Companies · TTD
The Trade Desk
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Latest analysis
Updated Oct 20, 2026
The Trade Desk repriced underwater options, restoring incentive value without increasing equity overhang.
TTD completed a shareholder-approved option repricing on October 19, 2026, reducing exercise prices on eligible outstanding stock options to $12.26, the closing price on the repricing date. The repricing restored incentive alignment for current service providers and employees across the company, excluding non-employee directors and CEO Jeff Green's market-based performance options. The board determined this approach was superior to alternative retention structures as it avoids dilution and implementation complexity.
Tone: neutralRevenue
$2.9B
TTD 10-K · FY 2025
Employees
3,843
Revenue growth YoY
+18%
Founded
2009
Profile
TTD 10-K Item 1 · Feb 27, 2026The Trade Desk is a global programmatic advertising technology company that operates an AI-enabled, buy-side demand-side platform (DSP) enabling agencies and advertisers to plan, execute, and measure digital ad campaigns across CTV, display, mobile, audio, and other channels. The company charges clients a platform fee based on a percentage of total spend on its platform. Founded in 2009 and headquartered in Ventura, California, it serves clients globally through ongoing master services agreements.
Read filing description ↓ Collapse description ↑
We are a global leader in advertising technology. We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices. Our platform's depth, artificial intelligence ('AI') capabilities and rich ecosystem of inventory, publisher and data partner integrations enable superior reach and decisioning for clients. In addition to the primary capabilities provided by our self-service platform, our enterprise application programming interfaces ('APIs') equip our clients with the ability to customize and expand platform functionality. Our clients are advertising agencies, advertisers and other service providers for agencies or advertisers, with whom we enter into ongoing master services agreements ('MSAs'). We generate revenue by charging our clients a platform fee generally based on a percentage of our clients' total platform spend and from providing value-added services and data to support their advertising campaigns. Digital advertising is reported to represent the largest and fastest-growing segment of the global advertising industry, with estimated annual spend of over $700 billion and representing more than 70% of the total market spend. We believe that the convergence of several trends in the advertising industry are driving the rise of programmatic advertising and will result in it becoming the predominant method for advertisers to reach consumers. We focus on buyers because they control advertising budgets. The supply of digital advertising inventory continues to exceed demand, and accordingly, we believe it is a buyer's market. Our customer retention rate has exceeded 95% for over a decade.
Primary products
- Self-service demand-side platform (DSP)
- Koa (AI co-pilot)
- Kokai (platform upgrade)
- Audience Unlimited
- OpenPath
- PubDesk
End markets
Geographies
Named competitors
“We believe we are differentiated from our competitors in the following areas: we are an independent technology company focused on serving advertising agencies, advertisers and others on the buy side of our industry so we are free from the conflicts of interest inherent in our competitors that also own and operate media.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew 18% year-over-year in fiscal 2025, driven by expanding client spend and continued growth in programmatic advertising adoption across channels including CTV.
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