Core Insights - The Trade Desk, Inc. (TTD) reported Q2 2025 adjusted EPS of 41 cents, missing estimates by 2.4%, but up from 39 cents in the prior year [1][8] - Revenues increased 18.6% year over year to $694 million, beating the consensus estimate by 1.4% and exceeding the company's guidance of at least $682 million [1][8] - The company experienced strong growth in key areas, particularly in Connected TV (CTV) and retail media, driven by a shift towards decision-based TV buying channels [2][8] Financial Performance - Adjusted EBITDA for the quarter was $271 million, compared to $242 million in the same quarter last year, with an adjusted EBITDA margin of 39%, down from 41% [5] - Cash and cash equivalents as of June 30, 2025, were $896.4 million, down from $1,118.5 million as of March 31, 2025 [6] - Net cash generated from operating activities totaled $165 million, while free cash flow was $117 million [6] Segment Performance - Video, including CTV, accounted for a high-40s percentage of total business, with mobile contributing a mid-30s percentage, display making up a low double-digit share, and audio comprising approximately 5% [4] Future Outlook - For Q3 2025, the company anticipates revenues of at least $717 million, representing 14% year-over-year growth, with projected adjusted EBITDA around $277 million [10] Innovations and Strategic Developments - The Trade Desk launched several innovations, including OpenSincera for advertising performance visibility and Deal Desk for managing digital advertising deal performance [11] - The company expanded its use of generative AI through partnerships with various firms, enhancing audience targeting capabilities [12] - EDO integrated its Convergent TV measurement solution with TTD, and NIQ entered a global data collaboration to support advanced audience targeting [13]