Earned & PaidCompanies · adtech platform
The Trade Desk
Sell sideTTD
The Trade Desk brought in $2.90B of revenue in fiscal 2025, growing 28% a year over five years at a 20% operating margin.
$2.90Brevenue, FY2025
+28%growth a year, 5 years
20%operating margin
Revenue, by quarter
From each 10-Q and 10-K; fourth quarters are the full year minus nine months.
Revenue and margin
Bars: revenue, $B (10-K). Line: operating margin.
What they told investors
“In the current state of the market, both buyers and sellers agree that measurement is broken.”Jeffrey Terry Green · 2026 Q1 · transcript
“Now to discuss the state of the state on the buy side, most of today’s leaders in marketing for the biggest brands are looking at this moment as an opportunity to upgrade their entire marketing operation.”Jeffrey Terry Green · 2026 Q1 · transcript
“I have never seen the biggest brands in the world more focused on growth than they are right now.”Jeffrey Terry Green · 2026 Q1 · transcript
“I look to a world where advertising dollars go to the open Internet first and are avoiding systems that are easy and simply grade their own homework.”Jeff Green · 2025 Q3 · transcript
“We have an additional 80 JBPs in the pipeline right now worth billions of dollars in total.”Jeff Green · 2025 Q3 · transcript
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
Programmatic & display 817× since 2019Connected TV & streaming 572× since 2019Retail media 100× since 2019Measurement 83× since 2019CRM, loyalty & first-party data 61× since 2019AI in marketing 56× since 2019Linear TV 42× since 2019Creative campaigns 23× since 2020Influencers & creators 15× since 2020Audio & podcasts 15× since 2019
- Programmatic & display “Our business is largely a sophisticated buying platform for the biggest brands and advertisers.” Jeffrey Green on the earnings call · Aug 13, 2026 · source
- Connected TV & streaming “CTV and audio exhibited double-digit growth once again in Q2.” Nathan Olmstead on the earnings call · Aug 13, 2026 · source
- Retail media “The same is true in retail media.” Jeffrey Green on the earnings call · Aug 13, 2026 · source
- Measurement “Our new measurement framework, which is currently in alpha is designed to more fairly assign value across the entire customer journey, giving marketers greater confidence in where the advertising is creating incremental business results, whether that's in the top of the funnel…” Jeffrey Green on the earnings call · Aug 13, 2026 · source
- CRM, loyalty & first-party data “But at the end of the day, the reason why I believe why this model works is because, number one, in an AI-fueled world, you have to fuel those AI models with first-party data and you have to have the trust of the biggest advertisers in the world.” Jeffrey Green on the earnings call · Aug 13, 2026 · source