# The Trade Desk (TTD) Q2 2026 earnings

Results filed 2026-08-06 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/ttd/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1671933/000167193326000085/0001671933-26-000085-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

The Trade Desk reported second quarter 2026 revenue of $715 million, up 3% year over year, GAAP net income of $64 million, GAAP diluted EPS of $0.14 and Adjusted EBITDA of $241 million.

The Trade Desk grew revenue 3% to $715 million in the second quarter, down from 19% growth a year earlier. GAAP net income fell to $64 million from $90 million, and Adjusted EBITDA fell to $241 million, a 34% margin versus 39%. CEO Jeff Green said the quarter "did not meet the standard we set for ourselves." Customer retention stayed above 95%.
For the third quarter, management expects revenue of at least $650 million and Adjusted EBITDA of approximately $160 million. That is below the second quarter's $715 million and $241 million. The main tension is whether the platform upgrades, new executives and partnerships can restore growth while costs, especially platform operations, are rising faster than revenue.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $715,057 | up 3% from a year ago | GAAP |
| Net income | $64,394 | down from $90,129 a year ago | GAAP |
| Diluted EPS | $0.14 | down from $0.18 a year ago | GAAP |
| Non-GAAP diluted EPS | $0.34 | down from $0.41 a year ago | non-GAAP |
| Income from operations | $101,577 | down from $116,777 a year ago | GAAP |
| Free cash flow | $135,999 | up 17% from a year ago | non-GAAP |
| Adjusted EBITDA | $241,279 | down from $270,755 a year ago; margin 34% versus 39% | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Customer retention | over 95% |  |
| Adjusted EBITDA margin | 34% | 39% a year ago |
| Share repurchases in the quarter | approximately $78 million |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | third quarter of 2026 | at least $650 million |
| Adjusted EBITDA | third quarter of 2026 | approximately $160 million |

## Key takeaways

1. **Revenue growth slowed to 3%** Revenue was $715 million, up 3% year over year, versus 19% growth in the second quarter of 2025. Six-month revenue rose 7%.
2. **Profit fell faster than revenue** GAAP net income was $64 million versus $90 million, and Adjusted EBITDA was $241 million versus $271 million. Adjusted EBITDA margin was 34% versus 39%.
3. **Third-quarter outlook implies a revenue step down** Management guided to revenue of at least $650 million and Adjusted EBITDA of approximately $160 million, both below second-quarter results.
4. **Platform operations costs grew fastest** Platform operations expense was $184,333 thousand versus $150,980 thousand a year earlier, while general and administrative expense fell to $114,001 thousand from $130,900 thousand.
5. **Management is resetting leadership and execution** The company appointed Nate Olmstead as Chief Financial Officer and added several executives plus board members Penry Price and David Haddad. Customer retention stayed over 95%.

## Questions

**What were The Trade Desk's second quarter 2026 results?** Revenue was $715 million, up 3% year over year, with GAAP net income of $64 million and GAAP diluted EPS of $0.14. Non-GAAP diluted EPS was $0.34 and Adjusted EBITDA was $241 million.
**What is the third quarter 2026 guidance?** The company expects revenue of at least $650 million and Adjusted EBITDA of approximately $160 million. It gave no GAAP net income outlook.
**How did profitability change from a year ago?** GAAP net income fell to $64 million from $90 million, and Adjusted EBITDA margin was 34% versus 39%. Income from operations was $101,577 thousand versus $116,777 thousand.
**How did cash flow and buybacks look?** Second-quarter free cash flow was $135,999 thousand, up 17%, while operating cash flow was $153,594 thousand, down 7%. The company repurchased about $78 million of stock and had $269 million of authorization remaining.
**What did management say about the quarter?** CEO Jeff Green said the quarter did not meet the company's standard but reinforced its focus on the right opportunities. He said the company is acting to strengthen execution, upgrade its platform and sharpen its focus.

## Slides and investor documents

- [Presentation](https://s205.q4cdn.com/467402606/files/doc_earnings/2026/q2/presentation/TheTradeDesk_Q226_Investor_Presentation.pdf) (Slide deck)
- [Transcript](https://s205.q4cdn.com/467402606/files/doc_earnings/2026/q2/transcript/The-Trade-Desk-Second-Quarter-2026-Conference-Call-Prepared-Remarks.pdf) (Company's official transcript)
- [Webcast](https://events.q4inc.com/attendee/222177769) (Webcast replay)
- [Quarterly Filing](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001671933/7cec0225-2932-4265-b601-85c06788317b.pdf) (Document)