OpenNashEarnings

Internet & Advertising · Nasdaq: TTD

The Trade Desk earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 24 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

The Trade Desk reported third quarter 2026 revenue of $736 million, down 0.5% year over year, GAAP net income of $38 million and Adjusted EBITDA of $266 million.

The Trade Desk's third-quarter revenue was $736 million, slightly below the $739 million a year earlier. GAAP net income fell to $38 million from $116 million. Adjusted EBITDA was $266 million, a 36% margin versus 43% a year ago. Costs rose, especially platform operations, and the quarter included $44 million of restructuring charges. CEO Jeff Green said results were well ahead of expectations but still below the growth the company expects from itself. Customer retention stayed above 95%.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$736.0M−0.5% y/yQ3 2026
Q4 2024: $741.0M (worked out from the annual figure)Q4 ’24$741.0MQ1 2025: $616.0MQ1 ’25$616.0MQ2 2025: $694.0MQ2 ’25$694.0MQ3 2025: $739.4MQ3 ’25$739.4MQ4 2025: $846.8M (worked out from the annual figure)Q4 ’25$846.8MQ1 2026: $688.9MQ1 ’26$688.9MQ2 2026: $715.1MQ2 ’26$715.1MQ3 2026: $736.0MQ3 ’26$736.0M

Fourth quarter worked out from the annual figure.

Data
Q4 2024$741.0M *
Q1 2025$616.0M
Q2 2025$694.0M
Q3 2025$739.4M
Q4 2025$846.8M *
Q1 2026$688.9M
Q2 2026$715.1M
Q3 2026$736.0M
Diluted EPS (GAAP)$0.08−65.2% y/yQ3 2026
Q1 2025: $0.10Q1 ’25$0.10Q2 2025: $0.18Q2 ’25$0.18Q3 2025: $0.23Q3 ’25$0.23Q1 2026: $0.08Q1 ’26$0.08Q2 2026: $0.14Q2 ’26$0.14Q3 2026: $0.08Q3 ’26$0.08
Data
Q1 2025$0.10
Q2 2025$0.18
Q3 2025$0.23
Q1 2026$0.08
Q2 2026$0.14
Q3 2026$0.08

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin12.6%−9.2 pts y/yQ3 2026
Q4 2024: 26.4%Q4 ’2426.4%Q1 2025: 8.8%Q1 ’258.8%Q2 2025: 16.8%Q2 ’2516.8%Q3 2025: 21.8%Q3 ’2521.8%Q4 2025: 30.3%Q4 ’2530.3%Q1 2026: 9.7%Q1 ’269.7%Q2 2026: 14.2%Q2 ’2614.2%Q3 2026: 12.6%Q3 ’2612.6%
Data
Q4 202426.4%
Q1 20258.8%
Q2 202516.8%
Q3 202521.8%
Q4 202530.3%
Q1 20269.7%
Q2 202614.2%
Q3 202612.6%
Free cash flow$157.5M−0.5% y/yQ3 2026
Q4 2024: $179.2MQ4 ’24$179.2MQ1 2025: $232.3MQ1 ’25$232.3MQ2 2025: $119.8MQ2 ’25$119.8MQ3 2025: $158.3MQ3 ’25$158.3MQ4 2025: $285.3MQ4 ’25$285.3MQ1 2026: $279.1MQ1 ’26$279.1MQ2 2026: $140.4MQ2 ’26$140.4MQ3 2026: $157.5MQ3 ’26$157.5M
Data
Q4 2024$179.2M
Q1 2025$232.3M
Q2 2025$119.8M
Q3 2025$158.3M
Q4 2025$285.3M
Q1 2026$279.1M
Q2 2026$140.4M
Q3 2026$157.5M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$741.0Md$616.0M$694.0M$739.4M$846.8Md$688.9M$715.1M$736.0M
Operating income$195.3Md$54.5M$116.8M$161.2M$256.9Md$66.6M$101.6M$92.6M
Operating margin26.4%8.8%16.8%21.8%30.3%9.7%14.2%12.6%
Net income$182.2Md$50.7M$90.1M$115.5M$186.9Md$40.0M$64.4M$38.0M
Diluted EPS—$0.10$0.18$0.23—$0.08$0.14$0.08
Operating cash flow$199.4Md$291.4M$165.0Md$224.7Md$311.6Md$391.8M$153.6Md$258.3Md
Capital expenditure$20.2Md$59.1M$45.2Md$66.3Md$26.3Md$112.7M$13.2Md$100.8Md
Free cash flow$179.2M$232.3M$119.8M$158.3M$285.3M$279.1M$140.4M$157.5M
R&D expense$127.9Md$132.4M$134.3M$127.9M$130.6Md$142.7M$140.7M$147.3M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings