Trade Desk, Inc（TTD）の決算・業績分析
Trade Desk, Incの2025年有価証券報告書をAI分析。売上高$2.9B(+18.5%)。営業利益$589M。Information Technology。
目次
Trade Desk, Incの2025年度 業績サマリー
Trade Desk, Inc（証券コード: TTD）の2025年度決算・業績分析。売上高は$2.9B（前年比+18.5%）。営業利益は$589M（前年比+38.0%）。純利益は$443M（前年比+12.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Trade Desk, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 31.9% YoY to $1.6B (XBRL), but net income fell 61.2% YoY to $53M (XBRL).
- Operating margin declined to 7.2% (XBRL), while cash reserves reached $895M (XBRL).
- R&D expenses surged to $320M (XBRL), reflecting heavy investment in platform innovation.
Trade Desk, Incの売上高変化の要因
- •Revenue grew 31.9% YoY to $1.6B (XBRL), with a 5-year CAGR of 32.5% (XBRL). Historical data shows consistent growth from $477M (FY2020) to $1.6B (FY2024). No segment or geographic revenue breakdown is available (XBRL). Growth drivers include expansion in CTV and data-driven targeting (10-K).
Trade Desk, Incの営業利益変化の要因
- •Operating income declined 8.9% YoY to $114M (XBRL), while net income fell 61.2% YoY to $53M (XBRL). Operating margin dropped to 7.2% (XBRL), and net margin to 3.4% (XBRL). EBITDA remained stable at $168M (10.7% margin) (XBRL). R&D expenses of $320M (XBRL) likely contributed to margin compression.
Trade Desk, Incの事業リスクと対応
Client dependency: Revenue could decline if clients reduce platform spend or switch providers (10-K).
Loss of agencies/advertisers: Non-exclusive relationships risk significant revenue loss (10-K).
Evolving programmatic market: Slower growth in programmatic advertising could harm business (10-K).
Holding company consolidation: Mergers may reduce platform spend by agencies (10-K).
Competitive pressure: Lower-cost/differentiated solutions from rivals may erode market share (10-K).
Trade Desk, Incの事業内容
The Trade Desk operates a self-service, cloud-based ad-buying platform enabling clients to manage data-driven digital advertising campaigns (10-K). Revenue is generated through platform fees based on a percentage of client spend and value-added services (10-K). The core product supports campaigns across CTV, video, display, audio, and native formats, with enterprise APIs for customization and third-party integrations (10-K). Competitive advantages include leveraging programmatic advertising trends, CTV growth, and partnerships with major inventory/publisher/data providers (10-K).
Trade Desk, IncのAI業績分析レポート（2024年度）
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The Trade Desk, Inc. (TTD) FY2024 Annual Report Analysis
Highlights
Business Overview
The Trade Desk operates a self-service, cloud-based ad-buying platform enabling clients to manage data-driven digital advertising campaigns (10-K). Revenue is generated through platform fees based on a percentage of client spend and value-added services (10-K). The core product supports campaigns across CTV, video, display, audio, and native formats, with enterprise APIs for customization and third-party integrations (10-K). Competitive advantages include leveraging programmatic advertising trends, CTV growth, and partnerships with major inventory/publisher/data providers (10-K).
Revenue Analysis
Revenue grew 31.9% YoY to $1.6B (XBRL), with a 5-year CAGR of 32.5% (XBRL). Historical data shows consistent growth from $477M (FY2020) to $1.6B (FY2024). No segment or geographic revenue breakdown is available (XBRL). Growth drivers include expansion in CTV and data-driven targeting (10-K).
Profitability Analysis
Operating income declined 8.9% YoY to $114M (XBRL), while net income fell 61.2% YoY to $53M (XBRL). Operating margin dropped to 7.2% (XBRL), and net margin to 3.4% (XBRL). EBITDA remained stable at $168M (10.7% margin) (XBRL). R&D expenses of $320M (XBRL) likely contributed to margin compression.
Balance Sheet Analysis
Total assets increased to $4.9B (XBRL), with equity rising to $1.5B (XBRL). Equity ratio is 31.2% (XBRL), and debt-to-equity is 1.78x (XBRL). Current ratio of 1.72x (XBRL) indicates strong short-term liquidity. No segment or geographic asset breakdown is available (XBRL).
Cash Flow Analysis
Operating cash flow rose to $549M (XBRL), with free cash flow of $465M (XBRL) after $84M in CapEx (XBRL). Investing cash flow was -$304M (XBRL), driven by capital expenditures. No share repurchases occurred (XBRL). CapEx intensity is 5.3% (XBRL), with CapEx/D&A ratio of 1.55x (XBRL).
Working Capital Analysis
Risks
Outlook
N/A. No management guidance or forward-looking trends are explicitly mentioned in the 10-K text.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 477M | 661M | 836M | 1.2B | 1.6B | 1.9B |
| Operating Income | 107M | 112M | 144M | 125M | 114M | 200M |
| Net Income | 88M | 108M | 242M | 138M | 53M | 179M |
| Total Assets | 1.7B | 2.8B | 3.6B | 4.4B | 4.9B | 6.1B |
| Total Equity | 246M | 395M | 613M | 1.0B | 1.5B | 2.1B |
| Operating Cash Flow | 87M | 60M | 405M | 379M | 549M | 598M |
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Information Technologyの企業一覧
Trade Desk, Incと同じ「Information Technology」セクターの企業