The Trade Desk Inc. published the transcript of its fourth quarter 2025 earnings conference call held on February 25, 2026, featuring CEO and Co-Founder Jeff Green and Interim Chief Financial Officer and Chief Accounting Officer Tahnil Davis, with Chris Toth, Vice President of Investor Relations, also on the call. Management said Q4 revenue rose 14% year-over-year to $847 million, or about 19% excluding political spend, while full-year 2025 revenue reached $2.9 billion, up 18%. Green highlighted macro divergence across industries, noting “a sustained weakness among some large consumer packaged goods companies (CPGs) as well as some global auto companies,” while emphasizing that increased ad supply is strengthening the case for independent, inventory-neutral platforms: “When there is more supply than demand, it is a buyer’s market… the objectivity we have, by not owning inventory, [is] much more valuable than ever.” Green also detailed product and AI priorities, saying “almost 100% of our clients are running through Kokai today,” and argued that “the complexity of the global advertising market is not a weakness for The Trade Desk. It is a moat.” He introduced newer initiatives including Audience Unlimited, Deal Desk, and continued retail data marketplace expansion, alongside efforts to simplify measurement, UX, and billing. Davis said Q1 guidance reflects lower visibility, especially in CPG and auto, with expected revenue of at least $678 million (10% growth) and adjusted EBITDA of about $195 million, while aiming for full-year 2026 adjusted EBITDA margin “approximately in line with 2025.” She also noted $423 million of Q4 share repurchases and an expanded authorization totaling $500 million. The full transcript can be accessed through the link below.

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