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Side-by-side financial comparison of Trade Desk (The) (TTD) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($1.1B vs $846.8M, roughly 1.3× Trade Desk (The)). Virtu Financial, Inc. runs the higher net margin — 31.6% vs 22.1%, a 9.6% gap on every dollar of revenue. On growth, Virtu Financial, Inc. posted the faster year-over-year revenue change (30.7% vs 14.3%). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% CAGR vs 25.7%).
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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
TTD vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $846.8M | $1.1B |
| Net Profit | $186.9M | $346.6M |
| Gross Margin | 80.7% | — |
| Operating Margin | 30.3% | 37.4% |
| Net Margin | 22.1% | 31.6% |
| Revenue YoY | 14.3% | 30.7% |
| Net Profit YoY | 2.6% | 82.8% |
| EPS (diluted) | $0.39 | $1.99 |
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.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $846.8M | $969.9M | ||
| Q3 25 | $739.4M | $824.8M | ||
| Q2 25 | $694.0M | $999.6M | ||
| Q1 25 | $616.0M | $837.9M | ||
| Q4 24 | $741.0M | $834.3M | ||
| Q3 24 | $628.0M | $706.8M | ||
| Q2 24 | $584.5M | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $186.9M | $139.9M | ||
| Q3 25 | $115.5M | $77.6M | ||
| Q2 25 | $90.1M | $151.2M | ||
| Q1 25 | $50.7M | $99.7M | ||
| Q4 24 | $182.2M | $94.1M | ||
| Q3 24 | $94.2M | $60.0M | ||
| Q2 24 | $85.0M | $66.6M |
| Q1 26 | — | — | ||
| 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 26 | — | 37.4% | ||
| Q4 25 | 30.3% | 35.4% | ||
| Q3 25 | 21.8% | 21.8% | ||
| Q2 25 | 16.8% | 34.7% | ||
| Q1 25 | 8.8% | 26.7% | ||
| Q4 24 | 26.4% | 24.3% | ||
| Q3 24 | 17.3% | 20.8% | ||
| Q2 24 | 16.2% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | 22.1% | 14.4% | ||
| Q3 25 | 15.6% | 9.4% | ||
| Q2 25 | 13.0% | 15.1% | ||
| Q1 25 | 8.2% | 11.9% | ||
| Q4 24 | 24.6% | 11.3% | ||
| Q3 24 | 15.0% | 8.5% | ||
| Q2 24 | 14.5% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $0.39 | $1.54 | ||
| Q3 25 | $0.23 | $0.86 | ||
| Q2 25 | $0.18 | $1.65 | ||
| Q1 25 | $0.10 | $1.08 | ||
| Q4 24 | $0.36 | $1.03 | ||
| Q3 24 | $0.19 | $0.64 | ||
| Q2 24 | $0.17 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $973.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.2B |
| Total Assets | $6.2B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.4B | $707.9M | ||
| Q2 25 | $1.7B | $752.1M | ||
| Q1 25 | $1.7B | $723.6M | ||
| Q4 24 | $1.9B | $872.5M | ||
| Q3 24 | $1.7B | $701.4M | ||
| Q2 24 | $1.5B | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.7B | $1.3B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.4B | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $6.2B | $20.2B | ||
| Q3 25 | $5.9B | $21.3B | ||
| Q2 25 | $6.0B | $19.3B | ||
| Q1 25 | $5.7B | $17.5B | ||
| Q4 24 | $6.1B | $15.4B | ||
| Q3 24 | $5.5B | $14.4B | ||
| Q2 24 | $5.2B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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 | $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.
| Q1 26 | — | — | ||
| Q4 25 | $311.6M | $518.4M | ||
| Q3 25 | $224.7M | $-68.7M | ||
| Q2 25 | $165.0M | $62.8M | ||
| Q1 25 | $291.4M | $15.0M | ||
| Q4 24 | $199.4M | $599.0M | ||
| Q3 24 | $273.3M | $112.1M | ||
| Q2 24 | $81.3M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | $285.3M | $495.6M | ||
| Q3 25 | $158.3M | $-76.7M | ||
| Q2 25 | $119.8M | $57.6M | ||
| Q1 25 | $232.3M | $9.2M | ||
| Q4 24 | $179.2M | $586.6M | ||
| Q3 24 | $224.6M | $106.2M | ||
| Q2 24 | $59.1M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | 33.7% | 51.1% | ||
| Q3 25 | 21.4% | -9.3% | ||
| Q2 25 | 17.3% | 5.8% | ||
| Q1 25 | 37.7% | 1.1% | ||
| Q4 24 | 24.2% | 70.3% | ||
| Q3 24 | 35.8% | 15.0% | ||
| Q2 24 | 10.1% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.1% | 2.4% | ||
| Q3 25 | 9.0% | 1.0% | ||
| Q2 25 | 6.5% | 0.5% | ||
| Q1 25 | 9.6% | 0.7% | ||
| Q4 24 | 2.7% | 1.5% | ||
| Q3 24 | 7.8% | 0.8% | ||
| Q2 24 | 3.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.67× | 3.71× | ||
| Q3 25 | 1.94× | -0.89× | ||
| Q2 25 | 1.83× | 0.42× | ||
| Q1 25 | 5.75× | 0.15× | ||
| Q4 24 | 1.09× | 6.37× | ||
| Q3 24 | 2.90× | 1.87× | ||
| Q2 24 | 0.96× | 7.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
