The Trade Desk Q3 Earnings: 85% Clients on Kokai
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The trade Desk Announces Leadership Change and Strong Q4 Forecast
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Published November 7,2025,at 10:57 AM PST
Leadership Transition
the Trade Desk announced on November 4, 2025, the appointment of Anders Mortensen as Chief Revenue Officer (CRO). He succeeds Jed Dederick, who is departing the company after nearly 14 years of service. This marks a significant leadership shift for the demand-side platform (DSP) as it continues to expand its market presence.
Q4 Revenue Forecast Exceeds Expectations
The Trade Desk anticipates at least $840 million in revenue for the fourth quarter of 2025, exceeding analyst expectations of $831 million. This positive outlook reflects the company’s continued growth and strong position in the programmatic advertising market.
Recent Financial Performance
The company reported $739 million in revenue for Q3 2025, representing an 18% year-over-year increase compared to $628 million in Q3 2024. Revenue growth for the first nine months of 2025 stands at 20%, a slight deceleration from the 27% growth experienced during the same period in 2024.
| Quarter | year-over-Year Revenue Growth | Revenue (Millions USD) |
|---|---|---|
| Q3 | 18% | $739 |
| YTD (9 Months) | 20% | N/A |
Competitive Landscape: Amazon DSP
During an earnings call, The Trade Desk’s CEO, Jeff Green, discussed the competitive landscape, specifically addressing amazon’s Demand-Side platform (DSP). Green stated that Amazon’s DSP is primarily focused on advertising within Prime Video, with limited activity on the open internet. He estimated that only a low single-digit percentage of spend flows through Amazon’s DSP, and a small fraction of that is directed towards decisioning on the open internet. Amazon’s DSP is mostly about buying Prime Video, and vrey little is buying the open Internet. Our estimates are that low single digits are in thier DSP, and a small percentage of that is pointed at decisioning the open internet,
Green said.
KOKAI Platform Adoption
The Trade Desk reports that 85% of its clients are now utilizing its core platform, KOKAI. This high adoption rate suggests strong client satisfaction and confidence in the platform’s capabilities. KOKAI is central to The Trade Desk’s strategy of providing a unified platform for omnichannel advertising.