The Trade Desk, Inc. reported strong fourth quarter and full-year 2025 results and expanded its share repurchase capacity. Full-year 2025 revenue reached $2.90 billion, up from $2.44 billion in 2024, with GAAP net income of $443.3 million and GAAP diluted EPS of $0.90. Adjusted EBITDA for 2025 was $1.20 billion, maintaining a 41% Adjusted EBITDA margin.
In 2025 the company used about $1.4 billion of cash to repurchase Class A common stock at an average price of $52.60, including roughly $423 million in the fourth quarter. As of December 31, 2025, $150 million remained authorized, and the board subsequently approved an additional $350 million, bringing total future repurchase authorization to $500 million.
For the first quarter of 2026, The Trade Desk forecasts revenue of at least $678 million and Adjusted EBITDA of approximately $195 million, signaling expectations for continued growth and profitability while it continues investing in its advertising technology platform and partnerships.
Trade Desk, Inc. Chief Strategy Officer Samantha Jacobson reported five tax-withholding dispositions of Class A common stock totaling 4,009 shares at $25.81 per share. The shares were withheld to cover taxes on vesting of restricted stock and RSU awards, and she directly holds 151,315 shares afterward.
Trade Desk, Inc. Chief Legal Officer Jay R. Grant reported four Form 4 transactions involving Class A Common Stock on February 15, 2026. In each case, shares (1,457; 1,948; 1,514; and 2,075) were disposed of at $25.81 per share to cover tax withholding obligations tied to partial vesting of restricted stock awards granted between April 2022 and April 2025. After these tax-withholding dispositions, Grant directly owned 192,567 shares of Trade Desk Class A Common Stock.
Trade Desk, Inc. Chief Accounting Officer and Interim CFO Tahnil R. Davis reported a series of tax-related share dispositions in Class A Common Stock. On February 15, 2026, a total of 3,500 shares were withheld at a price of $25.81 per share to cover tax withholding obligations.
According to the footnotes, these withholdings were tied to partial vesting of Restricted Stock Unit awards granted between March 2, 2022 and April 15, 2025. After these transactions, Davis continued to hold 90,432 shares of Class A Common Stock directly.
Trade Desk, Inc. President and CEO Jeffrey Terry Green reported bona fide gifts of 28,029 shares of Class A common stock. The shares were transferred from his direct holdings to the Jeff Green Trust, which is described as holding 31,729 shares after the transaction. Green is a trustee of the trust, with voting and investment control, and may be deemed to indirectly beneficially own those shares. A separate indirect line reflects 920,901 shares held by the Jeff T. Green Family Foundation, where he is sole member and director with voting and investment control.
Baillie Gifford & Co filed an amended Schedule 13G reporting beneficial ownership of 22,305,995 shares of The Trade Desk, Inc. Class A common stock, representing 5.07% of the class as of 12/31/2025. Baillie Gifford has sole voting power over 11,829,073 shares and sole dispositive power over all 22,305,995 shares.
The filing states the securities are held in the ordinary course of business, not to change or influence control of Trade Desk. The shares are held by Baillie Gifford and its investment adviser subsidiaries on behalf of investment advisory clients, including funds, employee benefit plans, pension funds, and other institutional clients.
State Street Corporation has disclosed a significant ownership position in The Trade Desk, Inc. common stock. As of 12/31/2025, it beneficially owned 31,048,427 shares, representing 7.1% of the outstanding common stock.
State Street reports no sole voting or dispositive power over these shares, but shared voting power over 23,299,305 shares and shared dispositive power over 31,046,827 shares. The position is certified as being held in the ordinary course of business, not for the purpose of changing or influencing control of The Trade Desk.
Trade Desk, Inc. executive Tahnil R. Davis, the company’s CAO and Interim CFO, filed an initial ownership report showing beneficial ownership of 93,932 shares of Class A common stock held directly. Davis also holds several employee stock options covering additional Class A shares, with exercise prices ranging from $49.24 to $81.07. These options were granted annually from 2021 through 2025 and vest in equal monthly installments over four years, contingent on continued employment with Trade Desk through the applicable vesting dates.
The Trade Desk, Inc. announced that it expects revenue and adjusted EBITDA for the quarter and year ended December 31, 2025 to be consistent with its previously reported guidance, and plans to release full earnings on February 25, 2026.
Effective January 24, 2026, Tahnil Davis, the company’s executive vice president and chief accounting officer, was appointed principal accounting officer and interim chief financial officer and interim principal financial officer. Her employment agreement includes a base salary of $567,000, a prorated target annual bonus including $267,500 for part of 2026, and a quarterly retention bonus of $187,500 while she serves as interim CFO and for three months after a permanent CFO starts. Former CFO Alexander Kayyal’s employment in his officer roles ended on January 24, 2026, and the company expects him to remain on the board through the 2026 annual meeting.
The Trade Desk, Inc. reported that it received a letter of reprimand from Nasdaq’s Listing Qualifications staff on December 9, 2025, after Nasdaq determined that an amendment to its articles of incorporation violated Nasdaq voting rights rules 5640 and IM-5640. The issue relates to extending the date when all Class B common stock will automatically convert into Class A common stock, an amendment approved by the board and stockholders on September 16, 2025.
Nasdaq decided to close the matter with this reprimand letter under Nasdaq Rule 5810(c)(4), with no further action planned. The company does not agree that the amendment violated the rules but will not appeal. The letter does not affect the listing of The Trade Desk’s Class A common stock on Nasdaq, and the amendment and the company’s dual-class share structure remain in full force and effect.