Short answer
Trade Desk (The) (TTD) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $739M (up 17.7% year over year) with net income of $116M.
Q3 2025 key financials · XBRL
- Revenue
- $739M
- +17.7% YoY · +6.5% QoQ
- Net income
- $116M
- +22.7% YoY · +28.2% QoQ
- Operating margin
- 21.8%
- EPS (diluted)
- $0.24
- +26.3% YoY · +33.3% QoQ
Source: XBRL data from the Trade Desk (The) (TTD) Q3 2025 10-Q on SEC EDGAR. USD.
Trade Desk (The) Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $739M, up 18% YoY from $628M for Q3 2024, driven by higher spend per campaign and new clients
- Net income $116M vs $94M YoY, operating margin 21.8% vs 17.3% (Income from operations 21.8% vs 17.3%)
- Platform operations expense up 32% ($39M) due to hosting costs and personnel; sales and marketing up 12% ($17M) mainly from personnel and marketing
- Cash from operations $681M for nine months ended Sept 2025, up from $540M prior year; repurchased $318M shares Q3, $975M YTD under share repurchase program
- Management expects continued expense increases for platform development, sales/marketing, and AI investments; cautious on macroeconomic uncertainties impacting demand
Risk Factors
- New tax legislation OBBBA enacted July 4, 2025, recognized $118M income taxes receivable related to R&D cost deductions
- Litigation risk materially updated: multiple derivative, class action, and privacy lawsuits pending including securities fraud and wiretapping claims
- Regulatory risk from evolving U.S., state, EU, UK privacy laws, including GDPR and state opt-out laws, increasing compliance costs and operational constraints
- Operational risk elevated due to cyberattack exposure, hybrid work security challenges, and platform complexity requiring ongoing infrastructure investments
- Financial liquidity strong with $653M cash, $792M short-term investments, $443M available credit facility maturing June 2026, but share repurchase program used $975M YTD
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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