Trade Desk, Inc. (TTD) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Trade Desk, Inc. surfaced in its latest filing.

• Two holding companies each represented more than 10% of gross billings for 2025 when aggregating individual client contractual relationships at the holding company level.2025
• In February and March 2025, securities class action litigation was filed against us following a drop in our stock price.February and March 2025
• All Class B common stock will convert automatically into Class A common stock on December 22, 2035, unless converted earlier.December 22, 2035
• As of June 30, 2026, holders of Class B common stock, including executive officers, employees, directors and their affiliates, together held approximately 50.3% of the voting power.June 30, 2026
• On July 4, 2025, the United States enacted the One Big Beautiful Bill Act changing or making permanent certain corporate tax laws.July 4, 2025
• On June 29, 2026, California enacted Senate Bill 122 extending annual limitations on research and development credits, which may limit or delay realizability of tax benefits from the Company’s R&D efforts in California.June 29, 2026
• Senate Bill 122 expanded California state sales and use tax base to include digital products beginning January 1, 2027.January 1, 2027
• We have become subject to legal proceedings in connection with the dual class structure, as referenced in Note 11—Commitments and Contingencies—Litigation.