Trade Desk, Inc. Earnings Per Share Disclosure
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 443,304 | $ | 393,076 | $ | 178,940 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares outstanding—basic | 488,278 | 490,879 | 489,261 | ||||||||||||||
| Effect of dilutive securities | 5,273 | 11,045 | 10,921 | ||||||||||||||
| Weighted-average shares outstanding—diluted | 493,551 | 501,924 | 500,182 | ||||||||||||||
| Basic earnings per share | $ | 0.91 | $ | 0.80 | $ | 0.37 | |||||||||||
| Diluted earnings per share | $ | 0.90 | $ | 0.78 | $ | 0.36 | |||||||||||
| Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share | 22,742 | 284 | 5,580 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2018 | Feb 22, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.