Trade Desk (The) (TTD) FY2025 10-K Annual Report
Filed: Feb 27, 2026
Information Technology
Services-Computer Programming, Data Processing, Etc.SEC EDGAR Trade Desk (The) (TTD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 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.
Trade Desk (The) FY2025 10-K Analysis
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)
- • Concentrated client risk emerged: two holding companies each exceeded 10% of gross billings in FY2025, vs only one in FY2024
- • 3,843 full-time employees across 21 countries; workforce split ~63% North America, 20% EMEA, 17% APAC
- • Customer retention rate exceeded 95% for over a decade — notable given two clients now represent outsized gross billing concentration
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%
- • Platform operations fastest-growing cost segment, up $147M (+31%); G&A only declining segment, down $17M (-3%) due to $48M lower stock-based compensation
- • Operating cash flow $993M vs $739M; capex $197M on property/equipment; $1.4B in share buybacks (26.2M shares retired); $500M repurchase authorization added Feb 2026
- • Risks flagged: macroeconomic uncertainty, rising data center component prices, and increased legal/regulatory expenses; CEO Performance Option SBC fully recognized by Q1 2026
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
- • Google simultaneously largest ad inventory supplier AND primary competitor — unilateral access restriction could severely impact platform inventory
- • AI competitive threat unquantified but named as key risk; rivals implementing superior AI could erode TTD's DSP differentiation
- • Key-person dependency on CEO Jeff Green; no fixed-term employment contracts for any executives
Trade Desk (The) FY2025 Key Financial MetricsXBRL
Revenue
$2.9B
▲ +18.5% YoY
Net Income
$443M
▲ +12.8% YoY
Operating Margin
20.3%
▲ +288bp YoY
Net Margin
15.3%
▼ -77bp YoY
ROE
17.8%
▲ +452bp YoY
Total Assets
$6.2B
▲ +0.7% YoY
EPS (Diluted)
$0.90
▲ +15.4% YoY
Operating Cash Flow
$993M
▲ +34.3% YoY
Source: XBRL data from Trade Desk (The) FY2025 10-K filing on SEC EDGAR. All figures in USD.
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