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Side-by-side financial comparison of Cloudflare, Inc. (NET) 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 $614.5M, roughly 1.4× Cloudflare, Inc.). Trade Desk (The) runs the higher net margin — 22.1% vs -2.0%, a 24.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 14.3%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $105.2M). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% CAGR vs 27.4%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs TTD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $846.8M |
| Net Profit | $-12.1M | $186.9M |
| Gross Margin | 73.6% | 80.7% |
| Operating Margin | -8.0% | 30.3% |
| Net Margin | -2.0% | 22.1% |
| Revenue YoY | 33.6% | 14.3% |
| Net Profit YoY | 6.0% | 2.6% |
| EPS (diluted) | $-0.03 | $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 | $614.5M | $846.8M | ||
| Q3 25 | $562.0M | $739.4M | ||
| Q2 25 | $512.3M | $694.0M | ||
| Q1 25 | $479.1M | $616.0M | ||
| Q4 24 | $459.9M | $741.0M | ||
| Q3 24 | $430.1M | $628.0M | ||
| Q2 24 | $401.0M | $584.5M | ||
| Q1 24 | $378.6M | $491.3M |
| Q4 25 | $-12.1M | $186.9M | ||
| Q3 25 | $-1.3M | $115.5M | ||
| Q2 25 | $-50.4M | $90.1M | ||
| Q1 25 | $-38.5M | $50.7M | ||
| Q4 24 | $-12.8M | $182.2M | ||
| Q3 24 | $-15.3M | $94.2M | ||
| Q2 24 | $-15.1M | $85.0M | ||
| Q1 24 | $-35.5M | $31.7M |
| Q4 25 | 73.6% | 80.7% | ||
| Q3 25 | 74.0% | 78.1% | ||
| Q2 25 | 74.9% | 78.2% | ||
| Q1 25 | 75.9% | 76.8% | ||
| Q4 24 | 76.4% | 81.7% | ||
| Q3 24 | 77.7% | 80.5% | ||
| Q2 24 | 77.8% | 81.1% | ||
| Q1 24 | 77.5% | 78.9% |
| Q4 25 | -8.0% | 30.3% | ||
| Q3 25 | -6.7% | 21.8% | ||
| Q2 25 | -13.1% | 16.8% | ||
| Q1 25 | -11.1% | 8.8% | ||
| Q4 24 | -7.5% | 26.4% | ||
| Q3 24 | -7.2% | 17.3% | ||
| Q2 24 | -8.7% | 16.2% | ||
| Q1 24 | -14.4% | 5.8% |
| Q4 25 | -2.0% | 22.1% | ||
| Q3 25 | -0.2% | 15.6% | ||
| Q2 25 | -9.8% | 13.0% | ||
| Q1 25 | -8.0% | 8.2% | ||
| Q4 24 | -2.8% | 24.6% | ||
| Q3 24 | -3.6% | 15.0% | ||
| Q2 24 | -3.8% | 14.5% | ||
| Q1 24 | -9.4% | 6.4% |
| Q4 25 | $-0.03 | $0.39 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $-0.15 | $0.18 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.05 | $0.36 | ||
| Q3 24 | $-0.04 | $0.19 | ||
| Q2 24 | $-0.04 | $0.17 | ||
| Q1 24 | $-0.10 | $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 | $943.5M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.5B |
| Total Assets | $6.0B | $6.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $1.3B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $204.5M | $1.7B | ||
| Q4 24 | $147.7M | $1.9B | ||
| Q3 24 | $182.9M | $1.7B | ||
| Q2 24 | $157.0M | $1.5B | ||
| Q1 24 | $254.4M | $1.4B |
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.3B | $2.6B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $973.1M | $2.6B | ||
| Q2 24 | $881.5M | $2.4B | ||
| Q1 24 | $797.2M | $2.2B |
| Q4 25 | $6.0B | $6.2B | ||
| Q3 25 | $5.8B | $5.9B | ||
| Q2 25 | $5.6B | $6.0B | ||
| Q1 25 | $3.7B | $5.7B | ||
| Q4 24 | $3.3B | $6.1B | ||
| Q3 24 | $3.1B | $5.5B | ||
| Q2 24 | $2.9B | $5.2B | ||
| Q1 24 | $2.8B | $4.7B |
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 | $190.4M | $311.6M |
| Free Cash FlowOCF − Capex | $105.2M | $285.3M |
| FCF MarginFCF / Revenue | 17.1% | 33.7% |
| Capex IntensityCapex / Revenue | 13.9% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $311.6M | ||
| Q3 25 | $167.1M | $224.7M | ||
| Q2 25 | $99.8M | $165.0M | ||
| Q1 25 | $145.8M | $291.4M | ||
| Q4 24 | $127.3M | $199.4M | ||
| Q3 24 | $104.7M | $273.3M | ||
| Q2 24 | $74.8M | $81.3M | ||
| Q1 24 | $73.6M | $185.5M |
| Q4 25 | $105.2M | $285.3M | ||
| Q3 25 | $82.5M | $158.3M | ||
| Q2 25 | $39.9M | $119.8M | ||
| Q1 25 | $59.9M | $232.3M | ||
| Q4 24 | $54.2M | $179.2M | ||
| Q3 24 | $54.5M | $224.6M | ||
| Q2 24 | $45.2M | $59.1M | ||
| Q1 24 | $41.5M | $178.2M |
| Q4 25 | 17.1% | 33.7% | ||
| Q3 25 | 14.7% | 21.4% | ||
| Q2 25 | 7.8% | 17.3% | ||
| Q1 25 | 12.5% | 37.7% | ||
| Q4 24 | 11.8% | 24.2% | ||
| Q3 24 | 12.7% | 35.8% | ||
| Q2 24 | 11.3% | 10.1% | ||
| Q1 24 | 11.0% | 36.3% |
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 9.0% | ||
| Q2 25 | 11.7% | 6.5% | ||
| Q1 25 | 17.9% | 9.6% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 7.8% | ||
| Q2 24 | 7.4% | 3.8% | ||
| Q1 24 | 8.5% | 1.5% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 5.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
