Trade Desk shares fell 76.3% in the year to October 13, 2026, while the S&P 500 returned about 18%. Revenue growth slowed from 17.7% in Q3 2025 to 3.0% in Q2 2026, and management cited economic conditions for big brands and admitted the company had not executed as well as it could have. Consumer goods makers and carmakers, which generate around 25% of business, faced cyclical pressure, although advertisers outside the top 500 grew over 50% year to date. Management guided Q3 2026 revenue to at least $650 million, about 12% below a year earlier, and adjusted EBITDA to about $160 million, versus $241 million in Q2. Trailing revenue still rose to $3.0 billion from $2.7 billion, with net cash of $1.1 billion, though net margin fell to 13.6% from 15.6%.
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