$TTD · Trade Desk, Inc.
Trade Desk reported Q3 FY2026 results: revenue of $736M, down 0.5% YoY from $739M, with GAAP net income of $38M (5% margin) and GAAP diluted EPS of $0.08. Non-GAAP adjusted EBITDA was $266M (36% margin) and non-GAAP diluted EPS was $0.33. The board approved an additional $731M under the share repurchase program, bringing total available authorization to $1B.
- Revenue declined 0.5% YoY to $736M, versus $739M a year ago.
- GAAP net income fell to $38M from $116M; GAAP diluted EPS dropped to $0.08 from $0.23.
- Adjusted EBITDA was $266M (36% margin), down from $317M (43% margin).
- Board added $731M to buybacks, raising total repurchase authorization to $1B.
- Q4 guidance: revenue at least $755M and adjusted EBITDA at least $280M.
Extended-hours last trade $18.49, up 23.84% vs the $14.93 regular close, signaling a strongly positive reaction to the beat and buyback expansion despite the YoY revenue decline.
A rare revenue decline paired with a large buyback expansion and a beat on adjusted EPS drove a sharp after-hours rally.
Trade Desk's flat-to-declining revenue contrasts with prior double-digit growth, reflecting a broader slowdown in programmatic ad-tech spend even as CTV partnerships (Netflix, HBO Max) expand.
Revenue contracted 0.5% YoY and GAAP net income fell 67% to $38M, with management acknowledging results remain "below the level of growth we expect." The 2026 Restructuring Plan charges are excluded from non-GAAP measures.