Filing Flows › Trade Desk (TTD) › Q4 2025
Trade Desk (TTD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Trade Desk (TTD) reported revenue of $847M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +15% from the quarter before. Operating margin was 30.3%, net earnings $187M (22.1% of revenue).
Trade Desk, Q4 2025: revenue $847M (+14% year over year), operating margin 30.3%, net earnings $187M, operating cash flow $312M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $847M | +15% | +14% |
| Operating profit | $257M | +59% | +32% |
| Net earnings | $187M | +62% | +3% |
| Operating cash flow | $312M | +39% | +56% |
| Free cash flow | $285M | +80% | +59% |
What changed
Revenue was $846.8M in Q4 2025, up 14% year over year and up 15% from the previous quarter.
Operating profit was $256.9M, a 30.3% margin (up 4.0 points year over year). Of the extra revenue versus Q4 2024, 58% reached operating profit, above the 26% margin then. Total costs grew 8% against revenue growth of 14%. The fastest-growing cost line was Cost of revenue (+21%). Net earnings were $186.9M, up 3% year over year. The effective tax rate was 30.8%.
Operating cash flow was $311.6M (up 56% year over year), 167% of net earnings. Non-cash charges added back $32.0M of depreciation and amortization and $112.2M of share-based compensation. Working capital and other items used $19.5M. Capital expenditures of $26.3M left free cash flow of $285.3M.
Questions
What was Trade Desk's revenue in the fourth quarter 2025?
Trade Desk (TTD) reported revenue of $847M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +15% from the quarter before.
Was Trade Desk profitable in the fourth quarter 2025?
Operating profit was $257M (30.3% of revenue) and net earnings $187M.
Source: Trade Desk 10-K on SEC EDGAR.