The Trade Desk Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 12% revenue growth to $689M, strong CTV and audio momentum, and robust cash flow. Despite macro headwinds, the outlook remains positive with a focus on AI, retail media, and disciplined investment.
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The meeting covered director elections, executive compensation, and auditor ratification, all of which passed. No shareholder questions were submitted, and final voting results will be filed with the SEC.
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2025 was a year of strategic recalibration, with organizational changes to support scaling and a focus on data-driven accountability. AI is now deeply embedded in operations, driving efficiency and competitive advantage. CTV and retail media are key growth areas, while supply chain improvements and a premium, objective positioning set the stage for future expansion.
Fiscal Year 2025
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Revenue grew 14% year-over-year in Q4 2025 (19% excluding political), with strong profitability and record full-year results. CPG and auto verticals remained soft, but growth in CTV, audio, and international markets, plus AI-driven innovation, offset headwinds.
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Q3 2025 revenue grew 18% year-over-year (22% ex-political), driven by CTV and retail media, with adjusted EBITDA at 43% of revenue. Major platform innovations and leadership changes position the company for continued growth, with Q4 revenue expected to reach at least $840 million.
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Q2 revenue grew 19% year-over-year to $694M, led by CTV and strong Kokai platform adoption, with adjusted EBITDA at $271M. The company expects Q3 revenue of at least $717M and continues to invest in AI, supply chain efficiency, and global expansion.
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The meeting covered director elections, approval of the 2025 Incentive Award Plan, executive compensation, and auditor ratification, with all proposals passing. No shareholder questions were submitted, and risks related to forward-looking statements were acknowledged.
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Revenue grew 25% year-over-year to $616M in Q1 2025, driven by strong CTV growth, rapid Kokai adoption, and platform upgrades. Adjusted EBITDA margin was 34%, with robust free cash flow and no debt. Q2 revenue is expected to grow 17% year-over-year.
Fiscal Year 2024
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2024 saw record revenue and platform spend, but Q4 missed internal targets due to execution missteps and a slower Kokai rollout. Major organizational changes, a focus on CTV and AI, and the Sincera acquisition position the company for long-term growth amid evolving industry dynamics.
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Q3 2024 saw 27% revenue growth, led by CTV and strong international expansion. Profitability remained robust, with $257M in adjusted EBITDA and $1.7B in cash. Outlook for Q4 and 2025 is optimistic, driven by CTV, retail media, and AI innovation.
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Q2 revenue grew 26% year-over-year to $585M, led by CTV and retail media, with Adjusted EBITDA at $242M. The company projects Q3 revenue of at least $618M and continues to gain market share through innovation, premium partnerships, and strong adoption of its Kokai platform.