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Dec 31, 2025
Trade Desk Q4 2025 Earnings Report
Trade Desk reported solid fourth quarter 2025 results with double-digit revenue growth and strong profitability.
Key Takeaways
Trade Desk delivered 14% year-over-year revenue growth in Q4 2025, maintained strong profitability with a 47% Adjusted EBITDA margin, and generated substantial net income while continuing aggressive share repurchases.
Revenue increased 14% year-over-year to 846791000.
Net income reached 186950000 with a 22% net income margin.
Adjusted EBITDA was 400339000, representing a 47% margin.
Approximately 423000000 was used to repurchase shares in the quarter.
Forward Guidance
For the first quarter of 2026, Trade Desk expects revenue of at least 678000000 and Adjusted EBITDA of approximately 195000000.
Positive Outlook
- Q1 2026 revenue outlook of at least 678000000.
- Q1 2026 Adjusted EBITDA expected to be approximately 195000000.
- Board approved additional 350000000 share repurchase authorization.
- Total authorized future repurchases increased to 500000000.
- Customer retention remained over 95%.
Challenges Ahead
- No GAAP net income guidance provided.
- Macroeconomic uncertainty noted in commentary.
- Revenue growth decelerated compared to prior year quarter.
- Continued high operating expense base.
- Ongoing variability in stock-based compensation impacting GAAP outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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