TTD earnings call summary

Prepared Highlights

• Q3 2025 revenue $739M, +18% YoY (vs Q3 2024); ex-political spend, revenue +22% YoY (CFO)
• CTV remains fastest-growing channel, growing faster than overall business; Video (incl. CTV) ~50% of Q3 mix (CEO, CFO)
• Mobile ~low 30s% of Q3 business; Display ~low double-digit%; Audio ~5% (CFO)
• Adjusted EBITDA $317M, ~43% of revenue (CFO)
• Q3 operating expenses (ex-SBC) $457M, +17% YoY (CFO)
• Adjusted net income $221M, $0.45 per diluted share (CFO)
• Operating cash flow $225M; Free cash flow $155M (CFO)
• Cash, cash equivalents & short-term investments ~$1.4B; zero debt (CFO)
• Q3 share repurchases $310M; cumulative ~$2B since 2023 authorization; new $500M authorization approved (CFO)
• North America 87% of Q3 business; International ~13%; international growth outpacing North America (CFO)
• Kokai adoption: ~85% of clients using Kokai as default; Kokai delivered avg 26% better CPA, 58% better cost per unique reach, 94% better CTR vs Solimar (CEO)
• OpenPath grew “many hundreds of percentage points” in 2025; OpenAds already integrating with 20+ top publishers (CEO)
• JBPs (joint business plans): ~180 live JBPs, 80 more in pipeline worth billions; JBPs growing significantly faster than non-JBP accounts (CEO)

Official Guidance

• Q4 2025: Revenue at least $840M; ex-political spend Q4 2024 comp, implied growth ~18.5% YoY; adjusted EBITDA ~$375M (CFO)

Mgmt Quotes

• “The open Internet is where the most loved content and the most premium content lived.” (CEO)
• “Kokai is the best upgrade we have ever made to our product relative to all previous versions.” (CEO)
• “It’s a buyer’s market.” (CEO)
• “My priorities as CFO are clear: help grow TTD’s share of the $1T advertising TAM… convert that growth into durable long-term free cash flow through disciplined operating leverage.” (CFO)
• “We see significant opportunities to drive outsized growth, and we are committed to doubling down in those areas.” (CFO)

Prepared Metrics