Jun 2026 (Q2 FY26) — Aug 6, 2026
The Trade Desk Q2 FY26 — Revenue Growth Below Expectations Amid Macro Headwinds, Focus on Product Innovation and Leadership
Read the full callTrade Desk (TTD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Trade Desk earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 715 | +3.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.2 | −2.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 64.4 | −28.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 15 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EBITDA | approximately $260 million | Mar 2026 | We generated $241 million of adjusted EBITDA during the quarter, representing a 34% margin. | Missed |
| Quarterly adjusted EBITDA | approximately $160 million | Jun 2026 | We estimate adjusted EBITDA for Q3 to be approximately $160 million. | New |
| Quarterly adjusted EBITDA | approximately $195 million | Dec 2025 | We generated $206 million of adjusted EBITDA during the quarter, representing a 30% margin. | Achieved |
4 of Trade Desk, Inc.'s 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.
Claimed
- Revenue under Joint Business Plans (JBPs) grew 6x higher than overall revenue.
- Majority of top 100 accounts are growing double digits year-over-year.
- EMEA and APAC regions both grew almost 30% year-to-date, with CTV growth over 50% YoY in each region.
- China is growing over 100% year-to-date.
- Audio grew at a higher rate than any other channel for the past 4 quarters, now representing around 7% of the business.
Qualified
- Q2 revenue of $715 million was up only 3% year-over-year, below company expectations.
- Macro conditions, including consumer wealth bifurcation, are pressuring CPG and Auto sectors (25% of business), leading some advertisers to prioritize cheap media.
- Q3 revenue guidance of at least $650 million implies a year-over-year decline of approximately 12%.
- Q3 adjusted EBITDA guidance is approximately $160 million.
Price
$13.13 +7.80% · +$0.95
Performance −74.1% 1Y
1Y: $50.73 on 14 Oct 2025 → $13.13. High $54.13 (23 Oct 2025), low $11.92 (6 Oct 2026).
- Previous close
- $12.18
- 52-week range
- $11.92 – $54.13
- One year
- −74.31%
Overview
- Symbol
- TTD
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 15 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EBITDA | approximately $260 million | Mar 2026 | We generated $241 million of adjusted EBITDA during the quarter, representing a 34% margin. | Missed |
| Quarterly adjusted EBITDA | approximately $160 million | Jun 2026 | We estimate adjusted EBITDA for Q3 to be approximately $160 million. | New |
| Quarterly adjusted EBITDA | approximately $195 million | Dec 2025 | We generated $206 million of adjusted EBITDA during the quarter, representing a 30% margin. | Achieved |
Claimed
- Revenue under Joint Business Plans (JBPs) grew 6x higher than overall revenue.
- Majority of top 100 accounts are growing double digits year-over-year.
- EMEA and APAC regions both grew almost 30% year-to-date, with CTV growth over 50% YoY in each region.
- China is growing over 100% year-to-date.
- Audio grew at a higher rate than any other channel for the past 4 quarters, now representing around 7% of the business.
Qualified
- Q2 revenue of $715 million was up only 3% year-over-year, below company expectations.
- Macro conditions, including consumer wealth bifurcation, are pressuring CPG and Auto sectors (25% of business), leading some advertisers to prioritize cheap media.
- Q3 revenue guidance of at least $650 million implies a year-over-year decline of approximately 12%.
- Q3 adjusted EBITDA guidance is approximately $160 million.
The full ledger
Open Trade Desk, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
The Trade Desk Q1 FY26 — Solid Growth Amidst Macro Headwinds and AI Innovation
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
The Trade Desk Q4 FY25 — Strong Growth Amid Macro Headwinds, AI-Fueled Innovation
Read the full callEvery analysed call
Trade Desk earnings calls (TTD)
Financials
What the filings say
Net profit, year on year: −29% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 628 | 741 | 616 | 694 | 739 | 847 | 689 | 715 |
| Expenses | 520 | 546 | 562 | 577 | 578 | 590 | 622 | 613 |
| Operating profit | 108 | 195 | 54 | 117 | 161 | 257 | 67 | 102 |
| Operating margin | 17.3% | 26.4% | 8.8% | 16.8% | 21.8% | 30.3% | 9.7% | 14.2% |
| Other income | 19 | 26 | 21 | 16 | 18 | 13 | 12 | 12 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Profit before tax | 127 | 222 | 76 | 133 | 180 | 270 | 79 | 113 |
| Tax rate | 26.0% | 17.8% | 33.1% | 32.3% | 35.6% | 30.8% | 49.3% | 43.1% |
| Net profit | 94 | 182 | 51 | 90 | 116 | 187 | 40 | 64 |
| EPS ($ per share) | 0.19 | — | 0.10 | 0.18 | 0.24 | — | 0.08 | 0.14 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 124 | 232 | 474 | 612 | 666 | 197 | 354 | -591 |
| Total liabilities | 723 | 1,116 | 1,741 | 2,050 | 2,265 | 2,724 | 3,163 | 3,669 |
| Fixed assets | 33 | 64 | 116 | 136 | 174 | 161 | 209 | 397 |
| Investments | — | 124 | 187 | 205 | 416 | 485 | 552 | 645 |
| Total assets | 1,118 | 1,729 | 2,754 | 3,577 | 4,381 | 4,889 | 6,112 | 6,153 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 87 | 60 | 405 | 379 | 549 | 598 | 739 | 993 |
| Cash from investing | -25 | -164 | -143 | -94 | -304 | -108 | -158 | -293 |
| Cash from financing | -10 | 27 | 45 | 32 | 32 | -626 | -108 | -1,411 |
| Net cash flow | 51 | -76 | 306 | 317 | 276 | -135 | 474 | -711 |
| Capital expenditure | -20 | -36 | -74 | -55 | -84 | -47 | -98 | -197 |
| Free cash flow | 67 | 25 | 331 | 324 | 465 | 552 | 641 | 796 |
Insider filings
101 filings between Nov 15, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
$148.10M
4 purchases by 1 insider
Sales
$5.79M
3 sales by 2 insiders
Compensation
not trading decisions- 24
- Award — granted as compensation
- 50
- Tax withheld — shares kept back by the company to cover tax
Also filed: 10 gifts, 9 dispositions to the issuer, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Green Jeffrey Terry | $148.10M | — | Mar 4, 2026 |
| FALBERG KATHRYN E | — | $4.66M | Mar 5, 2026 |
| Jacobson Samantha | — | $1.13M | May 28, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | GRANT JAY R Chief Legal Officer | Award | 398,262 | $0 |
| Sep 14, 2026 | Olmstead Nathan Chief Financial Officer | Award | 398,262 | $0 |
| Sep 14, 2026 | Davis Tahnil R. Chief Accounting Officer & EVP | Award | 217,233 | $0 |
| Sep 14, 2026 | Kundra Vivek Chief Operating Officer | Award | 724,112 | $0 |
| Aug 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 2,848 | $40.3K |
| Aug 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 2,076 | $29.4K |
| Aug 15, 2026 | Green Jeffrey Terry President and CEO | Gift | 52,910 | $0 |
| Aug 15, 2026 | Kundra Vivek Chief Operating Officer | Tax withheld | 2,320 | $32.8K |
| Aug 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 5,779 | $81.7K |
| Aug 15, 2026 | Kundra Vivek Chief Operating Officer | Tax withheld | 4,713 | $66.6K |
| Aug 15, 2026 | Davis Tahnil R. Chief Accounting Officer & EVP | Tax withheld | 5,317 | $75.2K |
| Aug 15, 2026 | Davis Tahnil R. Chief Accounting Officer & EVP | Tax withheld | 1,373 | $19.4K |
| Aug 15, 2026 | Green Jeffrey Terry President and CEO | Gift | 52,910 | $0 |
| Aug 15, 2026 | Davis Tahnil R. Chief Accounting Officer & EVP | Tax withheld | 1,051 | $14.9K |
| Aug 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 2,652 | $37.5K |
| Aug 15, 2026 | Davis Tahnil R. Chief Accounting Officer & EVP | Tax withheld | 1,220 | $17.3K |
| Jul 9, 2026 | Olmstead Nathan Chief Financial Officer | Award | 246,062 | $0 |
| Jun 11, 2026 | Haddad David Alan Director | Award | 11,820 | $0 |
| Jun 11, 2026 | Haddad David Alan Director | Award | 13,193 | $0 |
| May 28, 2026 | Jacobson Samantha Director | Sale | 53,681 | $1.13M |
| May 24, 2026 | Jacobson Samantha Director | Award | 12,477 | $0 |
| May 18, 2026 | Jacobson Samantha Chief Strategy Officer | Disposition to issuer | 9,589 | $0 |
| May 18, 2026 | Jacobson Samantha Chief Strategy Officer | Disposition to issuer | 156,748 | $0 |
| May 18, 2026 | Jacobson Samantha Chief Strategy Officer | Disposition to issuer | 61,784 | $0 |
| May 18, 2026 | Jacobson Samantha Chief Strategy Officer | Disposition to issuer | 30,037 | $0 |
| May 15, 2026 | Jacobson Samantha Chief Strategy Officer | Tax withheld | 1,481 | $31.3K |
| May 15, 2026 | Jacobson Samantha Chief Strategy Officer | Tax withheld | 1,080 | $22.8K |
| May 15, 2026 | Jacobson Samantha Chief Strategy Officer | Tax withheld | 690 | $14.6K |
| May 15, 2026 | Jacobson Samantha Chief Strategy Officer | Tax withheld | 197 | $4.2K |
| May 15, 2026 | Jacobson Samantha Chief Strategy Officer | Tax withheld | 3,225 | $68.2K |
| May 15, 2026 | Kundra Vivek Chief Operating Officer | Tax withheld | 3,146 | $66.5K |
| May 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 5,754 | $121.7K |
| May 15, 2026 | Kundra Vivek Chief Operating Officer | Tax withheld | 6,194 | $131.0K |
| May 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 2,076 | $43.9K |
| May 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 1,514 | $32.0K |
| May 15, 2026 | Green Jeffrey Terry President and CEO | Gift | 52,909 | $0 |
| May 15, 2026 | Davis Tahnil R. CAO and Interim CFO | Tax withheld | 3,750 | $79.3K |
| May 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 1,932 | $40.9K |
| May 15, 2026 | Green Jeffrey Terry President and CEO | Gift | 52,909 | $0 |
| May 15, 2026 | Davis Tahnil R. CAO and Interim CFO | Tax withheld | 968 | $20.5K |
| May 15, 2026 | Davis Tahnil R. CAO and Interim CFO | Tax withheld | 741 | $15.7K |
| May 15, 2026 | GRANT JAY R Chief Legal Officer | Tax withheld | 1,288 | $27.2K |
| May 15, 2026 | Davis Tahnil R. CAO and Interim CFO | Tax withheld | 861 | $18.2K |
| May 15, 2026 | Davis Tahnil R. CAO and Interim CFO | Tax withheld | 262 | $5.5K |
| May 4, 2026 | Cunningham Andrea Lee Director | Award | 526 | $12.5K |
| May 4, 2026 | Cunningham Andrea Lee Director | Award | 1,053 | $25.0K |
| May 4, 2026 | Cunningham Andrea Lee Director | Award | 210 | $5.0K |
| May 4, 2026 | Cunningham Andrea Lee Director | Award | 6,110 | $0 |
| May 4, 2026 | Tawakol Omar Director | Award | 12,220 | $0 |
| May 4, 2026 | Vollero Andrew Director | Award | 12,220 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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