Trade Desk, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
TTD$15.42+3.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING ACTIVITIES: | |||
| Net income | $443,304 | $393,076 | $178,940 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 115,784 | 87,490 | 80,418 |
| Stock-based compensation expense | 490,627 | 494,699 | 491,621 |
| Deferred income taxes | 167,690 | (76,903) | (61,597) |
| Noncash lease expense | 69,682 | 57,403 | 48,955 |
| Other | (19,237) | (7,028) | (17,419) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (432,718) | (474,227) | (554,012) |
| Prepaid expenses and other current and non-current assets | (76,586) | (38,783) | (26,815) |
| Accounts payable | 291,073 | 298,919 | 475,463 |
| Accrued expenses and other current and non-current liabilities | 6,926 | 46,564 | 35,681 |
| Operating lease liabilities | (63,824) | (41,754) | (52,913) |
| Net cash provided by operating activities | 992,721 | 739,456 | 598,322 |
| INVESTING ACTIVITIES: | |||
| Purchases of investments | (954,273) | (679,539) | (608,379) |
| Maturities of investments | 875,754 | 629,088 | 555,806 |
| Purchases of property and equipment | (197,011) | (98,238) | (46,790) |
| Capitalized software development costs | (12,752) | (8,824) | (8,230) |
| Business acquisition | (4,350) | — | — |
| Net cash used in investing activities | (292,632) | (157,513) | (107,593) |
| FINANCING ACTIVITIES: | |||
| Repurchases of Class A common stock | (1,380,422) | (234,784) | (646,597) |
| Proceeds from exercise of stock options | 23,818 | 216,281 | 60,525 |
| Proceeds from employee stock purchase plan | 42,881 | 49,989 | 38,482 |
| Taxes paid relating to net settlement of restricted stock | (97,654) | (139,095) | (78,516) |
| Net cash used in financing activities | (1,411,377) | (107,609) | (626,106) |
| Increase (decrease) in cash and cash equivalents | (711,288) | 474,334 | (135,377) |
| Cash and cash equivalents—Beginning of year | 1,369,463 | 895,129 | 1,030,506 |
| Cash and cash equivalents—End of year | $658,175 | $1,369,463 | $895,129 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid for income taxes, net of refunds (1) | $150,114 | $158,579 | $151,899 |
| Cash paid for interest | $993 | $986 | $967 |
| Cash paid for operating lease liabilities | $79,362 | $68,378 | $63,256 |
| Operating lease assets obtained in exchange for operating lease liabilities | $150,272 | $132,050 | $27,237 |
| Capitalized assets financed by accounts payable | $104,495 | $20,508 | $4,684 |
| Assets acquired in a business combination, included in other assets, non-current, in exchange for Class A common stock | $10,299 | $— | $— |
| Tenant improvements paid by lessor | $10,608 | $6,869 | $— |
| Stock-based compensation included in capitalized software development costs | $7,756 | $5,623 | $5,328 |
| Repurchases of Class A common stock in accrued expenses and other current liabilities | $9,943 | $1,900 | $903 |
| (1) | Refer to Note 11—Income Taxes for disaggregation of income taxes paid, net of refunds, by jurisdiction. |
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