ElsewhereThe Trade Desk, Form 8-K, Exhibit 99.1 (SEC): The Trade Desk Reports Third Quarter 2026 Financial Results
The Trade Desk Says It Beat Expectations. Net Income Fell 67%.
By Pesach Lattin,
The Trade Desk reported Monday. Revenue was $736 million, against $739 million a year earlier, a 0.5% decline. That beats the August guide of at least $650 million by a mile, and Jeff Green said the results came in well ahead of the company's own expectations. Below the top line it is plainer. Net income fell to $38 million from $116 million. Adjusted EBITDA dropped to $266 million from $317 million, and margin slid from 43% to 36%. The quarter carried $44.3 million in restructuring charges, mostly severance under the 2026 plan.
Green did not pretend otherwise. The company is "still operating below the level of growth we expect from ourselves," he said. Retention stayed above 95%. Q4 guidance is at least $755 million in revenue and $280 million in adjusted EBITDA. And the board added $731 million to the buyback, bringing it to $1 billion. When growth stalls, the buyback grows.
The line ADOTAT readers should circle is about Netflix. Starting in November, advertisers can use first-party and third-party data to target Netflix audiences inside Kokai, with in-platform measurement to follow, and Netflix joined The Trade Desk's Sellers and Publishers 500+. That lands the same morning ADOTAT reported The Trade Desk is trying to recruit Nicolle Pangis, Netflix's ad sales VP, and wants to use her to push Netflix toward exclusivity. The release mentions Amazon, which also sells Netflix inventory, not once.
ADOTAT's Nov. 6 Wire noted the guide implied about a 12% decline, which Adweek said would be the first as a public company. It came in at minus 0.5%, so the bar did its job. Beating a floor you built yourself is still a decline. The question for buyers is the one under the Netflix line: if The Trade Desk is selling a deeper Netflix door while hiring for an exclusive one, whose pipe is your Netflix money in next year?
Read the original at The Trade Desk, Form 8-K, Exhibit 99.1 (SEC)
Revenue, net income, adjusted EBITDA, margins, restructuring charges, retention, guidance, the buyback and the Netflix integration come from The Trade Desk's Nov. 9, 2026 earnings release, filed with the SEC as Exhibit 99.1 to a Form 8-K. The 67% decline in net income is IndustryPace's arithmetic on the release's figures ($38.05 million versus $115.55 million). Adjusted EBITDA is a non-GAAP measure. This item does not cover the earnings call or the stock's reaction. The 12% and first-decline figures come from ADOTAT's Nov. 6 Wire, citing Adweek. The Pangis recruiting account is from ADOTAT's Nov. 10 report and rests on one unnamed person; it has not been confirmed. This is commentary, not investment advice.