TTD · Full Picture

Trade Desk, Inc. — the full picture

Earnings window · 2026-07-16 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Guidance and Outlook · Guidance & outlookPriority 95
    +77.3% revenue; 3 sources (news, press_release, sec_filing); 2 forward row(s); quote_verified
    Revenue outlook for third quarter 2026: at least $650 million.
  2. Operating Expense Trends · Operating expenses (SG&A)Priority 74
    -30.6% net_income (realized); 2 sources (press_release, sec_filing); quote_verified
    Total operating expenses for the three months ended June 30, 2026: $613,480,000.
  3. Platform Operations Expense · UnclassifiedPriority 72
    +1.0% operating_income; 1 forward row(s); structured_verified
    For the full fiscal year 2026, beginning from April 1, 2026, we expect the change in useful lives to reduce depreciation expense in platform operations by approximately $14 million based on affected computing and networking equipment placed into service as of March 31, 2026.
  4. Capital Return Program · Buybacks & dividendsPriority 70
    -4.0% cash; 3 sources (news, press_release, sec_filing); 1 forward row(s); quote_verified
    In February 2026 an additional $350 million was authorized under the share repurchase program, bringing total available for future repurchases to $500 million.
  5. Revolving Credit Facility · Debt, leverage & refinancingPriority 70
    quote_verified
    Revolving Facility terms after April 14, 2026: $750 million revolving loan facility with a $100 million sublimit for letters of credit and a $75 million sublimit for swingline borrowings, with right to increase by up to $750 million subject to conditions.
  6. Capital Expenditures · Capital expenditurePriority 67
    +6.6% cash (realized); 2 sources (press_release, sec_filing); structured_verified
    Purchases of property and equipment for the six months ended June 30, 2026: $125,966,000.
  7. Operating Income and Margins · Operating income & profitabilityPriority 62
    3 sources (news, press_release, sec_filing); quote_verified
    Net income decreased by $25,735, or 29%, for the three months ended June 30, 2026 compared with the three months ended June 30, 2025.
  8. Contractual Obligations · Commitments & obligationsPriority 61
    quote_verified
    Non-cancelable operating lease commitments as of June 30, 2026: $762,231 (in thousands) total, with $44,519 due remainder of 2026 and $717,712 due 2027 and thereafter.
  9. Revenue Performance and Mix · Revenue growth & mixPriority 60
    3 sources (news, press_release, sec_filing); quote_verified
    Revenue increased by $94 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
  10. Liquidity and Capital Position · Liquidity & cash positionPriority 57
    quote_verified
    As of June 30, 2026 working capital: $2.0 billion.
  11. Income Tax Rate Changes · TaxPriority 55
    2 sources (press_release, sec_filing); 1 forward row(s); quote_verified
    In June 2026, the State of California enacted Senate Bill 122 that, among other changes, extended annual limitations on research and development credits, which may limit or delay the realizability of deferred tax assets related to research and development credits in California.
  12. AI Infrastructure Investment · Strategic & business-model shiftsPriority 51
    quote_verified
    The company expects platform operations and technology and development operating expenses will continue to increase as it invests in platform operations for hosting capabilities and in technology and development including AI.

Threads by pillar

Revenue & Demand Priority 76 · 7 threads

Costs & Margins Priority 81 · 3 threads

Capital & Balance Sheet Priority 93 · 8 threads

Strategy & Portfolio Priority 56 · 3 threads

Guidance & Outlook Priority 95 · 1 thread

Macro & Market Conditions Priority 48 · 2 threads

Unclassified Priority 81 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+77.3%+77.3%—
cash-4.0%+4.0%+12.1%
operating_income+1.0%+1.0%-14.7%
assets——+2.3%
net_income——-30.6%