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21:00
May 07 ◎

TTD FY2026 Q1 Watch

The Trade Desk, Inc. (TTD) FY2026 Q1 Earnings Call

OPENAI LYFT PERPLEXITY DIS TTD ▾

Jeff Green

The departure of TTD's chief strategy officer to OpenAI is a notable talent flow signal, but TTD downplays its impact on strategy, noting she remains on the board.

"Samantha is taking a role at OpenAI... On a personal level, I'm excited for her, and I'm extremely confident in her abilities to have an impact there, just like she's had here."

OPENAI WATCH

Jeff Green

Lyft is leveraging TTD's platform to launch an off-site advertising business, a new growth area for Lyft and a sign of TTD's expansion into 'mobility media'.

"We were also recently chosen by Lyft Ads to power their off-site rider experience, or mobility media, as Lyft calls it."

LYFT WATCH

Jeff Green

TTD sees a significant future opportunity in AI search engines like Perplexity to create new, higher-value ad inventory, expanding the total addressable market.

"we're also optimistic that the LLMs and AI search engines like ChatGPT, Perplexity, and Gemini will eventually unlock more inventory in the future because highly detailed prompts can create a willingness to see even video ads."

PERPLEXITY WATCH

Jeff Green

Global advertising supply has outpaced demand, creating the most lopsided buyer's market in history, which is forcing publishers to improve their supply chain efficiency to win premium ad dollars. — This dynamic puts pricing power in the hands of platforms like TTD that can help buyers navigate the glut, and pressures publishers to adopt more efficient, biddable programmatic models.

"Disney has one of the largest ad businesses of any publisher in CTV. They have learned in recent years the benefits of biddable, programmatic, low ad loads, and a close, direct relationship with the trade desk."

DIS WATCH NFLX WATCH

Jeff Green

Guidance is cautious due to macro headwinds and geopolitical uncertainty, but management repeatedly emphasizes long-term structural growth opportunities in CTV, retail media, and AI as catalysts for reacceleration.

"So while there are clearly near-term headwinds and a cloudier macro environment, we continue to believe that the long-term opportunity for our business remains extremely strong."

TTD WATCH

Jeff Green

TTD's retail data marketplace now covers more than 80% of top US retail sales, dramatically more than Amazon's sub-15% share, giving TTD a structural advantage in off-site retail media. — This data advantage is a direct counter to Amazon's walled-garden retail media dominance and positions TTD as the primary off-site partner for most US retailers.

"Combined, we believe the retailers in our data marketplace represent more than 80% of sales from top US retailers. Compare that to Amazon, who represents less than 15% of US retail spend."

AMZN WATCH

Jeff Green

TTD is starting to unlock 'onsite' retail media through sponsored listings, including recent integrations with Kodi and Dollar General, expanding its total addressable market. — This moves TTD beyond off-site programmatic into highly lucrative on-site ad formats, potentially opening up a significant new revenue stream that was previously controlled by retail platforms like Amazon.

"We've begun integrating with partners like Kodi and even more recently, Dollar General, and we expect more retailers to enable programmatic access to sponsored listings in 2026."

DG WATCH

HIGH

22:00
Feb 25 ◎

TTD FY2025 Q4 Watch

The Trade Desk, Inc. (TTD) FY2025 Q4 Earnings Call

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Jeff Green

TTD positions itself against Amazon by emphasizing objectivity, noting Amazon's focus on O&O inventory and internal channel conflict; implies a competitive, not existential, threat.

"Amazon is mostly playing in selling their owned and operated inventory as well as trying to win on non-decisioned inventory."

AMZN WATCH

Jeff Green

While Google is considered a former stronger competitor, TTD asserts it remains competitive, with Google's DSP viewed as non-core to Google's main value.

"I think Google was a far better competitor than Amazon is today or, frankly, will likely ever be."

GOOGL WATCH

Jeff Green

Cites a customer success story where Kokai drove a 17% decrease in cost per acquisition, showcasing platform efficacy.

"Ikea, for example, is using Kokai to get a more intelligent perspective on how their ads perform across all channels."

IKEA.ST WATCH

Jeff Green

Identifies Coca-Cola as forward-thinking in digital ad measurement and brand strategy, showing they are a strategic partner.

"if you look at companies like Coca-Cola or Hershey's or even the Hyundai's and some of the forward thinking auto brands, they are rethinking measurement, they are rethinking brand building"

KO WATCH

Jeff Green

Cites Hershey's executive advocacy for effective reach over cheap reach, suggesting Hershey is a strategic partner in TTD's push for 'objective decisioning'.

"Vinnie Rinaldi, a VP at Hershey's and one of the most forward thinking CPG advertising leaders, addressed this head on."

HSY WATCH

Jeff Green

Indicates Nestlé's growing adoption and commitment to retail data solutions on TTD's platform, a positive signal for TTD's retail media momentum.

"Nestle plans to activate retail data across most of their future campaigns, including audio and other channels."

NSRGY WATCH

Jeff Green

Highlights a customer success story emphasizing the performance of Kokai, particularly in the live sports CTV segment.

"Best Western saw their booking rate double when using Kokai to target live sports opportunities."

BW WATCH

Jeff Green

Positions Hyundai as one of the more forward-thinking auto brands in adtech, suggesting a stronger partnership.

"Hershey's or even the Hyundai's and some of the forward thinking auto brands, they are rethinking measurement"

HYMTF WATCH

Tahnil Davis

The Q1 guide of 10% growth is a significant deceleration from the company's historical 20%+ rate, signaling a cautious or negative near-term outlook.

"For the first quarter, we expect revenue to be at least $678 million, representing 10% year-over-year growth."

TTD WATCH

HIGH

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