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Trade Desk cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$140M in Q2 2026 · $863M over twelve months

Operating cash flow$154M
Capital spending−$13.2M
Free cash flow+$140M
Cash / net income2.4×
Cash conversion cycle-867 days

Analysis

In Q2 2026, Trade Desk generated $154M of operating cash flow and spent $13.2M on capital projects, leaving free cash flow of $140M. That is $20.6M more than in Q2 2025 ($120M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.1B; the largest uses were buybacks ($975M), capital spending ($219M), taxes on employees’ shares ($61.4M); besides operations, cash came from other investing ($437M), shares issued ($14.4M); the cash balance rose by $227M.

Operating cash flow was $154M against net income of $64.4M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: payables −$149M, receivables +$119M, stock-based pay +$110M.

Its cash conversion cycle was -867 days (receivables 415 + inventory 0 − payables 1282): suppliers fund its working capital.

Free cash flow

Trade Desk: free cash flow by quarterTrade Desk: free cash flow by quarter$225MQ3 2024$179MQ4 2024$232MQ1 2025$120MQ2 2025$158MQ3 2025$285MQ4 2025$279MQ1 2026$140MQ2 2026
Operating cash flow less capital spending.
Trade Desk: operating cash flow against capital spendingTrade Desk: operating cash flow against capital spendingOperating cash flowCapital spending$273M$48.7MQ3 2024$199M$20.2MQ4 2024$291M$59.1MQ1 2025$165M$45.2MQ2 2025$225M$66.3MQ3 2025$312M$26.3MQ4 2025$392M$113MQ1 2026$154M$13.2MQ2 2026
Latest (Q2 2026): Operating cash flow $154M, Capital spending $13.2M.

Capital allocation, year by year

Trade Desk: where the cash came from (up) and went (down), by fiscal yearTrade Desk: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $379MFY2021: Shares issued $61.5MFY2021: Capital spending −$54.8MFY2021: Acquisitions −$13.3M$440MFY2021FY2022: Operating cash flow $549MFY2022: Shares issued $47.5MFY2022: Capital spending −$84.2M$596MFY2022FY2023: Operating cash flow $598MFY2023: Shares issued $60.5MFY2023: Capital spending −$46.8MFY2023: Buybacks −$647M$659MFY2023FY2024: Operating cash flow $739MFY2024: Shares issued $216MFY2024: Capital spending −$98.2MFY2024: Buybacks −$235M$956MFY2024FY2025: Operating cash flow $993MFY2025: Shares issued $23.8MFY2025: Capital spending −$197MFY2025: Acquisitions −$4.3MFY2025: Buybacks −$1.4B$1.0BFY2025
Over these 5 years operating cash flow totalled $3.3B; the largest uses were buybacks ($2.3B) and capital spending ($481M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debtnone
Net cash$1.5B

Trade Desk funds itself: free cash flow was $863M over the last twelve months, with $1.5B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Trade Desk: sources (+) and uses (−) of cash, Q2 2026Trade Desk: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$245MOther investing$178MOperating cash flow$154MBuybacks−$77.8MCapital spending−$13.2MOther financing$11.9MTaxes on employees’ shares−$10.2MShares issued$2.6M
Trade Desk: sources (+) and uses (−) of cash, TTM to Q2 2026Trade Desk: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$1.1BBuybacks−$975MOther investing$437MCash drawn (+) / kept (−)−$227MCapital spending−$219MTaxes on employees’ shares−$61.4MOther financing−$51.9MShares issued$14.4M

From profit to cash

Trade Desk: net income to operating cash flow, Q2 2026Trade Desk: net income to operating cash flow, Q2 2026Net income$64.4MDepreciation & amortization$30.1MStock-based pay$110MOther non-cash−$1.5MReceivables$119MPayables−$149MAccrued liabilities−$7.9MPrepaid and other assets$1.2MOperating cash flow$154M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026415—1282-867
Q1 2026463—1395-931
Q4 2025394—1627-1233
Q3 2025419—1556-1137
Q2 2025413—1544-1130
Q1 2025466—1585-1118
Q4 2024392—1714-1322
Q3 2024432—1780-1348

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$154M−$13.2M—−$77.8M$2.6M−$245M$140M
Q1 2026$392M−$113M—−$164M$2.1M−$220M$279M
Q4 2025$312M−$26.3M—−$423M$3.5M−$5.0M$285M
Q3 2025$225M−$66.3M—−$310M$6.2M$243M$158M
Q2 2025$165M−$45.2M—−$261M$6.1M$222M$120M
Q1 2025$291M−$59.1M−$4.3M−$386M$7.9M$251M$232M
Q4 2024$199M−$20.2M—−$57.4M$88.6M−$148M$179M
Q3 2024$273M−$48.7M—−$52.1M$89.5M−$212M$225M

Trade Desk: income statement and cash flow

Trade Desk, Q2 2026: revenue $715M (+3% year over year), operating margin 14.2%. The chart follows the revenue to costs, profit and cash.

Trade Desk: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.