The Trade Desk announced that Chief Financial Officer Alex Kayyal has departed the company effective immediately, and that long‑time executive Tahnil Davis, who has served as Chief Accounting Officer for nearly 11 years, will step in as interim CFO effective January 24, 2026.
The company reaffirmed its fourth‑quarter 2025 guidance, projecting revenue of at least $840 million and adjusted EBITDA of about $375 million. The guidance represents a slowdown from the 18% year‑over‑year revenue growth reported in Q3 2025 and from the 22% growth in Q4 2024, signaling a deceleration in the company’s growth trajectory.
Revenue growth remains driven by the company’s Connected TV (CTV) segment, which continues to be the largest and fastest‑growing channel, and by expanding retail media networks. While CTV revenue grew strongly, the company’s margin profile has tightened, with adjusted EBITDA margins falling from 47% in Q4 2024 to 43% in Q3 2025, reflecting increased investment in AI‑powered platform capabilities and competitive pricing pressures.
CEO Jeff Green expressed confidence in Davis’s leadership, noting that her deep understanding of the business and financial rigor will help the company navigate the current market environment. Green also highlighted the company’s focus on AI‑driven innovations on the Kokai platform and its commitment to maintaining profitability through disciplined cost management.
Investors reacted to the CFO transition and the reaffirmed guidance with heightened caution. The announcement of a second CFO change in less than six months, coupled with a guidance that signals a slowdown in growth, has amplified concerns about leadership stability and the company’s ability to sustain its historical high‑growth momentum.
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