- • Best segment Latin America revenue $1.16B (+20%), worst North America revenue $5.2B (+4%) — largest regional revenue but slowest growth
- • Operating cash flow $4.6B (+3%), free cash flow $4.6B with $3.8B of share repurchases completed, $5.6B repurchase capacity remaining
- • Management sees macroeconomic and geopolitical risks (inflation, currency, tariffs) as uncertain future impact; no material effect to date
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
- • Operational dependency on third-party support providers and AI-driven customer service expansion, risking quality deterioration and rising costs
- • Competitive threat from search engines like Google potentially disintermediating platform traffic and leveraging own travel services
- • Financial risk from managing substantial customer funds; failure in internal controls or regulatory compliance could lead to penalties and reputational damage
The Trade Desk FY2025 Key Financial MetricsXBRL
Revenue
$12.2B
▲ +10.3% YoY
Net Income
$2.5B
▼ -5.2% YoY
Operating Margin
20.8%
▼ -221bp YoY
Net Margin
20.5%
▼ -334bp YoY
ROE
30.6%
▼ -85bp YoY
Total Assets
$22.2B
▲ +6.0% YoY
Operating Cash Flow
$4.6B
▲ +2.8% YoY
Source: XBRL data from The Trade Desk FY2025 10-K filing on SEC EDGAR. All figures in USD.
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