The Tradeโ Desk Reports Strong Q3 โ2025 results, Drivenโข by Kokai Adoption
VENTURA, CA – November 6, 2025 – The Trade Desk today announced robust financialโ results for the third quarterโ of 2025, reporting $739 million โin revenue, an 18% increase year-over-year compared to $628 million in Q3 2024. The company’s revenue growth for the first nine months of 2025 stands at 20%, a deceleration from the 27% growth experienced duringโ the same period โlast โyear.
A key driverโฃ of this performance is the increasing adoption of the company’s core platform, Kokai. The Trade โDesk revealed that 85% of its clients are now utilizing Kokai, a significant jump โขfromโค 75% in the โsecond quarter. CEO Jeff Green highlighted the platform’s impact, claiming it has delivered a 26% enhancement โฃin cost perโค acquisition, a 58% increase in cost per unique reach, and a 94% higher click-through rate.
Despite positiveโค momentum, analysts continueโค to monitor competition from Amazon’s growing advertising business. However, Green downplayed the threat, โคasserting, “We’re playing in a โขvery different sandbox.”โฃ He โฃexplainedโ that over 90% ofโค Amazon’s approximately $70 billion ad revenue stems from sponsored listings,primarily competing with Google search and emerging AI search,rather then demand-side platforms (DSPs). Amazon’s Prime video advertising contributes onyl a small portion ofโ itsโฃ total ad revenue and competes with streaming services like Netflix and disney.
The Trade Desk is also seeing success with Joint Business Plans (JBPs), which now representโค roughly half of its โbusiness. โThe company executed 180 JBPs with major clients in the last quarter and has an additional 80 โขin the pipeline, representing billions in potential value.
Green also โaddressed the rise of AI-driven search, stating โit will have a minimal impact on the open โคinternet โand will ultimately create more advertising opportunities. He also previewed upcoming features designed โto expand the use of agentic AI on the platform, including new “trading modes” offering buyers varied levels of โคsystem interaction.
In a leadership change announced November 4th, The Trade Desk appointed Anders Mortensen as its new Chief Revenue Officer, succeeding โJed Dederick after nearly 14 years with the โขcompany.
Looking ahead, The Trade Desk forecasts at least $840 million in revenue for the fourth quarter, exceeding analyst expectations of $831 million.โ
“amazon’s DSPโข is mostly about buying Prime Video, and very little โขis buying the openโ internet. Our estimates are that low single digits are in their DSP, and โa small percentage of that is pointed at decisioningโ the open internet,” Green stated, underscoring the company’s focus on the broader digital advertising landscape.