Q2 2025 revenue grew 19% year-over-year to $694 million, outpacing the digital advertising market, with CTV as the fastest-growing channel and strong momentum in retail media and digital audio.
Over 70% of client spend now runs through the AI-driven Kokai platform, driving campaign optimization and improved KPIs.
Customer retention remained above 95% for the quarter, continuing a multi-year trend.
Leadership transitions include new CFO Alex Kayyal and board member Omar Tawakol, supporting operational rigor and future growth.
The company remains focused on objectivity, transparency, and innovation, positioning itself as a leading independent DSP for the open Internet.
Q2 2025 revenue was $694 million, up 19% year-over-year; adjusted EBITDA reached $271 million (39% margin); net income was $90 million.
Adjusted net income was $203 million, or $0.41 per diluted share.
Net cash from operating activities for the first half was $456 million, up from $267 million year-over-year.
$261 million was used for share repurchases in Q2; $375 million remains authorized.
Cash and equivalents at quarter end were $896 million; cash and short-term investments totaled over $2.2 billion.
Q3 2025 revenue expected to be at least $717 million, up 14% year-over-year; adjusted EBITDA guidance for Q3 is approximately $277 million.
Excluding U.S. political ad spend, estimated Q3 growth is 18%.
The company remains optimistic about continued global growth, especially outside North America.
Management expects continued increases in operating expenses as investments in platform, technology, and international markets persist.
Existing liquidity and credit facilities are expected to be sufficient for at least the next 12 months.
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The Trade Desk is a leading global technology company that specializes in programmatic advertising, a method that automates the buying and selling of digital advertising space in real time. Founded in 2009 by Jeff Green and Dave Pickles, The Trade Desk provides media buyers with a platform to manage data-driven digital advertising campaigns across various channels, including display, video, audio, and social media. By utilizing data analytics and algorithms, the platform allows advertisers to target specific audiences, ensuring that ads reach the most relevant viewers while optimizing the advertiser's spend.
The Trade Desk was founded in 2009 by Jeff Green and Dave Pickles who met when they both worked for Microsoft. The duo recognized the evolving landscape of digital advertising and the potential of programmatic buying. Their idea was to revolutionize the way media is bought and sold by using real-time bidding technology. Green, with a background in online advertising, combined his industry insights with Pickles' technical expertise to create a platform to address inefficiencies in the market and offer greater transparency to advertisers.
The Trade Desk operates as a sophisticated digital platform tailored for programmatic advertising. At its core, it offers advertisers a centralized dashboard from which they can design, execute, and analyze ad campaigns across various digital channels. By integrating vast amounts of data, the platform facilitates precise targeting, ensuring ads reach specific audiences based on a myriad of attributes like demographics and behaviors. Throughout, advertisers are presented with a transparent view that provides comprehensive analytics, offering insights into how their campaigns are performing.
Real-time bidding (RTB) has transformed the digital advertising landscape completely. Instead of pre-purchasing ad space, advertisers, via platforms like The Trade Desk or one offered by their competitors (primarily Meta and Alphabet), bid on ad impressions in real-time, vying for the chance to display their ad to a specific user. Each of these bidding events happens in milliseconds, as a user loads a web page or app. The advertiser willing to pay the highest price wins the bid and their ad is promptly displayed to the user. RTB ensures that advertisers can tailor their messaging to the right audience at the right time, optimizing ad spend. For publishers, it translates to maximizing the revenue potential of their ad spaces by always selling to the highest bidder.
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