Trade Desk Inc - Class A

The Trade Desk delivered a disappointing second quarter, missing on both top and bottom lines as revenue of $715.06 million grew just 3.0% year over year, falling short of the $751.55 million consensus by 4.86%, while adjusted EPS of $0.34 trailed the $0.40 estimate by 15.13%. The sharp deceleration from the 19% growth posted in Q2 2025 reflected what CEO Jeff Green openly acknowledged as a quarter that "did not meet the standard we set for ourselves," with marketer caution in a complex advertising environment weighing on demand. Profitability also contracted, with adjusted EBITDA compressing to $241.28 million from $270.75 million a year ago, as platform operating costs climbed to $184.33 million. The company responded with sweeping executive changes, installing a new CFO, CMO, and Chief Commercial Officer as part of a broader leadership reset. Looking ahead, Q3 2026 guidance of at least $650 million in revenue and approximately $160 million in adjusted EBITDA signals continued near-term pressure, even as options markets had braced for a significant post-earnings price swing.