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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Trade Desk (The) is the larger business by last-quarter revenue ($846.8M vs $472.5M, roughly 1.8× AeroVironment Inc). Trade Desk (The) runs the higher net margin — 22.1% vs -3.6%, a 25.7% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 14.3%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 31.3%).
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
AVAV vs TTD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $846.8M |
| Net Profit | $-17.1M | $186.9M |
| Gross Margin | 22.0% | 80.7% |
| Operating Margin | -6.4% | 30.3% |
| Net Margin | -3.6% | 22.1% |
| Revenue YoY | 181.9% | 14.3% |
| Net Profit YoY | -875.1% | 2.6% |
| EPS (diluted) | $-0.34 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $472.5M | $846.8M | ||
| Q3 25 | $454.7M | $739.4M | ||
| Q2 25 | $275.1M | $694.0M | ||
| Q1 25 | $167.6M | $616.0M | ||
| Q4 24 | $188.5M | $741.0M | ||
| Q3 24 | $189.5M | $628.0M | ||
| Q2 24 | $197.0M | $584.5M | ||
| Q1 24 | $186.6M | $491.3M |
| Q4 25 | $-17.1M | $186.9M | ||
| Q3 25 | $-67.4M | $115.5M | ||
| Q2 25 | $16.7M | $90.1M | ||
| Q1 25 | $-1.8M | $50.7M | ||
| Q4 24 | $7.5M | $182.2M | ||
| Q3 24 | $21.2M | $94.2M | ||
| Q2 24 | $6.0M | $85.0M | ||
| Q1 24 | $13.9M | $31.7M |
| Q4 25 | 22.0% | 80.7% | ||
| Q3 25 | 20.9% | 78.1% | ||
| Q2 25 | 36.5% | 78.2% | ||
| Q1 25 | 37.7% | 76.8% | ||
| Q4 24 | 39.1% | 81.7% | ||
| Q3 24 | 43.0% | 80.5% | ||
| Q2 24 | 38.4% | 81.1% | ||
| Q1 24 | 36.1% | 78.9% |
| Q4 25 | -6.4% | 30.3% | ||
| Q3 25 | -15.2% | 21.8% | ||
| Q2 25 | 5.0% | 16.8% | ||
| Q1 25 | -1.8% | 8.8% | ||
| Q4 24 | 3.7% | 26.4% | ||
| Q3 24 | 12.2% | 17.3% | ||
| Q2 24 | 3.0% | 16.2% | ||
| Q1 24 | 7.7% | 5.8% |
| Q4 25 | -3.6% | 22.1% | ||
| Q3 25 | -14.8% | 15.6% | ||
| Q2 25 | 6.1% | 13.0% | ||
| Q1 25 | -1.0% | 8.2% | ||
| Q4 24 | 4.0% | 24.6% | ||
| Q3 24 | 11.2% | 15.0% | ||
| Q2 24 | 3.1% | 14.5% | ||
| Q1 24 | 7.4% | 6.4% |
| Q4 25 | $-0.34 | $0.39 | ||
| Q3 25 | $-1.44 | $0.23 | ||
| Q2 25 | $0.59 | $0.18 | ||
| Q1 25 | $-0.06 | $0.10 | ||
| Q4 24 | $0.27 | $0.36 | ||
| Q3 24 | $0.75 | $0.19 | ||
| Q2 24 | $0.18 | $0.17 | ||
| Q1 24 | $0.50 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $588.5M | $1.3B |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $2.5B |
| Total Assets | $5.6B | $6.2B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $1.3B | ||
| Q3 25 | $685.8M | $1.4B | ||
| Q2 25 | $40.9M | $1.7B | ||
| Q1 25 | $47.0M | $1.7B | ||
| Q4 24 | $69.0M | $1.9B | ||
| Q3 24 | $81.2M | $1.7B | ||
| Q2 24 | $73.3M | $1.5B | ||
| Q1 24 | $107.7M | $1.4B |
| Q4 25 | $747.5M | — | ||
| Q3 25 | $747.5M | — | ||
| Q2 25 | $30.0M | — | ||
| Q1 25 | $25.0M | — | ||
| Q4 24 | $15.0M | — | ||
| Q3 24 | $17.5M | — | ||
| Q2 24 | $28.0M | — | ||
| Q1 24 | $40.0M | — |
| Q4 25 | $4.4B | $2.5B | ||
| Q3 25 | $4.4B | $2.6B | ||
| Q2 25 | $886.5M | $2.7B | ||
| Q1 25 | $861.1M | $2.7B | ||
| Q4 24 | $858.4M | $2.9B | ||
| Q3 24 | $845.5M | $2.6B | ||
| Q2 24 | $822.7M | $2.4B | ||
| Q1 24 | $813.0M | $2.2B |
| Q4 25 | $5.6B | $6.2B | ||
| Q3 25 | $5.6B | $5.9B | ||
| Q2 25 | $1.1B | $6.0B | ||
| Q1 25 | $1.0B | $5.7B | ||
| Q4 24 | $1.0B | $6.1B | ||
| Q3 24 | $999.2M | $5.5B | ||
| Q2 24 | $1.0B | $5.2B | ||
| Q1 24 | $980.3M | $4.7B |
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.02× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.03× | — | ||
| Q1 24 | 0.05× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-45.1M | $311.6M |
| Free Cash FlowOCF − Capex | $-55.9M | $285.3M |
| FCF MarginFCF / Revenue | -11.8% | 33.7% |
| Capex IntensityCapex / Revenue | 2.3% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $311.6M | ||
| Q3 25 | $-123.7M | $224.7M | ||
| Q2 25 | $-264.0K | $165.0M | ||
| Q1 25 | $-25.8M | $291.4M | ||
| Q4 24 | $-3.6M | $199.4M | ||
| Q3 24 | $28.4M | $273.3M | ||
| Q2 24 | $-11.7M | $81.3M | ||
| Q1 24 | $52.6M | $185.5M |
| Q4 25 | $-55.9M | $285.3M | ||
| Q3 25 | $-146.5M | $158.3M | ||
| Q2 25 | $-8.8M | $119.8M | ||
| Q1 25 | $-29.6M | $232.3M | ||
| Q4 24 | $-8.7M | $179.2M | ||
| Q3 24 | $22.9M | $224.6M | ||
| Q2 24 | $-20.8M | $59.1M | ||
| Q1 24 | $48.8M | $178.2M |
| Q4 25 | -11.8% | 33.7% | ||
| Q3 25 | -32.2% | 21.4% | ||
| Q2 25 | -3.2% | 17.3% | ||
| Q1 25 | -17.7% | 37.7% | ||
| Q4 24 | -4.6% | 24.2% | ||
| Q3 24 | 12.1% | 35.8% | ||
| Q2 24 | -10.5% | 10.1% | ||
| Q1 24 | 26.1% | 36.3% |
| Q4 25 | 2.3% | 3.1% | ||
| Q3 25 | 5.0% | 9.0% | ||
| Q2 25 | 3.1% | 6.5% | ||
| Q1 25 | 2.3% | 9.6% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 2.9% | 7.8% | ||
| Q2 24 | 4.6% | 3.8% | ||
| Q1 24 | 2.0% | 1.5% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | -0.02× | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | -0.48× | 1.09× | ||
| Q3 24 | 1.34× | 2.90× | ||
| Q2 24 | -1.93× | 0.96× | ||
| Q1 24 | 3.79× | 5.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
