# TTD earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/TTD) · [Earnings tab](https://www.lopjlb.com/stock/TTD?tab=earnings)

Updated: 2026-08-18T14:50:16

Quarters analyzed: 8

## Cross-quarter narrative

Across eight quarterly calls the Trade Desk’s story shifted from high‑single‑digit revenue acceleration powered by booming CTV and retail media to a phase of moderated growth and heightened macro pressure. Early calls highlighted 27% YoY revenue growth and a strong 2025 outlook, but by Q4 2024 the company missed its own expectations, prompting a re‑org, AI investments and a focus on operational efficiency. Subsequent quarters showed steady CTV demand, expanding international reach, and deepening adoption of the Kokai platform (75% of spend by Q2 2025) while margins peaked at 47% in Q4 2025 before slipping to 30% in Q1 2026. Share‑repurchase programs accelerated, reaching $2 billion cumulative buybacks. Execution risk resurfaced with platform‑upgrade setbacks, and macro‑economic, regulatory and walled‑garden competition concerns persisted. New product initiatives—Audience Unlimited, Agentic AI, Zuma—entered the pipeline, and JBP signings surged, indicating a pivot toward differentiated programmatic solutions amid a tougher advertising environment.

## Latest CallCard · Q2

TTD Q2 revenue +3% to $715M, Q3 guide ≥$650M (~12% decline) due to macro CPG/auto pressure and execution issues; JBPs up 6x revenue, new products (Zuma, measurement, Audience Unlimited) and new leaders to drive recovery.

**Guidance:** lowered

**Tone:** mgmt 0.3 · Q&A pressure 0.6 · divergence 0.1

Management acknowledges near-term challenges but emphasizes strong long-term fundamentals, green shoots in JBPs, international growth, and product innovation.

## Quarter one-liners

- **2026 Q2:** TTD Q2 revenue +3% to $715M, Q3 guide ≥$650M (~12% decline) due to macro CPG/auto pressure and execution issues; JBPs up 6x revenue, new products (Zuma, measurement, Audience Unlimited) and new leaders to drive recovery.
- **2026 Q1:** TTD Q1 revenue $689M (+12% YoY), 30% adj EBITDA margin; Q2 guide $750M+ revenue, ~$260M adj EBITDA; FY26 adj EBITDA margin ≥40% maintained; macro headwinds pressure CPG/auto but JBP signings surge 55% YoY; agentic AI and retail media key growth drivers.
- **2025 Q4:** TTD Q4 revenue +14% YoY (19% ex-political), guided Q1 +10% YoY; CPG/auto weakness persists, AI-driven product innovation (Kokai, Audience Unlimited, Deal Desk) and organizational rigor drive confidence.
- **2025 Q3:** TTD posts 18% revenue growth (22% ex-political), CTV leads, new leadership team in place, Kokai driving performance gains, Q4 guide $840M+ revenue (~18.5% ex-political), $500M buyback authorized.
- **2025 Q2:** TTD Q2 revenue $694M (+19% YoY), guided Q3 $717M+ (+14%); Kokai at 75% spend, CTV/retail media driving growth; tariff uncertainty hits large brands but programmatic agility an advantage.
- **2025 Q1:** TTD Q1 revenue +25% YoY beating expectations; management sees macro headwinds as share-grab opportunity amid regulatory tailwinds for open internet; Kokai/OpenPath adoption driving strength.
- **2024 Q4:** The Trade Desk posted record $12B spend and $2.4B revenue in 2024 but missed its own expectations for the first time in 33 quarters, announcing a major reorg, brand focus, Kokai rollout, Sincera acquisition and AI investments to drive 2025 growth.
- **2024 Q3:** The Trade Desk posted 27% YoY Q3 revenue growth, driven by booming CTV and retail media, while highlighting macro uncertainty and a strong outlook for 2025.

## Theme arcs

- **Revenue growth trajectory** (deteriorating): Growth slowed from 27% YoY in Q3 2024 to 3% YoY in Q2 2026
- **CTV demand and international expansion** (improving): Consistently strong CTV demand; international CTV outpaced North America
- **Kokai platform adoption** (improving): Rollout reached 75% spend by Q2 2025 and delivered performance gains
- **Margin expansion** (deteriorating): Adjusted EBITDA margin rose to 47% in Q4 2025 then fell to 30% in Q1 2026
- **Share‑repurchase activity** (improving): Aggressive buybacks totaling ~$2 billion since 2023
- **Execution risk** (deteriorating): Q4 2024 miss and Q1 2025 platform‑upgrade setback highlighted operational challenges
- **Regulatory and open‑internet thesis** (stable): Ongoing focus on regulatory tailwinds and open‑internet share
- **AI and product innovation** (improving): Launches of Audience Unlimited, Agentic AI, Zuma and AI‑enhanced Kokai
- **Joint Business Plans (JBPs) pipeline** (improving): JBP signings surged 55% YoY and revenue potential grew 6‑fold
- **Walled‑garden competition** (deteriorating): Increasing pressure from Google, Meta, Amazon and pricing traps

## Guidance path

2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:lowered

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Research context only. Not personalized investment advice.

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