Analysis for TTD

📈 Growth & Financial Trajectory

Over the 8-quarter window, Revenue moved from $741.0M in 2024-Q3 to $715.1M in 2026-Q2, with a peak around $846.8M in 2025-Q4. Net Income rose from about $94.2M to a peak of $186.95M in 2025-Q4, then eased to $64.39M by 2026-Q2. The path shows a mid-cycle rebound but no clear long-term growth, and cash generation remained positive through most periods.

💰 Margins & Cash Flow

Gross margin remained robust, with notable outliers: ~98% in 2024-Q4, ~80.7% in 2025-Q4, and ~74.2% in 2026-Q2. Operating margin was more volatile, ranging from roughly 7.9% in 2025-Q4 to 34.7% in 2025-Q3, with mid-teens in several quarters. Net cash from operating activities was positive in most periods, while investing cash flow was typically negative and financing activity fluctuated.

🛡️ Balance Sheet & Liquidity

Cash hovered around $1.30B–$1.74B across the period. Current assets exceeded current liabilities by roughly 1.7x–1.9x (e.g., 2026-Q2: Current Assets $4.82B, Current Liabilities $2.79B, ratio ~1.73x). Liabilities were about $2.8B–$3.3B with equity near $2.4B–$2.9B. Noncurrent liabilities were modest, supporting resilience and liquidity.

⚠️ Key Drivers & Risks

• Drivers: AI/Data-centric advertising demand; Programmatic/digital ad growth.
• Risks: Ad market cyclicality and valuation sensitivity; competitive pressure and regulatory/privacy shifts.