Key insights
- The Trade Desk (TTD) shows positive signs including record JBP signings, regaining pharma business from Amazon, and securing a significant Agoda deal in APAC, indicating potential in travel data and retail media. A clean balance sheet, ongoing buybacks, and substantial insider buying further bolster the long-term bull case, despite a need for growth re-acceleration. The upcoming World Cup is also noted as a tailwind for CTV and live sports.
Beacuse the stock is so beaten down, I wanted to share some insights
$TTD positives I’m looking at:
The most important one, JBPs are growing :
March was their biggest month ever for JBP signings: 45 in March alone.
Total JBP count +55% YoY, and new JBP deal spend +40% YoY excluding renewals.
They won back pharma business from Amazon
One of the biggest pharma advertisers moved some spend to Amazon last year.
TTD won the business back in Q1, with a 2026 JBP expected to grow spend on TTD by 114% YoY.
Agoda deal
Agoda became TTD’s first online travel agency partner in APAC for offsite media.
Good sign for travel data + retail media style opportunities outside the US.
World Cup tailwind
Not from earnings, but 2026 World Cup is a big CTV/live sports setup.
Clean balance sheet
$878M cash + $528M short term investments at Q1 end. No debt.
Buybacks
TTD bought back around $164M of stock in Q1 and still had $327M authorized.
Insider buying
Jeff Green bought around $148M of TTD stock himself at roughly $23-$25/share.
Not saying everything is perfect. Growth needs to re-accelerate.
But for me, the long term bull case is still alive.