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Sep 30
Trade Desk Q3 2025 Earnings Report
The Trade Desk reported solid revenue and earnings growth in Q3 2025, driven by strong customer retention and continued innovation across its ad technology platform.
Key Takeaways
Revenue grew to $739 million with net income of $116 million and Adjusted EBITDA of $317 million, reflecting strong financial performance and continued leadership in data-driven advertising.
Revenue reached $739 million, up from $628 million a year earlier.
Net income rose to $116 million with a 16% margin.
Adjusted EBITDA totaled $317 million with a 43% margin.
Customer retention remained above 95% for the 11th consecutive year.
Trade Desk
Trade Desk
Forward Guidance
For Q4 2025, The Trade Desk expects revenue of at least $840 million and Adjusted EBITDA of approximately $375 million, reflecting continued demand and disciplined financial management.
Positive Outlook
- Revenue guidance of at least $840 million for Q4 2025.
- Expected Adjusted EBITDA around $375 million.
- Strong cash generation with $225 million from operations in Q3.
- Additional $500 million authorized for share repurchases.
- Continued innovation across CTV, retail media, and data partnerships.
Challenges Ahead
- No GAAP net income outlook provided due to variability in stock-based compensation.
- Cash balance decreased to $653 million from $1.37 billion at year-end 2024.
- Operating expenses increased to $578 million.
- Dependence on advertising demand and market conditions.
- High competition in programmatic advertising and data platforms.