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…
Earnings analysis · 10-Q
TTD earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.28
- Operating margin
- 10%
What stood out
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Strong Revenue Growth
Q1 2026 revenue increased to $688.9M, up 12% from $616M in Q1 2025.
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Stable EPS Performance
Reported EPS of $0.28 matched the expectations set by analysts.
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Operating Cash Flow Improvement
Operating cash flow rose to $392M in Q1 2026, compared to $291M in Q1 2025, reflecting better cash management.
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Effective Cost Management
Total operating expenses as a percentage of revenue decreased to 90% from 91% year-over-year.
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Segment Resilience
Growth driven by enhanced value-added services leading to higher client spend and retention.
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Liquidity Support
$878M in cash and equivalents with $445M available under the credit facility, indicating strong liquidity.
What to watch
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Declining Net Income
Net income decreased by 21% YoY to $40M, indicating potential profitability concerns.
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Increased Operational Expenses
Total operating expenses rose to $622M from $562M, reflecting pressures on profitability.
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Macroeconomic Headwinds
Potential impacts from macroeconomic uncertainties could impact future growth and client spending.
Management's outlook
Guidance for Q2 revenue set at a minimum of $750 million, reflecting favorable market conditions.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.