The Trade Desk Stock Earnings Reports

The Trade Desk reported a strong Q3 2025: revenue of $739M, up ~18% year-over-year (22% ex-political), adjusted EBITDA of ~$317M (~43% of revenue), $1.4B in cash and short-term investments, and $155M free cash flow. CTV remains the largest and fastest-growing channel, video (~50% of revenue) and audio are expanding, and international growth is outpacing North America. Management emphasized major product and platform innovations (Kokai, OpenPath, OpenAds, Deal Desk, Audience Unlimited, upgraded data marketplace and trading modes) driven by distributed/agentic AI and identity (UID2). Kokai adoption is high (~85% default) with material performance improvements versus prior versions. Supply-chain and auction transparency initiatives (OpenPath/OpenAds/Pubdesk/Sincera integrations) are a strategic focus to grow the open Internet and capture advertiser budgets moving away from walled gardens. Leadership and operational changes in 2025 (new COO, CFO, CRO) have increased structure, go-to-market discipline, and account-level rigor; JBPs (joint business plans) now comprise about half the business and have higher growth and stickiness. Capital allocation remains active: ~$310M share repurchases in Q3 and a new $500M buyback authorization. Guidance: Q4 revenue at least $840M (implies ~18.5% ex-political growth) and adjusted EBITDA ~ $375M. Key investor takeaways are: 1) durable, profitable growth with strong margins and cash generation; 2) accelerating product-led differentiation (Kokai + AI + supply transparency) that targets expansion of programmatic spend on the open Internet and CTV; 3) meaningful capital returns and disciplined investment priorities under the new finance leadership.