Filing Flows › Trade Desk (TTD) › Q3 2025
Trade Desk (TTD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Trade Desk (TTD) reported revenue of $739M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before. Operating margin was 21.8%, net earnings $116M (15.6% of revenue).
Trade Desk, Q3 2025: revenue $739M (+18% year over year), operating margin 21.8%, net earnings $116M, operating cash flow $225M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $739M | +7% | +18% |
| Operating profit | $161M | +38% | +49% |
| Net earnings | $116M | +28% | +23% |
| Operating cash flow | $225M | +36% | -18% |
| Free cash flow | $158M | +32% | -30% |
What changed
Revenue was $739.4M in Q3 2025, up 18% year over year and up 7% from the previous quarter.
Operating profit was $161.2M, a 21.8% margin (up 4.5 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 17% margin then. Total costs grew 11% against revenue growth of 18%. The fastest-growing cost line was Cost of revenue (+32%). Net earnings were $115.5M, up 23% year over year. The effective tax rate was 35.6%.
Operating cash flow was $224.7M (down 18% year over year), 194% of net earnings. Non-cash charges added back $33.1M of depreciation and amortization and $121.3M of share-based compensation. Working capital and other items used $45.3M. Capital expenditures of $66.3M left free cash flow of $158.3M.
Questions
What was Trade Desk's revenue in the third quarter 2025?
Trade Desk (TTD) reported revenue of $739M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before.
Was Trade Desk profitable in the third quarter 2025?
Operating profit was $161M (21.8% of revenue) and net earnings $116M.
Source: Trade Desk 10-Q on SEC EDGAR.