Want to see TTD full AI Analyst Report?
Operating Expense Breakdown
How Trade Desk allocates spending across R&D, sales & marketing, and general & administrative costs, revealing investment priorities and cost discipline. Investors use this to judge whether the company is scaling efficiently, achieving operating leverage, and investing in growth areas that could boost long-term margins.Trade Desk is deliberately ramping reinvestment: Platform Operations and Sales & Marketing are the fastest-growing cost centers, with R&D also climbing, while G&A is comparatively stable—a mix that aligns with management’s push into CTV, Audience Unlimited, retail data and JBP expansion. Management acknowledges near-term margin pressure from higher ex‑SBC opex but points to strong cash generation and product wins to justify the spend; the pivotal investor question is whether revenue momentum can absorb this higher cost base and restore the company to its long‑term ~40% adjusted‑EBITDA target.
Date | Sales and Marketing | Research and Development | General and Administrative | Platform Operations |
|---|---|---|---|---|
Jun 30, 2026 | $174.40M | $140.74M | $114.00M | $184.33M |
Mar 31, 2026 | $172.18M | $142.72M | $125.34M | $181.97M |
Dec 31, 2025 | $173.60M | $130.59M | $122.63M | $163.09M |
Sep 30, 2025 | $156.83M | $127.89M | $131.34M | $162.15M |
Jun 30, 2025 | $161.13M | $134.25M | $130.90M | $150.98M |
Mar 31, 2025 | $121.72M | $107.69M | $129.56M | $103.63M |
Dec 31, 2024 | $150.63M | $127.89M | $131.91M | $135.27M |
Sep 30, 2024 | $140.30M | $117.70M | $138.88M | $122.66M |
Jun 30, 2024 | $133.87M | $110.03M | $135.47M | $110.46M |
Mar 31, 2024 | $121.72M | $107.69M | $129.56M | $103.63M |