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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $715.06M | $688.86M | $846.79M | $739.43M | $694.04M | $616.02M | $741.01M | $628.02M |
| Cost of revenue | $184.33M | $181.97M | $163.09M | $162.15M | $150.98M | $142.84M | $135.27M | $122.66M |
| Gross profit | $530.72M | $506.89M | $683.70M | $577.28M | $543.06M | $473.18M | $605.75M | $505.36M |
| Gross margin | 74.2% | 73.6% | 80.7% | 78.1% | 78.2% | 76.8% | 81.7% | 80.5% |
| Research and development | $140.74M | $142.72M | $130.60M | $127.89M | $134.25M | $132.40M | $127.89M | $117.71M |
| Selling, general and administrative | $288.41M | $297.52M | $296.23M | $288.17M | $292.03M | $286.33M | $282.54M | $279.17M |
| Operating expenses | $429.15M | $440.24M | $426.82M | $416.06M | $426.28M | $418.73M | $410.44M | $396.88M |
| Operating income | $101.58M | $66.65M | $256.87M | $161.22M | $116.78M | $54.45M | $195.31M | $108.48M |
| Operating margin | 14.2% | 9.7% | 30.3% | 21.8% | 16.8% | 8.8% | 26.4% | 17.3% |
| EBITDA | $131.72M | $98.08M | $288.83M | $194.35M | $143.48M | $78.44M | $219.42M | $129.24M |
| Interest income | $0 | $13.37M | $0 | — | $0 | $20.13M | $0 | — |
| Interest expense | $11.51M | $0 | $14.06M | $16.49M | $18.04M | $0 | $24.96M | $19.41M |
| Income before taxes | $113.09M | $78.96M | $270.27M | $179.52M | $133.20M | $75.77M | $221.60M | $127.18M |
| Income taxes | $48.70M | $38.96M | $83.32M | $63.97M | $43.07M | $25.09M | $39.37M | $33.02M |
| Net income | $64.39M | $40.00M | $186.95M | $115.55M | $90.13M | $50.68M | $182.23M | $94.16M |
| Net margin | 9.0% | 5.8% | 22.1% | 15.6% | 13.0% | 8.2% | 24.6% | 15.0% |
| EPS, basic | $0.14 | $0.08 | $0.39 | $0.24 | $0.18 | $0.10 | $0.37 | $0.19 |
| EPS, diluted | $0.14 | $0.08 | $0.39 | $0.23 | $0.18 | $0.10 | $0.36 | $0.19 |
| Diluted shares | 469.95M | 476.88M | 482.50M | 492.98M | 495.78M | 502.94M | 506.90M | 502.56M |
Figures describe The Trade Desk shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.