Trade Desk earnings date
Trade Desk (TTD) Q3 2026 Earnings Report
MX:TTD Q3 2026 EPS Results
- Actual EPS
- MXN 1.49
- Consensus EPS
- MXN 0.69
- Beat/Miss
- Beat by +MXN 0.80
- One Year Ago EPS
- MXN 4.28
MX:TTD Q3 2026 Revenue Results
- Actual Revenue
- MXN 13.69B
- Expected Revenue
- MXN 12.11B
- Beat/Miss
- Beat by +MXN 1.58B
- YoY Revenue Growth
- -0.47%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- After Close
- Conference Call
- Monday, November 9, 2026
Trade Desk's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was mixed but constructive. The company exceeded its Q3 outlook, delivered a 36% adjusted EBITDA margin, generated strong cash flow, expanded client and joint-business-plan activity, and reported encouraging early results from AI, measurement and Audience Unlimited products. However, revenue was approximately flat year-over-year, growth remained below management's expectations, platform operations expense increased 23%, restructuring and workforce reductions were undertaken, several verticals faced pressure, and Q4 is expected to have a weaker-than-normal seasonal uplift. The positive operational and product developments were balanced by current growth and market challenges.
For Q4, The Trade Desk expects revenue to be at least $755 million and adjusted EBITDA to be at least $280 million; political spend represented a mid-single-digit percentage of the business in Q3 and is expected to be a little bit higher in Q4, while in election years the sequential decline has historically been about 25% on an absolute basis from Q4 to Q1. The company is not expecting the normal seasonal uplift Q3 to Q4 seen in the past, but is expecting some growth, not at the level seen historically. For 2027, it estimates a meaningful moderation in expense growth compared with 2026, expects the workforce actions to generate more than $100 million of gross savings, and plans to share more details on its 2027 operating plan in February; open measurement is expected to be implemented this quarter, improve growth next year and provide a tailwind for years to come.
- Q3 Revenue Beat OutlookThird-quarter revenue was approximately $736 million, meaningfully ahead of the outlook provided in August. Results included strong demand in medical health and political election advertising.
- Strong Adjusted EBITDA and Cash FlowAdjusted EBITDA was $266 million, representing a 36% margin and meaningfully ahead of expectations. Net cash provided by operating activities was $258 million, and free cash flow was $153 million.
- Solid Balance Sheet and Expanded Buyback AuthorizationThe company ended Q3 with approximately $1.6 billion in cash, cash equivalents and short-term investments. The total authorization available for future share repurchases was increased to $1 billion, including $269 million remaining under the prior authorization.
- Fourth-Quarter GuidanceThe company expects fourth-quarter revenue to be at least $755 million and adjusted EBITDA to be at least $280 million.
- Growth in Joint Business PlansThe number of joint business plans was up more than 30% year-over-year through Q3, including growth of more than 20% in Q3. Customers operating under JBPs continued to grow meaningfully faster than customers under traditional MSAs, and more than 100 JBPs were in the pipeline.
- Incremental Financial Services SpendA deeper strategic engagement with business-line leaders at a large financial services customer resulted in millions of dollars of incremental spend from one line of business alone.
- International GrowthAPAC revenue was up approximately 30% year-over-year in the first nine months, led by China, which grew 45% year-over-year in Q3. EMEA growth was up more than 20% year-over-year in the first nine months.
- Growth Team Client ExpansionThe growth team increased its client count by over 200% year-over-year through the first three quarters, including 23 new clients in Q3, and was described as a meaningful contributor to overall revenue.
- Expanded Leadership and Dave Pickles' ReengagementCo-founder and former CTO Dave Pickles agreed to substantially expand his role, bringing his technical judgment and platform expertise more directly into the next stage of product innovation.
- Operational and Go-to-Market ImprovementsThe company strengthened its leadership team, reorganized go-to-market teams, added experienced commercial leaders, established more consistent sales and account-planning processes, strengthened accountability and allocated resources more deliberately toward agentic AI, CTV and measurement.
- Zuma Workflow ImprovementsZuma launched in Q3 as an upgrade to Kokai, improving navigation, workflows, troubleshooting and the integration of AI into the user experience. Median active time declined 9% for campaign creation, 15% for ad group creation and 9% for uploading creatives.
- Improved Koa Optimization ResultsKoa optimizations were enabled on 22% more strategies than before. In A/B tests across 62 campaigns, the upgraded Koa CPA model improved CPA by a median of 21% versus the prior model without additional setup changes.
- Agentic AI DevelopmentEarly testing showed a campaign-creation agent could read a media plan and set up campaign structure, ad groups, budgets and flights in minutes. The company is also extending agentic workflows to audiences, partner data providers and agency collaborations, including an expanded collaboration model with Stagwell.
- Open Measurement Product LaunchThe company expects to formally launch its open measurement product later this quarter. The product is designed to provide more granular attribution, expand access to measurement and help advertisers evaluate incrementality across the customer journey and the open Internet.
- Audience Unlimited TractionMore than 100 advertisers have tested Audience Unlimited and several hundred campaigns are live. In recent campaigns, advertisers improved CPA by more than 30% while reducing CPMs by approximately 14%, and multiple advertisers used the product successfully in direct competitive tests.
- Strong Political Advertising CycleThe company described Q3 as its biggest political election cycle yet, with political spend representing a mid-single-digit percentage of Q3 business and expected to be slightly higher in Q4. Management said both the total dollars and growth rate exceeded the prior presidential and midterm election cycles.
- Strategic Positioning in Premium InventoryThe company is shifting its inventory-partnership focus from being first to obtaining the right access, including metadata and price discovery. Management said premium open-Internet outlets are particularly receptive to objective measurement and that future inventory from large language model platforms could represent a significant opportunity.
- AI and Market OpportunityManagement said the global advertising market is roughly $1 trillion, digital advertising continues to gain share, Connected TV is reshaping the media market, and AI-driven competition from LLMs and chatbots could unlock additional advertising opportunities.
- No Additional Dilution From Option RepricingThe CFO stated that the option repricing did not issue new shares and therefore had no additional dilutive effect, although it did result in a small amount of additional stock-based compensation.
MX:TTD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 3.52- | 7.26 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 0.691.49 | 4.28 | -65.22% (-2.79) | |
| Aug 06, 2026 | 2026 (Q2) | 3.312.60 | 3.35 | -22.22% (-0.74) | |
| May 07, 2026 | 2026 (Q1) | 1.621.49 | 1.86 | -20.00% (-0.37) | |
| Feb 25, 2026 | 2025 (Q4) | 6.317.26 | 10.98 | -33.90% (-3.72) | |
| Nov 06, 2025 | 2025 (Q3) | 3.744.28 | 7.63 | -43.90% (-3.35) | |
| Aug 07, 2025 | 2025 (Q2) | 3.313.35 | 7.26 | -53.85% (-3.91) | |
| May 08, 2025 | 2025 (Q1) | 2.441.86 | 4.84 | -61.54% (-2.98) | |
| Feb 12, 2025 | 2024 (Q4) | 10.5310.98 | 7.63 | 43.90% (+3.35) | |
| Nov 07, 2024 | 2024 (Q3) | 7.357.63 | 6.14 | 24.24% (+1.49) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
