The Trade Desk, Inc. Q3 2025 Earnings Recap

The Trade Desk reported robust Q3 2025 performance with revenue growth of 18%, driven primarily by the significant expansion in its Connected TV (CTV) and retail media segments.

Key Takeaways

• Revenue increased by 18% year-over-year; 22% growth excluding political spend.
• CTV remains the fastest-growing channel, projected to dominate programmatic buying models.
• Rapid growth of retail media indicates strong adoption of programmatic advertising across various verticals.
• The shift toward an open Internet fosters competitive supply chains, enhancing price discovery and advertiser value.
• AI innovations are bolstering effectiveness and efficiency in digital advertising, shifting focus away from walled gardens.