Earnings Call Intelligence Subscribe
Home › Call Sheets › TTD › Q1'26
Call sheet · Q1'26

Trade Desk (TTD)

Q1'26 earnings call · held May 7, 2026 · compared with the Q4'25 call · management-credibility review
10/12
Disclosure score
2 medium, 4 low flags
Financial quality
Bottom line
The sleeper story everyone's missing: March's record 45 JBP signings signals enterprise demand acceleration that's being masked by macro noise in CPG/auto verticals. While the street will focus on the 12% growth deceleration and margin compression, the real story is disciplined reinvestment for the next growth phase. The binding constraint isn't demand (JBPs growing 55% YoY) - it's the macro uncertainty forcing big brands to pause while TTD invests in infrastructure. Management's quote that 'racing to the bottom of the funnel is racing to the bottom of your business' perfectly captures their premium positioning strategy. My view changes if Q2 JBP momentum doesn't translate to contracted revenue growth or if the Publicis negotiation drags into Q3 without resolution.

The 30-second version

  • The sleeper story: March JBP signings hit record 45 deals, revealing enterprise demand acceleration hidden under macro noise
  • 12% growth with 30% EBITDA margin isn't the disaster, it's the new disciplined reinvestment phase
  • Chief Strategy Officer Samantha Jacob left for OpenAI during earnings week - that's not coincidental timing

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$847M (+14% YoY in Q4)$689M (+12% YoY in Q1)200 bps deceleration
Adjusted EBITDA$400M (47% margin in Q4)$206M (30% margin in Q1)1,700 bps margin compression
Net Income$187M ($0.39 per share in Q4)$40M ($0.08 per share in Q1)79% decline in earnings
Operating Cash Flow$312M in Q4$392M in Q1+26% sequential improvement
Free Cash Flow$282M in Q4$276M in Q1Stable despite lower margins
Video/CTV Mix~50% of business in Q4Low-50s% of business in Q1Slight mix improvement
Audio GrowthHighest growth channel in Q4Highest growth channel in Q1 at ~6% of businessSustained momentum
International Mix~16% of revenue in Q4~18% of revenue in Q1200 bps mix shift
US Mix~84% of revenue in Q4~82% of revenue in Q1Declining as international outgrows
JBP Count GrowthPipeline doubled in 202555% YoY growth in Q1Accelerating enterprise adoption

Accountability tracked

8 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full TTD Q1'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.