Trade Desk (TTD) Q3 FY2026 earnings: revenue $736 million, down 0.5% on the year

Trade Desk, Inc. (TTD) reported revenue of $736 million for Q3 FY2026, the quarter ended 30 September 2026, down 0.5% on the same quarter a year earlier. Net income was $38 million, down 67.1% on the year, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$736 million

-0.5% on the year · +2.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

12.6%

21.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$38 million

-67.1% on the year · -40.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.08

-65.2% on the year · -42.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Revenue down slightly year on year: Revenue was $736 million, down 0.5% from $739 million a year earlier. Nine-month revenue was $2,140 million, up 4% from $2,049 million.
Adjusted EBITDA fell to $266 million: Adjusted EBITDA was $266 million against $317 million, and the margin was 36% against 43%. Nine-month adjusted EBITDA was $713 million against $796 million.
Restructuring charge of $44 million: The company recorded $44 million of restructuring charges under its 2026 Restructuring Plan. Prior-year periods had no comparable plan.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	736	715	739	+2.9%	-0.5%
Cost of revenue	200	184	162	+8.6%	+23.4%
Gross profit	536	531	577	+1.0%	-7.2%
Gross margin	72.8%	74.2%	78.1%
Research and development	147	141	128	+4.6%	+15.1%
Operating income	92.6	102	161	-8.8%	-42.6%
Operating margin	12.6%	14.2%	21.8%
Interest expense	0.4	0.7	0.4	-49.0%	+4.5%
Pre-tax income	106	113	180	-5.9%	-40.7%
Income tax	68.4	48.7	64.0	+40.5%	+6.9%
Effective tax rate	64.3%	43.1%	35.6%
Net income	38.0	64.4	116	-40.9%	-67.1%
Net margin	5.2%	9.0%	15.6%
Diluted EPS	$0.08	$0.14	$0.23	-42.9%	-65.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	258	154	225	+68.2%	+14.9%
Capital expenditure	101	13.2	66.3	+662.0%	+51.9%
Free cash flow	157	140	158	+12.2%	-0.5%
Free cash flow margin	21.4%	19.6%	21.4%
Cash from investing	-144	164	-66.8
Cash from financing	-7.7	-73.4	-401
Depreciation and amortisation	32.9	30.1	33.1	+9.3%	-0.6%
Share-based compensation	95.1	110	121	-13.2%	-21.6%
Buybacks	0.0	77.8	310
Diluted shares, weighted	470m	470m	493m	+0.1%	-4.6%
Shares outstanding at period end	473m	470m	484m	+0.6%	-2.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,702	2,574	2,601	+5.0%	+3.9%
Debt	0.0	0.0	0.0
Operating lease liabilities	494	353	303	+39.8%	+63.1%
Other liabilities	2,751	2,837	3,037	-3.0%	-9.4%
Total liabilities and equity	5,948	5,764	5,940	+3.2%	+0.1%
Fixed assets	451	455	323	-0.9%	+39.9%
Investments	420	362	792	+16.0%	-46.9%
Cash and equivalents	1,229	1,123	653	+9.5%	+88.2%
Receivables	3,076	3,201	3,478	-3.9%	-11.6%
Other assets	771	623	694	+23.7%	+11.1%
Total assets	5,948	5,764	5,940	+3.2%	+0.1%

Questions

What was Trade Desk's revenue in Q3 FY2026?

Trade Desk (TTD) reported revenue of $736 million for Q3 FY2026, the quarter ended 30 September 2026, down 0.5% on the same quarter a year earlier.

How much did Trade Desk earn in Q3 FY2026?

Net income for Q3 FY2026 was $38 million, down 67.1% on the year, and diluted earnings per share $0.08.

When did Trade Desk report Q3 FY2026 results?

Trade Desk filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	396	315	377	395	491	383	464	493	606	491	585	628	741	616	694	739	847	689	715	736
Cost of revenue	66.8	63.9	67.5	70.1	79.6	84.9	86.7	93.4	101	104	110	123	135	143	151	162	163	182	184	200
Gross profit	329	251	309	325	411	298	378	400	505	388	474	505	606	473	543	577	684	507	531	536
Gross margin	83%	80%	82%	82%	84%	78%	81%	81%	83%	79%	81%	80%	82%	77%	78%	78%	81%	74%	74%	73%
R&D	62.8	72.0	83.5	79.9	84.5	93.7	98.3	118	102	108	110	118	128	132	134	128	131	143	141	147
Operating income	-25.4	-17.1	1.7	28.8	100	-23.3	41.7	37.7	144	28.7	94.7	108	195	54.5	117	161	257	66.6	102	92.6
Operating margin	-6%	-5%	0%	7%	20%	-6%	9%	8%	24%	6%	16%	17%	26%	9%	17%	22%	30%	10%	14%	13%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.7	0.4	0.7	0.4
Pre-tax income	-26.6	-17.3	2.1	30.5	112	-9.6	59.9	57.0	161	46.0	112	127	222	75.8	133	180	270	79.0	113	106
Tax rate	n/a	n/a	1016%	48%	37%	n/a	45%	31%	39%	31%	24%	26%	18%	33%	32%	36%	31%	49%	43%	64%
Net income	8.0	-14.6	-19.1	15.9	71.2	9.3	32.9	39.4	97.3	31.7	85.0	94.2	182	50.7	90.1	116	187	40.0	64.4	38.0
Net margin	2%	-5%	-5%	4%	15%	2%	7%	8%	16%	6%	15%	15%	25%	8%	13%	16%	22%	6%	9%	5%
Diluted EPS	n/a	-$0.03	-$0.04	$0.03	$0.14	$0.02	$0.07	$0.08	$0.19	$0.06	$0.17	$0.19	$0.36	$0.10	$0.18	$0.23	$0.39	$0.08	$0.14	$0.08
Operating cash flow	163	146	91.8	137	173	188	128	192	91.1	185	81.3	273	199	291	165	225	312	392	154	258
Capital expenditure	10.9	8.4	4.1	23.9	47.8	9.2	7.4	5.0	25.2	7.2	22.1	48.7	20.2	59.1	45.2	66.3	26.3	113	13.2	101
Free cash flow	153	138	87.6	113	126	178	121	187	65.9	178	59.1	225	179	232	120	158	285	279	140	157
Buybacks	n/a	0.0	0.0	0.0	0.0	292	45.0	90.2	220	125	0.0	52.1	57.4	386	261	310	423	164	77.8	0.0
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	496m	491m	489m	484m	476m	470m	470m	473m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.