The Trade Desk Reports Strong Q3 2025 results, Driven by Kokai Adoption
VENTURA, CA – November 6, 2025 – The Trade Desk today announced robust financial results for the third quarter of 2025, reporting $739 million in 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 during the same period last year.
A key driver of this performance is the increasing adoption of the company’s core platform, Kokai. The Trade Desk revealed that 85% of its clients are now utilizing Kokai, a significant jump from 75% in the second quarter. CEO Jeff Green highlighted the platform’s impact, claiming it has delivered a 26% enhancement in cost per acquisition, a 58% increase in cost per unique reach, and a 94% higher click-through rate.
Despite positive momentum, analysts continue to monitor competition from Amazon’s growing advertising business. However, Green downplayed the threat, asserting, “We’re playing in a very different sandbox.” He explained that over 90% of 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 of its 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 represent roughly half of its business. The company executed 180 JBPs with major clients in the last quarter and has an additional 80 in the pipeline, representing billions in potential value.
Green also addressed the rise of AI-driven search, stating it will have a minimal impact on the open internet and will ultimately create more advertising opportunities. He also previewed upcoming features designed to expand the use of agentic AI on the platform, including new “trading modes” offering buyers varied levels of system interaction.
In a leadership change announced November 4th, The Trade Desk appointed Anders Mortensen as its new Chief Revenue Officer, succeeding Jed Dederick after nearly 14 years with the company.
Looking ahead, The Trade Desk forecasts at least $840 million in revenue for the fourth quarter, exceeding analyst expectations of $831 million.
“amazon’s DSP is mostly about buying Prime Video, and very little is buying the open internet. Our estimates are that low single digits are in their DSP, and a small percentage of that is pointed at decisioning the open internet,” Green stated, underscoring the company’s focus on the broader digital advertising landscape.
