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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) 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 $544.0M, roughly 1.6× Fidelity National Financial, Inc.). Trade Desk (The) runs the higher net margin — 22.1% vs -21.5%, a 43.6% gap on every dollar of revenue. On growth, Trade Desk (The) posted the faster year-over-year revenue change (14.3% vs 10.3%). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% CAGR vs 13.7%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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.
FNF vs TTD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $846.8M |
| Net Profit | $-117.0M | $186.9M |
| Gross Margin | — | 80.7% |
| Operating Margin | 82.9% | 30.3% |
| Net Margin | -21.5% | 22.1% |
| Revenue YoY | 10.3% | 14.3% |
| Net Profit YoY | -126.0% | 2.6% |
| EPS (diluted) | $-0.44 | $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 | $544.0M | $846.8M | ||
| Q3 25 | $553.0M | $739.4M | ||
| Q2 25 | $547.0M | $694.0M | ||
| Q1 25 | $455.0M | $616.0M | ||
| Q4 24 | $493.0M | $741.0M | ||
| Q3 24 | $506.0M | $628.0M | ||
| Q2 24 | $504.0M | $584.5M | ||
| Q1 24 | $421.0M | $491.3M |
| Q4 25 | $-117.0M | $186.9M | ||
| Q3 25 | $358.0M | $115.5M | ||
| Q2 25 | $278.0M | $90.1M | ||
| Q1 25 | $83.0M | $50.7M | ||
| Q4 24 | $450.0M | $182.2M | ||
| Q3 24 | $266.0M | $94.2M | ||
| Q2 24 | $306.0M | $85.0M | ||
| Q1 24 | $248.0M | $31.7M |
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
| Q4 25 | 82.9% | 30.3% | ||
| Q3 25 | 81.9% | 21.8% | ||
| Q2 25 | 69.8% | 16.8% | ||
| Q1 25 | 24.4% | 8.8% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | 61.9% | 17.3% | ||
| Q2 24 | 90.9% | 16.2% | ||
| Q1 24 | 78.6% | 5.8% |
| Q4 25 | -21.5% | 22.1% | ||
| Q3 25 | 64.7% | 15.6% | ||
| Q2 25 | 50.8% | 13.0% | ||
| Q1 25 | 18.2% | 8.2% | ||
| Q4 24 | 91.3% | 24.6% | ||
| Q3 24 | 52.6% | 15.0% | ||
| Q2 24 | 60.7% | 14.5% | ||
| Q1 24 | 58.9% | 6.4% |
| Q4 25 | $-0.44 | $0.39 | ||
| Q3 25 | $1.33 | $0.23 | ||
| Q2 25 | $1.02 | $0.18 | ||
| Q1 25 | $0.30 | $0.10 | ||
| Q4 24 | $1.65 | $0.36 | ||
| Q3 24 | $0.97 | $0.19 | ||
| Q2 24 | $1.12 | $0.17 | ||
| Q1 24 | $0.91 | $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 | $2.6B | $1.3B |
| Total DebtLower is stronger | $4.4B | — |
| Stockholders' EquityBook value | $7.4B | $2.5B |
| Total Assets | $109.0B | $6.2B |
| Debt / EquityLower = less leverage | 0.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $1.3B | ||
| Q3 25 | $3.5B | $1.4B | ||
| Q2 25 | $3.3B | $1.7B | ||
| Q1 25 | $4.5B | $1.7B | ||
| Q4 24 | $3.5B | $1.9B | ||
| Q3 24 | $5.0B | $1.7B | ||
| Q2 24 | $4.9B | $1.5B | ||
| Q1 24 | $3.5B | $1.4B |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
| Q4 25 | $7.4B | $2.5B | ||
| Q3 25 | $8.4B | $2.6B | ||
| Q2 25 | $7.9B | $2.7B | ||
| Q1 25 | $7.9B | $2.7B | ||
| Q4 24 | $7.8B | $2.9B | ||
| Q3 24 | $8.1B | $2.6B | ||
| Q2 24 | $7.3B | $2.4B | ||
| Q1 24 | $7.1B | $2.2B |
| Q4 25 | $109.0B | $6.2B | ||
| Q3 25 | $106.6B | $5.9B | ||
| Q2 25 | $102.3B | $6.0B | ||
| Q1 25 | $98.2B | $5.7B | ||
| Q4 24 | $95.4B | $6.1B | ||
| Q3 24 | $94.7B | $5.5B | ||
| Q2 24 | $88.8B | $5.2B | ||
| Q1 24 | $84.5B | $4.7B |
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
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 | $1.5B | $311.6M |
| Free Cash FlowOCF − Capex | — | $285.3M |
| FCF MarginFCF / Revenue | — | 33.7% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $311.6M | ||
| Q3 25 | $1.3B | $224.7M | ||
| Q2 25 | $1.9B | $165.0M | ||
| Q1 25 | $1.1B | $291.4M | ||
| Q4 24 | $1.5B | $199.4M | ||
| Q3 24 | $2.4B | $273.3M | ||
| Q2 24 | $1.4B | $81.3M | ||
| Q1 24 | $1.6B | $185.5M |
| Q4 25 | — | $285.3M | ||
| Q3 25 | — | $158.3M | ||
| Q2 25 | — | $119.8M | ||
| Q1 25 | — | $232.3M | ||
| Q4 24 | — | $179.2M | ||
| Q3 24 | — | $224.6M | ||
| Q2 24 | — | $59.1M | ||
| Q1 24 | — | $178.2M |
| Q4 25 | — | 33.7% | ||
| Q3 25 | — | 21.4% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | 36.3% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | 3.66× | 1.94× | ||
| Q2 25 | 6.82× | 1.83× | ||
| Q1 25 | 13.43× | 5.75× | ||
| Q4 24 | 3.32× | 1.09× | ||
| Q3 24 | 8.89× | 2.90× | ||
| Q2 24 | 4.45× | 0.96× | ||
| Q1 24 | 6.42× | 5.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
