Filing Flows › Trade Desk (TTD) › Q1 2026 › vs Q4 2025
Trade Desk (TTD) Q1 2026 vs Q4 2025 (quarter over quarter)
Trade Desk's revenue fell $158M (-19%) from $847M in Q4 2025 to $689M in Q1 2026. Operating margin 9.7% against 30.3% (-20.7 pts).
Trade Desk, Q1 2026: revenue $689M (+12% year over year), operating margin 9.7%, net earnings $40.0M, operating cash flow $392M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.7% | 30.3% | -20.7 pts |
| Net margin | 5.8% | 22.1% | -16.3 pts |
| Free cash flow margin | 40.5% | 33.7% | +6.8 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $689M | $847M | −$158M | -19% |
| Other income, net | $12.3M | $13.4M | −$1.1M | -8% |
| Operating profit | $66.6M | $257M | −$190M | -74% |
| Costs & expenses | $622M | $590M | $32.3M | +5% |
| Pre-tax earnings | $79.0M | $270M | −$191M | -71% |
| Cost of revenue | $182M | $163M | $18.9M | +12% |
| Research & development | $143M | $131M | $12.1M | +9% |
| Sales & marketing | $172M | $174M | −$1.4M | -0.8% |
| General & admin | $125M | $123M | $2.7M | +2% |
| Net earnings | $40.0M | $187M | −$147M | -79% |
| Income tax | $39.0M | $83.3M | −$44.4M | -53% |
| Depreciation & amortization | $31.4M | $32.0M | −$529K | -2% |
| Share-based compensation | $109M | $112M | −$3.1M | -3% |
| Working capital & other | $211M | −$19.5M | $231M | — |
| Operating cash flow | $392M | $312M | $80.2M | +26% |
| Free cash flow (OCF − capex) | $279M | $285M | −$6.2M | -2% |
| Capital expenditures | $113M | $26.3M | $86.4M | +328% |
Questions
How much did Trade Desk's revenue grow quarter over quarter in Q1 2026?
Trade Desk's revenue fell $158M (-19%) from $847M in Q4 2025 to $689M in Q1 2026. Operating margin 9.7% against 30.3% (-20.7 pts).