PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsElle Niebuhr - Equity Research AssociateMatt Swanson - Director, Equity ResearchRajeev Goel - Co-Founder and CEOStacy Clements - Director of Investor RelationsSteve Pantelick - CFOConference Call ParticipantsBarton Crockett - Managing Director and Senior Research AnalystJames Heaney - Equity Research AnalystMatt Condon - AnalystRob Culbreth - AnalystShweta Khajuria - Managing Director and Senior Research Analyst ...

PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsElle Niebuhr - Equity Research AssociateMatthew Condon - Director of Equity ResearchMatthew Swanson - Director, Equity ResearchRajeev Goel - Co-Founder and CEOStacy Clements - Director of Investor RelationsSteve Pantelick - CFOConference Call ParticipantsBarton Crockett - Managing Director and Senior Research AnalystJames Heaney - Equity Research AnalystRobert Culbreth - AnalystShweta Khajuria - Managing Directo ...

PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker7Hello everyone, welcome to PubMatic's fourth quarter and full year 2025 earnings call. My name is Reese, and I will be your Zoom operator today. Thank you for your attendance today. As a reminder, this webinar is being recorded. I will now turn the call over to Stacy Clements.Speaker10Good afternoon, everyone, and welcome to PubMatic's earnings call for the fourth quarter and full year 2025. This is Stacy Clements, and I'll ...

Q4 and FY 2025 Earnings Presentation This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to________ Commission File Number: 001-39748 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Class A common stock, $0.0001 par va ...

Financial Performance - FY 2025 revenue was $282.9 million, a decrease from $291.3 million in FY 2024[6] - Adjusted EBITDA for FY 2025 was $61.6 million, representing a 22% margin, down from $92.3 million and 32% margin in FY 2024[6] - Fourth quarter revenue was $80.0 million, compared to $85.5 million in Q4 2024[12] - GAAP net income for Q4 2025 was $6.7 million, down from $13.9 million in Q4 2024[12] - Gross profit for the year ended December 31, 2025, was $179,841,000, down from $190,229,000 in 2024, reflecting a decline of 5.5%[34] - Net loss for the year ended December 31, 2025, was $(14,462,000), compared to a net income of $12,504,000 in 2024[34] - Operating income for Q4 2025 was $8,524,000, down from $14,802,000 in Q4 2024, representing a decline of 42.2%[34] - Revenue for Q4 2025 was $80,046, a decrease from $85,502 in Q4 2024, with total revenue for 2025 at $282,926 compared to $291,256 in 2024[39] - Adjusted EBITDA for Q4 2025 was $27,818, down from $37,646 in Q4 2024, with a full year adjusted EBITDA of $61,640 for 2025 compared to $92,325 in 2024[39] - Non-GAAP net income for Q4 2025 was $14,440, compared to $21,443 in Q4 2024, with full year non-GAAP net income of $16,701 for 2025 versus $42,452 in 2024[39] Cash Flow and Assets - Free cash flow in FY 2025 was $46.2 million, an increase of 32% over FY 2024[6] - Total cash, cash equivalents, and marketable securities at the end of FY 2025 were $145.5 million, a 4% increase from FY 2024[6] - Cash and cash equivalents increased to $145,518,000 in 2025 from $100,452,000 in 2024, an increase of 44.8%[32] - Net cash provided by operating activities for Q4 2025 was $18,159, slightly up from $18,048 in Q4 2024, with total operating cash flow for 2025 at $81,059 compared to $73,425 in 2024[41] - Free cash flow for Q4 2025 was $6,852, down from $8,856 in Q4 2024, with total free cash flow for 2025 at $46,203 compared to $34,897 in 2024[41] Shareholder Actions - The company repurchased 4.1 million shares in 2025, representing 8.1% of fully diluted shares[1] - Total stock-based compensation for 2025 was $38,378, compared to $37,676 in 2024, indicating a slight increase in compensation expenses[39] Future Guidance - For Q1 2026, revenue is expected to be between $58 million and $60 million, with adjusted EBITDA guidance of $(0.5) million to $1.0 million[23] - The company expects to provide guidance for revenue and adjusted EBITDA for Q1 2026, indicating a focus on future growth[28] Market Performance - CTV revenue grew over 50% year-over-year in FY 2025, excluding political ad spend[17] - Net dollar-based retention rate for FY 2025 was 96%, indicating strong publisher satisfaction[6] Innovation and Strategy - The company continues to innovate in programmatic advertising, leveraging AI-driven optimization and privacy-focused solutions[29]

Core Insights - PubMatic and Butler/Till have launched a fully autonomous advertising campaign for Clubtails, utilizing agentic capabilities to enhance digital advertising efficiency [1][2][3] Company Overview - PubMatic is an independent technology company focused on maximizing customer value in digital advertising, providing a sell-side platform that empowers content creators to control inventory and increase monetization [9] - Butler/Till is a 100% employee-owned marketing agency that emphasizes purpose-driven partnerships and has expertise in media planning, analytics, and integrated media solutions [7][8] - Geloso Beverage Group, headquartered in Rochester, NY, is a leading producer of flavored malt beverages, with Clubtails being one of its popular brands [6] Campaign Details - The campaign leverages PubMatic's agentic application and operates within Butler/Till's Gen AI environment, utilizing the Ad Context Protocol (AdCP) for standardized communication [3] - The workflow includes natural language processing through Claude, enabling the generation of media strategies and continuous optimization of campaign performance [3][4] - The campaign aims to deliver geo-targeted, premium CTV inventory, ensuring high-quality supply and contextually aligned creative [4] Technological Innovations - The agentic workflow has significantly improved operational efficiencies in the discovery, planning, and activation phases, allowing for rapid media plan development [5] - PubMatic's infrastructure, powered by NVIDIA-accelerated computing, supports real-time processing and high-throughput networking essential for agentic execution at scale [5] - The campaign is expected to reveal full results in Q1 2026, indicating a long-term evaluation of its impact [5]

Summary of PubMatic Conference Call - December 09, 2025 Company Overview - **Company**: PubMatic (NasdaqGM:PUBM) - **Industry**: Digital Advertising and Advertising Technology - **Founded**: Approximately 20 years ago, led by technology co-founders - **Focus**: AI-driven ad tech, delivering value to buyers, publishers, data owners, and commerce media networks [3][5][6] Key Points and Arguments Macro Environment - **Q3 Performance**: PubMatic reported solid Q3 results, exceeding guidance on both revenue and earnings, with significant growth in CTV (Connected TV) and merchant revenues [10][11] - **Revenue Breakdown**: CTV business accounts for nearly 20% of revenues, growing double digits; merchant revenues represent about 10% and grew over 80% [10][11] - **Market Sentiment**: Some consumer discretionary verticals showed muted seasonality in October, but overall confidence remains due to a diverse set of ad verticals [10][12] Industry Dynamics - **Blurring Lines**: The distinction between buy-side and sell-side is diminishing, with advertisers focusing more on performance, transparency, and control [13][14] - **Curation and AI**: PubMatic is leveraging AI to enhance curation capabilities, providing an efficient platform for buyers to access valuable data sets [17][18] Diversification Strategy - **DSP Relationships**: PubMatic is diversifying its exposure to various Demand-Side Platforms (DSPs), focusing on performance buyers and mid-tier DSPs, which grew 25% year-over-year [20][21] - **Trade Desk Relationship**: The relationship with The Trade Desk has stabilized, with PubMatic being the first sell-side platform to participate in their Price Discovery initiative [22] Regulatory Environment - **Google Trial**: The ongoing trial against Google is seen as a potential positive for PubMatic, with expectations for behavioral remedies that could create a more level playing field [23][24][25] AI Initiatives - **AI Leadership**: PubMatic is positioned as a leader in AI capabilities, with significant improvements in infrastructure and product offerings [27][28][31] - **Activate Product**: The Activate platform has seen 100% year-over-year revenue growth, allowing buyers to execute campaigns efficiently [34][35] CTV Business - **Market Position**: PubMatic works with over 90% of the top 30 global streamers, with CTV revenues growing over 50% in the last quarter [36][37] - **Innovative Offerings**: New formats like pause ads and a live sports marketplace are contributing to growth in the CTV segment [36][37] Investment Focus - **Future Investments**: CTV, Activate, and AI initiatives will be prioritized for investment in 2026, with a balanced approach to resource allocation [38][39] - **Growth Expectations**: Anticipated re-acceleration of growth in the second half of 2026, particularly excluding the Trade Desk and political advertising impacts [42][43] Additional Important Insights - **Customer Feedback**: Positive feedback from clients like Mars Petcare highlights the effectiveness of the Activate platform [35] - **Unified Platform**: PubMatic emphasizes a unified platform approach, allowing seamless execution of campaigns across various data sources [18] This summary encapsulates the key insights and strategic directions discussed during the PubMatic conference call, highlighting the company's performance, market dynamics, and future growth opportunities.

Summary of Magnite Conference Call - December 09, 2025 Company Overview - **Company**: Magnite (NasdaqGS:MGNI) - **Industry**: Digital Advertising Technology - **Position**: Leading independent sell-side platform, serving major digital publishers like Hulu, New York Times, and Spotify [4][5] Core Insights and Arguments - **Market Conditions**: - Observed vertical softness in technology and home & garden sectors in October, leading to a conservative outlook for Q4 [5][6] - Automotive sector remained soft, but overall market conditions were stable [5][6] - **Advertiser Behavior**: - Post-tariff expectations showed surprising strength in upfront advertising commitments, indicating confidence among marketers [8][9] - The impact of geopolitical events on advertising planning was noted, but overall spending remained stable [7][9] - **DSP-Related Headwinds**: - Issues with Trade Desk's Kokai platform caused temporary disruptions, but recovery is underway with 85% of the transition completed [15][17] - Estimated impact of Trade Desk issues on revenue was around $1 million, viewed as a temporary challenge rather than a crisis [17][18] - **Industry Dynamics**: - The blurring lines between buy-side and supply-side platforms were discussed, with Magnite maintaining its independence and value proposition for publishers [18][19] - Anticipated outcomes from the Google AdTech trial could favor independent SSPs, with expectations of behavioral remedies being beneficial for Magnite [20][21][22] Growth Opportunities - **Connected TV (CTV)**: - Strong relationships with major players like Netflix and Disney, with expectations of growth driven by increased programmatic adoption and international expansion [24][25] - SpringServe ad server enhances programmatic capabilities, providing a competitive edge in CTV [26][27] - **Retail Media and Commerce Media**: - Shift from retail media networks to a broader commerce media approach, focusing on partnerships with companies like Pinterest and United Airlines [30][32] - Recognition of the strategic nature of sell-side platforms in the evolving advertising landscape [33] - **AI Integration**: - Excitement around AI applications in ad tech, with a focus on improving user interfaces and optimizing programmatic inventory transactions [34][36] - Recent acquisition of Streamr.ai aimed at expanding the addressable market by attracting new advertisers to streaming [38][39] Financial Outlook - **Cost Management**: - Transitioning CTV operations from cloud to on-premises to reduce costs, with expectations of improved margins in 2026 [43][44] - Investments in engineering and AI to enhance product offerings and operational efficiency [46][47] - **Durability and Consistency**: - Magnite's resilience in the face of market volatility was emphasized, with a strong free cash flow generation and consistent performance [52][53] Additional Important Points - **International Expansion**: - Growth in international markets as major streaming services expand globally, creating new programmatic opportunities [25][26] - **Live Inventory Monetization**: - Emphasis on the importance of ad servers in managing live inventory, particularly in high-value contexts like sports [28][29] This summary encapsulates the key points discussed during the Magnite conference call, highlighting the company's position, market dynamics, growth opportunities, and financial outlook.

Technical Analysis - PubMatic, Inc. (PUBM) has recently reached a key level of support and has overtaken the 20-day moving average, indicating a short-term bullish trend [1] - The 20-day simple moving average (SMA) is a popular tool among traders as it smooths out price fluctuations and can signal trend reversals more effectively than longer-term averages [2] Performance Metrics - Over the past four weeks, PUBM has gained 23.3%, and it is currently ranked Zacks Rank 3 (Hold), suggesting potential for further upward movement [4] - Positive earnings estimate revisions have occurred, with 2 revisions higher for the current fiscal year and no lower revisions, leading to an upward adjustment in the consensus estimate [4] Investment Outlook - Given the positive technical indicators and earnings estimate revisions, PUBM may present a compelling opportunity for investors looking for potential gains in the near future [5]