The Trade Desk TTD is focused on expanding its international footprint to capture a larger share of the global advertising opportunity. On the last earnings call, management noted that international markets are growing at a faster pace than North America.
TTD highlighted that multi-year investments in regions such as Europe, the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) are beginning to generate meaningful momentum, helping it strengthen global reach.
While the United States remains The Trade Desk’s largest market, international operations are gaining an increasing share. In the fourth quarter of 2025, the United States accounted for approximately 84% of the company’s revenues, while international markets contributed about 16%.
According to a report by Precedence Research, the global digital ad spending market is expected to grow at a CAGR of 9.38% from 2026 to 2035. As global advertising expenditure is forecasted to increase, particularly across CTV and retail media, The Trade Desk is well-positioned to leverage its growing international momentum into a more balanced and diversified global revenue base.
Though TTD is focusing on geographic expansion, executing well across disparate markets can be complex and risky. Regulatory and privacy-related changes like the deprecation of cookies and tightening data privacy laws like Europe’s GDPR also pose ongoing challenges. Also, digital advertising spending is prone to global macroeconomic fluctuations. If macroeconomic headwinds worsen, revenue growth may be pressured by reduced programmatic demand. Additionally, competition from walled gardens such as Amazon and Alphabet, and smaller players such as Magnite MGNI and PubMatic PUBM, remains a concern.
Mapping the Competitive Terrain
Magnite is a supply-side platform that helps publishers manage and sell their ad inventory across various formats like streaming, online video, display and audio. The company continues to gain from the global expansion of programmatic CTV advertising. It works with some of the biggest names in the industry, such as Netflix, Paramount, LG Ads, Roku, VIZIO, Walmart and Warner Bros. Discovery.
Management highlighted that some of the biggest global agencies are driving “meaningful volume” through MGNI’s buyer marketplaces and DSP-agnostic pipes. Also, live sports streaming is increasingly becoming programmatic, which creates a major opportunity for CTV advertising.
For PubMatic, international markets are becoming an increasingly important driver of its growth. In the fourth quarter of 2025, APAC and EMEA businesses witnessed growth of 25% and 15%, respectively. These gains helped offset a decline of around 18% in the Americas, due to reduced political advertising spending and lower demand from a large DSP buyer. The robust growth outside the United States suggests that international markets are playing a key role in driving overall demand.
Management also highlighted that it now monetizes inventory from 28 of the top 30 global streaming platforms and more than 450 CTV publishers.
TTD Price Performance, Valuation and Estimates
Shares of TTD have gained 2.8% in the past month against the Internet – Services industry’s decline of 0.3%.
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In terms of forward price/earnings, TTD’s shares are trading at 12.4X, lower than the Internet Services industry’s ratio of 25.24X.
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The Zacks Consensus Estimate for TTD’s earnings for 2026 has been marginally revised downwards over the past 60 days.
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TTD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The Trade Desk (TTD): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).