The Trade Desk (TTD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $739 million, up 18% year-over-year, driven by CTV, retail media, product innovation, and strong demand for data-driven advertising.

• Net income for Q3 2025 was $116 million, up 23% year-over-year, with a net income margin of 16%.

• Major organizational upgrades included new COO, CFO, and CRO, with a focus on operational rigor, data-driven culture, and global account management.

• AI-powered platform innovations and new product launches, such as Kokai, OpenPath, OpenAds, Deal Desk, and Audience Unlimited, delivered significant performance improvements and transparency.

• Customer retention remained above 95% for the 11th consecutive year.

Financial highlights

• Q3 2025 revenue was $739.4 million, up from $628.0 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $317 million (43% of revenue).

• Adjusted net income was $221 million, or $0.45 per diluted share (non-GAAP).

• Free cash flow was $155 million; net cash from operations was $225 million.

• Ended Q3 with $1.4 billion in cash and no debt; cash and equivalents at quarter-end were $653 million, with $792 million in short-term investments.

Outlook and guidance

• Q4 2025 revenue expected to be at least $840 million.

• Excluding political spend, Q4 growth estimated at 18.5% year-over-year.

• Adjusted EBITDA for Q4 projected at $375 million.

• Continued investment in platform, AI, and international growth, with CTV, Shopper Marketing, and retail media as primary growth drivers.