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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	432.62	443.3	393.08	178.94	53.39	137.76
Depreciation & Amortization	123.23	115.78	87.49	80.42	54.43	42.22
Stock-Based Compensation	471.42	490.63	494.7	491.62	498.64	337.41
Other Adjustments	75.33	218.14	-26.53	-30.06	36.43	30.8
Change in Receivables	-285.77	-432.72	-474.23	-554.01	-291.75	-444.34
Changes in Accounts Payable	246.35	291.07	298.92	475.46	187.12	309.41
Changes in Accrued Expenses	-98.22	-56.9	4.81	-17.23	-40.18	-36.39
Changes in Other Operating Activities	-38.07	-76.59	-38.78	-26.82	50.66	1.65
Operating Cash Flow	1,093	992.72	739.46	598.32	548.73	378.51
Operating Cash Flow Growth	29.30%	34.25%	23.59%	9.04%	44.97%	-6.56%
Capital Expenditures	-250.64	-197.01	-98.24	-46.79	-84.16	-54.8
Purchases of Intangible Assets	-13.12	-12.75	-8.82	-8.23	-7.73	-5.17
Purchases of Investments	-844.75	-954.27	-679.54	-608.38	-553.3	-278.39
Proceeds from Sale of Investments	948.94	875.75	629.09	555.81	340.81	257.98
Payments for Business Acquisitions	-	-4.35	-	-	-	-13.26
Investing Cash Flow	-159.58	-292.63	-157.51	-107.59	-304.37	-93.64
Short-Term Debt Issued	37.12	-	-	-	-	-
Net Short-Term Debt Issued (Repaid)	37.12	-	-	-	-	-
Issuance of Common Stock	44.63	66.7	266.27	99.01	80.59	90.71
Repurchase of Common Stock	-1,235	-1,478	-373.88	-725.11	-48.6	-56.86
Net Common Stock Issued (Repurchased)	-1,190	-1,411	-107.61	-626.11	31.99	33.85
Other Financing Activities	-	-	-	-	-	-1.92
Financing Cash Flow	-1,174	-1,411	-107.61	-626.11	31.99	31.93
Net Cash Flow	-240.17	-711.29	474.33	-135.38	276.35	316.8
Free Cash Flow	842.45	795.71	641.22	551.53	464.57	323.71
Free Cash Flow Growth	5.88%	24.09%	16.26%	18.72%	43.52%	-2.21%
FCF Margin	28.37%	27.47%	26.23%	28.34%	29.44%	27.06%
Free Cash Flow Per Share	1.73	1.61	1.28	1.10	0.93	0.65
Levered Free Cash Flow	452.4	519.67	647.27	643.98	221.25	399.84
Unlevered Free Cash Flow	375.78	472.94	585.18	598.9	215.5	402.98

SEC Filings: 10-K · 10-Q