The Trade Desk Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	438.58	393.08	178.94	53.39	137.76	242.32
Depreciation & Amortization	91.94	71.49	66.42	47.43	37.22	22.63
Other Amortization	16	16	14	7	5	6
Stock-Based Compensation	507.68	494.7	491.62	498.64	337.41	111.78
Provision & Write-off of Bad Debts	1.51	0.85	2.96	3.2	1.46	3.15
Other Operating Activities	98.55	-27.38	-33.02	33.23	29.34	4.24
Change in Accounts Receivable	-497.57	-474.23	-554.01	-291.75	-444.34	-418.05
Change in Accounts Payable	332.13	298.92	475.46	187.12	309.41	481.31
Change in Other Net Operating Assets	-108.29	-33.97	-44.05	10.48	-34.75	-48.3
Operating Cash Flow	880.53	739.46	598.32	548.73	378.51	405.07
Operating Cash Flow Growth	39.51%	23.59%	9.04%	44.97%	-6.56%	572.82%
Capital Expenditures	-190.88	-98.24	-46.79	-84.16	-54.8	-74.06
Cash Acquisitions	-4.35	-	-	-	-13.26	-
Sale (Purchase) of Intangibles	-11.21	-8.82	-8.23	-7.73	-5.17	-6.05
Investment in Securities	-267.67	-50.45	-52.57	-212.49	-20.4	-63.16
Investing Cash Flow	-474.11	-157.51	-107.59	-304.37	-93.64	-143.27
Short-Term Debt Issued	-	-	-	-	-	143
Total Debt Issued	-	-	-	-	-	143
Short-Term Debt Repaid	-	-	-	-	-	-143
Total Debt Repaid	-	-	-	-	-	-143
Issuance of Common Stock	161.19	266.27	99.01	80.59	90.71	97.82
Repurchase of Common Stock	-1,136	-373.88	-725.11	-48.6	-56.86	-53.14
Other Financing Activities	-	-	-	-	-1.92	-
Financing Cash Flow	-974.76	-107.61	-626.11	31.99	31.93	44.68
Net Cash Flow	-568.34	474.33	-135.38	276.35	316.8	306.48
Free Cash Flow	689.66	641.22	551.53	464.57	323.71	331.01
Free Cash Flow Growth	30.63%	16.26%	18.72%	43.52%	-2.21%	1250.39%
Free Cash Flow Margin	24.71%	26.23%	28.34%	29.45%	27.05%	39.59%
Free Cash Flow Per Share	1.38	1.28	1.10	0.93	0.65	0.68
Cash Interest Paid	0.99	0.99	0.97	1	0.52	1.55
Cash Income Tax Paid	158.58	158.58	151.9	4.21	3.61	4.98
Levered Free Cash Flow	543.6	613.52	585.07	483.28	270.78	179.4
Unlevered Free Cash Flow	544.56	614.46	586.11	485.79	271.42	179.4
Change in Working Capital	-273.74	-209.28	-122.6	-94.15	-169.68	14.96

Source: S&P Global Market Intelligence. Standard template. Financial Sources.