Analyst Consensus ?
ConsensusHold45 ratings
Bullish1635.6%
Neutral2453.3%
Bearish511.1%
1 unmapped firm rating excluded from the percentages.
The Trade Desk, Inc. · TTD · FY2025 Q2 · Calendar Q3 2025
The Trade Desk highlights Kokai adoption as competition and execution risks persist
The quarter supports a constructive operating thesis: growth in CTV and retail media, rising Kokai adoption, and supply-chain and measurement products provide identifiable growth drivers. The evidence is balanced by competition, weaker performance in some verticals, regulatory scrutiny, and execution risk around product rollouts.
Reported After market closeNASDAQCommunication Services
$5.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.18
Consensus $0.18
EPS surprise
+1.4%
Reported versus consensus
Reported revenue
$694.0M
Consensus $685.5M
Revenue surprise
+1.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-38.6%
Event window
SPY move
+0.8%
Same window
Abnormal move
-39.4%
Stock minus SPY
Volume
6.4×
Versus trailing sessions
Subsequent drift
-4.1%
Up to 20 sessions
TTDSPY benchmark
Ask FN2 about TTD FY2025 Q2
Transcript, numbers and history already loaded
Why did TTD fall 38.6% after beating EPS estimates in FY2025 Q2?What changed in TTD's guidance and outlook in FY2025 Q2?Give me the bull and bear case for TTD after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis adds Q2 revenue growth of 19%, broader evidence of Kokai adoption, and a larger Joint Business Plans pipeline. It also highlights new leadership and governance developments, while making competition, vertical underperformance, and rollout returns clearer areas to monitor.
Guidance delta
Management maintained Q3 revenue guidance at least $717 million and adjusted EBITDA guidance of $277 million.
Key takeaways
- Q2 revenue grew 19% year over year to $694 million, led by CTV and retail media.
- Kokai now powers roughly 75% of client spend, with management citing more than 20-point KPI improvements.
- Management highlighted nearly 100 Joint Business Plans in progress and continued development of Deal Desk, OpenSincera, and OpenPath.
Management priorities
- Reach 100% client adoption of Kokai by year-end.
- Scale Deal Desk beyond beta and deepen publisher partnerships.
- Integrate Sincera data through OpenSincera while expanding supply-chain transparency and AI-driven products.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$12.08Current
$6Low
$49.2Average
$145High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Guggenheim | Neutral | Neutral | Maintain | Sep 18, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 9, 2026 |
| HSBC | Reduce | Hold | Downgrade | Aug 10, 2026 |
| DA Davidson | Neutral | Buy | Downgrade | Aug 10, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 7, 2026 |
| UBS | Buy | Buy | Maintain | Aug 7, 2026 |
| Truist Securities | Hold | Buy | Downgrade | Aug 7, 2026 |
| Susquehanna | Neutral | Positive | Downgrade | Aug 7, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Aug 7, 2026 |
| Rosenblatt | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Raymond James | Underperform | Market Perform | Downgrade | Aug 7, 2026 |
| Needham | Buy | Buy | Maintain | Aug 7, 2026 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Aug 7, 2026 |
| Citigroup | Sell | Neutral | Downgrade | Aug 7, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 7, 2026 |
| William Blair | Market Perform | Outperform | Downgrade | May 8, 2026 |
| Wedbush | Neutral | Neutral | Maintain | May 8, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | May 8, 2026 |
| Keybanc | Overweight | Downgrade | May 8, 2026 | |
| Stifel | Hold | Buy | Downgrade | Mar 18, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Mar 2, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Feb 26, 2026 |
| Loop Capital | Hold | Buy | Downgrade | Feb 26, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 26, 2026 |
| CFRA | Hold | Buy | Downgrade | Jan 27, 2026 |
| Citizens | Market Perform | Market Outperform | Downgrade | Jan 23, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jan 20, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Jan 6, 2026 |
| Jefferies | Hold | Hold | Maintain | Dec 11, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Sep 30, 2025 |
| BTIG | Buy | Buy | Maintain | Aug 4, 2025 |
| Macquarie | Outperform | Outperform | Maintain | May 19, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 12, 2025 |
| Baird | Outperform | Outperform | Maintain | Feb 13, 2025 |
| New Street Research | Sell | Neutral | Downgrade | Oct 29, 2024 |
| Stephens & Co. | Overweight | Overweight | Maintain | Feb 16, 2024 |
| Vertical Research | Positive | Neutral | Upgrade | May 3, 2023 |
| Credit Suisse | Buy | Buy | Maintain | Feb 16, 2023 |
| Berenberg | Buy | Buy | Maintain | Nov 19, 2020 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | May 8, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Feb 28, 2020 |
| Nomura | Neutral | Neutral | Maintain | Feb 28, 2020 |
| Pivotal Research | Buy | Buy | Maintain | Jan 22, 2020 |
| Citi | Neutral | Buy | Downgrade | Jul 24, 2019 |
| PiperJaffray | Overweight | Overweight | Maintain | Apr 5, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $12.08. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Michael Morris | $13 | $14.26 | +7.6% | Sep 18, 2026 |
| Evercore ISI | Mark Mahaney | $14 | $14.1 | +15.9% | Sep 8, 2026 |
| BNP Paribas | Nick Jones | $10 | $13.12 | -17.2% | Aug 10, 2026 |
| Morgan Stanley | Analyst unavailable | $13 | $13.2 | +7.6% | Aug 10, 2026 |
| HSBC | Analyst unavailable | $10 | $13.8 | -17.2% | Aug 10, 2026 |
| D.A. Davidson | Analyst unavailable | $16 | $13.8 | +32.5% | Aug 7, 2026 |
| Cannonball Research | Vasily Karasyov | $15 | $13.86 | +24.2% | Aug 7, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $14 | $13.92 | +15.9% | Aug 7, 2026 |
| UBS | Analyst unavailable | $16 | $17.67 | +32.5% | Aug 7, 2026 |
| Scotiabank | Analyst unavailable | $12 | $17.67 | -0.7% | Aug 7, 2026 |
| RBC Capital | Matthew Swanson | $15 | $17.67 | +24.2% | Aug 7, 2026 |
| MoffettNathanson | Analyst unavailable | $6 | $13.96 | -50.3% | Aug 7, 2026 |
| Wells Fargo | Alec Brondolo | $12 | $17.67 | -0.7% | Aug 7, 2026 |
| Evercore ISI | Analyst unavailable | $13 | $17.67 | +7.6% | Aug 7, 2026 |
| Susquehanna | Shyam Patil | $14 | $17.67 | +15.9% | Aug 7, 2026 |
| BMO Capital | Brian Pitz | $15 | $17.67 | +24.2% | Aug 7, 2026 |
| Wolfe Research | Shweta Khajuria | $16 | $17.67 | +32.5% | Aug 7, 2026 |
| Robert W. Baird | Vikram Kesavabhotla | $9 | $17.67 | -25.5% | Aug 7, 2026 |
| Truist Financial | Youssef Squali | $16 | $17.67 | +32.5% | Aug 7, 2026 |
| Guggenheim | Michael Morris | $12 | $17.67 | -0.7% | Aug 7, 2026 |
| UBS | Analyst unavailable | $28 | $20.38 | +131.8% | Jul 13, 2026 |
| Arete Research | Analyst unavailable | $11.6 | $18.65 | -4.0% | Jun 30, 2026 |
| D.A. Davidson | Analyst unavailable | $29 | $21.14 | +140.1% | May 11, 2026 |
| Scotiabank | Analyst unavailable | $20 | $23.06 | +65.6% | May 11, 2026 |
| HSBC | Analyst unavailable | $20 | $23.06 | +65.6% | May 11, 2026 |
| Piper Sandler | Thomas Champion | $24 | $23.06 | +98.7% | May 8, 2026 |
| RBC Capital | Matthew Swanson | $33 | $22.24 | +173.2% | May 8, 2026 |
| Needham | Laura Martin | $25 | $22.04 | +107.0% | May 8, 2026 |
| Wedbush | Analyst unavailable | $21 | $21.94 | +73.8% | May 8, 2026 |
| Truist Financial | Analyst unavailable | $35 | $22.04 | +189.7% | May 8, 2026 |
| Morgan Stanley | Analyst unavailable | $26 | $21.9 | +115.2% | May 8, 2026 |
| Evercore ISI | Analyst unavailable | $27 | $21.55 | +123.5% | May 8, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $23.49 | +65.6% | May 8, 2026 |
| Stifel Nicolaus | Analyst unavailable | $21 | $23.49 | +73.8% | May 8, 2026 |
| Guggenheim | Analyst unavailable | $25 | $23.49 | +107.0% | May 8, 2026 |
| RBC Capital | Matthew Swanson | $35 | $23.14 | +189.7% | Apr 28, 2026 |
| UBS | Analyst unavailable | $31 | $24.05 | +156.6% | Apr 21, 2026 |
| Stifel Nicolaus | Mark Kelley | $26 | $25.07 | +115.2% | Mar 17, 2026 |
| D.A. Davidson | Tom White | $32 | $30 | +164.9% | Mar 5, 2026 |
| Piper Sandler | Thomas Champion | $28 | $24.02 | +131.8% | Mar 2, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $22 | $23.74 | +82.1% | Feb 26, 2026 |
| Scotiabank | Nat Schindler | $32 | $23.77 | +164.9% | Feb 26, 2026 |
| MoffettNathanson | Michael Nathanson | $32 | $25.16 | +164.9% | Feb 26, 2026 |
| Wedbush | Scott Devitt | $23 | $24.54 | +90.4% | Feb 24, 2026 |
| KeyBanc | Justin Patterson | $40 | $29.75 | +231.1% | Feb 3, 2026 |
| Rosenblatt Securities | Mark Zgutowicz | $53 | $32.14 | +338.7% | Jan 27, 2026 |
| Truist Financial | Youssef Squali | $60 | $33.81 | +396.7% | Jan 26, 2026 |
| Stifel Nicolaus | Analyst unavailable | $74 | $36.82 | +512.6% | Jan 23, 2026 |
| UBS | Stephen Ju | $50 | $35.48 | +313.9% | Jan 20, 2026 |
| BNP Paribas | Nick Jones | $40 | $37.14 | +231.1% | Jan 14, 2026 |
| UBS | Analyst unavailable | $42 | $36.58 | +247.7% | Jan 13, 2026 |
| Wells Fargo | Analyst unavailable | $42 | $37.29 | +247.7% | Jan 12, 2026 |
| MoffettNathanson | Michael Nathanson | $39 | $37.29 | +222.8% | Jan 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $43 | $38.65 | +256.0% | Jan 8, 2026 |
| Wolfe Research | Shweta Khajuria | $45 | $40.11 | +272.5% | Jan 5, 2026 |
| Guggenheim | Michael Morris | $50 | $37.68 | +313.9% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $40 | $37.15 | +231.1% | Dec 11, 2025 |
| Wedbush | Analyst unavailable | $40 | $39.49 | +231.1% | Dec 8, 2025 |
| Truist Financial | Youssef Squali | $85 | $43 | +603.6% | Nov 9, 2025 |
| RBC Capital | Analyst unavailable | $80 | $43.89 | +562.3% | Nov 7, 2025 |
| UBS | Chris Kuntarich | $82 | $43.32 | +578.8% | Nov 7, 2025 |
| Wells Fargo | Alec Brondolo | $53 | $51.55 | +338.7% | Oct 6, 2025 |
| JMP Securities | Matthew Condon | $60 | $49.64 | +396.7% | Sep 30, 2025 |
| Guggenheim | Michael Morris | $55 | $47.14 | +355.3% | Sep 29, 2025 |
| Morgan Stanley | Matthew Cost | $50 | $50.16 | +313.9% | Sep 10, 2025 |
| RBC Capital | Matthew Swanson | $90 | $54.23 | +645.0% | Aug 8, 2025 |
| BMO Capital | Brian Pitz | $98 | $54.78 | +711.3% | Aug 8, 2025 |
| BTIG | Analyst unavailable | $97 | $89.76 | +703.0% | Aug 4, 2025 |
| UBS | Chris Kuntarich | $105 | $80.95 | +769.2% | Jul 16, 2025 |
| Jefferies | Omar Nokta | $125 | $54.4 | +934.8% | Apr 29, 2025 |
| HSBC | Mohammed Khallouf | $75 | $50.08 | +520.9% | Apr 23, 2025 |
| RBC Capital | Matthew Swanson | $140 | $120.42 | +1058.9% | Jan 3, 2025 |
| Jefferies | James Heaney | $138 | $123.9 | +1042.4% | Nov 20, 2024 |
| Loop Capital Markets | Rob Sanderson | $145 | $120.09 | +1100.3% | Nov 11, 2024 |
| BMO Capital | Brian Pitz | $125 | $120.09 | +934.8% | Nov 8, 2024 |
| Evercore ISI | Mark Mahaney | $135 | $120.1 | +1017.5% | Nov 8, 2024 |
| Wells Fargo | Alec Brondolo | $150 | $118.98 | +1141.7% | Oct 28, 2024 |
| Citigroup | Ygal Arounian | $140 | $117.97 | +1058.9% | Oct 15, 2024 |
| MoffettNathanson | Michael Nathanson | $100 | $109.51 | +727.8% | Sep 23, 2024 |
| Wedbush | Scott Devitt | $115 | $104.5 | +852.0% | Sep 13, 2024 |
| Robert W. Baird | Vikram Kesavabhotla | $130 | $103.34 | +976.2% | Sep 5, 2024 |
| Bank of America Securities | Jessica Reif Ehrlich | $135 | $102.42 | +1017.5% | Sep 4, 2024 |
| Loop Capital Markets | Rob Sanderson | $120 | $104.66 | +893.4% | Aug 26, 2024 |
| CFRA | Angelo Zino | $110 | $99.3 | +810.6% | Aug 9, 2024 |
| Citigroup | Ygal Arounian | $115 | $88.27 | +852.0% | Aug 9, 2024 |
| KeyBanc | Justin Patterson | $115 | $88.27 | +852.0% | Aug 9, 2024 |
| KeyBanc | Justin Patterson | $105 | $92.43 | +769.2% | Jul 29, 2024 |
| BTIG | Clark Lampen | $110 | $100.44 | +810.6% | Jul 23, 2024 |
| Morgan Stanley | Matthew Cost | $110 | $100.44 | +810.6% | Jul 23, 2024 |
| Truist Financial | Youssef Squali | $105 | $96.01 | +769.2% | Jul 22, 2024 |
| Wolfe Research | Shweta Khajuria | $115 | $100.09 | +852.0% | Jul 15, 2024 |
| Wedbush | Scott Devitt | $110 | $95.66 | +810.6% | Jun 17, 2024 |
| Wells Fargo | Brian Fitzgerald | $115 | $93.19 | +852.0% | May 16, 2024 |
| Loop Capital Markets | Rob Sanderson | $109 | $90.25 | +802.3% | May 16, 2024 |
| BMO Capital | Brian Pitz | $108 | $88.3 | +794.0% | May 9, 2024 |
| Piper Sandler | Matt Farrell | $110 | $86.02 | +810.6% | May 9, 2024 |
| RBC Capital | Matthew Swanson | $110 | $86.02 | +810.6% | May 9, 2024 |
| Susquehanna | Shyam Patil | $110 | $83.47 | +810.6% | Mar 20, 2024 |
| Morgan Stanley | Matthew Cost | $100 | $83.47 | +727.8% | Mar 20, 2024 |
| Needham | Laura Martin | $100 | $83.23 | +727.8% | Jul 25, 2023 |
| Needham | Laura Martin | $75 | $64.53 | +520.9% | May 11, 2023 |
| Needham | Laura Martin | $68 | $60.11 | +462.9% | Mar 23, 2023 |
| Piper Sandler | Matt Farrell | $60 | $44.13 | +396.7% | Dec 20, 2022 |
| Citigroup | Ygal Arounian | $60 | $46.78 | +396.7% | Dec 16, 2022 |
| Oppenheimer | Jason Helfstein | $60 | $40.15 | +396.7% | Nov 9, 2022 |
| Morgan Stanley | Matthew Cost | $60 | $56.15 | +396.7% | Oct 18, 2022 |
| Jefferies | Brent Thill | $65 | $74.49 | +438.1% | Aug 15, 2022 |
| Oppenheimer | Jason Helfstein | $78 | $74.79 | +545.7% | Aug 10, 2022 |
| Needham | Laura Martin | $65 | $73.33 | +438.1% | Aug 10, 2022 |
| Needham | Laura Martin | $63.38 | $54.5 | +424.7% | Aug 10, 2022 |
| KeyBanc | Justin Patterson | $72 | $44.03 | +496.0% | Jun 16, 2022 |
| Needham | Laura Martin | $55 | $43.34 | +355.3% | May 12, 2022 |
| Susquehanna | Shyam Patil | $95 | $43.75 | +686.4% | May 11, 2022 |
| Jefferies | Brent Thill | $85 | $44.99 | +603.6% | May 10, 2022 |
| RBC Capital | Matthew Swanson | $85 | $44.99 | +603.6% | May 9, 2022 |
| Susquehanna | Shyam Patil | $125 | $67.79 | +934.8% | Apr 9, 2022 |
| RBC Capital | Matthew Swanson | $105 | $80.91 | +769.2% | Feb 16, 2022 |
| Jefferies | Brent Thill | $105 | $75.47 | +769.2% | Jan 14, 2022 |
| Citigroup | Nicholas Jones CFA | $105 | $107.79 | +769.2% | Nov 19, 2021 |
| Stephens | Nicholas Zangler | $100 | $97.09 | +727.8% | Nov 9, 2021 |
| Evercore ISI | Shweta Khajuria | $100 | $88.75 | +727.8% | Nov 8, 2021 |
| Truist Financial | Youssef Squali | $92 | $87.53 | +661.6% | Aug 10, 2021 |
Track every rating change on TTD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Trade Desk, Inc. is a global technology company that provides a self-service, cloud-based platform. This platform enables advertising buyers to efficiently create, manage, and optimize data-driven digital ad campaigns across diverse formats and channels, including display, video, audio, native, and social media, reaching audiences on computers, mobile devices, and connected TVs. In addition to the platform, the company offers various data and value-added services. Their primary clients are advertising agencies and other service providers who represent advertisers. The Trade Desk was founded in 2009 and is headquartered in Ventura, California.
Historical context
All TTD earningsLatest beats and misses
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-09T20:50:43.232655+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T20:50:43.229910+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.