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• Revenue: $739 million, representing 18% year-over-year growth.

• Revenue Excluding Political Spend: Increased approximately 22% year over year.

• Adjusted EBITDA: Approximately $317 million, or about 43% of revenue.

• Video Channel Share: Around 50% of the business in Q3.

• Mobile Channel Share: Low 30 percentage share of the business.

• Display Channel Share: Low double-digit share.

• Audio Channel Share: Around 5% of the business.

• Geographic Revenue Share: North America 87%, International 13%.

• Operating Expenses (Excluding Stock-Based Compensation): $457 million, up 17% from a year ago.

• Adjusted Net Income: $221 million or $0.45 per diluted share.

• Net Cash Provided by Operating Activities: $225 million.

• Free Cash Flow: $155 million in Q3.

• Days Sales Outstanding (DSOs): 92 days, up 3 days from a year ago.

• Days Payable Outstanding (DPOs): 77 days, up 3 days from a year ago.

• Cash and Liquidity Position: About $1.4 billion in cash, cash equivalents, and short-term investments.

• Share Repurchase: $310 million used to repurchase Class A common stock in Q3.

• Q4 Revenue Guidance: At least $840 million.

• Q4 Adjusted EBITDA Guidance: Approximately $375 million.

Release Date: November 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• The Trade Desk Inc (NASDAQ:TTD) reported a strong revenue growth of approximately 18% year-over-year, with a 22% increase when excluding political spend.

• Connected TV (CTV) remains the largest and fastest-growing channel, outpacing the overall business growth.

• The company has made significant innovations, including the launch of Kokai, which has delivered impressive performance improvements such as a 94% better click-through rate compared to previous platforms.

• The Trade Desk Inc (NASDAQ:TTD) has expanded its international presence, with growth outside the US outpacing domestic growth.

• The company has introduced several new products and features, such as OpenPath and Audience Unlimited, which are expected to drive future growth and enhance supply chain efficiency.

• Despite strong growth, The Trade Desk Inc (NASDAQ:TTD) faces challenges from large tech competitors like Google and Amazon, who focus on monetizing owned and operated inventory.

• The digital advertising market remains a buyer’s market with supply significantly outstripping demand, which could pressure pricing and margins.

• Some large brands, particularly in consumer products and retail, are still feeling pressure from tariffs and inflation, affecting advertising budgets.

• The company is undergoing significant leadership changes, which could pose risks to operational stability and execution.

• The macroeconomic environment presents uncertainties, with some sectors still experiencing pressure, potentially impacting advertising spend.

Q: Jeff, some have interpreted your past comments as if you don’t see Amazon as a competitor. Can you clarify that and discuss the competitive environment as companies like Google and Amazon evolve their DSPs? A: Jeff Green, CEO: Amazon and Google are amazing companies, but their primary advertising efforts are focused on monetizing owned and operated inventory, not the open Internet. Amazon’s DSP is mostly about buying Prime Video, with little focus on the open Internet. Our DSP focuses on data-driven buying across the open Internet, especially in high-growth areas like CTV. We deliver capabilities that they can’t match, such as UID2 for identity and deep integrations with retail data.

Q: Alex, as you’ve gotten deeper into the business, what are the top areas where you think you can drive the most impact over the next couple of years? A: Alex Kayyal, CFO: Our focus is on growth, particularly in driving ROI by allocating resources effectively and being more metrics-driven. We’re reevaluating sales incentives to align with long-term growth, expanding internationally, and targeting the mid-market. Our goal is to make the right investments for long-term durability while continuing to win market share.

Q: Jeff, you’ve made a lot of changes across the organization this year. Can you walk us through some impactful changes in talent and areas that still need work? A: Jeff Green, CEO: We’ve strengthened our foundation with new leaders like COO Vivek Kundra, CFO Alex Kayyal, and CRO Anders Mortenson. We’ve streamlined our go-to-market organization and improved coordination. We’re seeing results in international growth and consistent execution. However, we continue to invest in training and internal systems to ensure consistency and excellence across teams.

Q: Jeff, what are you seeing in terms of broader advertising and macro environment trends that will benefit The Trade Desk next year? A: Jeff Green, CEO: We’re seeing strong momentum and a shift towards data-driven marketing. Brands are scrutinizing walled gardens more and turning to us for real business outcomes. The open Internet and our platform are critical to their futures. We expect a buyer’s market to continue, with large CTV content owners relying on independent partners like us.

Q: Jeff, are you seeing an impact from AI search on available publisher inventory, and how are you helping publishers navigate that? A: Jeff Green, CEO: We handle about 20 million ad impression opportunities per second, and AI’s impact on inventory supply is minimal. The open Internet is much larger than just browser activity, including CTV, music, sports, and journalism. AI will not significantly change the premium open Internet’s role in advertising.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.