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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Q4 and full-year 2025 saw record revenue and strong profitability, driven by CTV, audio, and international growth, despite macro headwinds in CPG and auto. Major AI-driven innovations and organizational upgrades position the company for continued expansion and margin stability.
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Q3 2025 revenue grew 18% year-over-year (22% ex-political), with CTV and AI-driven innovations fueling growth. Strong international momentum, new leadership, and major product launches position the company for continued expansion and profitability into 2026.
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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, strong profitability, and accelerating market share gains, led by CTV and retail media. Guidance for Q4 projects continued double-digit growth, with robust liquidity and ongoing innovation in AI, identity, and supply chain transparency.
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Q2 revenue grew 26% to $585M, led by CTV and retail media, with strong Adjusted EBITDA and cash flow. The company launched Kokai, expanded key partnerships, and expects continued growth, projecting at least $618M in Q3 revenue. Positioned as the leading DSP for the open internet.