The Trade Desk (TTD) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and The Trade Desk published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. The Trade Desk reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• In September 2026 The Trade Desk implemented a restructuring plan that cut its global workforce by about 15%. Q3 2026 results include $44.3 million of restructuring charges, which the company excludes from its non-GAAP figures.
• The Trade Desk reports one segment and does not publish revenue by product or channel.

Source: The Trade Desk Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

From the earnings release

In its Q3 2026 release, The Trade Desk said:

“Revenue at least $755 million”

“Adjusted EBITDA at least $280 million”

Source: The Trade Desk Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TTD forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for The Trade Desk's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

The Trade Desk earns revenue by charging advertising agencies and advertisers a platform fee, generally a percentage of their total spend on its platform, plus fees for value-added services and data. In Q3 2026 revenue was $736.0 million, down 0.5% from $739.4 million a year earlier, after rising 18% in Q3 2025. (The Trade Desk Form 10-K, 2025, Feb 27, 2026; The Trade Desk Q3 2026 release, Nov 9, 2026)

The Trade Desk's 10-Q puts the $3 million decline down primarily to lower gross spend on the platform from existing clients, partly offset by spend from new clients. Lower utilization of certain data offerings and larger discounts tied to joint business plans and other strategic partnerships also weighed on revenue. Higher pricing on value-added services, and more of that revenue being recognized gross with costs booked in platform operations, partly offset the decline. (The Trade Desk Form 10-Q, Q3 2026, Nov 9, 2026)

Revenue is mostly American: the United States accounted for 84% of The Trade Desk's revenue in Q3 2026 and international markets 16%, against 86% and 14% a year earlier. Client concentration sits at the agency holding company level. The 10-K says two holding companies would each have represented more than 10% of gross billings in 2025 if their agencies' contracts were combined. (The Trade Desk Form 10-Q, Q3 2026, Nov 9, 2026; The Trade Desk Form 10-K, 2025, Feb 27, 2026)

The Trade Desk said customer retention stayed above 95% in the quarter, as it has for over a decade. In connected TV, Netflix expanded its integration so that advertisers can use first-party and third-party data to target Netflix audiences through Kokai beginning in November. (The Trade Desk Q3 2026 release, Nov 9, 2026)

The Trade Desk's GAAP diluted EPS fell to $0.08 from $0.23 in Q3 2026, and non-GAAP diluted EPS fell to $0.33 from $0.45. Non-GAAP net income of $155.3 million adds back stock-based compensation of $95.1 million and restructuring charges of $44.3 million, net of a $22.1 million tax adjustment, to GAAP net income of $38.1 million. (The Trade Desk Q3 2026 release, Nov 9, 2026)

At The Trade Desk, total operating expenses rose to $643.4 million from $578.2 million, with platform operations up to $200.2 million from $162.2 million, so income from operations fell to $92.6 million from $161.2 million. The provision for income taxes was $68.4 million on pretax income of $106.5 million, and included a $13 million detriment associated with stock-based awards. (The Trade Desk Q3 2026 release, Nov 9, 2026; The Trade Desk Form 10-Q, Q3 2026, Nov 9, 2026)

The Trade Desk's diluted share count fell to 470.2 million from 493.0 million a year earlier. It repurchased $241.3 million of Class A stock in the first nine months of 2026, and its board added $731 million to the authorization, bringing the amount available to $1 billion. (The Trade Desk Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

The Trade Desk states its outlook as minimums. For Q4 2026 it expects revenue of at least $755 million and adjusted EBITDA of at least $280 million. It gives no outlook for GAAP net income, citing the unpredictable effect of share price moves on stock-based compensation. (The Trade Desk Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover The Trade Desk, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones The Trade Desk's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TTD is on is TTD a buy or a sell?, what analysts expect next is on the TTD forecast, and what the company does is on the The Trade Desk (TTD) stock page.

Every number on this page can be traced to a document The Trade Desk published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.