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theTradeDeskⓇ® INVESTOR RELATIONS PRESENTATION 2026
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This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c)embody assumptions that may prove to have been inaccurate, including statements relating to the advertising strategies, needs and expectations of brands and agencies, industry and market trends, expectations regarding investment strategies, and the financial targets such as revenue, adjusted EBITDA, and adjusted EBITDA margins of The Trade Desk, Inc. (“the Company”).When words such as believe, expect, anticipate, will, outlook, or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct.These forward-looking statements involve risks, uncertainties, and assumptions, including those related to the Company’s limited operating history, which makes it difficult to evaluate the Company’s business and prospects, the market for programmatic advertising developing slower or differently than the Company’s expectations, the demands and expectations of clients, and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The Company does not intend to update any forward-looking statement contained in this presentation to reflect events or circumstances arising after the date hereof. Included within this presentation are non-GAAP financial measures that supplement the Consolidated Statements of Operations of the Company prepared under generally accepted accounting principles (GAAP). Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this presentation and should be considered together with the Consolidated Statements of Operations. These non-GAAP measures are not meant as a substitute forGAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company’s profitability, operational trends, financial performance, and cash-generating capacity. Free cash flow should not be considered residual cash for discretionary expenditures.Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management and securities analysts. However, the non-GAAP financial measures should not be considered in isolation of, as a replacement for, or as superior to corresponding similarly captioned GAAP measures, and may be different from non-GAAP financial measures used by other companies. Information contained in this presentation concerning the industry and the markets in which the Company operates, including the Company’s general expectations and market position, market opportunity, and market size, is based on reports from various third-party sources, assumptions that the Company has made based on information in such reports and the Company’s knowledge of the market for its platform. Although the Company believes such third-party sources to be reliable, the Company has not independently verified the information and cannot guarantee its accuracy and completeness. Statement of caution under the Private Securities Litigation Reform Act of 1995
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What we do We provide a platform for ad buyers. Most buyers are ad agencies, brands, or other technology companies.
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We operate only on the buy-side and are not biased toward specific inventory or partners. Our interests are aligned with our clients. O B J E C T I V E We evaluate opportunities across digital channels including CTV, audio, and mobile to find the best opportunities for each campaign. O M N I C H A N N E L Our Identity solutions and data marketplace allow brands to connect their ad dollars with real world outcomes M E A S U R E M E N T Uniquely positioned to help advertisers and agencies Our proprietary platform is designed to harmonize human intuition with AI driven automation and insights T E C H N O L O G Y
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People first business ACCOUNT MANAGEMENT TEAM First point of contact, available for day-to-day support TRADING & ANALYTICS TEAM Dedicated platform experts INTEGRATIONS & PARTNERSHIPS TEAM Technical API support, custom solutions, partnership integrations BUSINESS DEVELOPMENT TEAM Oversees the commercial relationship Rooted in dedicated support and expertise
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$114 $203 $308 $477 $661 $836 $1,196 $1,578 $1,946 $2,445 $2,896 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 78% 43% REVENUE GROWTH ($ in millions) 52% 55% 26% 39% The Trade Desk by the numbers 2009 2011 3,800+ $443M $589M $783M Founded First Campaign Employees 2025 Net Income 2025 Operating Income 2025 Free Cash Flow 32% 23% 26% 18%
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AND IT’S BIGGER THAN JUST A MOVE TO DIGITAL THERE IS A FUNDAMENTAL HAPPENING IN ADVERTISING SHIFT
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The most effective advertising is targeted
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The market
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Advertising is a $1+ trillion market and getting bigger Open Internet ~$280B Traditional Media ~$200B Social ~$265B Source: Magna 2025 Global Ad Spend Forecast, The Trade Desk Estimates Search ~$245B
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Price discovery enables HEALTHY MARKETS
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$0.55 $1.00 Publishers/ Sellers/ Content Owners Advertisers/ Agencies Supply-side platform (SSP) and yield management Self-serve Demand-side platform (DSP) Managed-service DSPs and ad networks Networks exchange Display Mobile Social TV+ Ad server Data platform The pie is getting bigger while waste is being pushed out
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We provide agencies a software platform. We create room for their proprietary advantages. We are an enabler, not a disruptor.
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Even media that isn’t digital will be transacted digitally in the future THE WHOLE INTERNET WE BUY
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This is the single greatest buyer’s market in history
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15 second or less ad refresh Fraudulent Less than 30% viewability Excessive ad load Invalid traffic Made for advertising Not all inventory is created equal
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WE ARE THE BIG TECH PLATFORMS RIDDLED WITH CONFLICT FIRST PARTY DATA IS A BRAND’S MOST VALUABLE ASSET. AGENCIES AND BRANDS NEED A TECHNOLOGY PARTNER ALTERNATIVE THEY CAN TRUST WITH THEIR DATA
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We focus on being the best partner for our data providers. We buy data to make better decisions
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Diversified across all major verticals In 2024, others above 1% of spend include News & Politics, Healthy Living, Pets, Hobbies & Interests, Family & Relationships. In 2025, others above 1% of spend include Healthy Living, Events & Attractions, Pets, News & Politics, Family & Relationships. 2024 SPEND BY INDUSTRY Food & Drink 18% Automotive 12% Medical Health 11% Home & Garden 8% Technology & Computing 8% Shopping 7% Personal Finance 6% Travel 6% Style & Fashion 4% Business & Finance 4% Other 16% Food & Drink 18% Medical Health 14% Automotive 13% Technology & Computing 9% Shopping 9% Home & Garden 6% Travel 5% Personal Finance 5% Business & Finance 4% Style & Fashion 4% Other 13% 2025 SPEND BY INDUSTRY
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Over 3,800 employees In over 35 markets Regionalized engineering resources North Asia: Hong Kong Seoul, South Korea Shanghai, China Shenzhen, China Taipei, Taiwan Tokyo, Japan Australia: Melbourne Sydney APAC Southeast Asia: Bengaluru, India Mumbai, India New Delhi, India Jakarta, Indonesia Singapore EMEA Dubai, UAE Hamburg, Germany London, U.K. Madrid, Spain Milan, Italy Munich, Germany Paris, France Stockholm, Sweden NAMER Canada: Toronto United States: Ventura, CA – HQ Bellevue, WA Boston, MA Boulder, CO Chicago, IL Denver, CO Detroit, MI Irvine, CA Los Angeles, CA New York, NY San Francisco, CA San Jose, CA Seattle, WA Washington, DC A strong global presence Our global footprint provides our clients with localized marketplace expertise Global partnerships and expertise
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Our technology
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The buyer with the most data can make the most intelligent bid. We built a data management platform first OUR DECISIONING TECHNOLOGY THIRD-PARTY DATA OUR DATA FIRST-PARTY DATA DMP
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Expressiveness is central to our technological advantage
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We’re built differently than everyone else in the industry LINE ITEMS Limits reporting granularity, optimization options, and ability to activate data. vs BID FACTORS The only structure that allows for expressiveness and fine-grain reporting.
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First-PartyData Seamlessly upload first-party data to target and look-a-like model ViewershipData Target viewers based on whether they saw your ad on linear TV Behavioral Targeting Utilize third-party data segments to target audience demographics and interests AudiencePredictor/Excluder Create, optimize, include, and exclude audiences with ease using our AI, Koa Content Signals Target content based on signals like genre, content duration, production quality, and rating OmnichannelRetargeting Retarget viewers across devices Devices& Cross-Device Choose from specific device models or choose to reach audiences across devices Geography & Time Target geos broadly or granularly and align ads with dayparts or scale to any TOD/DOW Advanced targeting capabilities
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The most transparent and most detailed reporting STANDARD AND CUSTOM REPORTING REPORTING GRAINS Report out on over 200 performance measures ✓ Conversion touch ✓ View-through conversion ✓ Average bid cost per mille (CPM) ✓ Partner CPM ✓ Win rate ✓ Total seconds in view ✓ Partner viewable CPM (vCPM) ✓ Player audible event ✓ Player collapse ✓ Player skip ✓ Small player impressions ✓ Total audible seconds ✓ Win rate …across over 300 measurable variables ✓ Ad environment ✓ Ad server placement ID ✓ App ✓ Audience ✓ Browser ✓ Category name ✓ Device type ✓ Factual proximity ✓ Inventory contract ✓ Site bid factor ✓ Third-party data full path ✓ User day of week and hour of day Need to update view of Kokai
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• We built an open-source technology to convert email address to anonymized IDs. • UID2 is an open standard for digital identity created to solve the challenges of user recognition and privacy across platforms and data sets. • UID2 is open and interoperable, used by hundreds of advertisers, publishers, DSPs, SSPs, single sign-ons (SSOs), customer data platforms (CDPs), and data providers. The what and why… IDENTITY
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Represents an upgrade, not a cookie replacement. • Consistent identifier across devices and browsers • Interoperable RampID Other IDs Cookies Device IDs *Our proprietary cross-device graph. A better foundation for identity Because the future of identity matters IDENTIFY ACTIVATE OPEN-SOURCE AND INTEROPERABLE INDEPENDENT GOVERNANCE SECURE AND PRIVACY- CONSCIOUS TRANSPARENCY AND CONTROL Identity Alliance* + Your CRM data
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A better supply chain Because an efficient marketplace matters Recreate or find ppt version of diagram Media Buyer The Trade Desk’s OpenPath SSP 1 SSP 2 SSP 3 SSP 4 SSP 5 SSP 6 SSP 7… OpenAds APS Open Bidding Publisher’s Ad Server Publisher The Trade DeskOther DSPs Wrapper
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Objective quality metrics including ads- to-content-ratio, page weight, ads-in- view, and ad refresh rate. Rich data on publisher ad experiences Innovators can use rich data to enhance their products and services or build new ones. New API for ad tech value creators Available to anyone interested in improving industry health to drive transparency, trust, and growth for all. Free and open for the whole industry Unlocking rich metadata and objective advertising intelligence for the open internet opensincera.com
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Growth drivers
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The convergence of the internet and television CONNECTED TV
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The cost of subscriptions is too high for most consumers. The future of TV is ad funded.
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A single access point to premium publishers 1PDATA 3PDATA RETAILDATA CONTEXTUAL
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Decisioning is better for buyers and increases CPMs for publishers TRADITIONAL TV BUYING $10 CPM CONNECTED TV BUYING $20 CPM Broad metrics like age & gender, DMAs, schedule, and dayparts. Data-driven targeting and measurement, with real-time optimization
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GROWTH OUTSIDE NORTH AMERICA
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About two thirds of global advertising spend is outside of North America
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1 FY’2025 percent of revenue for year ended December 31, 2025. 2 Source: Magna Global. ~86% TTD revenue from North America1 ~40% Global Advertising spend from North America2 ~14% TTD revenue from outside North America1 ~60% of all ad dollars spent outside North America2
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SHOPPER MARKETING
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Activating retail data today Data from #1 retailer + Tech from #1 independent DSP DSP HOLISTIC FREQUENCY CONTROL 1P DATA SHARINGFAMILIAR TOOLS AND WORKFLOWS
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14% 5% Our retail data marketplace provides access to over 80% of sales from top US retailers Sources: 1) National Retail Federation, Top 100 US retailers, 2024. 2) global web index, USA, In-Store Visitor Penetration, FY 2024. 3) Global Partnerships not included on slide
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Retail data is the solution marketers have been waiting for Deterministic and future-proof Customer lifetime data Increase market share Manage frequency holistically
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How do we manage our business? Culture Customer retention Top-line growth Efficiency WE FOCUS ON
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GAAP financial information THE TRADE DESK, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share amounts) (Unaudited) ___________________________ (1) Includes stock-based compensation expense as follows: THE TRADE DESK, INC. STOCK-BASED COMPENSATION EXPENSE (Amounts in thousands) (Unaudited) __________________________ (1) Includes stock-based compensation expense relating to a long-term CEO performance grant of $19 million for the three months ended June 30, 2025, as well as $5 million and $43 million for the six months ended June 30, 2026 and 2025, respectively. There was no stock-based compensation expense relating toa long-term CEO performance grant in the three months ended June 30, 2026. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 715,057 $ 694,039 $ 1,403,914 $ 1,310,060 Operating expenses (1): Platform operations 184,333 150,980 366,303 293,819 Sales and marketing 174,404 161,131 346,583 313,874 Technology and development 140,742 134,251 283,462 266,653 General and administrative 114,001 130,900 239,342 264,485 Total operating expenses 613,480 577,262 1,235,690 1,138,831 Income from operations 101,577 116,777 168,224 171,229 Other expense (income): Total other income, net (11,514) (16,424) (23,825) (37,741) Income before income taxes 113,091 133,201 192,049 208,970 Provision for income taxes 48,697 43,072 87,658 68,163 Net income $ 64,394 $ 90,129 $ 104,391 $ 140,807 Earnings per share: Basic $ 0.14 $ 0.18 $ 0.22 $ 0.29 Diluted $ 0.14 $ 0.18 $ 0.22 $ 0.28 Weighted-average shares outstanding: Basic 468,359 490,631 471,494 492,767 Diluted 469,948 495,776 473,397 499,340 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Platform operations $ 8,816 $ 9,083 $ 17,214 $ 18,300 Sales and marketing 30,645 30,368 57,663 59,304 Technology and development 43,138 42,800 83,921 83,781 General and administrative (1) 26,957 46,634 59,804 95,753 Total $ 109,556 $ 128,885 $ 218,602 $ 257,138
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Supplemental non-GAAP information Non-GAAP Financial Metrics (Amounts in thousands, except per share amounts) (Unaudited) The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 64,394 $ 90,129 $ 104,391 $ 140,807 Add back (deduct): Depreciation and amortization expense 30,140 26,704 61,571 50,689 Stock-based compensation expense 109,556 128,885 218,602 257,138 Interest income, net (11,508) (18,035) (24,877) (38,167) Provision for income taxes 48,697 43,072 87,658 68,163 Adjusted EBITDA $ 241,279 $ 270,755 $ 447,345 $ 478,630 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net income $ 64,394 $ 90,129 $ 104,391 $ 140,807 Add back (deduct): Stock-based compensation expense 109,556 128,885 218,602 257,138 Adjustment for income taxes (16,396) (15,940) (31,218) (29,878) Non-GAAP net income $ 157,554 $ 203,074 $ 291,775 $ 368,067 GAAP diluted earnings per share $ 0.14 $ 0.18 $ 0.22 $ 0.28 GAAP weighted-average shares outstanding—diluted 469,948 495,776 473,397 499,340 Non-GAAP diluted earnings per share $ 0.34 $ 0.41 $ 0.62 $ 0.74 Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted 469,948 495,776 473,397 499,340
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow, a Non-GAAP measure (Amounts in thousands, except percentages) (Unaudited) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26 Y/Y Net cash provided by operating activities $165,013 $224,686 $311,589 $391,805 $153,594 (7)% Add back (deduct): Purchases of property and equipment (45,239) (66,336) (26,323) (112,741) (13,225) (71)% Capitalized software development costs (3,079) (3,354) (3,659) (3,029) (4,370) 42% Free Cash Flow $116,695 $154,996 $281,607 $276,035 $135,999 17%
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Thank you.