TTD The Trade Desk, Inc. - Class A Common Stock
$13.23
Price · Aug 21, 2026
Fundamentals as of Aug 6, 2026
52W Range
$13–$56
1% of range
Analyst Rating
HOLD
42 analysts
Price Target
$13
+1% upside
P/E (TTM)
14.5
ROE
17.1%
Net Profit Margin
15.3%
About The Trade Desk, Inc. - Class A Common Stock Company overview from Wikipedia
The Trade Desk, Inc. (TTD) is an American multinational technology company that produces and services programmatic marketing automation with personalized real-time digital content. Headquartered in Ventura, California, it is the largest independent demand-side platform (DSP) in the world. TTD operates with over 400 partners at more than 30 locations worldwide.
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The Trade Desk, Inc. (TTD) is an American multinational technology company that produces and services programmatic marketing automation with personalized real-time digital content. Headquartered in Ventura, California, it is the largest independent demand-side platform (DSP) in the world. TTD operates with over 400 partners at more than 30 locations worldwide.
Overview
TTD operates an omnichannel platform with data analytics capabilities and support, online platforms, media formats, enterprise APIs, and self-service publishing for brands and advertisers. Competing with Google, Facebook Ads, and others, its personalized ad content is utilized by Disney, NBCU, Roku, Walmart and Spotify.
History
Founding - IPO, 2009-2015
The Trade Desk was co-founded in 2009 by Jeff Green and David Pickles. They met at Microsoft, after its acquisition of Green's real-time digital advertising auction firm, AdECN, in 2007.
In 2012, the company was included as a key partner in Facebook's launch of the real-time bidding (RTB) advertising platform, Facebook Exchange.
In 2015, The Trade Desk was named among the top 10 of America's Most Promising Companies by Forbes. Founders Green and Pickles were also named as Ernst & Young Entrepreneurs of The Year 2015 in the Greater Los Angeles region.
Public company, 2016–present
On September 21, 2016, The Trade Desk became a public company. The company reached a market cap of US$40 billion by 2021. The Trade Desk integrated connected TV buying and measurement directly into its platform in 2017; acquired marketing insights firm AdBrain. The firm also improved transparency in programmatic buying by enabling buyers to see all selling or reselling parties to a bid request.
In 2018, the firm launched its programmatic ad buying platform in China, which provides partnership access between marketers and Chinese media companies, such as Alibaba, Tencent and Baidu Exchange Services. It also launched new AI tools: an AI forecasting engine named Koa, a new user interface, new tools for mapping strategies called The Trade Desk Planner, and a proprietary global user identity resolution tool called Unified ID.
In 2019, Amazon opened connected TV (CTV) Apps integrated with Amazon Publisher Services, enabling the purchase of ad inventory for third-party TV content provider The Trade Desk, through Amazon Fire TV devices. That September, The Trade Desk launched an advertising campaign, "Media for Humankind", to position itself as a "more transparent digital advertising" alternative to Google and Facebook.
In mid-2020, Unified ID 2.0 (UID 2.0) launched as a second iteration to leverage a post-cookie internet using encrypted email and phone number data to create a secure identity standard. The identity resolution software was adopted by Disney and Paramount, as well as by major advertisers, including Procter & Gamble and Unilever.
In early 2022, The Trade Desk launched OpenPath, granting advertisers direct access to its premium digital advertising inventory. Publishers using OpenPath include Conde Nast, Reuters, and The Washington Post. The Trade Desk launched Kokaia, a new media buying platform that integrates advances in distributed AI, measurement, and deep learning algorithms with digital media buying, in June 2023.
In March 2024, NBCUniversal announced that its broadcast content for the Paris 2024 Summer Olympics would be available, in partnership with The Trade Desk, to online automated programmatic marketers, for the first time. That May, Netflix announced its first expansion of its advertising partnerships to include The Trade Desk, Magnite, and Google DV360 (formerly DoubleClick).
TTD announced OpenSincera, in May 2025, an API to generate metadata on advertising quality and the health of the digital advertising supply chain. That year, TTD also added a "Deal Desk" to its Kokai platform, designed for advertisers to manage deals directly with publishers. The Trade Desk was added to the S&P 500 Index in July 2025. It has consistently been named to annual lists by, among others, Fortune magazine. It was included in the Forbes Global 2000 in 2022, and ranked 22nd on TIME's "America’s Growth Leaders of 2026" list.
Financials
The Trade Desk raised about $120 million of venture capital (VC) from investors by 2016, including from VC firms Founder Collective and IA Ventures. In 2017, revenue rose 52 percent to $308 million, then rose to $477 million in 2018. In 2019, third-quarter revenue was reported as $164 million, attributed to the growth of connected TV advertising.
It reported a 95% customer retention rate for 27 straight quarters in 2020, and an annual revenue of US$836 million in the same year. The Trade Desk finished 2022 with a total spent on the platform of $7.8 billion, and annual revenue of over $1.5 billion.
After 33 consecutive earning periods of meeting or exceeding financial expectations, TTD performed below analyst expectations by about 2%, in Q4 2024, and stock value decreased by more than 32% in February 2025. The Trade Desk's revenues for the quarter were $741 million; total 2024 revenues grew 26%, to $2.4 billion; company stock rebounded in the first quarter of 2025.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
TTD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.22
Market Cap
$6.23B
P/E (TTM)
14.5
EPS (TTM)
$0.90
Revenue (TTM)
$2.90B
Div Yield
—
ROE
17.1%
Debt/Equity
—
52W Range
$13 – $56
TTD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.90B
2016-12-31
→
2025-12-31
EPS
$0.90
2016-12-31
→
2025-12-31
Free Cash Flow
$796M
2017-12-31
→
2025-12-31
Margins
15.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TTD
Peer Median
P/E (TTM)
14.5
33.6
P/S (TTM)
2.2
2.2
P/B
2.5
2.5
Price / FCF
7.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TTD
Peer Median
Operating Margin
20.3%
—
Net Profit Margin
15.3%
0.32%
ROA
7.2%
0.16%
ROE
17.1%
0.82%
ROIC
16.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TTD
Peer Median
Current Ratio
1.6
1.2
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TTD
Peer Median
Revenue YoY
18.5%
—
Revenue CAGR 3Y
22.4%
—
Revenue CAGR 5Y
28.2%
—
EPS YoY
15.4%
—
Net Income YoY
12.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TTD
Peer Median
TTD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
42 analysts
- Strong Buy 5 11.9%
- Buy 13 31.0%
- Hold 21 50.0%
- Sell 3 7.1%
- Strong Sell 0 0.0%
12-Month Price Target
30 analysts · 2026-08-22
Median
$13.00
Now
$13.22
Low
$9.00
High
$20.00
Median target
$13.00
-1.7%
Mean target
$13.39
+1.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.34 | $0.40 | -0.06% |
| March 31, 2026 | $0.28 | $0.32 | -0.04% |
| Dec. 31, 2025 | $0.59 | $0.59 | 0.00% |
| Sept. 30, 2025 | $0.45 | $0.45 | 0.00% |
| June 30, 2025 | $0.41 | $0.41 | 0.00% |
| March 31, 2025 | $0.33 | $0.25 | 0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TTD | $18.07B | 42.2 | 18.5% | 15.3% | 17.1% | — |
| OMC | $25.28B | -299.1 | 10.1% | -0.32% | -0.67% | — |
| NIQ | $4.86B | -12.5 | 5.7% | -8.4% | -67.4% | — |
| MGNI | $2.32B | 17.1 | 6.9% | 20.3% | 17.1% | — |
| STGW | — | -1.4 | 2.4% | 1.0% | 5.3% | — |
| DV | $1.85B | 38.1 | 13.9% | 6.8% | 4.6% | — |
| CCO | — | 55.2 | 6.6% | — | — | — |
| MNTN | $0 | -91.8 | 28.6% | -2.2% | -2.4% | 77.2% |
| IBTA | $740M | 189.4 | -6.8% | 1.0% | 1.1% | 79.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.90B | $2.44B | $1.95B | $1.58B | $1.20B | $836M | $661M | $477M | $308M | $203M | |
| Cost of Revenue | $619M | $472M | $366M | $281M | $222M | $179M | $156M | $114M | $66M | $40M | |
| R&D Expense | $525M | $463M | $412M | $320M | $226M | $167M | $117M | $84M | $53M | $27M | |
| SG&A Expense | $518M | $536M | $520M | $525M | $375M | $172M | $143M | $85M | $58M | $32M | |
| Operating Expenses | $2.31B | $2.02B | $1.75B | $1.46B | $1.07B | $692M | $549M | $370M | $239M | $145M | |
| Operating Income | $589M | $427M | $200M | $114M | $125M | $144M | $112M | $107M | $69M | $58M | |
| Interest Expense | · | · | · | · | · | · | · | $2M | $2M | $3M | |
| Other Non-op | $69M | $80M | $68M | $14M | $-3M | $-305.0K | $4M | $-2M | $-6M | $-14M | |
| Pretax Income | $659M | $507M | $268M | $127M | $122M | $144M | $116M | $106M | $64M | $44M | |
| Income Tax | $215M | $114M | $89M | $74M | $-16M | $-98M | $8M | $18M | $13M | $23M | |
| Net Income | $443M | $393M | $179M | $53M | $138M | $242M | $108M | $88M | $51M | $20M | |
| EPS (Basic) | $0.91 | $0.80 | $0.37 | $0.11 | $0.29 | $0.52 | $0.24 | $2.08 | $1.26 | $-1.46 | |
| EPS (Diluted) | $0.90 | $0.78 | $0.36 | $0.11 | $0.28 | $0.49 | $0.23 | $1.92 | $1.15 | $-1.46 | |
| Shares (Basic) | 488,278,000 | 490,879,000 | 489,261,000 | 486,937,000 | 476,851,000 | 462,865,000 | 445,329,000 | 42,442,000 | 40,262,000 | 18,280,000 | |
| Shares (Diluted) | 493,551,000 | 501,924,000 | 500,182,000 | 499,925,000 | 498,540,000 | 489,881,000 | 478,061,000 | 45,793,000 | 44,056,000 | 18,280,000 | |
| EBITDA | $705M | $515M | $281M | $168M | $167M | $173M | $134M | $119M | $77M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $658M | $1.37B | $895M | $1.03B | $754M | $437M | $131M | $207M | $156M | $133M | |
| Short-term Investments | $645M | $552M | $485M | $416M | $205M | $187M | $124M | · | · | · | |
| Receivables | $3.77B | $3.33B | $2.87B | $2.35B | $2.02B | $1.58B | $1.17B | $835M | $600M | $377M | |
| Prepaid Expense | $188M | $85M | $63M | $52M | $112M | $102M | $28M | $15M | $10M | $6M | |
| Current Assets | $5.26B | $5.34B | $4.31B | $3.85B | $3.09B | $2.31B | $1.45B | $1.06B | $766M | $516M | |
| PP&E (Net) | $397M | $209M | $161M | $174M | $136M | $116M | $64M | $33M | $17M | $15M | |
| PP&E (Gross) | $659M | $424M | $320M | $280M | $205M | $158M | $91M | $49M | $26M | $18M | |
| Accum. Depreciation | $262M | $215M | $159M | $106M | $69M | $42M | $27M | $16M | $9M | $4M | |
| Other Non-current Assets | $98M | $72M | $61M | $47M | $48M | $29M | $23M | $20M | $11M | $5M | |
| Total Assets | $6.15B | $6.11B | $4.89B | $4.38B | $3.58B | $2.75B | $1.73B | $1.12B | $797M | $538M | |
| Accounts Payable | $3.01B | $2.63B | $2.32B | $1.87B | $1.66B | $1.35B | $869M | $669M | $490M | $321M | |
| Accrued Liabilities | $182M | $178M | $138M | $105M | $101M | $88M | $47M | $45M | $28M | $23M | |
| Current Liabilities | $3.27B | $2.87B | $2.51B | $2.03B | $1.80B | $1.47B | $930M | $714M | $519M | $344M | |
| Capital Leases | $360M | $248M | $180M | $209M | $238M | $255M | $175M | · | · | · | |
| Other Non-current Liabilities | $43M | $42M | $33M | $27M | $8M | $11M | $11M | $9M | $6M | $3M | |
| Total Liabilities | $3.67B | $3.16B | $2.72B | $2.27B | $2.05B | $1.74B | $1.12B | $723M | $552M | $373M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | $179M | |
| Retained Earnings | $-591M | $354M | $197M | $666M | $612M | $474M | $232M | $124M | $36M | $-15M | |
| Stockholders' Equity | $2.48B | $2.95B | $2.16B | $2.12B | $1.53B | $1.01B | $613M | $395M | $246M | $164M | |
| Liabilities + Equity | $6.15B | $6.11B | $4.89B | $4.38B | $3.58B | $2.75B | $1.73B | $1.12B | $797M | $538M | |
| Shares Outstanding | 475,923,000 | 496,101,000 | 488,916,000 | 490,468,000 | 483,441,000 | 473,401,000 | · | · | · | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $116M | $87M | $80M | $54M | $42M | $29M | $22M | $12M | $7M | $4M | |
| Stock-based Comp | $491M | $495M | $492M | $499M | $337M | $112M | $81M | $42M | $21M | $5M | |
| Deferred Tax | $173M | $-75M | $-61M | $-26M | $-18M | $-31M | $-10M | · | · | · | |
| Other Non-cash | $-230M | $-160M | $-92M | $-32M | $-121M | $22M | $-151M | $-56M | $-48M | · | |
| Operating Cash Flow | $993M | $739M | $598M | $549M | $379M | $405M | $60M | $87M | $31M | $75M | |
| CapEx | $197M | $98M | $47M | $84M | $55M | $74M | $36M | $20M | $10M | $7M | |
| Investing Cash Flow | $-293M | $-158M | $-108M | $-304M | $-94M | $-143M | $-164M | $-25M | $-16M | $-9M | |
| Stock Repurchased | $1.38B | $235M | $647M | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $-1.38B | $-235M | $-647M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-1.41B | $-108M | $-626M | $32M | $32M | $45M | $27M | $-10M | $7M | $64M | |
| Net Change in Cash | $-711M | $474M | $-135M | $276M | $317M | $306M | $-76M | $51M | $23M | $129M | |
| Taxes Paid | $150M | $159M | $152M | $4M | $4M | $5M | $20M | $17M | $19M | $17M | |
| Free Cash Flow | $796M | $641M | $552M | $465M | $324M | $331M | $25M | $67M | $21M | · | |
| Levered FCF | · | · | · | · | · | · | · | $66M | $20M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.3% | 17.5% | 10.3% | 7.2% | 10.4% | 17.2% | 17.0% | 22.5% | · | · | |
| Net Margin | 15.3% | 16.1% | 9.2% | 3.4% | 11.5% | 29.0% | 16.4% | 18.5% | · | · | |
| Pretax Margin | 22.7% | 20.8% | 13.8% | 8.1% | 10.2% | 17.2% | 17.6% | 22.1% | · | · | |
| EBITDA Margin | 24.3% | 21.1% | 14.4% | 10.7% | 14.0% | 20.7% | 20.2% | 25.0% | · | · | |
| ROA | 7.2% | 7.1% | 3.9% | 1.3% | 4.3% | 10.8% | 7.6% | 9.2% | 7.6% | · | |
| ROE | 17.1% | 14.1% | 8.3% | 2.6% | 9.7% | 26.3% | 18.9% | 24.1% | 24.8% | · | |
| ROIC | 16.0% | 11.2% | 6.2% | 2.2% | 9.2% | 24.0% | 17.1% | 22.7% | 22.6% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.9 | 1.7 | 1.9 | 1.7 | 1.6 | 1.6 | 1.5 | 1.5 | · | |
| Quick Ratio | 1.6 | 1.8 | 1.7 | 1.9 | 1.7 | 1.5 | 1.5 | 1.5 | 1.5 | · | |
| Interest Coverage | · | · | · | · | · | · | · | 69.2 | 38.7 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | · | · | |
| Receivables Turnover | 0.8 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | · | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 18.5% | 25.6% | 23.3% | 31.9% | 43.1% | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.4% | 26.9% | 32.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 28.2% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 15.4% | 116.7% | 227.3% | -60.7% | -42.9% | · | · | · | · | · | |
| EPS CAGR 3Y | 101.5% | 40.7% | -9.8% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 12.9% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 12.8% | 119.7% | 235.2% | -61.3% | -43.1% | · | · | · | · | · | |
| Net Income CAGR 3Y | 102.5% | 41.8% | -9.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 12.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.90B | $2.44B | $1.95B | $1.58B | $1.20B | $836M | $661M | $477M | $308M | $203M | |
| Net Income TTM | $443M | $393M | $179M | $53M | $138M | $242M | $108M | $88M | $51M | $20M | |
| Market Cap | $18.07B | $58.31B | $35.18B | · | · | · | · | · | · | · | |
| P/E | 42.2 | 150.7 | 199.9 | 407.5 | 327.3 | 163.5 | 112.9 | 6.0 | 4.0 | -1.9 | |
| P/S | 6.2 | 23.8 | 18.1 | · | · | · | · | · | · | · | |
| P/B | 7.3 | 19.8 | 16.3 | · | · | · | · | · | · | · | |
| P / Tangible Book | 7.3 | 19.8 | 16.3 | · | · | · | · | · | · | · | |
| P / Cash Flow | 18.2 | 78.9 | 58.8 | · | · | · | · | · | · | · | |
| P / FCF | 22.7 | 90.9 | 63.8 | · | · | · | · | · | · | · | |
| Earnings Yield | 2.4% | 0.66% | 0.50% | 0.25% | 0.31% | 0.61% | 0.89% | 16.5% | 25.1% | -52.8% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $715M | $689M | $847M | $739M | $616M | $741M | $628M | $585M | $491M | $606M | $493M | $464M | $383M | $491M | $395M | |
| Cost of Revenue | $184M | $182M | $163M | $162M | $143M | $135M | $123M | $110M | $104M | $101M | $93M | $87M | $85M | $80M | $70M | |
| R&D Expense | $141M | $143M | $131M | $128M | $132M | $128M | $118M | $110M | $108M | $102M | $118M | $98M | $94M | $84M | $80M | |
| SG&A Expense | $114M | $125M | $123M | $131M | $134M | $132M | $139M | $135M | $130M | $132M | $132M | $126M | $130M | $134M | $131M | |
| Operating Expenses | $613M | $622M | $590M | $578M | $562M | $546M | $520M | $490M | $463M | $461M | $456M | $423M | $406M | $391M | $366M | |
| Operating Income | $102M | $67M | $257M | $161M | $54M | $195M | $108M | $95M | $29M | $144M | $38M | $42M | $-23M | $100M | $29M | |
| Interest Income | $12M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $12M | $12M | $13M | $18M | $21M | $26M | $19M | $18M | $17M | $16M | $19M | $18M | $14M | $12M | $2M | |
| Pretax Income | $113M | $79M | $270M | $180M | $76M | $222M | $127M | $112M | $46M | $161M | $57M | $60M | $-10M | $112M | $31M | |
| Income Tax | $49M | $39M | $83M | $64M | $25M | $39M | $33M | $27M | $14M | $63M | $18M | $27M | $-19M | $41M | $15M | |
| Net Income | $64M | $40M | $187M | $116M | $51M | $182M | $94M | $85M | $32M | $97M | $39M | $33M | $9M | $71M | $16M | |
| EPS (Basic) | $0.14 | $0.08 | $0.39 | $0.24 | $0.10 | $0.38 | $0.19 | $0.17 | $0.06 | $0.20 | $0.08 | $0.07 | $0.02 | $0.15 | $0.03 | |
| EPS (Diluted) | $0.14 | $0.08 | $0.38 | $0.23 | $0.10 | $0.36 | $0.19 | $0.17 | $0.06 | $0.19 | $0.08 | $0.07 | $0.02 | $0.15 | $0.03 | |
| Shares (Basic) | 468,359,000 | 474,663,000 | -2,791,000 | 487,729,000 | 494,927,000 | -978,639,000 | 491,614,000 | 489,353,000 | 488,551,000 | -978,329,000 | 489,447,000 | 488,431,000 | 489,712,000 | -971,526,000 | 487,963,000 | |
| Shares (Diluted) | 469,948,000 | 476,883,000 | -3,647,000 | 492,984,000 | 502,944,000 | -998,871,000 | 502,563,000 | 500,040,000 | 498,192,000 | -1,000,842,000 | 501,880,000 | 499,349,000 | 499,795,000 | -970,875,000 | 500,300,000 | |
| EBITDA | $102M | $98M | · | $161M | $78M | · | $108M | $95M | $50M | · | $38M | $42M | $-4M | · | $29M |
Balance Sheet 21
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.12B | $878M | $658M | $653M | $1.12B | $1.37B | $1.22B | $1.01B | $918M | · | $1.07B | $966M | $893M | · | $995M | |
| Short-term Investments | $362M | $528M | $645M | $792M | $622M | $552M | $510M | $497M | $501M | · | $450M | $465M | $438M | · | $327M | |
| Receivables | $3.20B | $3.32B | $3.77B | $3.48B | $3.05B | $3.33B | $2.99B | $2.91B | $2.62B | · | $2.43B | $2.35B | $2.09B | · | $2.03B | |
| Prepaid Expense | $130M | $132M | $188M | $197M | $64M | $85M | $117M | $111M | $58M | · | $58M | $55M | $59M | · | $67M | |
| Current Assets | $4.82B | $4.86B | $5.26B | $5.12B | $4.86B | $5.34B | $4.84B | $4.52B | $4.10B | · | $4.01B | $3.83B | $3.48B | · | $3.42B | |
| PP&E (Net) | $455M | $389M | $397M | $323M | $251M | $209M | $198M | $192M | $151M | · | $153M | $160M | $170M | · | $166M | |
| PP&E (Gross) | · | · | $659M | · | · | $424M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $262M | · | · | $215M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $103M | $101M | $98M | $100M | $90M | $72M | $72M | $61M | $60M | · | $51M | $49M | $47M | · | $44M | |
| Total Assets | $5.76B | $5.73B | $6.15B | $5.94B | $5.71B | $6.11B | $5.51B | $5.16B | $4.66B | · | $4.52B | $4.35B | $4.00B | · | $3.92B | |
| Accounts Payable | $2.56B | $2.63B | $3.01B | $2.76B | $2.40B | $2.63B | $2.41B | $2.34B | $2.09B | · | $1.97B | $1.89B | $1.68B | · | $1.65B | |
| Accrued Liabilities | $150M | $180M | $182M | $160M | $211M | $178M | $142M | $120M | $131M | · | $122M | $103M | $100M | · | $83M | |
| Current Liabilities | $2.79B | $2.89B | $3.27B | $2.99B | $2.68B | $2.87B | $2.62B | $2.52B | $2.28B | · | $2.15B | $2.05B | $1.83B | · | $1.79B | |
| Capital Leases | $353M | $346M | $360M | $303M | $263M | $248M | $230M | $203M | $180M | · | $190M | $198M | $201M | · | $216M | |
| Other Non-current Liabilities | $43M | $44M | $43M | $42M | $44M | $42M | $34M | $33M | $33M | · | $28M | $26M | $28M | · | $9M | |
| Total Liabilities | $3.19B | $3.28B | $3.67B | $3.34B | $2.99B | $3.16B | $2.88B | $2.75B | $2.50B | · | $2.36B | $2.28B | $2.06B | · | $2.01B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $-719M | $-725M | $-591M | $-364M | $5M | $354M | $229M | $188M | $103M | · | $320M | $371M | $382M | · | $594M | |
| Stockholders' Equity | $2.57B | $2.45B | $2.48B | $2.60B | $2.72B | $2.95B | $2.63B | $2.41B | $2.17B | $2.16B | $2.16B | $2.07B | $1.94B | $2.12B | $1.91B | |
| Liabilities + Equity | $5.76B | $5.73B | $6.15B | $5.94B | $5.71B | $6.11B | $5.51B | $5.16B | $4.66B | · | $4.52B | $4.35B | $4.00B | · | $3.92B | |
| Shares Outstanding | 469,641,000 | 470,999,000 | 475,923,000 | 484,729,000 | 491,319,000 | 496,101,000 | 493,447,000 | 491,600,000 | 488,728,000 | 488,916,000 | 490,244,000 | 490,049,000 | 488,194,000 | 490,468,000 | · |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $30M | $31M | $32M | $33M | $24M | $24M | $21M | $21M | $22M | $21M | $21M | $20M | $19M | $17M | $13M | |
| Stock-based Comp | $110M | $109M | $112M | $121M | $128M | $129M | $129M | $126M | $111M | $121M | $140M | $117M | $113M | $128M | $121M | |
| Other Non-cash | · | $211M | · | · | $89M | · | · | · | $21M | · | · | · | $45M | · | · | |
| Operating Cash Flow | $154M | $392M | $312M | $225M | $291M | $199M | $273M | $81M | $185M | $91M | $192M | $128M | $188M | $173M | $137M | |
| CapEx | $13M | $113M | $26M | $66M | $59M | $20M | $49M | $22M | $7M | $25M | $5M | $7M | $9M | $48M | $24M | |
| Investing Cash Flow | $164M | $466.0K | $120M | $-67M | $-133M | $-61M | $-59M | $-16M | $-21M | $-57M | $11M | $-33M | $-29M | $-139M | $-72M | |
| Stock Repurchased | $78M | $164M | $423M | $310M | $386M | $57M | $52M | $0 | $125M | $220M | $90M | $45M | $292M | $0 | $0 | |
| Net Stock Activity | · | $-164M | · | · | $-386M | · | · | · | $-125M | · | · | · | $-292M | · | · | |
| Financing Cash Flow | $-73M | $-172M | $-427M | $-401M | $-410M | $10M | $-2M | $26M | $-141M | $-211M | $-97M | $-22M | $-297M | $987.0K | $-3M | |
| Net Change in Cash | $245M | $220M | $5M | $-243M | $-251M | $148M | $212M | $91M | $23M | $-177M | $106M | $73M | $-138M | $36M | $62M | |
| Free Cash Flow | · | $279M | · | · | $232M | · | · | · | $178M | · | · | · | $178M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 14.2% | 9.7% | · | 21.8% | 8.8% | · | 17.3% | 16.2% | 5.8% | · | 7.6% | 9.0% | -6.1% | · | 7.3% | |
| Net Margin | 9.0% | 5.8% | · | 15.6% | 8.2% | · | 15.0% | 14.5% | 6.4% | · | 8.0% | 7.1% | 2.4% | · | 4.0% | |
| Pretax Margin | 15.8% | 11.5% | · | 24.3% | 12.3% | · | 20.2% | 19.2% | 9.4% | · | 11.6% | 12.9% | -2.5% | · | 7.7% | |
| EBITDA Margin | 14.2% | 14.2% | · | 21.8% | 12.7% | · | 17.3% | 16.2% | 10.3% | · | 7.6% | 9.0% | -1.1% | · | 7.3% | |
| ROA | 1.2% | 0.70% | · | 2.0% | 0.98% | · | 1.9% | 1.8% | 0.73% | · | 0.93% | 0.82% | 0.25% | · | 0.46% | |
| ROE | 2.6% | 1.6% | · | 4.4% | 2.1% | · | 3.9% | 3.8% | 1.5% | · | 1.9% | 1.7% | 0.52% | · | 0.99% | |
| ROIC | 2.2% | 1.4% | · | 4.0% | 1.3% | · | 3.1% | 3.0% | 0.91% | · | 1.2% | 1.1% | 1.2% | · | 0.78% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.7 | · | 1.7 | 1.8 | · | 1.9 | 1.8 | 1.8 | · | 1.9 | 1.9 | 1.9 | · | 1.9 | |
| Quick Ratio | 1.7 | 1.6 | · | 1.6 | 1.8 | · | 1.8 | 1.8 | 1.8 | · | 1.8 | 1.8 | 1.9 | · | 1.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.84B | · | · | · | $2.32B | · | $2.20B | $2.03B | $1.83B | · | $1.74B | $1.62B | $1.47B | · | $1.39B | |
| Net Income TTM | $310M | $296M | · | $351M | $262M | · | $250M | $189M | $113M | · | $97M | $39M | $-8M | · | $42M | |
| Market Cap | $8.49B | $10.69B | · | $23.76B | $26.88B | · | $54.11B | $48.01B | $42.72B | · | $38.31B | $37.84B | $29.74B | · | · | |
| P/E | 28.7 | · | · | · | 105.2 | · | 219.3 | 257.0 | 380.1 | · | 390.8 | 965.2 | -3045.5 | · | 746.9 | |
| P/S | 3.0 | · | · | · | 11.6 | · | 24.6 | 23.6 | 23.3 | · | 22.1 | 23.4 | 20.2 | · | · | |
| P/B | 3.3 | 4.4 | · | 9.1 | 9.9 | · | 20.6 | 20.0 | 19.7 | · | 17.8 | 18.3 | 15.3 | · | · | |
| P / Tangible Book | 3.3 | 4.4 | · | 9.1 | 9.9 | · | 20.6 | 20.0 | 19.7 | · | 17.8 | 18.3 | 15.3 | · | · | |
| P / Cash Flow | · | 27.3 | · | · | 92.3 | · | · | · | 230.4 | · | · | · | 158.5 | · | · | |
| P / FCF | · | 38.3 | · | · | 115.7 | · | · | · | 239.7 | · | · | · | 166.7 | · | · | |
| Earnings Yield | 3.5% | · | · | · | 0.95% | · | 0.46% | 0.39% | 0.26% | · | 0.26% | 0.10% | -0.03% | · | 0.13% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $2.90B | $2.44B | $1.95B | $1.58B | $1.20B |
| Operating Margin % | 20.3% | 17.5% | 10.3% | 7.2% | 10.4% |
| Net Income | $443M | $393M | $179M | $53M | $138M |
| Diluted EPS | $0.90 | $0.78 | $0.36 | $0.11 | $0.28 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.9 | 1.7 | 1.9 | 1.7 |
| Quick Ratio | 1.6 | 1.8 | 1.7 | 1.9 | 1.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $796M | $641M | $552M | $465M | $324M |
Latest News Recent headlines mentioning this company
- Citi Just Downgraded The Trade Desk (TTD) Stock. Here's Why.
- Trade Desk shares decline after Arete cuts rating to Sell (TTD)
- Why The Trade Desk Fell Again Today
- The Trade Desk Just Waved a Red Flag, and It's not the Quarterly Results
- The Trade Desk Slumps Following String of Analyst Downgrades
- Trade Desk (TTD) shares tumble after earnings miss and weaker outlook
- Is The Trade Desk Stock Finally a Buy? Or Is Its Slide Justified?
- The Trade Desk CEO Just Put $150 Million of His Own Money Into the Stock. Here's Why That's a Signal You Shouldn't Ignore.
- 3 Value Stocks Set to Surge, With Up to 100% Upside by 2028
- Why The Trade Desk Stock Crashed Again
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 824 filers · $5.7B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 109 (-22 vs prior Q) | 181 (-61 vs prior Q) | 240 (-67 vs prior Q) | 270 (-6 vs prior Q) | -9.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE STREET CORP | $565,647,680 | 31,285,823 | 9.87% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $504,425,943 | 27,899,665 | 8.80% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $350,395,300 | 19,380,271 | 6.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $308,279,495 | 17,050,857 | 5.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $266,219,411 | 14,734,941 | 4.64% | Shares |
| TWO SIGMA ADVISERS, LP | $260,420,784 | 6,860,400 | 4.54% | Shares |
| Alyeska Investment Group, L.P. | $201,044,339 | 11,119,709 | 3.51% | Shares |
| Jericho Capital Asset Management L.P. | $169,866,952 | 9,395,296 | 2.96% | Shares |
| D. E. Shaw & Co., Inc. | $144,008,484 | 7,965,071 | 2.51% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $126,963,925 | 7,022,341 | 2.21% | Shares |
| GOLDMAN SACHS GROUP INC | $120,588,646 | 6,669,726 | 2.10% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $113,419,619 | 6,273,209 | 1.98% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $107,803,374 | 5,962,576 | 1.88% | Shares |
| CITADEL ADVISORS LLC | $101,517,392 | 5,614,900 | 1.77% | Call option |
| JANE STREET GROUP, LLC | $92,878,768 | 5,137,100 | 1.62% | Put option |
| JANE STREET GROUP, LLC | $82,066,928 | 4,539,100 | 1.43% | Call option |
| MILLENNIUM MANAGEMENT LLC | $76,137,068 | 4,211,121 | 1.33% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $68,649,652 | 3,796,994 | 1.20% | Shares |
| WOLVERINE TRADING, LLC | $66,448,104 | 1,338,600 | 1.16% | Call option |
| BARCLAYS PLC | $54,792,036 | 3,030,533 | 0.96% | Shares |
| BANK OF AMERICA CORP /DE/ | $54,201,471 | 2,997,869 | 0.95% | Shares |
| Assenagon Asset Management S.A. | $46,851,807 | 2,591,361 | 0.82% | Shares |
| NORGES BANK | $46,843,906 | 2,590,924 | 0.82% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $43,591,712 | 2,411,046 | 0.76% | Shares |
| Nuveen Asset Management, LLC | $41,733,610 | 355,089 | 0.73% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $38,006,384 | 2,102,123 | 0.66% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $32,777,756 | 1,812,929 | 0.57% | Shares |
| BlackRock, Inc. | $28,462,946 | 1,574,278 | 0.50% | Shares |
| WOLVERINE TRADING, LLC | $28,130,988 | 566,700 | 0.49% | Put option |
| VANGUARD GROUP INC | $27,424,012 | 722,445 | 0.48% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $27,339,148 | 1,512,121 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $27,267,189 | 1,508,141 | 0.48% | Shares |
| Squarepoint Ops LLC | $27,235,513 | 1,506,389 | 0.48% | Shares |
| FMR LLC | $27,225,298 | 1,505,824 | 0.47% | Shares |
| COATUE MANAGEMENT LLC | $25,078,569 | 1,387,089 | 0.44% | Shares |
| Clear Street Group Inc. | $24,770,142 | 1,370,030 | 0.43% | Shares |
| Point72 Asset Management, L.P. | $24,735,248 | 1,368,100 | 0.43% | Put option |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $24,494,205 | 1,354,768 | 0.43% | Shares |
| Cubist Systematic Strategies, LLC | $23,005,294 | 469,400 | 0.40% | Put option |
| Qube Research & Technologies Ltd | $22,193,200 | 1,227,500 | 0.39% | Call option |
| NEUBERGER BERMAN GROUP LLC | $21,648,986 | 1,194,472 | 0.38% | Shares |
| Qube Research & Technologies Ltd | $21,557,182 | 1,192,322 | 0.38% | Shares |
| Congress Wealth Management LLC / DE / | $21,454,866 | 298,025 | 0.37% | Shares |
| OMERS ADMINISTRATION Corp | $21,050,454 | 1,164,295 | 0.37% | Shares |
| NATIXIS | $20,356,634 | 1,125,920 | 0.36% | Shares |
| IMC-Chicago, LLC | $20,244,574 | 1,119,722 | 0.35% | Shares |
| Voleon Capital Management LP | $19,936,436 | 1,102,679 | 0.35% | Shares |
| Cubist Systematic Strategies, LLC | $19,378,554 | 395,400 | 0.34% | Call option |
| PEAK6 LLC | $19,255,200 | 1,065,000 | 0.34% | Call option |
| Vanguard Global Advisers, LLC | $18,579,080 | 1,027,604 | 0.32% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $18,571,830 | 1,027,203 | 0.32% | Shares |
| FIRST TRUST ADVISORS LP | $18,125,975 | 1,002,543 | 0.32% | Shares |
| PEAK6 LLC | $18,070,960 | 999,500 | 0.32% | Put option |
| Quantinno Capital Management LP | $17,705,349 | 979,278 | 0.31% | Shares |
| D. E. Shaw & Co., Inc. | $17,114,528 | 946,600 | 0.30% | Put option |
| Distillate Capital Partners LLC | $15,698,340 | 868,271 | 0.27% | Shares |
| Trexquant Investment LP | $15,551,168 | 860,131 | 0.27% | Shares |
| Susquehanna Portfolio Strategies, LLC | $15,371,345 | 850,185 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $15,158,395 | 668,065 | 0.26% | Shares |
| Swiss National Bank | $15,118,695 | 836,211 | 0.26% | Shares |
| FORTE CAPITAL LLC /ADV | $15,007,251 | 208,463 | 0.26% | Shares |
| RHUMBLINE ADVISERS | $14,907,922 | 824,559 | 0.26% | Shares |
| PFA Pension, Forsikringsaktieselskab | $14,414,066 | 797,238 | 0.25% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $14,305,487 | 791,233 | 0.25% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $14,156,640 | 783,000 | 0.25% | Call option |
| Point72 Asset Management, L.P. | $14,115,056 | 780,700 | 0.25% | Call option |
| D. E. Shaw & Co., Inc. | $14,087,936 | 779,200 | 0.25% | Call option |
| Squarepoint Ops LLC | $14,060,816 | 777,700 | 0.25% | Call option |
| FORA Capital, LLC | $13,994,820 | 774,907 | 0.24% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $13,803,936 | 763,492 | 0.24% | Shares |
| CIBC WORLD MARKETS CORP | $13,582,885 | 357,821 | 0.24% | Shares |
| California Public Employees Retirement System | $13,567,449 | 750,412 | 0.24% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $13,242,786 | 732,455 | 0.23% | Shares |
| Qube Research & Technologies Ltd | $12,867,536 | 711,700 | 0.22% | Put option |
| ALLIANCEBERNSTEIN L.P. | $11,946,761 | 526,521 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $11,780,151 | 651,557 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,661,600 | 645,000 | 0.20% | Call option |
| TUDOR INVESTMENT CORP ET AL | $10,365,264 | 573,300 | 0.18% | Put option |
| VEGA INVESTMENT SOLUTIONS | $10,195,296 | 566,248 | 0.18% | Shares |
| Jain Global LLC | $9,944,000 | 550,000 | 0.17% | Call option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $9,635,881 | 532,958 | 0.17% | Shares |
| Nearwater Capital Markets, Ltd | $9,618,560 | 532,000 | 0.17% | Shares |
| Squarepoint Ops LLC | $9,249,728 | 511,600 | 0.16% | Put option |
| PRINCIPAL FINANCIAL GROUP INC | $9,080,030 | 502,214 | 0.16% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $8,591,616 | 475,200 | 0.15% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $8,513,727 | 470,892 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,322,387 | 460,309 | 0.15% | Shares |
| Caisse de depot et placement du Quebec | $8,259,866 | 456,851 | 0.14% | Shares |
| HSBC HOLDINGS PLC | $8,210,182 | 454,103 | 0.14% | Shares |
| Y-Intercept (Hong Kong) Ltd | $8,178,687 | 452,361 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $7,897,344 | 436,800 | 0.14% | Call option |
| ALGERT GLOBAL LLC | $7,549,485 | 417,560 | 0.13% | Shares |
| JANUS HENDERSON GROUP PLC | $7,537,981 | 332,216 | 0.13% | Shares |
| Parallax Volatility Advisers, L.P. | $7,503,200 | 415,000 | 0.13% | Call option |
| MORGAN STANLEY | $7,238,255 | 400,345 | 0.13% | Shares |
| Walleye Trading LLC | $7,221,152 | 399,400 | 0.13% | Call option |
| GLENMEDE TRUST CO NA | $7,170,763 | 396,613 | 0.13% | Shares |
| Walleye Capital LLC | $7,094,122 | 392,374 | 0.12% | Shares |
| LPL Financial LLC | $6,989,139 | 386,567 | 0.12% | Shares |
| PEAK6 LLC | $6,973,619 | 385,709 | 0.12% | Shares |
Company insiders 28 insiders · 13 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey Terry Green | President and CEO | Aug. 15, 2026 G | 137,548 | 0 | 0 | $0 |
| Nathan Olmstead | Chief Financial Officer | July 9, 2026 A | 246,062 | 0 | 0 | $0 |
| Laura Schenkein | Chief Financial Officer | Nov. 17, 2023 S | 660,009 | 0 | 0 | $0 |
| Blake Jeffrey Grayson | Chief Financial Officer | May 31, 2023 D | 52,996 | 0 | 0 | $0 |
| Paul Ross | Chief Financial Officer | Dec. 9, 2019 G | 23,165 | 0 | 0 | $0 |
| Vivek Kundra | Chief Operating Officer | Aug. 15, 2026 F | 234,080 | 0 | 0 | $0 |
| Robert David Perdue | Chief Operating Officer | Dec. 3, 2018 C | 154,389 | 0 | 0 | $0 |
| Tahnil R. Davis | Chief Accounting Officer & EVP | Aug. 15, 2026 F | 242,708 | 0 | 0 | $0 |
| Jay R Grant | Chief Legal Officer | Aug. 15, 2026 F | 334,466 | 0 | 0 | $0 |
| David Randall Pickles | Chief Technology Officer | Sept. 30, 2023 D | 390,532 | 0 | 0 | $0 |
| Michelle Hulst | Chief Data Officer | July 29, 2022 D | 40,759 | 0 | 0 | $0 |
| Susan Vobejda | Chief Marketing Officer | June 4, 2021 M | 10,638 | 0 | 0 | $0 |
| Vivian Yang | Chief Legal Officer | June 15, 2020 C | 29,045 | 0 | 0 | $0 |
| Penry W Price | Director | July 9, 2026 A | — | 0 | 0 | $0 |
| David Alan Haddad | Director | June 11, 2026 A | 25,013 | 0 | 0 | $0 |
| Samantha Jacobson | Director | May 28, 2026 S | 13,099 | 0 | 1 | $-1,134,816 |
| Kathryn E Falberg | Director | March 23, 2026 D | 0 | 0 | 2 | $-4,655,113 |
| Gokul Rajaram | Director | Dec. 20, 2023 S | 39,311 | 0 | 0 | $0 |
| Andrea Lee Cunningham | Director | Sept. 13, 2023 S | 3,225 | 0 | 0 | $0 |
| David B Wells | Director | July 13, 2023 S | 69,070 | 0 | 0 | $0 |
| Lise J Buyer | Director | June 13, 2023 S | 101,077 | 0 | 0 | $0 |
| Eric B Paley | Director | May 26, 2022 A | 114,326 | 0 | 0 | $0 |
| Brian John Stempeck | Director | Jan. 4, 2021 C | 19,405 | 0 | 0 | $0 |
| Thomas Falk | Director | May 26, 2020 A | 2,121 | 0 | 0 | $0 |
| Juan Villalonga | Director | July 20, 2017 A | — | 0 | 0 | $0 |
| Roger Ehrenberg | Director | June 2, 2017 C | 0 | 0 | 0 | $0 |
| Hadley Harbor Master Investors (Cayman) L.P. | 10% owner | May 1, 2017 S | 1,723,367 | 0 | 0 | $0 |
| Highwind S.a.r.l | 10% owner | Sept. 20, 2016 C | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Founder Collective, L.P. (“FC”), Founder Collective Entrepreneurs’ Fund, LLC (“FCEF”), Founder Collective GP, LLC (“FCGP”), David A. Frankel (“Frankel”), Eric Paley (“Paley”) ×3 filings | June 9, 2017 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 140 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSPC · Invesco Exchange-Traded Fund Trust | 3.09% | 134,821 SH | Aug. 21, 2026 | Daily |
| FCFY · First Trust Exchange-Traded Fund | 2.07% | 1,547 NS | June 30, 2026 | N-PORT |
| LTL · ProShares Trust | 1.53% | 5,675 NS | May 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.32% | 2,253,077 SH | Aug. 21, 2026 | Daily |
| JMID · Janus Detroit Street Trust | 0.84% | 6,486 NS | April 30, 2026 | N-PORT |
| FSGS · First Trust Exchange-Traded Fund VI | 0.79% | 12,404 NS | June 30, 2026 | N-PORT |
| FCOM · FIDELITY COVINGTON TRUST | 0.62% | 466,455 NS | April 30, 2026 | N-PORT |
| SKYY · First Trust Exchange-Traded Fund II | 0.55% | 824,404 NS | June 30, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.53% | 69,716 NS | June 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.50% | 7,394 NS | May 31, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.48% | 15,930 NS | April 30, 2026 | N-PORT |
| KRMA · Global X Funds | 0.47% | 26,122 NS | May 31, 2026 | N-PORT |
| VOX · VANGUARD WORLD FUND | 0.45% | 1,489,381 SH | Aug. 19, 2026 | Daily |
| FLCG · Federated Hermes ETF Trust | 0.42% | 111,868 NS | May 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.35% | 322,233 NS | April 30, 2026 | N-PORT |
| GGME · Invesco Exchange-Traded Fund Trust | 0.34% | 11,291 SH | Aug. 21, 2026 | Daily |
| FLCC · Federated Hermes ETF Trust | 0.29% | 16,369 NS | May 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.28% | 247,882 SH | Aug. 21, 2026 | Daily |
| LCLG · Advisors Series Trust | 0.27% | 11,695 NS | April 30, 2026 | N-PORT |
| SKYU · ProShares Trust | 0.24% | 404 NS | May 31, 2026 | N-PORT |
| PRAY · FIS Trust | 0.22% | 8,346 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.21% | 5,659,320 SH | Aug. 19, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.20% | 91,763 SH | Aug. 19, 2026 | Daily |
| VUSE · ETF Series Solutions | 0.19% | 59,741 NS | May 31, 2026 | N-PORT |
| IXP · iShares Trust | 0.15% | 55,211 SH | Aug. 21, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.13% | 33,781 SH | Aug. 19, 2026 | Daily |
| GXPC · Global X Funds | 0.13% | 5,611 NS | May 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.13% | 9,681,276 SH | Aug. 21, 2026 | Daily |
| ESUM · Strategy Shares | 0.12% | 7,545 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.10% | 76,770 SH | Aug. 21, 2026 | Daily |
| IYC · iShares Trust | 0.09% | 83,429 SH | Aug. 20, 2026 | Daily |
| LCOW · Pacer Funds Trust | 0.09% | 899 NS | April 30, 2026 | N-PORT |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.09% | 83,696 SH | Aug. 21, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.09% | 9,797,133 SH | Aug. 19, 2026 | Daily |
| HAPI · Harbor ETF Trust | 0.09% | 17,758 NS | April 30, 2026 | N-PORT |
| CVMC · Morgan Stanley ETF Trust | 0.09% | 5,040 NS | June 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.08% | 18,123 SH | Aug. 21, 2026 | Daily |
| SMMD · iShares Trust | 0.07% | 214,628 SH | Aug. 21, 2026 | Daily |
| OALC · Unified Series Trust | 0.07% | 8,016 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.07% | 13,142 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.07% | 35,465 SH | Aug. 21, 2026 | Daily |
| CRTC · DBX ETF Trust | 0.06% | 3,878 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.06% | 135,774 SH | Aug. 21, 2026 | Daily |
| LRND · New York Life Investments ETF Trust | 0.06% | 7,305 NS | April 30, 2026 | N-PORT |
| EGLE · Global X Funds | 0.06% | 52 NS | April 30, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.05% | 859 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.05% | 25,297 SH | Aug. 21, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.05% | 197,226 NS | May 31, 2026 | N-PORT |
| IWP · iShares Trust | 0.05% | 701,322 SH | Aug. 21, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.04% | 26,635 SH | Aug. 21, 2026 | Daily |