The Trade Desk
Self-service platform for buying and optimizing digital advertising across the open internet.
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Profile
Provides a self-service platform for agencies and advertisers to buy and optimize digital ads across the open internet. Revenue comes mainly from platform fees tied to client spend, plus value-added services and data, within one advertising technology segment.
Provides a self-service demand-side platform for agencies, advertisers, and service providers to plan, buy, optimize, and measure digital campaigns. Kokai and Koa apply AI across media buying, while data and measurement tools support campaigns spanning connected TV, video, mobile, audio, display, native, and digital out-of-home media.
Earns platform fees generally tied to client spend, plus fees for value-added services and data. Unified ID 2.0 supports identity, OpenPath connects buyers directly with publishers, and Ventura extends the ecosystem into connected TV. The single operating segment serves clients globally, with expansion focused on Europe and Asia.
Operations depend on continued client spending, access to publisher inventory and third-party data, and reliable identifiers for targeting and measurement. Privacy rules, browser and device controls, and shifts away from third-party identifiers can reduce platform effectiveness.
Company facts
Categories
Key statistics
Year to date −64.0% · Average volume (30d) 24.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Exane BNP Paribas | Downgrade | Neutral | Underperform | ||
| Aug 10, 2026 | BNP Paribas | Target | $40 | $10 | ||
| Aug 10, 2026 | Morgan Stanley | Target | $26 | $13 | ||
| Aug 10, 2026 | HSBC | Downgrade | Hold | Reduce | $20 | $10 |
| Aug 10, 2026 | DA Davidson | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.18 | $0.14 | −21.2% | $752.4M | $715.1M | −5.0% | −21.90% |
| May 7, 2026Q1 FY26 | $0.12 | $0.08 | −33.3% | $678.9M | $688.9M | +1.5% | −1.75% |
| Feb 25, 2026Q4 FY25 | $0.34 | $0.39 | +15.1% | $840.6M | $846.8M | +0.7% | −4.81% |
| Nov 6, 2025Q3 FY25 | $0.20 | $0.45 | +123.9% | $719.0M | $739.4M | +2.8% | −6.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $616.0M | $694.0M | $739.4M | $846.8M | $688.9M | $715.1M | |
| Gross profit | $473.2M | $543.1M | $577.3M | $683.7M | $506.9M | $715.1M | |
| Operating income | $54.5M | $116.8M | $161.2M | $256.9M | $66.6M | $101.6M | |
| Net income | $50.7M | $90.1M | $115.5M | $187.0M | $40.0M | $64.4M | |
| Diluted EPS | $0.10 | $0.18 | $0.23 | $0.40 | $0.08 | $0.14 | |
| Gross margin | 76.8% | 78.2% | 78.1% | 80.7% | 73.6% | 100.0% | |
| Operating margin | 8.8% | 16.8% | 21.8% | 30.3% | 9.7% | 14.2% |
Fiscal years (4-quarter sums)FY21 $1.20B · FY22 $1.58B · FY23 $1.95B · FY24 $2.44B · FY25 $2.90B
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.49B · Total debt $434.1M · Total assets $5.76B · Shareholders' equity $2.57B
Dividends
No dividends on record.
Ownership
Shares outstanding 470.11M · Float 418.03M · 88.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 32.67M | 6.95% | 13F | Aug 7, 2026 |
| State Street Corp | 31.29M | 6.66% | 13F | Aug 7, 2026 |
| Jeffrey Terry Green · director, 10 percent owner, officer: President and CEO | 30.09M | 6.40% | Form 4 | Aug 18, 2026 |
| Vanguard Capital Management LLC | 27.90M | 5.93% | 13F | Aug 13, 2026 |
| Ssga Funds Management, Inc. | 22.36M | 5.00% | 13G | Nov 10, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 28, 2026 | Samantha Jacobson | director | −53,681 | $21.14 |
| Mar 5, 2026 | Kathryn E. Falberg | director | −152,828 | $30.46 |
| Mar 2, 2026 | Jeffrey Terry Green | director, 10 percent owner, officer: President and CEO | +2,000,000 | $23.98 |
| Mar 3, 2026 | Jeffrey Terry Green | director, 10 percent owner, officer: President and CEO | +1,685,696 | $24.97 |
| Mar 4, 2026 | Jeffrey Terry Green | director, 10 percent owner, officer: President and CEO | +2,314,304 | $25.08 |
Peers
- Alphabet Class A
Dominant DSP and walled-garden rival across video and open web
- Amazon
Retail-data and streaming DSP rival with large first-party supply
- Adobe
Enterprise DSP rival tied to Adobe's marketing and data stack
- AppLovin
AI performance-ad platform competing for app, web, and CTV spend
- Criteo
Commerce-media DSP rival built around shopper data and retail media
- Viant Technology
Smaller pure-play DSP rival focused on CTV and identity-led buying
- Zeta Global
AI marketing-cloud DSP rival using proprietary identity data
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The Trade Desk | $13.60 | +0.18% | $6.38B | 16.0 | 123.2 | 2.1 | +3.0% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Adobe | $291.46 | −0.04% | $115.88B | 16.7 | 11.3 | 4.6 | +12.7% |
| AppLovin | $318.40 | +0.18% | $106.75B | 24.4 | 17.4 | 15.6 | +52.8% |
| Criteo | $17.46 | +0.11% | $877.3M | 8.9 | 4.7 | 0.5 | −47.1% |
| Viant Technology | $13.92 | +5.14% | $868.1M | 121.3 | 53.7 | 2.2 | −22.7% |
| Zeta Global | $30.40 | −0.44% | $7.64B | — | 27.8 | 4.9 | +43.6% |
| Median | 19.4 | 25.8 | 4.6 | +19.6% |