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AI核心结论
TTD delivered strong FY2025 revenue growth of 18.5% to $2.90B, expanded operating margins to 20.3%, and generated $993M in operating cash flow, while aggressively returning $1.38B to shareholders via buybacks.
营业收入
$2.9B
同比 ++18.47%
每股收益（基本）
$0.91
同比 ++13.75%
营业利润
$589.32M
同比 ++37.96%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Trade Desk (TTD) FY2025 营收 $2.9B，同比增长 18.5%。 净利润 $443.3M，同比增长 12.8%，稀释每股收益 $0.90。
TTD grew total revenue 18.5% year-over-year to $2.90B in FY2025, up from $2.44B in the prior year, reflecting continued demand for programmatic advertising and connected TV inventory.
来源: Source: 10-K Income Statement
Operating income surged 38.0% to $589M, pushing operating margin from 17.5% to 20.3%, a 2.9 percentage point improvement, demonstrating operating leverage as revenue scaled faster than operating expenses.
来源: Source: 10-K Income Statement
Cost of revenue grew 31.2% to $619M, outpacing revenue growth of 18.5%, which compressed gross margins and signals rising platform infrastructure and data costs as TTD scales its business.
来源: Source: 10-K Income Statement
TTD repurchased $1.38B in shares during FY2025, a 488% increase from $235M in the prior year, which drove a 51.9% decline in cash and equivalents to $658M and a 15.8% reduction in stockholders' equity to $2.48B.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Operating cash flow increased 34.3% to $993M in FY2025, significantly outpacing net income of $443M, reflecting healthy non-cash add-backs including $116M in D&A and favorable working capital dynamics.
来源: Source: 10-K Cash Flow Statement
TTD spent $1.38B on share buybacks in FY2025, causing cash and equivalents to fall 51.9% to $658M. With current liabilities of $3.27B and a current ratio of only 1.61, the company's liquidity cushion has narrowed materially. Continued buybacks at this pace could constrain financial flexibility.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Cost of revenue grew 31.2% in FY2025 versus revenue growth of 18.5%, indicating that gross margins are under pressure. If this trend continues, it could erode the profitability improvements achieved at the operating level. Sustained cost inflation in data, infrastructure, or third-party services poses a structural margin risk.
来源: Source: 10-K Income Statement
Total liabilities rose 16.0% to $3.67B while stockholders' equity declined 15.8% to $2.48B, pushing the debt-to-equity ratio to 1.48. This increasing leverage reduces financial flexibility and could increase refinancing risk if market conditions tighten.
来源: Source: 10-K Balance Sheet
R&D expenses grew 13.3% to $525M in FY2025, representing a significant ongoing investment in platform development. While necessary to maintain competitive differentiation, this level of spending constrains near-term profitability and must be justified by continued revenue growth and market share gains.
来源: Source: 10-K Income Statement
Net income grew only 12.8% to $443M despite operating income growing 38.0%, suggesting significant below-the-line costs such as taxes or interest expense are dampening bottom-line performance. This divergence between operating and net income growth warrants monitoring.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $0.59，分析师一致预期 $0.59，超预期 +0.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.9B | $2.44B | +18.47% |
营业成本 | $619.07M | $472.01M | +31.15% |
营业利润 | $589.32M | $427.17M | +37.96% |
净利润 | $443.3M | $393.08M | +12.78% |
每股收益（基本） | $0.91 | $0.80 | +13.75% |
每股收益（稀释） | $0.90 | $0.78 | +15.38% |
研发费用 | $525.14M | $463.32M | +13.34% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.15B | $6.11B | +0.68% |
流动资产 | $5.26B | $5.34B | -1.41% |
总负债 | $3.67B | $3.16B | +16.00% |
流动负债 | $3.27B | $2.87B | +13.66% |
股东权益 | $2.48B | $2.95B | -15.76% |
现金及等价物 | $658.17M | $1.37B | -51.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $992.72M | $739.46M | +34.25% |
投资活动现金流 | $-292.63M | $-157.51M | -85.78% |
筹资活动现金流 | $-1.41B | $-107.61M | -1211.58% |
股票回购 | $1.38B | $234.78M | +487.95% |
折旧及摊销 | $115.78M | $87.49M | +32.34% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 20.3% | 17.5% | +2.88% |
净利率 | 15.3% | — | — |
净资产收益率 | 17.8% | — | — |
总资产收益率 | 7.2% | — | — |
流动比率 | $1.611 | — | — |
资产负债率 | $1.477 | — | — |
Advertising 行业其他公司
TTD grew revenue 18.5% year-over-year to $2.90B in FY2025, up from $2.44B in FY2024. This growth reflects continued advertiser demand for programmatic advertising solutions on TTD's demand-side platform.
TTD's FY2025 highlights include 18.5% revenue growth to $2.90B, operating margin expansion to 20.3%, and $993M in operating cash flow. The company also executed a massive $1.38B share buyback, though this significantly reduced cash on hand by 51.9% to $658M.
Yes, TTD's operating income grew 38.0% to $589M and operating margin expanded from 17.5% to 20.3% in FY2025. However, net income grew more modestly at 12.8% to $443M, suggesting below-the-line costs such as taxes or interest dampened the bottom-line improvement.
TTD's cash and equivalents fell 51.9% to $658M primarily because the company spent $1.38B on share repurchases in FY2025, a 488% increase from $235M in the prior year. This aggressive capital return program was funded by strong operating cash flow of $993M but still resulted in a net cash outflow.
Key risks include cost of revenue growing faster than revenue (31.2% vs. 18.5%), which is compressing gross margins, and a declining cash balance of $658M against current liabilities of $3.27B. Additionally, the debt-to-equity ratio has risen to 1.48 as buybacks have reduced stockholders' equity by 15.8% to $2.48B.