The Trade Desk Q3 2026 earnings review

Revenue of $736.0M beat the S&P consensus, but fell 0.5% year over year.

The Trade Desk, Inc. · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

The Trade Desk Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · The Trade Desk (TTD) Q3 2026 earnings review

Revenue of $736.0M beat the S&P consensus, but fell 0.5% year over year

  1. 1.Revenue beat the $651.4M S&P consensus and the company's $650M floor set in August
  2. 2.Non-GAAP diluted EPS of $0.33 beat the $0.25 consensus; GAAP diluted EPS was $0.08
  3. 3.Adjusted EBITDA of $266M compared with August guidance of about $160M
  4. 4.Q4 revenue guidance is a floor of at least $755M, above the $692M S&P consensus
  5. 5.Shares were -6.8% in Nov 10 pre-market at $13.92 as of 8:33 AM EST, not a close

Note: Consensus figures are S&P analyst estimates as reported by Yahoo Finance. The pre-market last is not a close.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; The Trade Desk Form 8-K Ex. 99.1, Aug 6, 2026 (prior guidance); Yahoo Finance / S&P, Nov 10, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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2 · Executive summary

Q3 revenue beat S&P consensus by 13.0%, and Q4 guidance sits above the Street

Q3 2026 results and Q4 2026 guidance vs. S&P consensus (Yahoo Finance, Nov 10, 2026)

MetricActualConsensusVarianceResult
Q3 revenue$736.0M$651.4M+84.6M / +13.0%Beat
Q3 non-GAAP diluted EPS$0.33$0.25+$0.08 / +32.0%Beat
Q3 Adjusted EBITDA$265.8M$160.8M+105.0M / +65.3%Beat
Q4 revenue guidance floor$755M$692M+63.0M / +9.1%Beat

Share price, Nov 9 close to Nov 10 pre-market

The Trade Desk (Nasdaq)Nov 9 close, 4:00 PM ESTNov 10 pre-market, 8:33 AM ESTChange ($)Change (%)
TTD$14.93$13.92-$1.01-6.8%

Both prices are from the CNBC quote page. The pre-market last is not a close.

Note: The company guided to revenue of at least $755 million, which is a floor rather than a midpoint. Yahoo Finance described it as a midpoint.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; Yahoo Finance / S&P, Nov 10, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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3 · Q3 results vs. consensus

Q4 revenue guidance is at least $755M, and Adjusted EBITDA guidance is at least $280M

Q3 2026 vs. August guidance

MetricAugust outlookQ3 actualVersus the guide
RevenueAt least $650M$736.0M+86.0M above the floor
Adjusted EBITDAApproximately $160M$266M+105.8M above

Q4 2026 outlook (issued Nov 9)

MetricCompany guideS&P consensusGuide vs. consensus
RevenueAt least $755M$692M+9.1% above
Adjusted EBITDAAt least $280M$196.7M

Note: The company did not provide a GAAP net income outlook or a reconciliation of Adjusted EBITDA guidance.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; The Trade Desk Form 8-K Ex. 99.1, Aug 6, 2026 (prior guidance); Yahoo Finance / S&P, Nov 10, 2026

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4 · Q4 2026 outlook

Revenue fell 0.5% and GAAP operating income fell 42.6%

  1. A beat against a low barRevenue was $86.0M above the August floor of $650M.
  2. Profit declinedGAAP net income fell to $38.1M from $115.5M.
  3. Non-GAAP EPS also declinedNon-GAAP diluted EPS was $0.33, down from $0.45.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$739.4M$736.0M(0.5%)
Income from operations$161.2M$92.6M(42.6%)
GAAP diluted EPS ($)$0.23$0.08(65.2%)
Non-GAAP diluted EPS ($)$0.45$0.33(26.7%)

Note: Non-GAAP net income adds back stock-based compensation and restructuring charges, net of tax.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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5 · Q3 key financials

Revenue of $736.0M was (0.5%) versus a year earlier

Revenue

$M, Q3 2025 vs. Q3 2026

v · Q3 2025: $739.4Mv · Q3 2026: $736.0MQ3 2025Q3 2026$0M$250M$500M$850M$739.4M$736.0M
Customer retention remained over 95% in the quarter, as it has for more than a decade“Q3 represented meaningful progress, with results well ahead of our expectations entering the quarter, but we are still operating below the level of growth we expect from ourselves.” Jeff Green, Co-Founder and CEO

Note: The 95% retention figure is a company-stated operating statistic, not a GAAP line.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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6 · Revenue

Operating income fell 42.6% as platform operations and other costs rose

Operating income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $161.2M$M · Revenue: -$3.5M$M · Platform operations: -$38.0M$M · Sales and marketing: -$14.0M$M · Other costs: -$13.2M$M · Q3 2026: $92.6MQ3 2025RevenuePlatformoperationsSales andmarketingOther costsQ3 2026$0M$50M$100M$150M$200M$161.2M-$3.5M-$38.0M-$14.0M-$13.2M$92.6M
Platform operations rose 23.4% to $200.2M

Note: Higher costs are shown as reductions. Other costs are technology and development plus general and administrative.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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7 · Operating income bridge

Selling and marketing rose to 23.2% of revenue; technology rose to 20.0%

Operating cost ratios

% of revenue, Q3 2025 vs. Q3 2026

S&M · Q3 2025: 21.2%S&M · Q3 2026: 23.2%Technology · Q3 2025: 17.3%Technology · Q3 2026: 20.0%G&A · Q3 2025: 17.8%G&A · Q3 2026: 17.0%Q3 2025Q3 20260%10%20%30%21.2%23.2%17.3%20.0%17.8%17.0%
General and administrative costs fell 4.7% to $125.1M

Note: Ratios are each GAAP expense line divided by revenue.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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8 · Operating cost ratios

Adjusted EBITDA margin was 36%, down from 43%

Operating and Adjusted EBITDA margins

% of revenue, Q3 2025 vs. Q3 2026

Operating margin · Q3 2025: 21.8%Operating margin · Q3 2026: 12.6%Adjusted EBITDA margin · Q3 2025: 42.9%Adjusted EBITDA margin · Q3 2026: 36.1%Q3 2025Q3 20260%10%20%30%40%50%21.8%12.6%42.9%36.1%
GAAP operating margin was 12.6%, down from 21.8%

Note: Adjusted EBITDA adds back depreciation and amortization, stock-based compensation, restructuring charges, interest income, and taxes. Titles use the company's highlighted rounding of $266 million and margins of 36% and 43%; statement figures are $265.8 million, 36.1% and 42.9%.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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9 · Margin analysis

10 · Profitability

Share repurchases were $241.3M in the first nine months, and the authorization was raised to $1,000M

Cash flow and capital returns, nine months ended September 30

$M, first nine months 2025 vs. 2026

$M, nine months9M 20259M 2026
Net cash from operating activities$681.1M$803.7M
Purchases of property and equipment$170.7M$226.7M
Capitalized software$9.1M$11.6M
Share repurchases$957.5M$241.3M
Approximately $269M was available for repurchases at September 30, before a $731M increase

Note: The cash flow statement in the release is presented only for the nine months ended September 30, not for the quarter alone. Computed free cash flow is operating cash flow less property and equipment purchases and capitalized software.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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11 · Cash flow and buybacks

Restructuring charges of $44.3M were added back in the Adjusted EBITDA reconciliation

Selected non-GAAP add-backs

$M, Q3 2025 vs. Q3 2026

$MQ3 2025Q3 2026YoY
Stock-based compensation$121.3M$95.1M(21.6%)
Depreciation and amortization$33.1M$32.9M(0.6%)
Restructuring charges$0.0M$44.3Mn.m.
Adjusted EBITDA$317.5M$265.8M(16.3%)
Non-GAAP net income was $155.3M, down from $220.7M

Note: n.m. means not meaningful, because restructuring charges were nil in Q3 2025.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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12 · Non-GAAP items

Cash and investments rose to $1,649.7M, a $346.6M increase since December 31

Cash, receivables and equity

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$658.2M$1,229.3M
Short-term investments$644.9M$420.4M
Cash and investments$1,303.1M$1,649.7M
Accounts receivable, net$3,770.2M$3,075.7M
Accounts payable$3,007.7M$2,425.8M
Total stockholders equity$2,484.4M$2,702.5M
Total assets were $5,947.6M, compared with $6,153.2M at year-end

Note: Cash and investments is cash and cash equivalents plus short-term investments.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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13 · Balance sheet

The Q4 floor still leaves the company below the growth rate management says it expects of itself

Indicator
What to watch
Implication
Latest reading
Revenue growth
Return to growth after a year-on-year decline
Q4 floor vs. Q3 actual
Q3 (0.5%) YoY
Adjusted EBITDA margin
Cost growth versus a flat top line
Margin vs. last year
36% in Q3
Large-customer engagement
Management cited work with its largest customers
Retention remains high
Retention over 95%
Buyback execution
New $1 billion authorization
Cash return vs. growth investment
9M buybacks $241.3M

Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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14 · Key risks to outlook

15 · Appendix: Expense detail

Appendix: GAAP to non-GAAP net income

ClaimEvidenceCalculation
GAAP net income$38.1MIncome statement
Stock-based compensation$95.1MAdded back
Restructuring charges$44.3MAdded back
Adjustment for income taxes$68.4M provision; see recon tableTax adjustment of non-GAAP items is in the release
Non-GAAP net income$155.3MReconciled in the release

Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

17 · Appendix: Guidance detail

18 · Appendix: Cash detail

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$739.4M$736.0M(0.5%)
Platform operations$162.2M$200.2M23.4%
Sales and marketing$156.8M$170.8M8.9%
Technology and development$127.9M$147.3M15.1%
General and administrative$131.3M$125.1M(4.7%)

Earnings

$M unless notedQ3 2025Q3 2026YoY
Income from operations$161.2M$92.6M(42.6%)
Net income$115.5M$38.1M(67.1%)
Non-GAAP net income$220.7M$155.3M(29.6%)

Note: Restructuring charges were nil in Q3 2025.Source: The Trade Desk Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: The Trade Desk Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1671933/000167193326000115/0001671933-26-000115-index.htm
  • Results release, Q3 2026 (Ex. 99.1), including revenue of $736.0M and Adjusted EBITDA of $265.8M — https://www.sec.gov/Archives/edgar/data/1671933/000167193326000115/ttd-20261109x8kexx991.htm
  • Press room release, Nov 9, 2026 — https://www.thetradedesk.com/press-room/the-trade-desk-reports-third-quarter-2026-financial-results
  • Prior Q3 floor and the new Q4 revenue floor of at least $755M: Q2 2026 release (Form 8-K Ex. 99.1), Aug 6, 2026, and the Nov 9 release — https://www.sec.gov/Archives/edgar/data/1671933/000167193326000085/ttd-20260806x8kexx991.htm
  • S&P consensus, including Q3 revenue of $651.4M and Q4 revenue of $692M, as reported by Yahoo Finance, Nov 10, 2026 — https://finance.yahoo.com/markets/stocks/articles/trade-desk-nasdaq-ttd-beats-211313465.html
  • Share price: CNBC TTD quote, Nov 9, 2026 regular-session close $14.93 at 4:00 PM EST and Nov 10 pre-market $13.92 at 8:33 AM EST — https://www.cnbc.com/quotes/TTD
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's reconciliation tables. The Q4 revenue guide is a floor, not a midpoint.
  • Chart and table values link to the model in the spreadsheet tabs of this file. This page is not investment advice and carries no rating or price target.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from The Trade Desk, Inc.'s Form 8-K of November 9, 2026 (Exhibit 99.1) and, for prior guidance, its Form 8-K of August 6, 2026. Consensus estimates (S&P analysts, as reported by Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by The Trade Desk, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 9, 2026, and the pre-market last at 8:33 AM EST on November 10, 2026. The pre-market last is not a close.

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21 · Disclosures

Sources

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