TTD earnings analysis
What we found in TTD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The Trade Desk reported Q1 2026 revenue of $688.9 million, a 12% increase year-over-year, meeting analysts' expectations with an EPS of $0.28. The main growth driver was due to increased client spend and enhanced value-added services, despite a year-over-year decline in net income by 21% to $40 million. Operating cash flow improved to $392 million, highlighting the firm's liquidity position.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue increased to $688.9M, up 12% from $616M in Q1 2025.
- Stable EPS Performance
- Reported EPS of $0.28 matched the expectations set by analysts.
- Operating Cash Flow Improvement
- Operating cash flow rose to $392M in Q1 2026, compared to $291M in Q1 2025, reflecting better cash management.
- Effective Cost Management
- Total operating expenses as a percentage of revenue decreased to 90% from 91% year-over-year.
- Segment Resilience
- Growth driven by enhanced value-added services leading to higher client spend and retention.
- Liquidity Support
- $878M in cash and equivalents with $445M available under the credit facility, indicating strong liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Net Income
- Net income decreased by 21% YoY to $40M, indicating potential profitability concerns.
- Increased Operational Expenses
- Total operating expenses rose to $622M from $562M, reflecting pressures on profitability.
- Macroeconomic Headwinds
- Potential impacts from macroeconomic uncertainties could impact future growth and client spending.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.28
- Operating margin
- 10%
What they said about what is next.
Guidance for Q2 revenue set at a minimum of $750 million, reflecting favorable market conditions.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- The 2025 Form 10-K positions The Trade Desk as a buy-side, AI-driven programmatic advertising platform (features named include Koa, Kokai and Audience Unlimited) focused on increasing share of client spend and extending…
- 10-Q · November 6, 2025
- The Trade Desk reported quarterly revenue of $739,433 (in thousands) for the three months ended September 30, 2025, up from $628,016 (in thousands) a year ago and up sequentially. Operating performance strengthened:…
- 10-Q · August 7, 2025
- The Trade Desk reported Q2 revenue of $694.0M, up from $584.6M a year ago, with operating income of $116.8M and diluted EPS of $0.18. Operating performance and cash generation strengthened (six-month operating cash flow…
- 10-Q · May 8, 2025
- The Trade Desk reported Q1 revenue of $616.0M, up $124.8M (+25.4%) versus the year-ago quarter and ahead of consensus, with net income of $50.7M and diluted EPS of $0.10 (vs $0.06 prior year). Operating cash flow was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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