TTD Trade Desk (The)
FY2025 10-K
Filed: Feb 27, 2026
Information Technology
Services-Computer Programming, Data Processing, Etc.SEC EDGAR Trade Desk (The) (TTD) filed its fiscal year 2025 10-K annual report with the SEC on Feb 27, 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
- • Buy-side independent DSP charging platform fees (% of client spend) across omnichannel programmatic advertising on $700B+ global digital ad market
- • New tools emphasized: Audience Unlimited (AI agentic data buying), OpenSincera (open-source supply chain transparency across 430,000 publishers), PubDesk (publisher inventory dashboard)
Management Discussion & Analysis
- • Revenue $2.90B, up $451M (+18%) YoY; gross spend $13.4B, up 11% driven by new/existing client campaigns and higher value-added services utilization
- • Operating margin 20.3% vs 17.5% YoY; Adjusted EBITDA $1.20B vs $1.01B; effective tax rate jumped to 33% vs 23%
Risk Factors
- • FTC enforcement under Section 5 of FTC Act targeting data brokers + privacy suits filed against TTD in Northern District of California in March 2025
- • Two unnamed holding companies each exceeded 10% of gross billings in 2025 — loss of either would materially cut revenue
Financial SummaryXBRL
Revenue
$2.9B
Net Income
$443M
Operating Margin
20.3%
Net Margin
15.3%
ROE
17.8%
Total Assets
$6.2B
EPS (Diluted)
$0.90
Operating Cash Flow
$993M
Source: XBRL data from Trade Desk (The) FY2025 10-K filing on SEC EDGAR. All figures in USD.
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