TTD earnings call summary

Prepared Highlights

• Q4 2025 revenue: $847M, +14% YoY; excluding political, +19% YoY (CEO, CFO)
• Full year 2025 revenue: $2.9B, +18% YoY; spend ~$13.4B (CFO)
• Q4 channel mix: CTV grew faster than overall business; video (incl. CTV) ~50% of revenue; mobile ~30%; display low-double-digit %; audio ~6%, grew fastest YoY (CFO)
• Q4 geographic mix: U.S. ~84% of revenue; international ~16%, with EMEA and APAC outpacing North America (CFO)
• Q4 verticals: CPG and auto softest; medical health, technology, business/finance strong YoY growth (CFO)
• Q4 adjusted EBITDA: ~$400M, ~47% of revenue (CFO)
• Q4 net income: $187M, $0.39 diluted EPS; adjusted net income $284M, $0.59 diluted EPS (CFO)
• Q4 free cash flow: $282M; operating cash flow $312M (CFO)
• Balance sheet: $1.3B cash/short-term investments; no debt; DSOs ~100 days, DPOs <85 days (CFO)
• Share repurchases: $423M in Q4; new $500M authorization (CFO)
• Q1 2026 guidance: Revenue at least $678M, +10% YoY; adjusted EBITDA ~$195M (CFO)
• Full year 2026 guidance: Adjusted EBITDA margin % approximately in line with 2025; headcount growth below revenue growth (CFO)
• RPO/backlog: Not stated
• CapEx: Not stated

Mgmt Quotes

• "AI enhances the power of choice, and it is best used by the trusted and the objective." (CEO)
• "The complexity of the global advertising market is not a weakness for The Trade Desk. It is a moat." (CEO)
• "Agentic AI will ultimately accrete the most value to companies that already have deep customer trust, that have scaled, refined and objective data sets." (CEO)
• "We have driven significant leverage over the years... we believe our revenue growth rate should improve over time." (CFO)
• "Our Q1 guide reflects a prudent approach in an environment where visibility remains somewhat lower, particularly in CPG and to a lesser extent, auto verticals." (CFO)

Prepared Metrics