Trade Desk Q3 2026: Big Earnings Beat, Flat Revenue, and What Comes Next

Trade Desk posted adjusted EPS of $0.33 for the third quarter of 2026, beating the consensus estimate of $0.25. Revenue of $735.97 million also beat expectations, yet came in essentially flat against the same quarter a year earlier, down less than 1% year over year. Investors are weighing that strong beat against estimates alongside stalled top-line growth.

The profit picture was complicated by $44.3 million in restructuring charges under the company's 2026 Restructuring Plan, mostly severance costs. Those charges weighed heavily on GAAP results, with GAAP diluted EPS coming in at $0.08. Adjusted EBITDA fell to $265.84 million from $317.48 million a year earlier, compressing the margin to 36% from 43% as operating costs rose across the business.

CEO Jeff Green said Q3 results came in "well ahead of our expectations entering the quarter" but was direct that the company is "still operating below the level of growth we expect from ourselves." He pointed to platform improvements including Kokai Zuma, Audience Unlimited, and agentic AI capabilities as actions meant to improve the business's underlying trajectory. Netflix expanded its integration with Trade Desk during the quarter, allowing advertisers to use first party and third party data to target Netflix audiences through the Kokai platform.

For Q4 2026, management guided revenue to at least $755 million and Adjusted EBITDA to at least $280 million, which would represent a return to growth after the flat third quarter. The board also approved an additional $731 million under the company's share repurchase program, bringing total repurchase capacity to $1 billion. Customer retention has remained above 95% for over a decade, which management continues to cite as a foundation for the eventual growth reacceleration it is targeting.