Q2 25 EPS
$0.41
MISS 0.92%
Est. $0.41
Q2 25 Revenue
$694.0M
BEAT +1.17%
Est. $686.0M
vs S&P Since Q2 25
-74.5%
TRAILING MARKET
TTD -61.4% vs S&P +13.1%
Market Reaction
Did TTD Beat Earnings? Q2 2025 Results
The Trade Desk delivered a mixed second quarter for 2025, posting revenue of $694.04 million, an 18.7% year-over-year gain that edged past the $686.03 million consensus, while non-GAAP diluted EPS of $0.41 fell just short of the $0.41 analyst estimat… Read more The Trade Desk delivered a mixed second quarter for 2025, posting revenue of $694.04 million, an 18.7% year-over-year gain that edged past the $686.03 million consensus, while non-GAAP diluted EPS of $0.41 fell just short of the $0.41 analyst estimate by 0.92%, enough to send shares sharply lower in the aftermath of the report. The earnings miss came despite Adjusted EBITDA expanding to $270.75 million, as platform operations costs climbed to $150.98 million from $110.46 million a year earlier, reflecting heavy infrastructure investment in the company's Kokai AI-driven advertising platform. Customer retention held above 95% for the eleventh consecutive year, underscoring the durability of Trade Desk's advertiser relationships even as margin pressure weighs on sentiment. Management guided Q3 revenue of at least $717 million alongside Adjusted EBITDA of approximately $277 million, signaling confidence that the platform investments driving near-term cost headwinds will translate into sustained growth through the second half of the year.
Key Takeaways
- • 19% year-over-year revenue growth outpacing the digital advertising market
- • Customer retention above 95% for the 11th consecutive year
- • Meaningful innovation across the Kokai platform in the first half of 2025
- • Significant progress in CTV, retail media, and supply chain optimization
- • Growing adoption of OpenPath among publishers
TTD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Q2 was a strong quarter for The Trade Desk, with revenue growing to $694 million, up 19% year-over-year, as we continue to outpace the digital advertising market. The first half of 2025 has been defined by meaningful innovation across our platform. Kokai is helping advertisers drive better results by integrating more data into every decision, using AI as a co-pilot, and unlocking the full potential of first-party data. We've also made significant progress in CTV, retail media, and the supply chain, empowering the world's largest brands and agencies to reach audiences across the open internet. With continued innovation in Kokai, growing adoption of OpenPath, and deeper partnerships across the ecosystem, we're delivering exceptional value to our clients and helping to strengthen the open internet in the process.”
— Jeff Green, Q2 2025 Earnings Press Release
TTD Earnings Trends
TTD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TTD EPS Trend
Earnings per share: estimate vs actual
TTD Revenue Trend
Quarterly revenue: estimate vs actual
TTD Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.34 | $0.59 | +73.58% | $846.8M | — |
| FY Full Year | $1.76 | $1.77 | +0.52% | $2.90B | +0.25% |
| Q3 25 BEAT | $0.44 | $0.45 | +1.86% | $739.4M | +2.79% |
| Q2 25 MISS | $0.41 | $0.41 | -0.92% | $694.0M | +1.17% |
| Q1 25 BEAT | $0.25 | $0.33 | +33.23% | $616.0M | +7.08% |
| Q4 24 BEAT FY | $0.57 | $0.59 | +3.60% | $741.0M | — |
| FY Full Year | — | $1.66 | — | $2.44B | — |
| Q2 23 BEAT | $0.26 | $0.28 | +7.69% | $464.3M | — |