The Trade Desk, Inc.
TTD.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q1
The Trade Desk topped its own guidance in Q1, delivering $688.9 million of revenue (+11.8% YoY) and $206.1 million of adjusted EBITDA, yet projected a slower Q2 with revenue of at least $750 million, signaling a deceleration from the prior quarter’s growth rate. The company recorded a 55% YoY increase in Joint Business Plan signings and secured a win‑back from Amazon with a pharma client expected to boost spend 114% YoY. It also launched an agentic AI partnership with Stagwell and highlighted early traction for its Audience Unlimited retail data product.
Q1 Revenue
$688.9M
+11.8% YoY
Q2 Revenue Guidance
At least $750M
—
Q1 Adjusted EBITDA Margin
29.9%
-380 bps YoY
New JBP Deal Spend Growth (YoY)
+40%
—
Q1 Free Cash Flow
$276.1M
+20.2% YoY
What We're Watching
Risk
Resolution of Publicis Partnership Negotiations
📅
Next 1-2 Quarters
What to Monitor
Any announcement of a renewed multi-year agreement, or conversely, any further reports of strained relations or a formal change in the partnership structure.
Why It Matters
Publicis is a major agency holding company partner. A successful renewal would remove a significant business overhang and secure a large, stable revenue stream, while a negative outcome could create near-term revenue disruption.
Opportunity
Conversion of Record JBP Pipeline into Revenue
📅
Next 2-3 Quarters
What to Monitor
Evidence that the record Q1 JBP signings are translating into revenue growth that outpaces the overall company rate. Look for management commentary linking performance to these new agreements.
Why It Matters
JBPs are the primary indicator of the new "brand-first" go-to-market strategy's success. Converting this pipeline is essential to re-accelerate growth beyond current macro headwinds and validate the significant operational changes made.
Strategic
Execution of Agentic AI Strategy
📅
Ongoing (FY2026)
What to Monitor
Tangible progress updates on the Stagwell partnership, including specific outcomes or case studies. Announcement of additional agency or brand partnerships for agentic AI initiatives.
Why It Matters
Management has positioned agentic AI as the "next revolution" in programmatic. Demonstrating early success is crucial to validate the company's innovation leadership and build a competitive moat in an increasingly AI-driven market.
Risk
Senior Leadership Stability & Hiring
📅
Ongoing
What to Monitor
Any further high-profile executive departures, particularly in strategic or technical roles. Conversely, monitor for the announcement of the "meaningfully senior leaders" management claims to be hiring.
Why It Matters
The departure of the CSO to a leading AI firm highlights intense competition for strategic talent. Maintaining a stable, high-caliber leadership team is critical for navigating the complex AI transition and executing the long-term growth plan.
Opportunity
Expansion into LLM & AI Search Inventory
📅
"Over time" (monitor late 2026 / 2027)
What to Monitor
The first formal partnerships or integrations with major LLMs or AI search platforms (e.g., ChatGPT, Perplexity, Gemini). Any initial commentary on advertiser adoption or spend in these new channels.
Why It Matters
This represents a major expansion of the company's Total Addressable Market (TAM) into territory previously dominated by legacy search. Early traction would signal a new, long-term growth vector for the business.
