Update equity research after earnings

Completed example: The Trade Desk (TTD)

Published copy v2 · revision R1 · evidence through 2026-10-20 · 510 filing observations · validation passed

Question

Assess whether the growth reset is cyclical or reflects structural share loss, with emphasis on programmatic-ad competition, margins, connected TV, and valuation.

Current assessment

Defer an increase in exposure. The growth reset is accompanied by year-over-year margin deterioration, so a purely cyclical recovery is not an adequate underwriting assumption. Structural share loss is a risk, not a demonstrated conclusion: the observations contain company financials but no programmatic-market growth, competitor performance, customer retention, or connected-TV operating evidence.

TTM revenue

$2.99B

TTM operating income

$586.3M

As of

2026-06-30

The steps used to produce it

1. 1

   Research question

   State the decision the research must settle, the company and the information cutoff.

2. 2

   Filing observations

   Reported XBRL facts from SEC filings, each with the date it became available; nothing after the cutoff.

3. 3

   Reconciliation

   Quarterly series are reconciled to fiscal-year totals; derived quarters are labelled with their formula.

4. 4

   Memo

   Thesis, financial trajectory and the strongest competing explanation, citing the observations used.

5. 5

   Validation

   Every figure must trace to a cited observation or a recorded calculation; failing revisions cannot be exported or published.

6. 6

   Outputs

   Editable PowerPoint and workbook from the same validated revision; optional public copy with dated revisions.