olivLaw · US equity research
The Trade Desk, Inc. TTD
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
The Trade Desk is a global self-service technology platform that lets advertising buyers create, manage and optimize digital campaigns across formats, channels and devices. It matters now because the company operates in a fast-growing programmatic market while its second quarter 2026 results showed margin pressure. Fiscal 2025 revenue reached 2896.284 million USD, and second quarter 2026 revenue was 715 million USD.
At the close of 05 Nov 2026, The Trade Desk, Inc. (TTD) stock was 12.81 USD (−3.17% on the day), with P/E 15.3 on diluted EPS of 0.84 USD over the last 12 months, beta 1.33, 52-week range 11.92–45.90 USD. Latest reported quarter (Q2 2026): revenue of 715.1 m USD (+3.0% YoY), net income of 64.4 m USD (−28.6% YoY), diluted EPS 0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 11.85 – 13.39
- in the upper half of the band · %B 0.62 · band width 12.2%
- SMA 50 / 200
- 13.07 / 19.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.5% | −5.9% | +13.4 pp | — |
| 3 months | −27.5% | −4.6% | −22.9 pp | — |
| 6 months | −45.5% | +0.2% | −45.7 pp | — |
| Year to date | −66.3% | +7.4% | −73.7 pp | — |
| 1 year | −73.1% | +8.2% | −81.3 pp | −30.6% |
| 3 years | −83.5% | +68.4% | −151.9 pp | −8.4% |
| 5 years | −81.3% | +56.5% | −137.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 628.0 m | 741.0 m | 616.0 m | 694.0 m | 739.4 m | 846.8 m | 688.9 m | 715.1 m |
| Cost of revenue | 122.7 m | 135.3 m | 142.8 m | 151.0 m | 162.2 m | 163.1 m | 182.0 m | 184.3 m |
| Research & development | 117.7 m | 127.9 m | 132.4 m | 134.3 m | 127.9 m | 130.6 m | 142.7 m | 140.7 m |
| Operating income | 108.5 m | 195.3 m | 54.5 m | 116.8 m | 161.2 m | 256.9 m | 66.6 m | 101.6 m |
| Depreciation & amortisation | 20.8 m ≈ | 24.1 m | 24.0 m | 26.7 m ≈ | 33.1 m ≈ | 32.0 m | 31.4 m | 30.1 m ≈ |
| Interest expense | 374.0 k | 389.0 k | 376.0 k | 407.0 k | 356.0 k | 651.0 k | 373.0 k | 730.0 k |
| Pre-tax income | 127.2 m | 221.6 m | 75.8 m | 133.2 m | 179.5 m | 270.3 m | 79.0 m | 113.1 m |
| Income tax | 33.0 m | 39.4 m | 25.1 m | 43.1 m | 64.0 m | 83.3 m | 39.0 m | 48.7 m |
| Net income | 94.2 m | 182.2 m | 50.7 m | 90.1 m | 115.5 m | 187.0 m | 40.0 m | 64.4 m |
| Diluted EPS | 0.19 | 0.36 ≈ | 0.10 | 0.18 | 0.23 | 0.39 ≈ | 0.08 | 0.14 |
| Operating cash flow | 273.3 m ≈ | 199.4 m | 291.4 m | 165.0 m ≈ | 224.7 m ≈ | 311.6 m | 391.8 m | 153.6 m ≈ |
| Capex | 48.7 m ≈ | 20.2 m | 59.1 m | 45.2 m ≈ | 66.3 m ≈ | 26.3 m | 112.7 m | 13.2 m ≈ |
| Share repurchases | 52.1 m ≈ | 57.4 m | 386.3 m | 260.8 m ≈ | 310.4 m ≈ | 422.9 m | 163.5 m | 77.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 32 percentile of its own 37-quarter history (min 4.0, median 66.8, max 634.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 477.3 m | 661.1 m | 836.0 m | 1.2 bn | 1.6 bn | 1.9 bn | 2.4 bn | 2.9 bn |
| Revenue YoY | +54.9% | +38.5% | +26.5% | +43.1% | +31.9% | +23.3% | +25.6% | +18.5% |
| Net income | 88.1 m | 108.3 m | 242.3 m | 137.8 m | 53.4 m | 178.9 m | 393.1 m | 443.3 m |
| Net income YoY | +73.5% | +22.9% | +123.7% | −43.1% | −61.2% | +235.2% | +119.7% | +12.8% |
| Diluted EPS | 1.92 | 0.23 | 0.49 | 0.28 | 0.11 | 0.36 | 0.78 | 0.90 |
| Diluted EPS YoY | +67.0% | −88.0% | +113.0% | −42.9% | −60.7% | +227.3% | +116.7% | +15.4% |
| net % | 18.5% | 16.4% | 29.0% | 11.5% | 3.4% | 9.2% | 16.1% | 15.3% |
| Free cash flow | 66.8 m | 24.5 m | 331.0 m | 323.7 m | 464.6 m | 551.5 m | 641.2 m | 795.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 658.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.5 bn USD
- Total assets
- 6.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.61x
- ROE
- 16.3%
- ROA
- 7.2%
- FCF margin
- 27.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 836.0 m | 1.2 bn | 1.6 bn | 1.9 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 178.8 m | 221.6 m | 281.1 m | 365.6 m | 472.0 m | 619.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 657.2 m ≈ | 974.9 m ≈ | 1.3 bn ≈ | 1.6 bn ≈ | 2.0 bn ≈ | 2.3 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | 166.7 m | 226.1 m | 319.9 m | 411.8 m | 463.3 m | 525.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 144.2 m | 124.8 m | 113.7 m | 200.5 m | 427.2 m | 589.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 28.6 m | 42.2 m | 54.4 m | 80.4 m | 87.5 m | 115.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 172.8 m ≈ | 167.0 m ≈ | 168.1 m ≈ | 280.9 m ≈ | 514.7 m ≈ | 705.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | — | — | 4.0 m | 1.7 m | 1.5 m | 1.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 143.9 m | 122.0 m | 127.4 m | 268.0 m | 507.3 m | 658.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -98.4 m | -15.7 m | 74.0 m | 89.1 m | 114.2 m | 215.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 242.3 m | 137.8 m | 53.4 m | 178.9 m | 393.1 m | 443.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.49 | 0.28 | 0.11 | 0.36 | 0.78 | 0.90 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 489.9 m | 498.5 m | 499.9 m | 500.2 m | 501.9 m | 493.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 437.4 m | 754.2 m | 1.0 bn | 895.1 m | 1.4 bn | 658.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 1.6 bn | 2.0 bn | 2.3 bn | 2.9 bn | 3.3 bn | 3.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 2.3 bn | 3.1 bn | 3.8 bn | 4.3 bn | 5.3 bn | 5.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 115.9 m | 135.9 m | 173.8 m | 161.4 m | 209.3 m | 396.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 2.8 bn | 3.6 bn | 4.4 bn | 4.9 bn | 6.1 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 1.3 bn | 1.7 bn | 1.9 bn | 2.3 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.5 bn | 1.8 bn | 2.0 bn | 2.5 bn | 2.9 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 1.7 bn | 2.1 bn | 2.3 bn | 2.7 bn | 3.2 bn | 3.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.0 bn † | 1.5 bn † | 2.1 bn † | 2.2 bn † | 2.9 bn † | 2.5 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 405.1 m | 378.5 m | 548.7 m | 598.3 m | 739.5 m | 992.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 74.1 m | 54.8 m | 84.2 m | 46.8 m | 98.2 m | 197.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 331.0 m ≈ | 323.7 m ≈ | 464.6 m ≈ | 551.5 m ≈ | 641.2 m ≈ | 795.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -143.3 m | -93.6 m | -304.4 m | -107.6 m | -157.5 m | -292.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 44.7 m | 31.9 m | 32.0 m | -626.1 m | -107.6 m | -1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 646.6 m | 234.8 m | 1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 59.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
60% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 76.9% | 92 (on a fixed band) | 18% |
| EBIT margin · Quality | 19.6% | 92 (vs peers) | 14% |
| FCF margin · Quality | 28.9% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 22.4% | 90 (on a fixed band) | 29% |
| Revenue growth (YoY) · Growth | 18.5% | 74 (vs peers) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 54 (on a fixed band) | 11% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial54/100 · 1/2 factors with a value
- Growth84/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
The Trade Desk, Inc. (TTD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.9 bn USD in 2025; YoY growth 18.5%; net margin 13.6%; ROE 15.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 76.9%
- EBIT margin: 19.6%
- FCF margin: 28.9%
- Revenue CAGR 3Y: 22.4%
- Revenue growth (YoY): 18.5%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,473.9 bn | 14.8 | 44.3% | 50.0% | +15.1% | −12% / +113% |
| APPAppLovin Corporation | 118.0 bn | 24.0 | 210.1% | 65.9% | +70.0% | −41% / +850% |
| FLUTFlutter Entertainment plc | 14.4 bn | — | -14.3% | -7.1% | +16.6% | −60% / −47% |
| SOGPSound Group Inc. | 8.0 bn | 321.3 | 70.4% | 7.1% | +59.4% | −27% / +235% |
| NIQNIQ Global Intelligence plc | 5.9 bn | — | -65.3% | -8.0% | +5.7% | +27% / unavailable |
| SIFYSify Technologies Ltd | 5.5 bn | — | -4.1% | -2.0% | +9.0% | +13% / +44% |
| MGNIMagnite, Inc. | 4.0 bn | 24.1 | 20.4% | 23.6% | +6.9% | +87% / +241% |
| DJTTrump Media & Technology Group Corp. | 1.1 bn | — | -78.9% | -28,867.7% | +1.8% | −65% / −77% |
| HSTMHealthstream Inc | 865.5 m | 41.4 | 6.0% | 6.6% | +4.3% | +18% / +18% |
| TRIPTripadvisor, Inc. | 864.9 m | 240.3 | 0.8% | 0.3% | +3.1% | −50% / −59% |
| NXDRNextdoor Holdings, Inc | 811.9 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| SMWBSimilarweb Ltd. | 731.4 m | — | -129.6% | -11.7% | +13.1% | +7% / +68% |
| TBLATaboola.com Ltd. | 729.6 m | 5.5 | 14.3% | 6.8% | +8.3% | −47% / −37% |
| RZLVRezolve AI plc | 410.3 m | — | -98.7% | -216.7% | +2,224.2% | −60% / −89% |
| YALAYalla Group Limited | 403.7 m | 6.6 | 19.6% | 43.3% | +0.7% | −22% / −8% |
| BLNDBlend Labs, Inc. | 269.6 m | — | — | -3.3% | +6.8% | −64% / −10% |
| ZIPZiprecruiter, Inc. | 265.5 m | 10.6 | — | 6.2% | −5.3% | −22% / −72% |
| SSTSystem1, Inc. | 161.9 m | — | -581.6% | -50.7% | −22.6% | −53% / −88% |
| SANGSangoma Technologies Corp | 149.0 m | — | -1.9% | -2.1% | −4.3% | −14% / +54% |
| DOYUDouYu International Holdings Ltd | 113.3 m | — | -6.8% | -5.3% | −6.7% | −47% / −47% |
| HCATHealth Catalyst, Inc. | 112.9 m | — | -118.1% | -90.6% | +1.5% | −50% / −79% |
| PODCPodcastOne, Inc. | 53.5 m | — | -16.2% | -5.0% | +18.3% | −28% / −24% |
| GMMGlobal Mofy Ai Limited | 24.1 m | — | -35.8% | -34.5% | +35.3% | −99% / −100% |
| IPMIntelligent Protection Management Corp. | 15.1 m | — | -20.7% | -14.8% | +2,049.9% | −8% / −8% |
| YYAIAiRWA INC. | 4.2 m | — | -19.7% | -43.9% | +101.3% | −100% / −100% |
1- and 3-year price returns: for TTD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
The Trade Desk is a global self-service technology platform that lets advertising buyers create, manage and optimize digital campaigns across formats, channels and devices. It matters now because the company operates in a fast-growing programmatic market while its second quarter 2026 results showed margin pressure. Fiscal 2025 revenue reached 2896.284 million USD 1, and second quarter 2026 revenue was 715 million USD 3.
SWOT
Strengths
- Customer retention above 95% for over a decade provides a stable revenue base supported by master services agreements 13.
- An independent buy-side position, with no sale of its own inventory, is an argument of trust for clients 1.
- Integrations with data, measurement and inventory partners, along with open APIs, create an ecosystem that is hard to replicate quickly 13.
Weaknesses
- Clients can change spend and terminate with limited notice, leaving the company with limited visibility into future revenue 1.
- Margins compressed in the second quarter 2026, with lower net income and Adjusted EBITDA 23.
- Reliance on a few large inventory suppliers, including a competitor, may limit access terms 1.
Opportunities
- Expansion in CTV and omnichannel inventory could open new revenue sources if the market keeps growing 13.
- Development of AI and optimization tools could raise the value offered to clients if adoption follows company plans 12.
- International expansion, especially in Europe and Asia, remains a stated growth direction 1.
Risks
- Client dependence and budget cutshigh
Clients can reduce or stop platform use with limited notice, and losing a major holding company could significantly affect revenue 1.
- Inventory accesshigh
If major suppliers, including a competitor, limit inventory access or change terms, platform demand could decline 1.
- Intense competition and AI innovationmedium
If competitors adopt AI technologies faster or offer cheaper products, the company could lose client spend share 1.
- Dependence on the CTV channelmedium
Heavy CTV investment might not yield expected returns if this channel grows more slowly than estimated 1.
- Macroeconomic and infrastructure costslow
Inflation, geopolitical tensions and rising hosting costs could affect margins and the ability to respond quickly 12.
Investment thesis
What would need to be true (bull case)
- If high client retention holds and client spend on the platform grows, revenue could return to the growth pace seen in fiscal 2025 13.
- If CTV expansion and partnerships with major inventory providers translate into volume, the company could capture a larger share of programmatic spend 13.
- If AI and measurement tools prove clear value to clients, margins could benefit from a differentiation advantage 12.
What would break the thesis
- If quarterly revenue keeps growing slowly and profit stays under pressure, the perceived value of the model could be questioned 23.
- If Google or other major suppliers restrict inventory access or enter the market more aggressively, the company could lose position 1.
- If advertising budgets shrink due to economic uncertainty, the current guidance could need revision 13.
What to watch
- Delivery against revenue and Adjusted EBITDA guidanceQ3 2026
- Trend in Adjusted EBITDA margin and net incomeQ3 2026
- Development of CTV and inventory supplier partnerships2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company presents itself as a global leader in advertising technology and sells its platform to agencies and advertisers rather than to inventory owners, citing the absence of a conflict of interest 1. Revenue comes from a platform fee, generally a percentage of clients' total platform spend, plus value-added services and data 1. Relationships run through ongoing master services agreements, and customer retention has exceeded 95% for over a decade 1.
The platform includes Koa, an AI co-pilot that analyzes data to surface optimizations, and a bid-factor architecture allowing campaigns with many targeting parameters 1. The company also offers enterprise APIs, a third-party data marketplace, measurement tools and OpenPath, a direct connection to publishers 1. Growth strategy emphasizes CTV, omnichannel inventory and international expansion, particularly in Europe and Asia 1.
Segments
Self-service platform for buyers
The core activity, described as a single operating segment, is the self-service platform where agencies and advertisers buy, measure and optimize programmatic campaigns 1. Revenue depends on a percentage of total platform spend, linking growth directly to client spend volume 1.
Value-added services and data
The company also charges for value-added services and third-party data that support campaigns, including a data marketplace and integrations with measurement and retail partners 1. This component is presented as a growth direction as clients adopt more first-party and third-party data 1.
Market context
Digital advertising is described as the largest and fastest-growing segment of the advertising industry, with estimated annual spend of over 700 billion USD, representing more than 70% of total market spend 1. The global advertising market surpassed 1 trillion USD for the first time in 2024, according to the cited source 1.
The market is described as a buyer's market, where inventory supply exceeds demand, giving buyers decisive influence 1. Programmatic growth is supported by the shift from linear TV to CTV and by demand for privacy-compliant data and measurement 1.
Trends
- Shift from linear TV to CTVtailwind
The convergence of internet and TV programming is described as a generational shift that could open new opportunities for advertisers through ad-supported models 1. The company is investing heavily in programmatic TV, and if CTV growth falls short of expectations, the growth outlook could be affected 1.
- AI in planning and optimizationmixed
AI is seen as changing the creative process and campaign execution, favoring platforms with advanced automation 1. However, AI infrastructure costs are rising, and the effectiveness of these investments is not assured 12.
- Data and measurement in a privacy-first worldmixed
Advertisers seek high-quality, privacy-compliant data and measurement tools that show technology partner performance 1. This favors platforms with integrated data and measurement, but regulatory or identifier changes could affect data access 1.
- Macroeconomic pressure on budgetsheadwind
Economic uncertainty, inflation, interest rates and trade policy can reduce advertising budgets, and the company acknowledges it cannot predict the size of the impact 12. If instability persists, revenue growth could slow, as the second quarter 2026 results suggest 23.
Competitive position
The company describes a highly competitive field in which new companies, including large established firms and strategic alliances, could emerge or gain advertising spend 1. Competition also includes inventory suppliers that are simultaneously competitors, which complicates access to resources 1.
The differentiation claimed rests on the absence of conflicts of interest, transparency and not selling its own inventory, in contrast to competitors that sell on both buy and sell sides 1. The company says artificially low prices from some competitors may attract clients, a risk it considers manageable through the value it offers 1.
- GoogleGOOGL
Described in the source as both a major inventory supplier and a competitor, creating dependence and competitive pressure 1.
- Newly entering adtech companies
The source mentions new companies, including large established firms, that may enter the market or acquire existing competitors 1.
- Analytics and automated media buying providers
New products such as analytics, automated media buying and exchanges are cited as competing for advertising budgets 1.
- Ad networks and inventory exchanges
These compete for advertising spend and may limit access to inventory, although the source does not name them individually 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- The Trade Desk Trades Above Wall Street’s Average Target. Here’s What the Cost Cuts ChangeYahoo Finance — News · 21 Sept 2026 · EN
- Is The Trade Desk's Cash Worth More Than Its Lost Growth?Yahoo Finance — News · 15 Sept 2026 · EN
- AppLovin vs. The Trade Desk: Analyzing Diverging Revenue Trends for These Advertising GiantsYahoo Finance — News · 11 Sept 2026 · EN
- The Trade Desk Plans to Cut 15% of Its Workforce. What It Will Take for TTD Stock to Rebound.Yahoo Finance — News · 09 Sept 2026 · EN
- Do Wall Street Analysts Like The Trade Desk Stock?Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report20 Oct 2026Departure or appointment of officers · Shareholder vote
- Proxy statement18 Sept 2026
- Current report15 Sept 2026Departure or appointment of officers
- Current report04 Sept 2026Exit or disposal costs
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report29 May 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Trade Desk, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Trade Desk, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Trade Desk, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.