TRADE DESK, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$2.9B
Gross margin	78.6%
Operating income	$589.3M
Net income	$443.3M
Diluted EPS	$0.90
Cash & equivalents	$658.2M
Total assets	$6.2B
Long-term debt	— not reported

Key takeaway

Trade Desk posted $2.90 billion in revenue with a healthy 78.6% gross margin and $589 million in operating income for fiscal 2025.

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Beneath the surface

Accounts receivable of $3.77 billion versus accounts payable of $3.01 billion highlights the company's exposure to sequential liability risk, where it must pay suppliers even if agencies/advertisers don't pay Trade Desk.

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