The Trade Desk (TTD) 10-K Summary — Year Ended Dec 31, 2025
The filing covers The Trade Desk's fiscal year 2025 operations and financial results. The company reported revenue growth and positive operating and net income for the year.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The filing covers The Trade Desk's fiscal year 2025 operations and financial results. The company reported revenue growth and positive operating and net income for the year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$2.9B
Revenue reported for the fiscal year.
Operating income
$589.3M
Income from operations reported for the year.
Net income
$443.3M
Net income reported for the year.
Operating cash flow
$992.7M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $1.6B | +31.9% |
| Dec 31, 2023 | $1.9B | +23.3% |
| Dec 31, 2024 | $2.4B | +25.6% |
| Dec 31, 2025 | $2.9B | +18.5% |
Business overview
The Trade Desk operates as a technology platform for advertising buyers, enabling them to manage digital advertising campaigns across various channels. The filing describes the business in Item 1 and addresses risk factors, cybersecurity, and management's discussion of financial condition.
Financial performance
Revenue increased from the prior year, continuing a multi-year growth trend. Operating income and net income were reported as positive, and operating cash flow was also positive for the year.
Material risks
The filing includes a dedicated risk factors section (Item 1A) covering various business and operational risks. Specific risks mentioned include restrictions on dividend payments under the credit facility and potential impacts from unresolved staff comments.
Liquidity and capital
The company has an active share repurchase program authorized by the board, and repurchased shares during the last three months of the fiscal year. The credit facility contains restrictions on paying dividends.
What to watch
The company's ability to continue its revenue growth trajectory in the next filing, given the multi-year pattern of decelerating percentage increases.