The Trade Desk (TTD) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $2.9 billion, up 18% year-over-year, with strong profitability, robust cash flow, and consistent double-digit growth over the past decade.

• Net income for 2025 was $443 million, up from $393 million in 2024, reflecting a 15% margin and robust profitability.

• The company focused on omnichannel ad buying, advanced data-driven targeting, global expansion, and AI-driven platform innovation.

• Major organizational upgrades included a brand-first go-to-market model, increased direct advertiser relationships, and customer retention above 95% for twelve consecutive years.

• Key strategic priorities included Connected TV, shopper marketing, supply path optimization, and continued innovation investment.

Financial highlights

• Q4 2025 revenue was $847 million, up 14% year-over-year (19% excluding political spend); full-year revenue was $2.9 billion, up 18%.

• Q4 adjusted EBITDA was $400 million (47% margin); full-year adjusted EBITDA was $1.2 billion (41% margin).

• Q4 net income was $187 million (22% margin); full-year net income was $443 million (15% margin).

• Q4 free cash flow was $282 million; cash and equivalents at quarter-end were $658 million, with no debt.

• Q4 operating expenses were $590 million, up 8% year-over-year; excluding stock-based compensation, $478 million, up 15%.

Outlook and guidance

• Q1 2026 revenue expected to be at least $678 million, representing 10% year-over-year growth; Q1 adjusted EBITDA guidance is approximately $195 million.

• Full-year 2026 adjusted EBITDA margin expected to be in line with 2025.

• Continued investment in AI, infrastructure, and global expansion, with headcount growth below revenue growth.

• No GAAP net income outlook provided due to variability in stock-based compensation and related charges.