The Trade Desk, Inc. (TTD) Balance Sheet
TTD balance sheet, 2025
December 31, 2025 · U.S. dollars$6.15B assets = $3.67B liabilities + $2.48B equity
Both columns are drawn to the same scale: what TTD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TTD financial health
Descriptive bands, not a rating. Fiscal 2025.
TTD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $537.6M2016 | $6.15B2025 | +31.1%/yr | |
| Total liabilities | $373.2M2016 | $3.67B2025 | +28.9%/yr | |
| Shareholders’ equity | $164.4M2016 | $2.48B2025 | +35.2%/yr | |
| Cash & short-term investments | $133.4M2016 | $1.30B2025 | +28.8%/yr | |
| Total debt | $25.8M2016 | $436.3M2025 | +36.9%/yr | |
| Net cash (debt) | $107.6M2016 | $866.7M2025 | +$759.2M | |
| Working capital | $172.3M2016 | $2.00B2025 | +$1.8B | |
| Book value per share | $0.902016 | $5.152025 | +21.4%/yr | |
| Current ratio | 1.502016 | 1.612025 | +0.11 | |
| Debt / equity | 0.162016 | 0.182025 | +0.02 | |
| Shares outstanding | 182.8M2016 | 482.7M2025 | +11.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TTD assets
TTD liabilities and equity
TTD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TTD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.30B | $1.92B | $1.38B | $1.45B | $958.8M | $624.0M | $255.0M | $207.2M | $155.9M | $133.4M |
| Cash & equivalents | $658.2M | $1.37B | $895.1M | $1.03B | $754.2M | $437.4M | $130.9M | $207.2M | $155.9M | $133.4M |
| Short-term investments | $644.9M | $552.0M | $485.2M | $416.1M | $204.6M | $186.7M | $124.1M | — | $0 | $0 |
| Receivables | $3.95B | $3.33B | $2.87B | $2.35B | $2.02B | $1.58B | $1.17B | $834.8M | $599.6M | $377.2M |
| Inventory | $0 | $0 | $1 | $1 | $1 | $0 | $1 | $0 | $0 | $0 |
| Other current assets | $12.8M | $84.6M | $63.4M | $51.8M | $112.1M | $102.2M | $27.9M | $14.5M | $10.3M | $5.8M |
| Total current assets | $5.26B | $5.34B | $4.31B | $3.85B | $3.09B | $2.31B | $1.45B | $1.06B | $765.8M | $516.4M |
| Property, plant & equipment (net) | $738.9M | $473.1M | $359.2M | $394.2M | $369.9M | $364.0M | $237.5M | $33.0M | $17.4M | $14.8M |
| Goodwill & intangible assets | $19.9M | $14.6M | $16.9M | $18.5M | $14.3M | $11.5M | $9.1M | $8.1M | $4.4M | $2.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $133.4M | $287.8M | $198.7M | $122.4M | $101.4M | $67.8M | $33.0M | $20.2M | $9.5M | $3.7M |
| Total assets | $6.15B | $6.11B | $4.89B | $4.38B | $3.58B | $2.75B | $1.73B | $1.12B | $797.2M | $537.6M |
| Liabilities | ||||||||||
| Accounts payable | $3.01B | $2.63B | $2.32B | $1.87B | $1.66B | $1.35B | $868.6M | $669.1M | $490.4M | $321.2M |
| Short-term debt | $76.4M | $64.5M | $55.5M | $52.4M | $46.1M | $37.9M | $14.6M | — | $27.0M | $25.8M |
| Deferred revenue | — | — | −$193.5M | $94.0M | — | — | — | — | — | — |
| Total current liabilities | $3.27B | $2.87B | $2.51B | $2.03B | $1.80B | $1.47B | $930.4M | $714.0M | $518.5M | $344.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $27.0M | $25.8M |
| Lease obligations | $436.3M | $312.2M | $235.9M | $261.0M | $284.6M | $292.4M | $189.4M | — | — | — |
| Other long-term liabilities | $402.8M | $289.3M | $213.6M | $236.0M | $246.7M | $265.8M | $185.9M | $9.3M | $6.0M | $3.2M |
| Total liabilities | $3.67B | $3.16B | $2.72B | $2.27B | $2.05B | $1.74B | $1.12B | $723.3M | $551.6M | $373.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | — | $0 | −$537.6M |
| Retained earnings (deficit) | −$590.9M | $354.2M | $197.0M | $665.5M | $612.1M | $474.4M | $232.4M | $124.1M | $36.0M | −$14.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | — | $0 | $0 | −$15.7M | −$8.9M | −$3.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.48B | $2.95B | $2.16B | $2.12B | $1.53B | $1.01B | $612.5M | $394.6M | $245.6M | $164.4M |
| Key figures | ||||||||||
| Total debt | $436.3M | $312.2M | $235.9M | $261.0M | $284.6M | $292.4M | $189.4M | — | $27.0M | $25.8M |
| Net cash (debt) | $866.7M | $1.61B | $1.14B | $1.19B | $674.2M | $331.6M | $65.5M | — | $128.9M | $107.6M |
| Working capital | $2.00B | $2.46B | $1.80B | $1.82B | $1.29B | $835.6M | $518.8M | $342.5M | $247.3M | $172.3M |
| Tangible book value | $2.46B | $2.93B | $2.15B | $2.10B | $1.51B | $1.00B | $603.4M | $386.5M | $241.2M | $161.6M |
| Book value per share | $5.15 | $5.88 | $4.33 | $4.23 | $3.06 | $2.07 | $1.28 | $0.86 | $0.56 | $0.90 |
| Shares outstanding | 482.7M | 501.9M | 500.2M | 499.9M | 498.5M | 489.9M | 478.1M | 457.9M | 440.6M | 182.8M |
| Current ratio | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 | 1.57 | 1.56 | 1.48 | 1.48 | 1.50 |
| Quick ratio | 1.61 | 1.83 | 1.69 | 1.87 | 1.65 | 1.50 | 1.53 | 1.46 | 1.46 | 1.48 |
| Debt / equity | 0.18 | 0.11 | 0.11 | 0.12 | 0.19 | 0.29 | 0.31 | — | 0.11 | 0.16 |
| Equity / assets | 40.4% | 48.3% | 44.3% | 48.3% | 42.7% | 36.8% | 35.4% | 35.3% | 30.8% | 30.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.49B | $1.41B | $1.30B | $1.45B | $1.69B | $1.74B | $1.92B | $1.73B | $1.51B | $1.42B | $1.38B | $1.52B |
| Cash & equivalents | $1.12B | $878.4M | $658.2M | $653.1M | $896.4M | $1.12B | $1.37B | $1.22B | $1.01B | $918.2M | $895.1M | $1.07B |
| Short-term investments | $362.4M | $527.5M | $644.9M | $792.3M | $790.9M | $621.8M | $552.0M | $510.3M | $497.2M | $501.4M | $485.2M | $450.1M |
| Receivables | $3.20B | $3.32B | $3.95B | $3.60B | $3.25B | $3.05B | $3.33B | $2.99B | $2.91B | $2.62B | $2.87B | $2.43B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$110.8M | $1 | $1 | $0 |
| Other current assets | $129.7M | $132.1M | $12.8M | $78.5M | $111.5M | $64.0M | $84.6M | $117.2M | $221.6M | $57.6M | $63.4M | $57.9M |
| Total current assets | $4.82B | $4.86B | $5.26B | $5.12B | $5.05B | $4.86B | $5.34B | $4.84B | $4.52B | $4.10B | $4.31B | $4.01B |
| Property, plant & equipment (net) | $790.4M | $715.7M | $738.9M | $609.6M | $579.3M | $530.1M | $473.1M | $440.4M | $421.3M | $352.4M | $359.2M | $361.4M |
| Goodwill & intangible assets | $0 | $0 | $19.9M | $0 | $0 | $0 | $14.6M | $0 | $0 | $0 | $16.9M | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $158.2M | $157.1M | $133.4M | $210.5M | $324.8M | $319.0M | $287.8M | $226.5M | $215.8M | $215.0M | $198.7M | $145.2M |
| Total assets | $5.76B | $5.73B | $6.15B | $5.94B | $5.96B | $5.71B | $6.11B | $5.51B | $5.16B | $4.66B | $4.89B | $4.52B |
| Liabilities | ||||||||||||
| Accounts payable | $2.56B | $2.63B | $3.01B | $2.76B | $2.72B | $2.40B | $2.63B | $2.41B | $2.34B | $2.09B | $2.32B | $1.97B |
| Short-term debt | $80.9M | $77.5M | $76.4M | $73.1M | $72.4M | $72.3M | $64.5M | $62.9M | $61.6M | $57.2M | $55.5M | $57.9M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$181.8M | — | — | — |
| Total current liabilities | $2.79B | $2.89B | $3.27B | $2.99B | $2.95B | $2.68B | $2.87B | $2.62B | $2.52B | $2.28B | $2.51B | $2.15B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $434.1M | $423.6M | $436.3M | $376.0M | $343.5M | $335.0M | $312.2M | $293.2M | $264.3M | $237.7M | $235.9M | $248.1M |
| Other long-term liabilities | $396.4M | $390.5M | $402.8M | $344.8M | $313.0M | $306.7M | $289.3M | $264.5M | $236.1M | $213.9M | $213.6M | $217.8M |
| Total liabilities | $3.19B | $3.28B | $3.67B | $3.34B | $3.26B | $2.99B | $3.16B | $2.88B | $2.75B | $2.50B | $2.72B | $2.36B |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$719.5M | −$725.0M | −$590.9M | −$364.4M | −$162.4M | $4.5M | $354.2M | $228.7M | $188.4M | $103.2M | $197.0M | $320.4M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $2.57B | $2.45B | $2.48B | $2.60B | $2.70B | $2.72B | $2.95B | $2.63B | $2.41B | $2.17B | $2.16B | $2.16B |
| Key figures | ||||||||||||
| Total debt | $434.1M | $423.6M | $436.3M | $376.0M | $343.5M | $335.0M | $312.2M | $293.2M | $264.3M | $237.7M | $235.9M | $248.1M |
| Net cash (debt) | $1.05B | $982.3M | $866.7M | $1.07B | $1.34B | $1.41B | $1.61B | $1.44B | $1.24B | $1.18B | $1.14B | $1.27B |
| Working capital | $2.02B | $1.97B | $2.00B | $2.13B | $2.10B | $2.17B | $2.46B | $2.22B | $2.00B | $1.81B | $1.80B | $1.87B |
| Tangible book value | $2.57B | $2.45B | $2.46B | $2.60B | $2.70B | $2.72B | $2.93B | $2.63B | $2.41B | $2.17B | $2.15B | $2.16B |
| Book value per share | $5.48 | $5.14 | $5.15 | $5.28 | $5.44 | $5.40 | $5.82 | $5.22 | $4.81 | $4.35 | $4.33 | $4.29 |
| Shares outstanding | 469.9M | 476.9M | 482.7M | 493.0M | 495.8M | 502.9M | 506.8M | 502.6M | 500.0M | 498.2M | 499.7M | 501.9M |
| Current ratio | 1.72 | 1.68 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 | 1.87 |
| Quick ratio | 1.68 | 1.64 | 1.61 | 1.68 | 1.68 | 1.79 | 1.83 | 1.81 | 1.75 | 1.77 | 1.69 | 1.84 |
| Debt / equity | 0.17 | 0.17 | 0.18 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 |
| Equity / assets | 44.7% | 42.8% | 40.4% | 43.8% | 45.2% | 47.6% | 48.3% | 47.7% | 46.6% | 46.5% | 44.3% | 47.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
TTD financial position
At the end of fiscal 2025 (December 31, 2025), Trade Desk had total assets of $6.2 billion (up 0.7% from a year earlier), total liabilities of $3.7 billion and shareholders' equity of $2.5 billion. It held $1.3 billion in cash and short-term investments against $436.3 million of debt, a net cash position of $866.7 million. Its current ratio was 1.61. In the latest quarter (ended June 30, 2026) total assets were $5.8 billion and equity $2.6 billion.
Related: TTD income statement, TTD cash flow statement, TTD key metrics. See the TTD stock overview for the latest quote and news.
TTD balance sheet FAQ
What are Trade Desk's total assets?
Trade Desk reported total assets of $6.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.1 billion a year earlier.
How much debt does Trade Desk have?
Trade Desk had $436.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.18.
How much cash does Trade Desk have?
Trade Desk held $1.3 billion in cash and short-term investments at the end of fiscal 2025; with $436.3 million of debt that is net cash of $866.7 million.
What is Trade Desk's book value?
Trade Desk's shareholders' equity (book value) was $2.5 billion at the end of fiscal 2025, or $5.15 per share.
What is Trade Desk's current ratio?
Trade Desk had current assets of $5.3 billion and current liabilities of $3.3 billion, a current ratio of 1.61 (it can cover its short-term obligations).
How much goodwill does Trade Desk have?
Trade Desk carried $19.9 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.