Short answer
Trade Desk (The) (TTD) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $2.9B (+18.5% year over year) and net income of $443M.
- Top risk flagged: FTC enforcement under Section 5 of FTC Act targeting data brokers + privacy suits filed against TTD in Northern District of California in March 2025
FY2025 key financial metrics · XBRL
- Revenue
- $2.9B
- +18.5% YoY
- Net income
- $443M
- +12.8% YoY
- Operating margin
- 20.3%
- +2.9 pp YoY
- EPS (diluted)
- $0.90
- +15.4% YoY
- ROE
- 17.8%
- +4.5 pp YoY
- Operating cash flow
- $993M
- +34.3% YoY
Source: XBRL data from the Trade Desk (The) (TTD) FY2025 10-K on SEC EDGAR. USD.
Trade Desk (The) FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.