# The Trade Desk (TTD) Q3 2026 earnings

Results filed 2026-11-09 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/ttd/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1671933/000167193326000115/0001671933-26-000115-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

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%.
For the fourth quarter, management expects revenue of at least $755 million and Adjusted EBITDA of at least $280 million. The board added $731 million to the buyback authorization, bringing the total available to $1 billion. The main tension is that revenue has stopped growing while expenses keep rising, so profit is shrinking. Management is betting that Kokai Zuma, agentic AI, Netflix integration and new measurement tools can restore stronger growth.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $736 | (0.5)% year over year | GAAP |
| Net income | $38 | down from $116 a year ago | GAAP |
| GAAP diluted EPS | $0.08 | down from $0.23 a year ago | GAAP |
| Non-GAAP diluted EPS | $0.33 | down from $0.45 a year ago | non-GAAP |
| Income from operations | 92,606 | down from 161,219 a year ago | GAAP |
| Net cash provided by operating activities | $258,269 | 15% year over year | GAAP |
| Free cash flow | $153,322 | (1)% year over year | non-GAAP |
| Adjusted EBITDA | $266 | down from $317 a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Adjusted EBITDA margin | 36% | 43% a year ago |
| Non-GAAP net income | $155 | $221 a year ago |
| Customer retention | over 95% |  |
| Nine-month revenue | $2,140 | 4% year over year |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | fourth quarter of 2026 | at least $755 million |
| Adjusted EBITDA | fourth quarter of 2026 | at least $280 million |

## Key takeaways

1. **Revenue slipped slightly year over year** Third quarter revenue was $736 million versus $739 million a year ago, a (0.5)% change. Nine-month revenue still rose 4% to $2,140 million.
2. **Profit fell sharply on higher costs** GAAP net income was $38 million versus $116 million, and Adjusted EBITDA margin was 36% versus 43%. Platform operations expense rose to 200,163 thousand from 162,154 thousand.
3. **Restructuring and taxes weighed on earnings** The quarter included restructuring charges of 44,258 thousand tied to the 2026 Restructuring Plan. The provision for income taxes was 68,400 thousand on income before taxes of 106,450 thousand.
4. **Fourth quarter outlook implies a revenue step up** Management expects revenue of at least $755 million and Adjusted EBITDA of at least $280 million. That compares with third quarter revenue of $736 million and Adjusted EBITDA of $266 million.
5. **Buyback expanded as cash balance grew** The board added $731 million to the repurchase authorization, bringing the total available to $1 billion. Cash and cash equivalents were 1,229,288 thousand at September 30, 2026.

## Questions

**How did The Trade Desk perform in Q3 2026?** Revenue was $736 million, down (0.5)% from $739 million a year earlier. GAAP net income was $38 million and GAAP diluted EPS was $0.08.
**What is The Trade Desk's guidance for the fourth quarter of 2026?** Management guided to revenue of at least $755 million and Adjusted EBITDA of at least $280 million. It gave no GAAP net income outlook.
**Why did profitability decline?** Operating expenses rose to 643,359 thousand from 578,214 thousand while revenue was flat, cutting income from operations to 92,606 thousand from 161,219 thousand. Restructuring charges of 44,258 thousand also hit GAAP results.
**What did the company announce about share repurchases?** The board approved an additional $731 million, bringing the total available for future repurchases of Class A common stock to $1 billion. About $269 million was available as of September 30, 2026.
**How strong was cash generation in the quarter?** Net cash provided by operating activities was $258,269 thousand, up 15% year over year. Free cash flow was $153,322 thousand, down 1%.

## Slides and investor documents

- [Presentation](https://s205.q4cdn.com/467402606/files/doc_earnings/2026/q3/presentation/TheTradeDesk_Q326_Investor_Presentation.pdf) (Slide deck)
- [Transcript](https://s205.q4cdn.com/467402606/files/doc_earnings/2026/q3/transcript/The-Trade-Desk-Third-Quarter-2026-Conference-Call-Prepared-Remarks.pdf) (Company's official transcript)
- [Webcast](https://events.q4inc.com/attendee/167227925) (Webcast replay)
- [Quarterly Filing](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001671933/04f9ed32-4267-43bf-8eba-cf0b50130347.pdf) (Document)