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The Trade Desk (TTD) Q3 2025: Earnings Beat, $500M Buyback, and a Flurry of New Price Targets — What Investors Need to Know (Nov. 7, 2025)
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The Trade Desk (TTD) Q3 2025: Earnings Beat, $500M Buyback, and a Flurry of New Price Targets — What Investors Need to Know (Nov. 7, 2025)

by
7 November 2025

Shares of The Trade Desk (NASDAQ: TTD) were volatile early Friday after the ad‑tech platform reported a solid third quarter, added $500 million to its share repurchase authorization, and issued upbeat holiday‑quarter guidance. As of 13:55 UTC Friday, TTD traded around $45.90 (about –3.8% vs. Thursday’s close), extending a modest –3.77% after‑hours slip following the release. [1]

Key takeaways

  • Beat on Q3 revenue and EPS: Revenue rose 18% year over year to $739 million; GAAP diluted EPS was $0.23 and non‑GAAP EPS $0.45. Adjusted EBITDA reached $317 million (43% margin). [2]
  • Q4 outlook points higher: Management guided Q4 2025 revenue to at least $840 million and adjusted EBITDA to ~ $375 million. [3]
  • Capital returns: Board approved an additional $500 million for buybacks after exhausting the prior authorization in October. [4]
  • Street reactions today:
    • Needham maintained Buy but cut PT to $60. [5]
    • Evercore ISI trimmed PT to $70 (Outperform). [6]
    • RBC Capital reduced PT to $80 (from $90). [7]
    • UBSraised PT to $82 and kept Buy. [8]
    • Rosenblatt lowered PT to $64 (Buy). [9]
    • Benchmarkupgraded TTD to Buy with a $65 target. [10]

What changed since last night

The after‑hours dip on Thursday came even as results cleared consensus on the top line (several trackers had modeled about $719–720 million). Pre‑market action Friday was choppy as investors digested both the beat and a raft of recalibrated price targets that generally kept positive ratings but lowered the bar on 12‑month outcomes. [11]

By the numbers: Q3 2025 at a glance

  • Revenue: $739M (+18% YoY)
  • GAAP net income: $116M (16% margin)
  • GAAP diluted EPS: $0.23
  • Non‑GAAP EPS: $0.45
  • Adjusted EBITDA: $317M (43% of revenue)
  • Cash from operations: $225M
  • Customer retention:>95% (11th straight year)
  • Buybacks: $310M repurchased in Q3; new $500M authorization announced. [12]

Guidance (Q4 2025):Revenue ≥ $840M; Adj. EBITDA ≈ $375M. [13]

Product, platform, and leadership updates that matter

The company credited growth to continued rollout of Kokai innovations and highlighted several moves that are likely to shape demand into 2026:

  • Audience Unlimited (upgrade to the third‑party data marketplace) and OpenAds (an open‑source auction) aim to improve transparency and performance.
  • A new pharma ad marketplace with integrations (e.g., IQVIA and Swoop) consolidates HCP and DTC targeting and reporting.
  • CTV expansion: collaborations spanning DIRECTV (custom Ventura TV OS initiative), OSN (MENA), and DAZN (Europe) to broaden premium streaming inventory.
  • Ongoing industry work on Unified ID 2.0 (UID2) with partners such as IPG’s Acxiom and Treasure Data.
  • Anders Mortensen (ex‑Google) joined as Chief Revenue Officer. [14]

How Wall Street is framing it today

Analysts broadly welcomed the fundamental beat and constructive holiday guidance, but reset price targets to reflect a tougher backdrop for open‑internet advertising and to build in more conservative re‑acceleration assumptions:

  • Needham ($60): stays Buy, but reins in valuation expectations following the year‑to‑date drawdown. [15]
  • Evercore ISI ($70) and RBC ($80): still positive, yet pricing in a slower path back to high‑teens/20% growth. [16]
  • UBS ($82): argues risk/reward is improving post‑print; sees scope for growth to re‑accelerate in 2H26. [17]
  • Rosenblatt ($64) and Benchmark (Buy/$65) add to today’s busy tape of revisions. [18]

What to watch next

  1. Holiday quarter execution. Management’s ≥$840M revenue outlook sets a clear bar; any upside on CTV or retail media could be a catalyst. [19]
  2. CTV share gains vs. walled gardens. Partnerships announced across regions will be key to tracking spend shifts. [20]
  3. UID2 and open‑internet momentum. Further integrations (CDPs, agency data arms) will indicate whether identity upgrades are translating into outcomes and budget share. [21]
  4. Capital allocation. With the $500M buyback refreshed, watch repurchase cadence if volatility persists. [22]

Context: Why shares are still jumpy

Even with a clean Q3 beat, TTD has been under a spotlight all year amid macro sensitivity among large global brands and a broader debate about open‑internet vs. walled‑garden ad platforms. Recent quarters of elevated volatility—and fresh target resets this morning—explain why the stock is reacting sharply headline‑to‑headline despite improving fundamentals. [23]

Quick facts (for readers skimming Google News/Discover)

  • Ticker: NASDAQ: TTD
  • Market cap & price: See live widget above.
  • Quarter reported:Q3 2025 (period ended Sept. 30)
  • Highlights:18% revenue growth; >95% client retention; new $500M buyback; holiday guidance raised. [24]

Disclosure: This article is for informational purposes only and is not investment advice.

The Trade Desk (TTD|$23.1B) - 2025 Q3 Earnings Analysis
Watch this video on YouTube.

References

1. mlq.ai, 2. investors.thetradedesk.com, 3. investors.thetradedesk.com, 4. investors.thetradedesk.com, 5. www.marketbeat.com, 6. www.investing.com, 7. www.investing.com, 8. www.investing.com, 9. www.tipranks.com, 10. uk.marketscreener.com, 11. finance.yahoo.com, 12. investors.thetradedesk.com, 13. investors.thetradedesk.com, 14. investors.thetradedesk.com, 15. www.marketbeat.com, 16. www.investing.com, 17. www.investing.com, 18. www.tipranks.com, 19. investors.thetradedesk.com, 20. investors.thetradedesk.com, 21. investors.thetradedesk.com, 22. investors.thetradedesk.com, 23. www.reuters.com, 24. investors.thetradedesk.com

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Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

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