The Trade Desk, Inc. · TTD · FY2026 Q3 · Calendar Q4 2026

Flat Q3 revenue meets outlook as Trade Desk points to product gains and Q4 growth

The call offers evidence for a cautious recovery, not yet a demonstrated return to durable growth: management cited early product improvements, strong international results and a higher Q4 revenue target, but Q3 revenue was flat year over year and included a one-time partner contribution that is not expected to recur.

Why did TTD rise 15.5% after beating EPS estimates in FY2026 Q3?

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Reported After market closeNASDAQCommunication Services $7.06B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.33 Consensus $0.04
EPS surprise +783.5% Reported versus consensus
Reported revenue $736.0M Consensus $650.9M
Revenue surprise +13.1% Reported versus consensus
Check the math in the surprise calculator >

Market reaction

close-to-close (session unavailable)
Stock move +15.5% Event window
SPY move +2.4% Same window
Abnormal move +13.1% Stock minus SPY
Volume 6.9× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
TTDSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis describing slower growth and a lowered near-term outlook, management's current analysis is more confident: Q3 revenue was flat year over year but ahead of its own outlook, and management set a Q4 revenue target of at least $755 million. It also reported early efficiency results for Audience Unlimited and highlighted Open Measurement, Zuma and agentic AI workflows. The analysis attributes roughly three percentage points of revenue to a one-time strategic-partner boost, which management does not expect to recur.

Guidance delta

Management's Q4 revenue target is at least $755 million. This is a target for the next quarter; the prior-quarter analysis cited a Q3 target, so those periods are not directly comparable. The analysis characterizes the guidance sentiment as raised.

Key takeaways

  • Q3 revenue was $736 million, flat year over year, and ahead of management's own outlook.
  • Management cited strong APAC and EMEA performance, including China growth of 45% year over year and EMEA growth above 20%.
  • Management reported early Audience Unlimited testing results of more than 30% CPA improvement and about 14% CPM reduction; these are early test results, not evidence of broad adoption.
  • A one-time strategic-partner contribution added roughly three percentage points to revenue and is not expected to recur.

Management priorities

  • Launch Open Measurement and continue improving the Zuma platform and agentic AI workflows.
  • Expand Audience Unlimited to more advertisers and deepen Joint Business Plans and agency relationships.
  • Invest in AI and data capabilities while pursuing selective M&A opportunities.

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Earnings History

Estimate Beat Miss Match
TTD EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q2 '24 estimate $0.36 Q2 '24 actual $0.39, beat Q3 '24 estimate $0.39 Q3 '24 actual $0.41, beat Q2 '25 estimate $0.18 Q2 '25 actual $0.18, match Q3 '25 estimate $0.20 Q3 '25 actual $0.45, beat Q4 '25 estimate $0.34 Q4 '25 actual $0.39, beat Q1 '26 estimate $0.09 Q1 '26 actual $0.08, match Q2 '26 estimate $0.18 Q2 '26 actual $0.14, miss Q3 '26 estimate $0.04 Q3 '26 actual $0.08, beat Q4 '26 estimate $0.45 Q1 '27 estimate $0.14
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Analyst Consensus ?

ConsensusHold45 ratings
Bullish1635.6%
Neutral2453.3%
Bearish511.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$16.07Current
$6Low
$48.1Average
$145High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wedbush Neutral NeutralMaintainNov 10, 2026
UBS Buy BuyMaintainNov 10, 2026
Truist Securities Hold HoldMaintainNov 10, 2026
Susquehanna Neutral NeutralMaintainNov 10, 2026
Scotiabank Sector Perform Sector PerformMaintainNov 10, 2026
Show 41 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $16.08. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
RBC CapitalMatthew Swanson$18$14.42 +12.0%Nov 10, 2026
Rosenblatt SecuritiesMark Zgutowicz$15$14.93 -6.7%Nov 10, 2026
UBSStephen Ju$19$14.93 +18.2%Nov 10, 2026
SusquehannaShyam Patil$17$14.93 +5.8%Nov 10, 2026
Truist FinancialYoussef Squali$17$14.93 +5.8%Nov 10, 2026
See 123 more

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Company context

Snapshot as of publication

The 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

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-11-10T06:07:41.008485+00:00
  2. FN2 earnings calendar · 2026-11-10T01:23:14.443147+00:00
  3. Polygon adjusted daily market bars · 2026-11-10T06:10:46.085170+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-10T06:10:46.082479+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 2026-11-10. For educational purposes only; not investment advice.