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Side-by-side financial comparison of PELOTON INTERACTIVE, INC. (PTON) 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 $656.5M, roughly 1.3× PELOTON INTERACTIVE, INC.). Trade Desk (The) runs the higher net margin — 22.1% vs -5.9%, a 28.0% gap on every dollar of revenue. On growth, Trade Desk (The) posted the faster year-over-year revenue change (14.3% vs -2.6%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $71.0M).
Peloton Interactive, Inc. is an American exercise equipment and media company based in New York City. The company's products include stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a subscription service. The equipment includes built-in sensors that track metrics such as power output, providing users with real-time feedback on their performance and leaderboard rankings to compete with othe...
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.
PTON vs TTD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $656.5M | $846.8M |
| Net Profit | $-38.8M | $186.9M |
| Gross Margin | 50.5% | 80.7% |
| Operating Margin | -2.2% | 30.3% |
| Net Margin | -5.9% | 22.1% |
| Revenue YoY | -2.6% | 14.3% |
| Net Profit YoY | 57.8% | 2.6% |
| EPS (diluted) | $-0.09 | $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 | $656.5M | $846.8M | ||
| Q3 25 | $550.8M | $739.4M | ||
| Q2 25 | — | $694.0M | ||
| Q1 25 | — | $616.0M | ||
| Q4 24 | — | $741.0M | ||
| Q3 24 | — | $628.0M | ||
| Q2 24 | — | $584.5M | ||
| Q1 24 | — | $491.3M |
| Q4 25 | $-38.8M | $186.9M | ||
| Q3 25 | $13.9M | $115.5M | ||
| Q2 25 | — | $90.1M | ||
| Q1 25 | — | $50.7M | ||
| Q4 24 | — | $182.2M | ||
| Q3 24 | — | $94.2M | ||
| Q2 24 | — | $85.0M | ||
| Q1 24 | — | $31.7M |
| Q4 25 | 50.5% | 80.7% | ||
| Q3 25 | 51.5% | 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 | -2.2% | 30.3% | ||
| Q3 25 | 7.5% | 21.8% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 8.8% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 16.2% | ||
| Q1 24 | — | 5.8% |
| Q4 25 | -5.9% | 22.1% | ||
| Q3 25 | 2.5% | 15.6% | ||
| Q2 25 | — | 13.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 6.4% |
| Q4 25 | $-0.09 | $0.39 | ||
| Q3 25 | $0.03 | $0.23 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | — | $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 | $1.2B | $1.3B |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $-326.7M | $2.5B |
| Total Assets | $2.2B | $6.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-326.7M | $2.5B | ||
| Q3 25 | $-347.0M | $2.6B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | $2.2B | $6.2B | ||
| Q3 25 | $2.2B | $5.9B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $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 | $71.9M | $311.6M |
| Free Cash FlowOCF − Capex | $71.0M | $285.3M |
| FCF MarginFCF / Revenue | 10.8% | 33.7% |
| Capex IntensityCapex / Revenue | 0.1% | 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 | $71.9M | $311.6M | ||
| Q3 25 | $71.9M | $224.7M | ||
| Q2 25 | — | $165.0M | ||
| Q1 25 | — | $291.4M | ||
| Q4 24 | — | $199.4M | ||
| Q3 24 | — | $273.3M | ||
| Q2 24 | — | $81.3M | ||
| Q1 24 | — | $185.5M |
| Q4 25 | $71.0M | $285.3M | ||
| Q3 25 | $67.4M | $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 | 10.8% | 33.7% | ||
| Q3 25 | 12.2% | 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 | 0.1% | 3.1% | ||
| Q3 25 | 0.8% | 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 | 5.17× | 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
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
