Key Points:
- The Trade Desk saw revenue increase 19% to $694 million in Q2, with net income of $90 million and adjusted EBITDA of $271 million.
- The company expanded AI, connected TV and retail media partnerships.
- Limited updates were available on the Trade Desk’s ambitious connected TV platform, Ventura.
Six months after a rare financial stumble, advertising technology firm the Trade Desk appears to be turning things around.
On Thursday, the Trade Desk reported solid second quarter (Q2) revenue of $694 million, up 19 percent on a year-over basis and outpacing the broader digital advertising market amid gains in its connected television (CTV) and retail media businesses.
Profit attributed to the Trade Desk’s operations reached $90 million, while adjusted earnings before interest and tax (EBITDA) clocked in at $271 million, representing a margin of 39 percent.
“Q2 was a strong quarter for The Trade Desk, with revenue growing to $694 million, up 19% year-over-year, as we continue to outpace the digital advertising market,” Jeff Green, the co-Founder and CEO of the Trade Desk, said in prepared remarks on Thursday. “The first half of 2025 has been defined by meaningful innovation across our platform.”
In tandem with the release of its Q2 earnings, the Trade Desk said it was appointing long-time investor Alex Kayyal as its new Chief Financial Officer, starting August 21. He brings more than two decades of experience, including senior roles at Lightspeed Venture Partners and Salesforce Ventures. Omar Tawakol, the founder of starts up BlueKai and Rembrand, joined the Trade Desk’s board of directors, which the company said will help it further advance its knowledge of artificial intelligence technology.
The Trade Desk also expanded its AI-powered creative capabilities through partnerships with Rembrand, Nova, Bunny Studio, and Spaceback. Other collaborations included a retail media integration with Instacart, data partnerships with Visa in Australia and New Zealand, and CTV measurement integration with EDO.
Looking ahead, The Trade Desk projects at least $717 million in revenue for the third quarter of 2025, with adjusted EBITDA of approximately $277 million. The company did not provide GAAP net income guidance, citing variability related to stock-based compensation expenses.
Green said the company remains committed to “strengthening the open internet” through innovation, transparency, and collaboration. “With continued advances in Kokai, the growth of OpenPath, and deep partnerships across the ecosystem, we’re delivering exceptional value to our clients,” he said.
Less clear is how much progress the company has made on its ambitious project to develop and launch its own CTV operating system. Last year, executives at the Trade Desk confirmed the company was working on a new streaming TV operating system called Ventura, which is being developed from an open-source version of Android TV and was expected to be offered through a new line-up of Sonos hardware.
Earlier this year, Sonos reportedly walked away from the project, deciding instead to focus on its existing hardware line-up and the apps that make them work. Since then, the Trade Desk has revealed a partnership with Anoki that will see the latter power free streaming channels within Ventura, but it still isn’t clear who will integrate Ventura into their consumer devices or when those gadgets will start shipping.
While the Trade Desk shook off its poor earnings from six months ago, investors are still concerned about the company’s Q3 outlook, which projects around $717 million in overall earnings. The Trade Desk’s stock price dropped 28 percent in after-hours trading on Thursday.
The Trade Desk shares no formal business ties with The Desk, which is owned by a separate and unrelated company. Earlier this year, The Desk modified its name to avoid confusion with the Trade Desk — the editorial operation is now referred to as TheDesk.net — though its news articles and news products still use the former moniker.
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