PubMatic Stock PUBM

Pubmatic INC-CLASS A · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q2 2026 · updated 2026-10-22 · ISIN US74467Q1031

PubMatic is a digital advertising technology company that operates a cloud-based, programmatic sell-side platform (SSP) enabling publishers, digital content creators, to monetize advertising inventory across display, video, mobile app, and connected television (CTV) channels. PubMatic stock (PUBM): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. PubMatic stock (PUBM): listed on Nasdaq. NadirAlpha has evaluated 38 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 79 million (+11% year on year). Latest reading: Revenue accelerating, Margin expanding, Strategic pivot.

Revenue accelerating Margin expanding strategy: Strategic pivot

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PubMatic Current Status

Where PubMatic stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology

Assessment by NadirAlpha, as of Q2 2026.

PubMatic reported Q2 2026 revenue of 78.6 million, up 11% year-over-year, driven by increased impressions on CTV and mobile app and emerging revenue streams ³⁰. Gross margin improved to 67% in Q2 2026 from 63% in Q2 2025, and Adjusted EBITDA reached $19.6 million compared to $14.2 million in the prior-year period ³⁰. Supply Path Optimization represented over 55% of total platform activity for the quarter, continuing as a major growth driver ³⁰. CFO Steve Pantelick announced a planned retirement, with the company stating he will remain in the role through Q1 2027 and serve as a senior adviser through July 1, 2027 ³¹.

Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-06):

“Steve has been my partner in building PubMatic for fifteen years. I've relied on his judgment through every major decision, and the trust he has earned, inside PubMatic and with our investors, is one of the company's great assets. He has built a strong leadership team that is well prepared for the growth opportunities ahead. I am deeply grateful for his partnership, his leadership and his friendship.”
Rajeev Goel, Co-Founder and CEO ³¹

“Today, I believe PubMatic is in the strongest position I have seen in my fifteen years here, which is what makes this the right time to begin planning my retirement. I joined PubMatic when it was a small private company, and together with Rajeev and this exceptional team, we have built something I am incredibly proud of: a global public company with a strong financial model, substantial operating flexibility and a culture of disciplined execution. My priority is continuing the momentum we reported today.”
Steve Pantelick, Chief Financial Officer ³¹

Revenue · 2026-Q279$ million+10.5 % vs. 2025-Q2

Net profit · 2026-Q2-1$ million+76.9 % vs. 2025-Q2

EPS · 2026-Q2-0.03$+72.7 % vs. 2025-Q2

Revenue trend

Guidance

No guidance on record for periods after 2026-Q2.

Profitability

PubMatic posted Q2 2026 operating income of 0.6 million and a net loss of 1.2 million, equal to -0.03 per diluted share. Adjusted EBITDA for the quarter was $19.6 million compared to $14.2 million in Q2 2025, extending an unbroken streak of adjusted EBITDA profitability to 41 consecutive quarters dating back to 2016 ³⁰ ³¹. Free cash flow was 17.3 million, with operating cash flow of 20.2 million and capital expenditures of 3 million.

Leverage

PubMatic ended Q2 2026 with cash and cash equivalents of 120 million and maintained a debt-free balance sheet throughout the period ³¹. Cash declined from 144.9 million at the end of Q1 2026, reflecting share repurchase activity during the period. Since the company's 2020 IPO, PubMatic has generated approximately $450 million in net cash from operating activities ³¹.

Management view

PubMatic returned to double-digit year-over-year revenue growth ahead of schedule, a milestone management described as occurring ahead of plan ³¹. Supply Path Optimization continued to expand as a key element of platform activity and revenue in Q2 2026, reflecting ongoing adoption of direct preferred transaction paths by buyers and sellers ³⁰. The publisher base grew to approximately 2,000 as of June 30, 2026, compared to approximately 1,960 a year earlier ³⁰.

Change

CFO Steve Pantelick announced a planned retirement during Q2 2026, with a transition arrangement under which he will remain in the CFO role through Q1 2027 and serve as a senior adviser through July 1, 2027 ³¹. The process of identifying and onboarding a successor CFO was ongoing at the time of the earnings report ³¹. Cost of revenue per million impressions decreased by approximately 18% for Q2 2026 compared to Q2 2025, reflecting changes in infrastructure unit costs ³⁰.

Risks (current)

PubMatic faces execution risk around the announced CFO transition, including potential disruption to business operations and financial reporting during the changeover period, and uncertainty in identifying a successor in a timely manner ³¹. Macroeconomic headwinds, including Middle East conflict, trade policy changes, and foreign currency fluctuations, could dampen advertiser budgets; a hypothetical 10% change in the USD/INR exchange rate could impact operating results by approximately $1.0 million ³⁰. PubMatic operates in a highly competitive digital advertising market, is dependent on a limited number of large publishers for a significant share of revenue, and is a party to a civil action filed against Google LLC for monopolistic and anticompetitive behavior ²⁵ ³⁰.

New this reporting period

PubMatic repurchased 3,118,823 shares for $30.3 million during the six months ended June 30, 2026 under its share repurchase program ³⁰. Since the company's 2020 IPO, aggregate share repurchases have exceeded $211 million, representing nearly half of cumulative operating cash flow returned to shareholders ³¹.

PubMatic Stock: Key Figures ($ million)

NadirAlpha shows fiscal years, half-years and quarters of PubMatic one below the other, most recently Q2 2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($ million) · annual basis, as reported

Net income ($ million) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($ million) · annual basis, as reported

Revenue ($ million) · quarterly basis, as reported

Net income ($ million) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($ million) · quarterly basis, as reported

Cash ($ million) · annual basis, as reported

Capex ($ million) · annual basis, as reported

FCF ($ million) · annual basis, as reported

D&A ($ million) · annual basis, as reported

Cash ($ million) · quarterly basis, as reported

Capex ($ million) · quarterly basis, as reported

FCF ($ million) · quarterly basis, as reported

D&A ($ million) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2020 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported

PubMatic stock: key figures on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
Period	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	OCF	Source
FY2025	282.9	-17.3	-14.5	-0.31	0.33	61.64	81.1	²⁵
FY2024	291.3	3.9	12.5	0.23	0.78	92.33	73.4	¹²⁶
FY2023	267	2	8.9	0.16	0.59	75.31	81.1	¹⁰

Quarters

Amounts in $ million · EPS in $ per share · as reported

PubMatic stock: key figures on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
Period	Published	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	FCF	Cash	Source
2026-Q2*	2026-08-06	78.6	0.6	-1.2	-0.03	–	19.6	17.3	120	³⁰
2026-Q1*	2026-04-22	62.6	-15.3	-12.5	-0.27	-0.11	2.6	17.3	144.9	²⁷
2025-Q4*	2026-02-26	80	8.5	6.7	0.14*^≈	0.29	27.8	11.3	145.5	¹²⁶
2025-Q3*	2025-11-10	68	-8.4	-6.5	-0.14	0.03	11.2	27.7	136.5	¹²⁴
2025-Q2*	2025-08-11	71.1	-5.5	-5.2	-0.11	0.05	14.2	13.6	90.5	¹²²
2025-Q1*	2025-05-08	63.8	-11.9	-9.5	-0.20	-0.04	8.5	14.2	101.8	¹⁹
2024-Q4*	2025-02-27	85.5	14.8	13.9	0.26*^≈	0.41	37.6	13.7	100.5	¹⁷
2024-Q3*	2024-11-12	71.8	-1.4	-0.9	-0.02	0.12	18.5	7.4	78.9	¹⁵
2024-Q2*	2024-08-08	67.3	-4	2	0.04	0.17	21.1	11.2	73.5	¹³
2024-Q1*	2024-05-07	66.7	-5.5	-2.5	-0.05	0.09	15.1	23.5	80.2	¹²⁰
2023-Q4*	2024-02-26	84.6	20.4	18.7	0.16	0.45	38.9	23.5	78.5	⁹
2023-Q3*	2023-11-08	63.7	-0.6	1.8	0.03	0.14	18.2	21	97.7	⁷
2023-Q2*	2023-08-08	63.3	-7.1	-5.7	-0.11	0.00^~	10.8	14.7	105.5	⁵
2023-Q1*	2023-05-09	55.4	-10.7	-5.9	-0.11	0.00	7.4	11.3	79.3	¹¹²

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

Columns not reported in this reporting cadence are hidden: Op. income (adj.), Net Debt (not reported in any source for these periods).

PubMatic Balance Sheet & Cash Flow ($ million)

Point-in-time balance sheet items of PubMatic (cash, financial debt) and cash flow items per fiscal year, half-year and quarter, derived values with their formula in the popover. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported

PubMatic stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
Period	Published	Cash	D&A	OCF	Capex	FCF	Source
FY2025	2026-02-26	145.5	19	81.1	14.3	66.7	²⁵
FY2024	2025-02-27	100.5	45.4^~	73.4	17.6	55.8	¹²⁶
FY2023	2024-02-26	78.5	28.5	81.1	10.6	70.5	⁹

Quarters

Amounts in $ million · as reported

PubMatic stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
Period	Published	Cash	D&A	OCF	Capex	FCF	Source
2026-Q2	2026-08-06	120	–	20.2	3	17.3	³⁰
2026-Q1	2026-05-07	144.9	3.5	17.3	0	17.3	²⁸
2025-Q4	2026-02-26	145.5	9.8^~	18.2	6.9	11.3	¹²⁶
2025-Q3	2025-11-10	136.5	4.2	32.4	4.7	27.7	¹²⁴
2025-Q2	2025-08-11	90.5	5.7	14.9	1.3	13.6	¹²²
2025-Q1	2025-05-08	101.8	5.8	15.6	1.4	14.2	¹⁹
2024-Q4	2025-02-27	100.5	11.4^~	18	4.3	13.7	¹⁷
2024-Q3	2024-11-12	78.9	6.1	19.1	11.7	7.4	¹⁵
2024-Q2	2024-08-08	73.5	6.4	11.9	0.7	11.2	¹³
2024-Q1	2024-05-07	80.2	11.2^~	24.3	0.8	23.5	¹²⁰
2023-Q4	2024-02-26	78.5	11^~	28.7	5.2	23.5	⁹
2023-Q3	2023-11-08	97.7	7.2	23.8	2.9	21	⁷
2023-Q2	2023-08-08	105.5	7.2	15.8	1.1	14.7	⁵
2023-Q1	2023-05-09	79.3	11.4^~	12.8	1.4	11.3	¹¹²

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

PubMatic Guidance Tracking (latest per metric/period · 12/36)

What PubMatic guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology

Actuals: revenue in $m · ratios in %

Direction: confirmedcutinitiatedraised Verdict: beatmiss

PubMatic: guidance and actuals per metric and period, 36 entries. Compiled by NadirAlpha from SEC filings.
For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
2026-Q2	2026-05-07	Revenue	68–70	78.6			²⁹
2026-Q2	2026-05-07	EBITDA (adjusted)	8–10	19.6			²⁹
2026-Q1	2026-02-26	Revenue	58–60	62.6		–	²⁶
2026-Q1	2026-02-26	EBITDA (adjusted)	-0.5–1	2.6	–	–	²⁶
2025-Q4	2025-11-10	Revenue	73–77	80			²⁴
2025-Q4	2025-11-10	EBITDA (adjusted)	19–21	27.8			²⁴
2025-Q3	2025-08-11	Revenue	61–66	68			²²
2025-Q3	2025-08-11	EBITDA (adjusted)	7–10	11.2			²²
2025-Q2	2025-05-08	Revenue	66–70	71.1			²⁰
2025-Q2	2025-05-08	EBITDA (adjusted)	9–12	14.2			²⁰
2025-Q1	2025-02-27	Revenue	61–63	63.8			¹⁸
2025-Q1	2025-02-27	EBITDA (adjusted)	5–7	8.5			¹⁸
FY2024	2024-11-12	Revenue	292–296	291.3			¹⁶
FY2024	2024-11-12	EBITDA (adjusted)	89–92	92.33			¹⁶
FY2024	2024-08-08	Year-over-year revenue	288–292	–	–		¹⁴
FY2024	2024-02-26	Capex	16–18	–	–		¹⁴
FY2024	2024-02-26	EBITDA margin	~30%	–	–		⁹
FY2024	2024-02-26	Revenue growth (YoY)	10–12%	9.1			⁹
2024-Q4	2024-11-12	Revenue	86–90	85.5			¹⁶
2024-Q4	2024-11-12	EBITDA (adjusted)	34–37	37.6			¹⁶
2024-Q3	2024-08-08	Revenue	65–67	71.8			¹⁴
2024-Q3	2024-08-08	EBITDA (adjusted)	15–17	18.5			¹⁴
2024-Q2	2024-05-07	Revenue	69–71	67.3			¹²
2024-Q2	2024-05-07	EBITDA (adjusted)	17–19	21.1			¹²
2024-Q1	2024-02-26	Revenue	61–63	66.7			⁹
2024-Q1	2024-02-26	EBITDA (adjusted)	10–12	15.1			⁹
FY2023	2023-08-08	Capex	10–13	–	–		⁸
FY2023	2023-02-28	EBITDA margin	30%	–	–		⁴
2023-Q4	2023-11-08	Revenue	76–80	84.6			⁸
2023-Q4	2023-11-08	EBITDA (adjusted)	32–35	38.9			⁸
2023-Q3	2023-08-08	Revenue	58–61	63.7			⁶
2023-Q3	2023-08-08	EBITDA (adjusted)	13–15	18.2			⁶
2023-Q2	2023-05-09	Revenue	58–61	63.3			⁴
2023-Q2	2023-05-09	EBITDA (adjusted)	13–15	10.8			⁴
2023-Q1	2023-02-28	Revenue	50–52	55.4			²
2023-Q1	2023-02-28	EBITDA (adjusted)	4–6	7.4			²

▸ show older periods (+21)

PubMatic Stock: Price & Chart

Chart and key figure trend of PubMatic stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q2 2026. NadirAlpha methodology

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PubMatic Event Timeline

What happened at PubMatic since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology

Overview: one dot per event · click jumps to the period

2026 · 6 events

Revenue accelerating 2026-08-06
Q2 revenue 78.6 million, up 11% year-over-year, driven by CTV, mobile app, and emerging revenue streams ³⁰

Margin expanding 2026-08-06
Gross margin improved to 67% in Q2 2026 from 63% in Q2 2025; adjusted EBITDA $19.6 million compared to $14.2 million in Q2 2025 ³⁰

Strategic pivot 2026-08-06
CFO Steve Pantelick announced planned retirement; to remain through Q1 2027 and as senior adviser through July 2027 ³¹

“Agentic AI is creating a structural shift that is redefining the entire digital advertising market. Our AI solutions are seeing the fastest adoption of any product launch in our history. This momentum is creating a unique opportunity to evolve our organization to best serve this transformation.”
Rajeev Goel, co-founder and CEO ²⁷

“We delivered an exceptional first quarter, exceeding guidance on both revenue and adjusted EBITDA. Adoption of our AI capabilities continues to accelerate, with more than 20 agents now embedded across our platform and fully autonomous campaigns scaling globally. Importantly, the repeat engagement we're seeing from customers underscores that AgenticOS is simplifying the ecosystem and redefining how value is created. Each additional campaign compounds our data advantage, delivers measurable performance, and accelerates our underlying growth. As an early leader in AI, our multi-year investments are driving new revenue streams, expanding operating leverage, and strengthening our competitive position.”
Rajeev Goel, co-founder and CEO ²⁹

Revenue decelerating 2026-05-07
Q1 revenue 62.6 million, down 2% year-over-year, impacted by platform changes from a major DSP buyer in 2025 ²⁸

Guidance initiated 2026-05-07
Q2 2026 guidance: revenue $68 to $70 million, adjusted EBITDA $8.0 to $10.0 million ²⁹

New market 2026-05-07
AgenticOS AI platform achieved fastest product adoption in company history; over 1,000 deals transacted with 20+ AI agents embedded across the platform ²⁹

2025 · 15 events

“We delivered an exceptional fourth quarter, highlighted by strong growth across CTV, Activate, and our emerging revenue streams, and accelerating momentum of our AI solutions. Looking ahead, agentic advertising is an incremental tailwind and a defining advantage for PubMatic. It improves advertiser performance, expands our addressable market, and increases the flow of advertising budgets to the open internet. In just a few short months, customer adoption on AgenticOS has been swift with over 250 deals transacted, many of which are new advertising partners to our platform. We remain focused on driving growth in our underlying business, executing on our key priorities and leading the industry as it shifts to agentic AI.”
Rajeev Goel, co-founder and CEO ²⁶

Revenue decelerating 2026-02-26
Q4 revenue of $80.0M, down from $85.5M in Q4 2024; FY2025 revenue declined 3% to $282.9M from $291.3M in 2024 ²⁶

Margin compressing 2026-02-26
Q4 adjusted EBITDA margin declined to 35% from 44% in Q4 2024; FY2025 adjusted EBITDA fell 33% to $61.6M at a 22% margin from $92.3M at a 32% margin in 2024 ²⁶

New market 2026-02-26
Launched AgenticOS platform with over 250 agentic deals transacted; Activate ad spend tripled in 2025 and emerging revenues nearly doubled to approximately 10% of total revenues ²⁶

Operating income turned positive 2026-02-26
Operating income turned positive for the first time after 3 negative periods (-8.4 to +USD 8.5 million). ¹²⁶

Net income turned positive 2026-02-26
Net income turned positive for the first time after 3 negative periods (-6.5 to +USD 6.7 million). ¹²⁶

Net income halved 2026-02-26
Net income more than halved YoY (13.9 to USD 6.7 million, -52%). ¹²⁶

“We delivered revenue and adjusted EBITDA ahead of guidance and strong cash flow. CTV growth over 50% year-over-year excluding political advertising once again significantly outpaced the market rate of growth. These results demonstrate the power of our platform, the continued diversification of our business and our accelerated pace of innovation.”
Rajeev Goel, co-founder and CEO ²⁴

earnings 2025-11-10
Q3 operating loss widened to $8.4M from $1.4M in Q3 2024, with nine-month operating loss reaching $25.8M versus $10.9M in the prior-year period ²³

Revenue decelerating 2025-11-10
Q3 revenue declined 5% to $68.0M; approximately $5.0M of Q3 2024 revenue reflected prior-year political advertising spend, with remaining decline driven by DSP platform changes ²⁴

Strategic pivot 2025-11-10
Filed civil action against Google LLC on September 8, 2025, seeking injunctive relief and damages for alleged anticompetitive behavior in publisher ad server and ad exchange markets ²³

“We delivered a strong second quarter, with revenue and adjusted EBITDA exceeding expectations. We added new publishers, streamers and ad buyers to the platform, continued to scale Activate and commerce media, and saw significant growth in sell side targeting. I've seen this industry evolve for two decades, and it's clear that it's at an inflection point. The lines between SSPs and DSPs are blurring, and AI is fundamentally changing how advertising is created, transacted, and optimized. This is reshaping the programmatic ecosystem, which we believe will be to our advantage. Our end-to-end, AI-powered platform empowers publishers and ad buyers to demand more performance, control, and transparency. Our key priority is to diversify our DSP mix, advance our leadership in CTV, and invest in the highest growth areas. I'm confident we are building a stronger, more resilient business, well positioned to capture long-term growth and market share.”
Rajeev Goel, co-founder and CEO ²²

Revenue accelerating 2025-08-11
Q2 revenue increased 6% to $71.1M compared to Q2 2024, with CTV revenue growing over 50% year-over-year and omnichannel video revenue representing 41% of total revenue ²²

Margin compressing 2025-08-11
Adjusted EBITDA margin compressed to 20% from 31% in Q2 2024, with adjusted EBITDA declining to $14.2M from $21.1M ²²

Guidance cut 2025-08-11
Q3 2025 revenue guided at $61-66M, a sequential decline from Q2 levels, including impact from reduced ad spend by one major DSP partner ²²

“We are pleased with our Q1 performance, exceeding guidance on both the top and bottom line driven by the secular growth areas in our business. Ongoing investments in product innovation and go to market teams drove 21% year over year growth in our underlying business, with momentum carrying into April. We firmly believe the current environment serves as a catalyst to accelerate the shift to programmatic and AI-driven solutions. Sell-side activation is emerging as the preferred model across the open internet as advertiser demand for more transparent, performant paths to inventory and data continues to increase. PubMatic sits at the forefront of this transformation while creating value for the entire supply chain.”
Rajeev Goel, co-founder and CEO ²⁰

Operating income turned negative 2025-05-08
Q1 operating loss widened to $11.9M from $5.5M in Q1 2024, reflecting increased operating expenses ¹⁹

Revenue decelerating 2025-05-08
Q1 revenue declined 4% to $63.8M from $66.7M in Q1 2024, primarily due to bidding methodology changes implemented by a major DSP buyer in 2024 ¹⁹

Strategic pivot 2025-05-08
Google confirmed abandonment of third-party cookie deprecation in Chrome, instead requiring users to opt-in or opt-out, altering the anticipated industry shift to alternative identity solutions ¹⁹

2024 · 15 events

“Today, our omnichannel platform serves publishers, media buyers, commerce media networks, and curation/data providers, all of which are turning to sell side technology for critical end-to-end solutions needed to build their ad businesses. As we look to 2025, we expect accelerated growth in our underlying business as ad buyers seek premium, brand safe, curated inventory in the open internet.”
Rajeev Goel, co-founder and CEO ¹⁸

earnings 2025-02-27
Full-year 2024 adjusted EBITDA increased 23% to $92.3M with 32% margin, up from $75.3M in 2023 (¹⁷)

Margin expanding 2025-02-27
Full-year 2024 gross margin expanded 250 basis points to 65%, supported by an 18% decrease in cost of revenue per impression processed (¹⁸)

New market 2025-02-27
CTV revenue more than doubled YoY and represented 20% of Q4 2024 total revenue; omnichannel video revenue grew 37% for full-year 2024, with Supply Path Optimization reaching 53% of total platform activity (¹⁸)

Operating income turned positive 2025-02-27
Operating income turned positive for the first time after 3 negative periods (-1.4 to +USD 14.8 million). ¹²⁶

Revenue decelerating 2025-02-27
Revenue growth decelerated to +1.1% YoY (prior period +12.7%). ¹²⁶

“Our third quarter results exceeded expectations, driven by strong growth in CTV and mobile app. With 70% of the top streamers now on PubMatic, we offer a critical mass of premium CTV inventory to meet the surge in ad demand on our platform. We also prioritized innovation, building new generative AI solutions to unlock inventory and increase monetization. As a result, customers and partners are using PubMatic technology to build and enhance their ad businesses.”
Rajeev Goel, co-founder and CEO ¹⁶

Revenue accelerating 2024-11-12
Revenue re-accelerated to +13% YoY reaching $71.8M in Q3 2024, exceeding company guidance; nine-month revenue supported by approximately $5.3M from incremental political spend related to the 2024 presidential election (¹⁵)

Guidance initiated 2024-11-12
Q4 2024 guidance issued: revenue $86-90M representing approximately 10% full-year growth; adjusted EBITDA $34-37M at approximately 40% margin at midpoint (¹⁶)

New market 2024-11-12
CTV Marketplaces launched offering pre-curated CTV inventory exclusively on the PubMatic platform; monetized impressions from CTV grew over 100% YoY for the third consecutive quarter, with 70% of top 30 streaming publishers using PubMatic (¹⁶)

“We delivered growth in key secular areas of the business with revenue from omnichannel video, which includes CTV, up 19% year-over-year and mobile app up over 20%. Ad buying activity on PubMatic continued to grow as well, with monetized impressions up 12% over last year and supply path optimization activity representing over 50% for the first time.”
Rajeev Goel, co-founder and CEO ¹⁴

Net income turned positive 2024-08-08
Net income improved to $2.0M in Q2 2024 from a net loss of $(5.7)M in Q2 2023 (¹⁴)

revenue 2024-08-08
Revenue growth decelerated to 6% YoY at $67.3M in Q2 2024, with results negatively impacted by bidding methodology changes implemented by one buyer in the second half of the quarter (¹³)

Margin expanding 2024-08-08
Gross margin improved to 63% from 60% in Q2 2023, with cost of revenue per impression processed decreasing approximately 19% YoY (¹³)

Revenue decelerating 2024-08-08
Revenue growth decelerated to +6.3% YoY (prior period +20.4%). ¹²²

“We delivered another quarter of outstanding results, with accelerated revenue growth of 20%, highlighting our strong customer relationships, our breadth of solutions and growth across all formats and channels”
Rajeev Goel, co-founder and CEO ¹²

Revenue accelerating 2024-05-07
Revenue increased 20% YoY to $66.7M in Q1 2024, driven by growth in impressions processed, emerging revenue streams, and customer relationships (¹¹)

Margin expanding 2024-05-07
Gross margin expanded to 62% from 57% in Q1 2023, driven by revenue growth acceleration (¹¹)

Guidance raised 2024-05-07
Full-year 2024 guidance raised to revenue of $296-304M (12% growth) and adjusted EBITDA of $90-94M (31% margin) (¹²)

2023 · 13 events

“We ended 2023 on an incredibly high note, marking an inflection point in revenue growth as we accelerated to 14% year-over-year growth and strong profitability in the fourth quarter. These results highlight the strength of our platform, the value we deliver to publishers and buyers, our focused investments in key areas of the business over the last 18 months, and the increasing importance of sell-side technology across the ecosystem. Prior investments in products like Activate, Connect, Convert and OpenWrap are unlocking emerging revenue streams while also increasing customer stickiness and providing clear points of differentiation. We believe we are at the early stages of a period of significant multi-year revenue growth and market share expansion and we will continue to invest in key areas of the business where we see demonstrated success, while also expanding our share repurchase program.”
Rajeev Goel, co-founder and CEO ⁹

Operating income turned positive 2024-02-26
Q4 GAAP operating income of $20.4M and net income of $18.7M with 22% net margin, after operating losses in each of Q1, Q2, and Q3 2023 ¹¹⁸ ⁹

Revenue accelerating 2024-02-26
Q4 2023 revenue of $84.6M grew 14% year-over-year, accelerating from prior quarterly growth rates; full-year 2023 revenue of $267.0M up 4% year-over-year ⁹

Margin expanding 2024-02-26
Adjusted EBITDA margin expanded to 46% in Q4 2023 from 43% in Q4 2022, with adjusted EBITDA of $38.9M vs $31.8M in the prior year quarter ⁹

“As our industry matures, there is an ongoing imperative for greater control over the digital advertising supply chain and increased efficiency across the ecosystem. These trends are forcing publishers and buyers to re-construct their supply chains and PubMatic is a key partner in this process. We believe our innovative vision, expanding and integrated product suite, and differentiated infrastructure position PubMatic for long-term growth and market share gains.”
Rajeev Goel, co-founder and CEO ⁸

Revenue decelerating 2023-11-08
Revenue declined 1% to $63.7M; net dollar-based retention fell to 97% from 120% a year ago, primarily due to decline in run rate from one publisher ⁷

Margin compressing 2023-11-08
Adjusted EBITDA margin compressed to 29% from 39% in Q3 2022; gross margin declined to 59% from 67%, with cost of revenue up $4.5M due to infrastructure investments and data center expansion ⁸ ⁷

Strategic pivot 2023-11-08
Supply Path Optimization accelerated to 45% of total platform activity from over 30% a year ago; nearly 75% of impressions carry alternative targeting signals beyond third-party cookies ⁸

Net income turned positive 2023-11-08
Net income turned positive for the first time after 2 negative periods (-5.7 to +USD 1.8 million). ¹¹⁶

“Our deep customer relationships, alongside the strength and value of the PubMatic platform, drove revenue out-performance in the second quarter. As the market consolidates, we are in a strong position despite macro headwinds. I am confident in our growing list of long-term revenue drivers and ability to gain market share. We have a strong and sustainable financial profile, and our deep technology innovation is widening our competitive moat. New products like Activate and Convert expand our total addressable market by over $75 billion. What's more, we benefit from industry-wide shifts and consolidation, which only strengthen our market leading position.”
Rajeev Goel, co-founder and CEO ⁶

earnings 2023-08-08
GAAP net loss of $5.7M in Q2 2023, driven by $5.7M bad debt expense from a DSP buyer (MediaMath) filing for Chapter 11 bankruptcy, compared to net income of $7.8M in Q2 2022 ⁶

Margin compressing 2023-08-08
Gross margin declined to 60% from 70% in Q2 2022 due to infrastructure investments from capacity expansion; adjusted EBITDA margin fell to 19% from 37% ⁵ ⁶

New market 2023-08-08
Launched Convert, a unified solution for commerce media leveraging global infrastructure and customer relationships; new products Activate and Convert combined expand total addressable market by over $75 billion ⁶

“Our focused strategy, strong execution, and deep customer relationships drove our performance and market share gains in the quarter. Our results reinforce the value of our platform with innovative solutions that drive increased stickiness and superior outcomes for publishers and buyers. Our omnichannel platform, global scale and strong financial profile are key differentiators that enable us to unlock additional opportunities to further scale our business. The consolidation we've seen across our industry has resulted in the rapid evolution of the advertising supply chain and we believe the industry is at an inflection point. We expect Activate, our most recent product launch, to expand our total addressable market by nearly $65 billion.”
Rajeev Goel, co-founder and CEO ⁴

Operating income turned negative 2023-05-09
Operating loss of $10.7M vs operating income of $4.6M in Q1 2022, as operating expenses increased 32% to $42.2M driven by sales and marketing (+41%) and technology and development (+37%) ³

Margin compressing 2023-05-09
Gross margin declined to 57% from 67% in Q1 2022, driven by $3.2M increase in depreciation and amortization and $1.8M increase in data center costs from capacity expansion ³

New market 2023-05-09
Launched Activate, a new solution for premium online video and CTV inventory access, expected to expand total addressable market by nearly $65 billion ⁴

PubMatic Business Model

How PubMatic (PUBM) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology

PubMatic is a digital advertising technology company that operates a cloud-based, programmatic sell-side platform (SSP) enabling publishers, digital content creators, to monetize advertising inventory across display, video, mobile app, and connected television (CTV) channels. The platform facilitates real-time programmatic auctions connecting publishers with demand-side platforms, agency trading desks, and advertisers, with PubMatic earning revenue as a percentage of the advertising spend transacted through its infrastructure. Supply Path Optimization (SPO) arrangements, in which buyers and sellers establish direct preferred transactional paths, represent a growing and significant share of platform activity. PubMatic owns and operates its own data center infrastructure, which it cites as a source of cost efficiency and data control, and has sustained Adjusted EBITDA profitability continuously since 2016.

PubMatic Stock: Share-Price Drivers

What determines the business trajectory of PubMatic according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology

AI-driven platform transition (AgenticOS and embedded AI agents)
In 2026-Q1 PubMatic launched AgenticOS with 20+ AI agents embedded across the platform and multiple agentic advertising integrations (Walmart Connect Select, Unity LevelPlay, PayPal Ads ID, Amazon DSP, AdRoll via Model Context Protocol), positioning AI as the central growth vector for the sell-side platform ²⁹

AgenticOS and embedded AI agents
Launched January 2026 with 20+ AI agents across the platform and a wave of agentic integrations and campaigns (Walmart Connect Select, Unity LevelPlay, PayPal Ads, Amazon DSP Dynamic Traffic Engine, first agentic campaigns in France with Claude LLM and in the Netherlands) ²⁹

Connected TV (CTV) monetization and partnerships
Expanded CTV footprint with a major top-5 U.S. streamer partnership and a Live Sports Marketplace in 2025-Q2 ²², plus Tubi, Future Today and LocalNow and a Pause Ads for CTV launch in 2025-Q3 ²⁴, and a BrightLine interactive CTV partnership in 2025 ²⁶

Supply-path products (OpenWrap, Connect, Activate)
OpenWrap and Connect noted as growth products in FY2024 ¹⁷; Programmatic Guaranteed deals with a top-three DSP partner in 2025-Q3 ²⁴

Revenue trajectory
Quarterly revenue moved to USD 78.6 million in 2026-Q2 from USD 62.6 million in 2026-Q1, with operating income of USD 0.6 million in 2026-Q2 against USD -15.3 million in 2026-Q1 ¹²⁹

Publisher yield and AI tooling
AI-powered publisher platform and AI yield optimization solution launched in 2025-Q3 ²⁴, an enhanced PubMatic Assistant and predictive diagnostics in 2025-Q2 ²²

Google civil action (litigation)
Civil action filed against Google LLC on 2025-09-08 ²⁸

Capital return via buybacks
Ongoing share repurchase program active through 2026-06-30 ³⁰

Sector trend: Sell-side ad-tech demand is shifting toward CTV, retail media and agentic/AI-driven buying, with programmatic guaranteed and supply-path optimization deepening DSP relationships ²⁴. PubMatic's move to positive operating income of USD 0.6 million in 2026-Q2 from USD -15.3 million in 2026-Q1 points to improving operating leverage as revenue reaccelerates ¹²⁹.

PubMatic Products & announcements (21/35 active+recent)

What PubMatic launched, had approved or announced, from the filings up to Q2 2026, each row with the date of first mention. NadirAlpha methodology

Status: LaunchedStablePlanned

PubMatic: product announcements from the filings, 35 entries. Compiled by NadirAlpha from SEC filings.
Product/Line	Since	Source
2026
Walmart Connect Select integration as preferred supply partner	2026-03	²⁹
Unity LevelPlay integration into PubMatic OpenWrap SDK	2026-03	²⁹
PubMatic and Amnet first Agentic advertising campaign in France with Claude LLM	2026-03	²⁹
PubMatic and Abovo Maxlead Agentic AI campaign in Netherlands	2026-03	²⁹
Creative Engagement Suite integration into AgenticOS	2026-03	²⁹
AdRoll integration via Model Context Protocol	2026-03	²⁹
20+ AI agents embedded across platform	2026-03	²⁹
AgenticOS launch	2026-01	²⁹
2025
Programmatic Guaranteed deals with top three DSP partner	2025-09	²⁴
Pause Ads for CTV launch	2025-09	²⁴
Google lawsuit	2025-09	²⁵
Live Sports Marketplace	2025-07	²²
Predictive diagnostics	2025-06	²²
Enhanced PubMatic Assistant	2025-06	²²
Dynamic floor yield module	2025-06	²²
Gen AI buyer platform launch	2025-03	²⁰
Multi-year technical collaboration with NVIDIA	2025	²⁶
First fully autonomous end-to-end agentic campaign across CTV	2025	²⁶
Co-founding of Ad Context Protocol with Yahoo, LG Ad Solutions, Raptive and others	2025	²⁶
Agentic AI Accelerator Program launch	2025	²⁶
AI-powered publisher platform launch (4x)	2025	²⁴
2024
PubMatic Assistant launch	2024-12	¹⁸
Creative Category Manager launch	2024-12	¹⁸
Integration with dentsu Merkury for Media platform	2024-09	¹⁶
Generative AI solutions for inventory monetization	2024-09	¹⁶
CTV Marketplaces launch	2024-09	¹⁸
Marquee customers expected to be live on platform in coming months	2024-06	¹⁴
Share repurchase program extension by $100 million	2024-02	⁹
OpenWrap	2024	¹⁷
Connect	2024	¹⁷
2023
Activate offering launch in Asia-Pacific region	2023-09	⁸
Activate and Convert product launches	2023-09	⁷
Convert commerce media solution launch	2023	²³
Convert	2023	²¹
Activate	2023	²³

▸ More products & announcements (older) (+20)

PubMatic Transactions & Events (32)

All recorded acquisitions, divestitures and exits of PubMatic, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology

Acquisitions · 7Partnerships/contracts · 23older: 2 (in the table)

Acquisitions by PubMatic

PubMatic: Acquisitions, 9 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2025
Nielsen exclusive sell-side partner agreement for Australian market	2025-09	Announced	²⁴
Google civil action (3x)	2025-09	Completed	²⁵
2024
SPO relationships with Omnicom Media Group Netherlands	2024-06	Completed	¹⁴
SPO relationships with Haleon Health	2024-06	Completed	¹⁴
Wpromote added as preferred SPO partner	2024-03	Completed	¹²
2023
Martin acquisition (post-acquisition employee cash compensation agreements)	2023-12	Announced	⁹
MediaMath bankruptcy	2023-06	Completed	¹⁰
2022
Senior Secured Credit Facilities (2x)	2022-10	Completed	⁷
Martin acquisition (ConsultMates, Inc.) (2x)	2022-09	Completed	³

Partnerships and contracts of PubMatic

PubMatic: Partnerships & contracts, 23 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2026
PubMatic and Untapped Growth Collective partnership	2026-03	Agreement	²⁹
PayPal Ads partnership expansion with PayPal Ads ID integration	2026-03	Agreement	²⁹
Amazon DSP Dynamic Traffic Engine partnership expansion	2026-03	Agreement	²⁹
2025
Partnership with Blis omnichannel DSP	2025-09	Agreement	²⁴
CTV partnerships expansion with Tubi, Future Today and LocalNow	2025-09	Agreement	²⁴
Major top 5 U.S. streamer partnership	2025-06	Agreement	²²
Partnership with Kontext for AI-powered conversational inventory	2025	Agreement	²⁶
Partnership with Google AdMob and Google Ad Manager	2025	Agreement	²⁶
Partnership with BrightLine for interactive CTV ads	2025	Agreement	²⁶
2024
Xumo partnership	2024-12	Agreement	¹⁸
TCL partnership	2024-12	Agreement	¹⁸
Roku partnership	2024-12	Agreement	¹⁸
Disney+ Hotstar partnership	2024-12	Agreement	¹⁸
Dish Media partnership	2024-12	Agreement	¹⁸
Partnerships with premier CTV streamers including Roku and Disney+ Hotstar	2024-06	Agreement	¹⁴
Partnerships with DISH Media, Vevo, and Virgin Media UK	2024-03	Agreement	¹²
Partnership with Klarna for mobile app advertising inventory	2024-03	Agreement	¹²
Partnership with Instacart for commerce media platform	2024-03	Agreement	¹²
Partnership with GroupM for AI-generated cohort-based audience segments	2024-03	Agreement	¹²
Expanded partnership with Roblox for programmatic media buying	2024-03	Agreement	¹²
2023
Privacy Sandbox partnership with Google, UK Competition Markets Authority, and IAB Tech Lab	2023-12	Agreement	⁹
Expanded partnership with Freewheel for increased CTV demand	2023-12	Agreement	⁹
Partnerships with AMC Networks, FOX, iQIYI, and TiVo for premium CTV inventory (2x)	2023-06	Agreement	⁹

▸ More entries (+8)

PubMatic Risks (143 since the annual report of 2026-02-26, 359 tracked in total)

Which risks PubMatic has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology

Category: PeopleLegalFinancialMacroCompetitionCustomersRegulatorySupply chainMarketTechnologyCyberGeopoliticsStrategyESG

PubMatic: risk factors as reported, 143 since the last annual report, 359 tracked. Compiled by NadirAlpha from SEC filings.
Risk	Category	Last reported
PubMatic: first mention in 8-K-EX99.1 earnings release of 2026-08-06 (2026-Q2), source ³¹
Ability to identify, recruit, and transition successor CFO in timely manner or at all.		=
Potential for disruption to business, financial reporting, or operations during CFO transition period.		=
PubMatic: first mention in 10-Q quarterly report of 2026-08-06 (2026-Q2), source ³⁰
Results of operations subject to fluctuations from foreign currency exchange rates; hypothetical 10% USD/INR change could impact operating loss by $1.0 million.		=
Macroeconomic uncertainty including Middle East conflict, trade policy changes, and currency fluctuations could dampen advertiser budgets.		=
Company operates in highly competitive and rapidly changing digital advertising ecosystem.		=
PubMatic: first mention in 10-Q quarterly report of 2025-11-10 (2025-Q3), source ²³
Civil action filed September 8, 2025 against Google LLC for monopolistic and anticompetitive behavior in publisher ad server and ad exchange markets.		2026-Q2 2026-08-06 ³⁰
PubMatic: first mention in 10-K annual report of 2025-02-27 (FY2024), source ¹⁷
Line of credit at variable interest rates; no material effect expected from 100 basis point increase or decrease.		2026-Q2 2026-08-06 ³⁰
PubMatic: first mention in 10-K annual report of 2024-02-28 (FY2023), source ¹⁰
Inflation could increase operating costs, particularly in India, and may not be fully offset through price increases.		2026-Q2 2026-08-06 ³⁰
PubMatic: first mention in 10-Q quarterly report of 2023-11-08 (2023-Q3), source ⁷
Company depends on limited number of large DSPs for large percentage of impressions purchased and business results.		2026-Q2 2026-08-06 ³⁰
PubMatic: first mention in 10-Q quarterly report of 2023-05-09 (2023-Q1), source ³
Rapidly evolving data and privacy regulations and industry standards continue to impact business.		2026-Q2 2026-08-06 ³⁰
PubMatic: first mention in 8-K-EX99.1 earnings release of 2026-05-07 (2026-Q1), source ²⁹
Ability to maintain and expand access to buyer spend and valuable publisher ad impressions		=
Geopolitical tensions including Ukraine and Middle East conflicts; international supply chain disruptions		=
Impacts of inflation, tariffs, fiscal tightening, currency volatility, volatile interest rates		=
Limitations on data collection, use or disclosure; additional AI laws and regulations enacted globally		=
Liabilities or fines from publishers, buyers, data providers if consents not obtained for personal data processing		=
PubMatic: first mention in 10-Q quarterly report of 2026-05-07 (2026-Q1), source ²⁸
California Delete Act requires accessible data deletion mechanism by January 1, 2026; could limit availability of personal data for targeted advertising		=
Supply chain disruptions and global trade disruptions could increase operating costs and dampen advertiser budgets		=
Tariff impositions and trade wars could dampen advertiser budgets, increase costs, and reduce consumer spending		=
U.S. restrictions on data flow to China and countries of concern limit partnership and data sharing opportunities		=
Evolving data privacy and protection laws across jurisdictions create compliance complexity and potential operational changes required		=
EU AI Act intersects with GDPR compliance obligations requiring additional investment in documentation and compliance infrastructure		=
European regulators enforcing stricter cookie and tracking technology requirements; could require substantial systems changes and increase costs		=
India, Brazil, Thailand, Japan and others have or are considering data protection requirements and local storage mandates increasing operational costs		=
Belgian DPA issued order against IAB Europe TCF; uncertainty remains regarding compliance requirements for current and future TCF versions		=
UK GDPR with derogations post-Brexit applies to UK operations and EU citizen data processing with similar penalty structure		=
Multiple U.S. states considering or enacting AI legislation; evolving requirements could require product design and business operation changes		=
Proliferation of AI-generated content presents brand safety risks; inability to detect and mitigate could reduce customer spending		=
Machine learning models may produce inaccurate or biased outputs; poor performance could result in suboptimal outcomes and customer loss		=
If training data contains errors or biases, or market conditions change unexpectedly, models may perform below expectations		=
Competitors with greater resources investing in AI and machine learning capabilities may develop superior solutions and reduce platform value		=
Generative AI and AI-powered search features may reduce publisher traffic and volume of advertising inventory available on platform		=
AI-driven consolidation toward closed ecosystems and vertically integrated platforms could reduce demand for independent supply-side platforms		=
PubMatic: first mention in 10-K annual report of 2026-02-26 (FY2025), source ²⁵
Data breaches affecting personal/confidential information; notification requirements; reputational damage; litigation risk		=
Fraud detection failures, bot-nets, click fraud, malware through platform; MediaMath bankruptcy June 2023 caused $5.7M bad debt expense		=
Some contracts require publisher payment regardless of buyer payment; prolonged economic downturn increases default risk		=
Credit Agreement contains operating and financial covenants that may restrict business activities		=
Inability to repay debt obligations could threaten business as going concern		=
Limited number of premium publishers provide significant portion of ad inventory; loss of any could impact business		=
Liability for malware, unauthorized redirects through advertisements; consumers may seek damages		=
Publishers/buyers/partners misuse platform; potential liability for malware, IP violations, regulatory non-compliance		=
Customers may use platform for self-dealing to inflate revenue; regulators may hold PubMatic liable regardless of contract		=
VPPA litigation over video-viewing information disclosure; adverse decisions could expand class action exposure		=
California Delete Act requires accessible data deletion mechanism by Jan 1 2026; may limit personal data availability		=
Intense competition for engineers and data scientists with AI expertise could affect ability to develop competitive capabilities		2026-Q1 2026-05-07 ²⁸
EU AI Act effective August 2, 2026 requires compliance documentation, risk assessments, and transparency; non-compliance penalties up to €15 million or 3% of revenue		2026-Q1 2026-05-07 ²⁸
Cybersecurity incidents involving sensitive data analyzed in AI applications could damage reputation		=
Evolving cyberattack techniques including AI-powered attacks, denial-of-service, malware, ransomware		=
Collection and processing of large volumes of consumer data creates exposure to regulatory enforcement and litigation		=
Undetected errors/defects in open source software could impair platform functionality or create security vulnerabilities		=
Risk of authorized users exceeding access rights, data misappropriation, insider threats		=
Bank closures may threaten ability to obtain financing and create capital market disruptions		=
Non-GAAP measures used in reporting; inaccurate presentation could damage investor confidence		=
Economic/political instability from Ukraine conflict or Israel-Palestine resumption		=
Acts of war, terrorism, human error could disrupt data center facilities or business operations		=
Decline in political advertising spending in 2025 vs 2024 impact revenue		=
Revenue affected by pricing pressure from publishers and buyers for discounts		=
Decline in programmatic advertising market or failure to grow as expected		=
Foreign IP enforcement mechanisms inadequate; some countries less protective than US		=
IP litigation costly and time-consuming; larger competitors can sustain litigation longer		=
Employee/contractor agreements may not effectively prevent IP/confidential information disclosure post-departure		=
Historically prioritized trade secrets over patents; limited copyright registration; IP enforcement difficult/expensive		=
Publishers/buyers may lack sufficient content/technology rights; infringing material or misappropriated employee IP		=
European regulators enforcing stricter approach to third-party cookies; probes initiated in multiple EU member states		=
Constantly evolving data privacy laws across jurisdictions; CCPA, GDPR, state laws create compliance complexity		=
Digital services taxes by various jurisdictions could increase tax obligations		=
Various countries restrict encryption technology import; limits platform availability in certain markets		=
India, Brazil, Thailand, Japan considering/passed data protection and local storage requirements		=
If US adopts opt-in model instead of opt-out, less data available and higher data costs		=
Mandatory data breach notification to individuals, media, government; contractual notification requirements		=
Tax law changes including global minimum tax Pillar 2 could increase tax obligations		=
IAB Europe TCF framework subject to Belgian DPA order; CJEU ruling March 2024 pending substantive appeal resolution		=
EU Regulation on Transparency/Targeting Political Advertising introduces transparency, labeling, recordkeeping requirements		=
US restrictions on data flow to China/countries of concern limit partnership and data sharing options		=
Future acquisitions may divert management attention, fail to realize anticipated benefits, dilute stockholder value		=
AI-generated content may be inaccurate, deficient, or biased; adverse business impact if alleged		=
Competing for scarce data center capacity as AI adoption grows; constraints could limit platform scaling		=
AI models critical to competitive position; competition for AI talent intense; regulatory landscape evolving		=
Increased reliance on AI creates operational and competitive risks; errors could reduce publisher yields and damage customer relationships		=
Risk that proprietary information entered into AI tools could enter public domain		=
Reliance on limited third-party AI model providers creates concentration risk; service disruption or pricing changes possible		=
Google cookie deactivation and browser/OS-level privacy controls restrict advertising delivery		=
Cannot guarantee others won't independently develop similar technology; policing unauthorized use difficult		=
Inability to operate effectively with new devices, operating systems, browsers, or platform policy changes		=
No consensus on viewability definition or thresholds; competitive disadvantage if unable to support accepted standards		=
AI-driven platforms by large technology companies with closed ecosystems may capture increasing share of advertising spend		=
Technology stocks experience high volatility affecting stock price		=
Rapid evolution and consolidation in advertising technology industry increases capabilities of larger competitors		=
PubMatic: first mention in 8-K-EX99.1 earnings release of 2025-11-10 (2025-Q3), source ²⁴
Ongoing litigation against Google LLC		=
Impacts of inflation, tariffs, and fiscal tightening on global economy		2025-Q4 2026-02-26 ²⁶
Ability to manage growth effectively		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 8-K-EX99.1 earnings release of 2025-08-11 (2025-Q2), source ²²
Potential liabilities or fines for not obtaining consumer consents for data processing		=
Changes in currency exchange environments and volatility in global capital markets		2025-Q4 2026-02-26 ²⁶
War between Ukraine and Russia and resumption of conflict between Israel and Palestine		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 10-Q quarterly report of 2025-08-11 (2025-Q2), source ²¹
Inflation, volatile interest rates, and foreign exchange fluctuations create economic volatility affecting advertiser budgets and operating costs		2026-Q1 2026-05-07 ²⁸
PubMatic: first mention in 10-Q quarterly report of 2025-05-08 (2025-Q1), source ¹⁹
California Invasion of Privacy Act lawsuits against adtech intermediaries alleging unlawful interception through cookies and real-time bidding; unsettled legal framework		2026-Q1 2026-05-07 ²⁸
State laws like Washington MHMD and Nevada health data law create broad health data definitions and private rights of action increasing liability risk		2026-Q1 2026-05-07 ²⁸
Foreign currency fluctuations affect operating results and cash flows		FY2025 2026-02-26 ²⁵
PubMatic: first mention in 8-K-EX99.1 earnings release of 2025-02-27 (2024-Q4), source ¹⁸
Failure to maintain and expand access to spend from buyers and valuable ad impressions		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 10-K annual report of 2025-02-27 (FY2024), source ¹⁷
California Consumer Privacy Act requires compliance with privacy disclosures, consumer rights, and opt-out mechanisms; amendments increase obligations		2026-Q1 2026-05-07 ²⁸
$275M repurchase program authorized through Dec 2026; no guarantee of completion or stockholder value enhancement		FY2025 2026-02-26 ²⁵
PubMatic: first mention in 8-K-EX99.1 earnings release of 2024-11-12 (2024-Q3), source ¹⁶
Public health crises and resulting global economic uncertainty		2026-Q1 2026-05-07 ²⁹
PubMatic: first mention in 10-Q quarterly report of 2024-11-12 (2024-Q3), source ¹⁵
Dependence on limited number of large DSPs for large percentage of impressions; changes in their pricing strategies or bidding algorithms could impact revenue		2026-Q1 2026-05-07 ²⁸
Seasonal advertising spend patterns cause significant quarterly fluctuations; difficult to forecast revenue accurately		FY2025 2026-02-26 ²⁵
PubMatic: first mention in 8-K-EX99.1 earnings release of 2024-05-07 (2024-Q1), source ¹²
Lack of alternatives to third-party cookies, mobile device IDs or tracking technologies if restricted		2026-Q1 2026-05-07 ²⁹
Liabilities or fines for not obtaining consents from consumers for data processing		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 10-K annual report of 2024-02-28 (FY2023), source ¹⁰
Volatile interest rates affecting financing and investment returns		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 8-K-EX99.1 earnings release of 2024-02-26 (2023-Q4), source ⁹
Failure to comply with laws on data privacy, protection, security and consumer protection		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 8-K-EX99.1 earnings release of 2023-11-08 (2023-Q3), source ⁸
Failure to innovate and develop new solutions adopted by publishers		2026-Q1 2026-05-07 ²⁹
PubMatic: first mention in 10-Q quarterly report of 2023-11-08 (2023-Q3), source ⁷
Reliance on publishers and buyers to obtain consumer consents creates compliance risk if they fail to secure required consents		FY2025 2026-02-26 ²⁵
GDPR applies to EU data processing; non-compliance penalties up to €20 million or 4% of global annual revenue; additional civil liability exposure		2026-Q1 2026-05-07 ²⁸
Third-party service providers' breaches could expose customers' data; insurance may not cover adequately		FY2025 2026-02-26 ²⁵
Need to continuously recruit and retain qualified engineers and specialists in programmatic advertising and AI		FY2025 2026-02-26 ²⁵
Open source software licenses may require releasing proprietary source code; compliance monitoring challenges		FY2025 2026-02-26 ²⁵
US export/import controls and sanctions may prohibit shipment to certain countries; licensing delays possible		FY2025 2026-02-26 ²⁵
PubMatic: first mention in 8-K-EX99.1 earnings release of 2023-08-08 (2023-Q2), source ⁶
Failure to scale platform infrastructure to support anticipated growth and volume		2025-Q4 2026-02-26 ²⁶
Lack of alternatives to third-party cookies or mobile device IDs if restricted		2025-Q4 2026-02-26 ²⁶
PubMatic: first mention in 10-Q quarterly report of 2023-08-08 (2023-Q2), source ⁵
Rejection of digital advertising by consumers through opt-in, opt-out, or ad-blocking technologies		2026-Q1 2026-05-07 ²⁹
Digital advertising experiences seasonal trends with higher spending in Q4 and lower in Q1 affecting revenue predictability		2026-Q1 2026-05-07 ²⁸
Failure to scale platform infrastructure to support anticipated growth and transaction volume		2026-Q1 2026-05-07 ²⁹
Q4 digital ad spending peaks, Q1 significantly lower; unpredictable year-to-year variation		FY2025 2026-02-26 ²⁵
Regulatory delays, foreign currency fluctuations, compliance complexity in international expansion		FY2025 2026-02-26 ²⁵
Third-party data center operators have no obligation to renew agreements; AI capacity growth threatens affordable access		FY2025 2026-02-26 ²⁵
Digital advertising market is intensely competitive with larger well-established companies having technological advantages		FY2025 2026-02-26 ²⁵
Liabilities or fines from not obtaining consents for processing personal data		2025-Q1 2025-05-08 ²⁰
PubMatic: first mention in 8-K-EX99.1 earnings release of 2023-05-09 (2023-Q1), source ⁴
Existing customers may not expand usage; failure to attract new publishers and buyers		2026-Q1 2026-05-07 ²⁹
Ongoing conflicts in Middle East, Ukraine, and Israel could disrupt energy markets, supply chains, and consumer confidence in key markets		2026-Q1 2026-05-07 ²⁸
Operates in competitive, rapidly changing market; new risks may emerge		2026-Q1 2026-05-07 ²⁹
PubMatic: first mention in 10-Q quarterly report of 2023-05-09 (2023-Q1), source ³
DSP buyers dispute invoices, file for bankruptcy, or slow payments; economic volatility increases default risk		FY2025 2026-02-26 ²⁵
Business depends on limited number of large publishers and channel partners; disruptions could adversely affect revenue		FY2025 2026-02-26 ²⁵
Success depends on CEO Rajeev K. Goel and ability to hire/retain skilled employees in competitive markets		FY2025 2026-02-26 ²⁵
Civil action filed against Google LLC for monopolistic and anticompetitive behavior		FY2025 2026-02-26 ²⁵
Dependency on overall demand for advertising and channels relied upon		2026-Q1 2026-05-07 ²⁹
Political advertising laws are rapidly evolving with varying federal, state, and international requirements increasing compliance complexity		2026-Q1 2026-05-07 ²⁸
Over third of U.S. states enacted comprehensive consumer privacy laws with varying requirements increasing compliance complexity and costs		2026-Q1 2026-05-07 ²⁸
Difficulty maintaining ad quality controls amid deep fake video and AI-generated media proliferation		FY2025 2026-02-26 ²⁵
SOX Section 404 requires effective internal controls; failure could impair financial reporting and stock listing status		FY2025 2026-02-26 ²⁵
Difficulty retaining engineering resources, wage inflation, IP enforcement challenges, currency exchange risk		FY2025 2026-02-26 ²⁵
Macroeconomic factors like recessions, inflation, and interest rate volatility could reduce advertising budgets		FY2025 2026-02-26 ²⁵
Facilities in California (seismic risk), Pune India (earthquake/flood risk) vulnerable; insurance may be insufficient		FY2025 2026-02-26 ²⁵
Self-regulatory body membership imposes privacy/transparency standards; discipline via fines, penalties, public censure		FY2025 2026-02-26 ²⁵
Restriction or deprecation of third-party cookies and tracking technologies could reduce targeted advertising effectiveness		FY2025 2026-02-26 ²⁵
Cyberattacks, system failures, infrastructure inadequacy could disrupt service availability		FY2025 2026-02-26 ²⁵
Software bugs, faulty algorithms, system updates could impair ad placement, pricing, or content appropriateness		FY2025 2026-02-26 ²⁵

▸ More active risks (+128)

= last mention identical with the first mention (same source)

PubMatic Reported KPIs (as disclosed) (283)

The story KPIs of PubMatic that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

PubMatic: reported KPIs as disclosed, 283 entries. Compiled by NadirAlpha from SEC filings.
KPI	Value / change	Source
PubMatic, published 2026-08-06, period 2026-Q2
SPO percentage of activity	over 55%	³⁰
Publisher count	approximately 2,000	³⁰
Platform daily impressions processed	approximately 1.0 trillion	³⁰
Net dollar-based retention rate	98%	³⁰
PubMatic, published 2026-05-07, period 2026-Q1
SPO percentage of total activity	56%	²⁸
Publishers and app developers served	approximately 1,970	²⁸
Publishers and app developers prior period	approximately 1,950	²⁸
Net dollar-based retention rate TTM	96%	²⁸
Net dollar-based retention rate prior TTM	102%	²⁸
Daily ad impressions processed	approximately 1 trillion	²⁸
Underlying business growth (excluding legacy DSP)	13%	²⁹
Underlying business as percentage of total revenues	83%	²⁹
Total debt	0	²⁹
Supply Path Optimization activity	56%	²⁹
Shares repurchased cumulatively	13.5 million	²⁹
Shares repurchased	1.0 million	²⁹
Mobile app revenue growth	25%+	²⁹
Impressions processed	94.2 trillion	²⁹
Global CTV revenue growth (excluding legacy DSP)	18%	²⁹
Fully diluted shares percentage	2.1%	²⁹
Emerging revenues growth	80%+	²⁹
Emerging revenues as percentage of total revenues	14%	²⁹
Consecutive quarters of positive adjusted EBITDA	40	²⁹
Cash and cash equivalents	$144.9 million	²⁹
CTV revenue as percentage of total CTV revenue (Americas)	80%	²⁹
CTV revenue Americas growth	13%	²⁹
Available from repurchase program	$85.1 million	²⁹
AI-powered deals transacted	1,000+	²⁹
AI agents available on AgenticOS	20+	²⁹
PubMatic, published 2026-02-26, period FY2025
SPO as percentage of total activity	55%	²⁵
Number of publishers served	approximately 1,980	²⁵
Net working capital	146.8 million	²⁵
Net dollar-based retention rate	96%	²⁵
Cash and cash equivalents as of December 31	145.5 million	²⁵
Ad impressions processed	97.6 trillion	²⁵
Ad impressions processed	74.7 trillion	²⁵
Ad impressions processed	86.8 trillion	²⁵
Ad impressions processed	69.8 trillion	²⁵
Ad impressions processed	77.7 trillion	²⁵
Ad impressions processed	60.7 trillion	²⁵
Ad impressions processed	74.7 trillion	²⁵
Ad impressions processed	57.9 trillion	²⁵
PubMatic, published 2026-02-26, period 2025-Q4
Total shares repurchased through December 31	12.4 million	²⁶
Supply Path Optimization activity	over 55%	²⁶
Streaming publishers partnerships	28 out of top 30	²⁶
Shares repurchased in	4.1 million	²⁶
Repurchase authorization remaining	93.9 million	²⁶
Publishers with AI solutions revenue	approximately 10%	²⁶
Operating cash flow increase	10%	²⁶
Operating cash flow	73.4 million	²⁶
Omnichannel video revenue growth (excluding political)	17%	²⁶
New DSP partners added	50	²⁶
Net dollar-based retention	96%	²⁶
Issue resolution time speedup	70%	²⁶
Impressions processed growth	28%	²⁶
Impressions processed	336.8 trillion	²⁶
Engineering code written by AI	over 40%	²⁶
Emerging revenues growth	nearly doubled	²⁶
Data partners on Connect	more than 250	²⁶
Data center racks consolidation	Five consolidated into one	²⁶
Cash and cash equivalents	145.5 million	²⁶
Campaign setup time reduction	87%	²⁶
CTV revenue growth	50%+	²⁶
Bid response time improvement	5X faster	²⁶
Auction timeouts reduction	85%	²⁶
Agentic deals transacted	250+	²⁶
Ad spend growth from performance marketers	30%	²⁶
Ad requests per server increase	3X more	²⁶
Activate ad spend growth	tripled	²⁶
PubMatic, published 2025-11-10, period 2025-Q3
Total cash and cash equivalents	136.5 million	²⁴
Supply Path Optimization activity	over 55%	²³
Supply Path Optimization activity	55%+	²⁴
Share repurchases	12.4 million shares	²⁴
Share repurchase percentage of fully diluted shares	24%	²⁴
Publishers and app developers (prior year)	approximately 1,900	²³
Publishers and app developers	approximately 1,980	²³
Net working capital	132.0 million	²³
Net dollar-based retention rate (prior year)	112%	²³
Net dollar-based retention rate	98%	²³
Net dollar-based retention	98%	²⁴
Issue resolution speed improvement	70%	²⁴
Impressions processed	87 trillion	²⁴
Impression growth year-over-year	24%	²⁴
Fremantle incremental programmatic demand increase	78%	²⁴
Emerging revenues growth year-over-year	80%	²⁴
Data parameters per ad impression	703	²³
Data center racks consolidation	5 to 1	²⁴
Daily ad impressions processed	approximately 980 billion	²³
Customer adoption increase on Activate over trailing	35%	²⁴
Cash, cash equivalents, and marketable securities	136.5 million	²³
Campaign setup time reduction	87%	²⁴
CTV revenue growth year-over-year excluding political ad spend	over 50%	²⁴
Bid response speed improvement	5X faster	²⁴
Auction timeouts reduction	85%	²⁴
Ad-buying activity growth from AI-powered Live Sports Marketplace Q3 over Q2	150%+	²⁴
Ad spend increase from mid-market focused DSP partners year-over-year	25%	²⁴
Ad requests processed per server improvement	3x	²⁴
Active campaigns growth over trailing	4x	²⁴
Activate revenue growth year-over-year	over 100%	²⁴
AI yield optimization solution revenue impact for publishers	10% revenue growth	²⁴
PubMatic, published 2025-08-11, period 2025-Q2
publishers and app developers	approximately 1,960	²¹
Net dollar-based retention rate	102%	²¹
Daily ad impressions processed	approximately 854 billion	²¹
Supply Path Optimization % of total activity	55%+	²²
SPO activity percentage	over 55%	²¹
Omnichannel video revenue growth	34%	²²
Omnichannel video as % of total revenue	41%	²²
Net dollar-based retention	102%	²²
Market penetration of top 30 global streamers	26 of top 30	²²
Impressions processed	78 trillion	²²
CTV revenue growth	over 50%	²²
PubMatic, published 2025-05-08, period 2025-Q1
Total cash, cash equivalents, and marketable securities	$144.1 million	²⁰
Supply Path Optimization as percentage of total activity	55%+	²⁰
SPO represented percentage of total activity	over 55%	¹⁹
Publishers and app developers	approximately 1,950	¹⁹
Omnichannel video revenue growth	20%	²⁰
Omnichannel video as percentage of total revenue	40%	²⁰
Net working capital	155.1 million	¹⁹
Net dollar-based retention rate	102%	¹⁹
Net dollar-based retention	102%	²⁰
Impressions processed	nearly 75 trillion	²⁰
Daily ad impressions processed	approximately 842 billion	¹⁹
Cash, cash equivalents, and marketable securities	144.1 million	¹⁹
CTV revenue growth	over 50%	²⁰
PubMatic, published 2025-02-27, period FY2024
total cash and marketable securities	$140.6 million	¹⁷
publishers served	approximately 1,900	¹⁷
net working capital	$156.7 million	¹⁷
net new publishers	approximately 100	¹⁷
net dollar based retention rate prior year	101%	¹⁷
Net dollar-based retention rate	107%	¹⁷
marketable securities	$40.1 million	¹⁷
long term income tax liabilities	$5.0 million	¹⁷
domains represented	over 60,000	¹⁷
cash and cash equivalents	$100.5 million	¹⁷
apps represented	27,000	¹⁷
ad impressions processed	74.7 trillion	¹⁷
ad impressions processed	59.4 trillion	¹⁷
ad impressions processed	69.8 trillion	¹⁷
ad impressions processed	56.0 trillion	¹⁷
ad impressions processed	60.7 trillion	¹⁷
ad impressions processed	48.8 trillion	¹⁷
ad impressions processed	57.9 trillion	¹⁷
ad impressions processed	46.5 trillion	¹⁷
ad impressions per bid	644	¹⁷
SPO activity percentage	50%	¹⁷
PubMatic, published 2025-02-27, period 2024-Q4
Supply Path Optimization	53% of total activity	¹⁸
Omnichannel video revenue growth	37% year-over-year	¹⁸
Net dollar-based retention	107%	¹⁸
Mobile app revenue growth	16% over 2023	¹⁸
Impressions processed	263 trillion	¹⁸
gross profit margin	65%	¹⁸
CTV revenue percentage	20% of total revenue	¹⁸
PubMatic, published 2024-11-12, period 2024-Q3
top 10 ad verticals growth	20% year-over-year	¹⁶
Supply Path Optimization activity	~50% of total activity on platform	¹⁶
Share repurchase program available	$50.9 million	¹⁵
SPO activity percentage	over 50%	¹⁵
Revenue from omnichannel video growth	25% year-over-year	¹⁶
Revenue from high value formats and channels	79% of total revenue	¹⁶
Publishers and app developers	approximately 1,900	¹⁵
Net working capital	$137.0 million	¹⁵
Net dollar-based retention rate	112%	¹⁵
Net dollar-based retention (TTM)	112%	¹⁶
Monetized impressions growth (omnichannel video)	nearly 50% year-over-year	¹⁶
Monetized impressions growth (CTV)	more than 100% year-over-year	¹⁶
Mobile app business growth	over 20% year-over-year	¹⁶
Marketable securities	$61.5 million	¹⁵
Impressions processed	nearly 70 trillion impressions	¹⁶
Daily ad impressions processed	approximately 781 billion	¹⁵
Cash and cash equivalents	$78.9 million	¹⁵
PubMatic, published 2024-08-08, period 2024-Q2
publishers and app developers	approximately 1,800	¹³
net working capital	161.8 million	¹³
Net dollar-based retention rate	108%	¹³
marketable securities	92.1 million	¹³
Daily ad impressions processed	approximately 687 billion	¹³
cash and cash equivalents	73.5 million	¹³
top 10 ad verticals growth	18%	¹⁴
Supply Path Optimization activity	more than 50%	¹⁴
Revenue from omnichannel video growth	over 19%	¹⁴
Revenue from mobile app growth	over 20%	¹⁴
Revenue from high value formats and channels % of total	78%	¹⁴
Revenue from high value formats and channels growth	15%	¹⁴
Net dollar-based retention	108%	¹⁴
Monetized impressions growth	12%	¹⁴
Impressions processed growth	24%	¹⁴
Impressions processed	60.7 trillion	¹⁴
PubMatic, published 2024-05-07, period 2024-Q1
publishers served	1,800	¹¹
Net dollar-based retention rate	106%	¹¹
Daily ad impressions processed	648 billion	¹¹
Supply Path Optimization activity	50%	¹²
SPO activity percentage	50%	¹¹
Net dollar-based retention	106%	¹²
Monetized impressions growth	17%	¹²
Impressions processed	57.9 trillion	¹²
PubMatic, published 2024-02-28, period FY2023
SPO activity %	45%	¹⁰
Retained earnings	136.9 million	¹⁰
publishers served	1,800	¹⁰
net working capital	182.4 million	¹⁰
Net dollar-based retention rate	101%	¹⁰
Cost of revenue per impression decline 2023 vs.	8%	¹⁰
Cash, cash equivalents & marketable securities	175.3 million	¹⁰
Ad impressions processed	59.4 trillion	¹⁰
Ad impressions processed	48.2 trillion	¹⁰
Ad impressions processed	56.0 trillion	¹⁰
ad impressions processed	42.1 trillion	¹⁰
ad impressions processed	48.8 trillion	¹⁰
ad impressions processed	36.2 trillion	¹⁰
ad impressions processed	46.5 trillion	¹⁰
ad impressions processed	32.6 trillion	¹⁰
PubMatic, published 2024-02-26, period 2023-Q4
total cash, cash equivalents & marketable securities	175.3 million	⁹
software releases increase	60%	⁹
shares repurchased	4.0 million	⁹
share repurchase program available	15.7 million	⁹
net dollar-based retention	101%	⁹
monetized impressions	210.7 trillion	⁹
mobile display and omnichannel video revenue mix	78%	⁹
impressions with alternative targeting signals	over 80%	⁹
impressions growth	32%	⁹
cost of revenue per million impressions decrease	8%	⁹
cash used for repurchase	59.3 million	⁹
Capex reduction	more than 70%	⁹
alternative identifiers publisher revenue increase	16%	⁹
active publishers	approximately 1,800	⁹
Supply Path Optimization activity prior year	34%	⁹
Supply Path Optimization activity	45%+	⁹
SPO net spend retention rate	120%	⁹
CTV publishers prior year	214	⁹
CTV publishers monetized	271	⁹
PubMatic, published 2023-11-08, period 2023-Q3
publishers and app developers	over 1,750	⁷
Net dollar-based retention rate	97%	⁷
domains and apps	over 95,000	⁷
ad impressions	42.1 trillion	⁷
ad impressions	56.0 trillion	⁷
ad impressions processed daily	627 billion	⁷
Total cash, cash equivalents, and marketable securities	$171.4 million	⁸
Supply Path Optimization activity	45%	⁸
omnichannel video revenue share	33%	⁸
Net dollar-based retention (TTM)	97%	⁸
impressions processed	nearly 56 trillion	⁸
active publishers	over 1,750	⁸
PubMatic, published 2023-08-08, period 2023-Q2
publishers and app developers	approximately 1,750	⁵
net working capital	174.5 million	⁵
Net dollar-based retention rate	100%	⁵
marketable securities	65.4 million	⁵
impressions processed growth trailing	52%	⁶
impressions processed growth Q2 vs Q2	35%	⁶
impressions processed Q2	nearly 48.8 trillion	⁶
domains and apps	over 94,000	⁵
cash and cash equivalents	105.5 million	⁵
ad impressions	36.2 trillion	⁵
ad impressions	approximately 48.8 trillion	⁵
ad impressions processed daily	approximately 537 billion	⁵
Total cash, cash equivalents, and marketable securities	170.9 million	⁶
top 10 ad verticals growth	8%	⁶
Supply Path Optimization	40%+	⁶
revenue from omnichannel video	31%	⁶
revenue from CTV growth	over 30%	⁶
Net dollar-based retention	100%	⁶
Marketable securities	65,367	⁶
infrastructure Capex reduction	approximately 70%	⁶
Cash and cash equivalents	105,537	⁶
active publishers growth	13%	⁶
PubMatic, published 2023-05-09, period 2023-Q1
Supply Path Optimization	35%+	⁴
Revolving Credit Facility	$110.0 million	³
publishers and app developers served	approximately 1,700	³
OpenWrap publisher agreement growth	27%	⁴
Omnichannel video revenue growth	13%	⁴
Net working capital	$192.7 million	³
Net dollar-based retention rate (TTM)	105%	³
Net dollar-based retention rate (TTM prior year)	140%	³
Net dollar-based retention	105%	⁴
Mobile and video combined revenue percentage	approximately 71%	³
Marketable securities	$93.9 million	³
Largest publisher revenue contribution	11%	³
Largest publisher revenue contribution	14%	³
Individual domains and apps worldwide	over 97,000	³
Incremental Facility capacity	$90.0 million	³
Impressions processed growth	63%	⁴
Cash and cash equivalents	$79.3 million	³
CTV revenue growth	50%+	⁴
Adjusted EBITDA margin	15%	⁴
Ad impressions processed daily	approximately 516 billion	³
Ad impressions processed	approximately 46.5 trillion	³
Ad impressions processed	32.6 trillion	³

▸ Earlier KPIs (+268)

PubMatic Development

The business development of PubMatic period by period up to Q2 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology

FY2026: PubMatic

PubMatic reported 62.6 million in Q1 2026 revenue, a 2% year-over-year decline attributed to platform changes implemented by a major DSP buyer in 2025 ²⁸, before recovering to 78.6 million in Q2 2026, an 11% year-over-year increase driven by higher impressions on CTV, mobile app, and emerging revenue streams ³⁰. Gross margin improved to 67% in Q2 2026 from 63% in Q2 2025, and adjusted EBITDA rose to $19.6 million in Q2 from $2.6 million in Q1 ³⁰. Operating cash flow was 17.3 million in Q1 and 20.2 million in Q2, with PubMatic maintaining a debt-free balance sheet and repurchasing 3.1 million shares for $30.3 million during the six months ended June 30, 2026 ³⁰. The AgenticOS AI platform recorded over 1,000 transacted deals since its January 2026 launch, with every participating advertiser returning for additional campaigns, while the company also initiated a global search for a new Chief Revenue Officer following leadership transitions ²⁹.

FY2025: PubMatic

PubMatic reported FY2025 revenue of $282.9 million, a 3% decrease from $291.3 million in 2024, driven primarily by approximately $14.2 million of incremental political advertising spend in the prior year and platform methodology changes implemented by major DSP buyers ²⁵. Full-year operating loss was $17.3 million compared to operating income of $3.9 million in 2024, while adjusted EBITDA declined 33% to $61.6 million at a 22% margin, down from $92.3 million and a 32% margin in 2024 ²⁶. Net dollar-based retention rate fell to 96% in 2025 from 107% in 2024, reflecting the impact of DSP buyer platform changes, while the publisher base grew by approximately 50 net new publishers covering over 64,000 domains and 44,000 apps ²⁵. CTV revenue grew over 50% excluding prior-year political advertising spend, Activate ad spend tripled year-over-year, and emerging revenues nearly doubled to represent approximately 10% of total revenues in 2025 ²⁶. Net cash provided by operating activities increased to $81.1 million from $73.4 million in 2024, and the company ended 2025 with $145.5 million in total cash and no debt ²⁶.

FY2024: PubMatic

PubMatic's FY 2024 revenue grew 9% to $291.3 million, driven by growth in ad impressions processed, emerging revenue streams, and increased buyer relationships through Supply Path Optimization, with full-year adjusted EBITDA rising 23% to $92.3 million at a 32% margin (¹⁷, ¹⁸). Revenue growth was uneven across quarters, accelerating to 20% in Q1, decelerating to 6% in Q2 following bidding methodology changes implemented by one major buyer, then recovering to 13% in Q3 before Q4 reached $85.5 million; full-year revenue included approximately $14.2 million from incremental political spend related to the 2024 U.S. presidential election (¹¹, ¹³, ¹⁵, ¹⁷, ¹²⁶). Gross margin expanded 250 basis points to 65% for the full year, supported by an 18% decrease in cost of revenue per impression processed (¹⁷, ¹⁸). Connected TV revenue more than doubled year-over-year and represented 20% of Q4 2024 total revenue, while Supply Path Optimization accounted for 53% of total platform activity in 2024, up from 45% in 2023 (¹⁸). Full-year net income was $12.5 million compared to $8.9 million in 2023, while free cash flow declined to $34.9 million from $52.8 million in the prior year (¹⁷, ¹⁸).

FY2023: PubMatic

PubMatic reported full-year 2023 revenue of $267.0 million, a 4% increase year-over-year driven by growth in impressions from existing and new publishers, with Q4 2023 delivering $84.6 million at 14% growth as the strongest quarter of the year ¹¹⁸ ⁹. Gross margin contracted to 63% from 68% in 2022, and operating income declined to $2.0 million from $40.5 million, primarily due to higher depreciation, amortization, and data center hosting costs from capacity expansion investments ¹⁰. A $5.7 million bad debt expense from the Chapter 11 bankruptcy filing of DSP buyer MediaMath in June 2023 weighed on first-half GAAP results, contributing to net losses in both Q1 and Q2 ¹⁰ ⁶. Adjusted EBITDA for the full year was $75.3 million with a 28% margin, down from $97.0 million and 38% in 2022, while operating cash flow totaled $81.1 million and free cash flow $70.5 million ⁹ ¹¹⁸. PubMatic launched two new products during the year -- Activate in May 2023 for premium online video and CTV inventory access, and Convert in July 2023 for commerce media -- and expanded its active publisher base to approximately 1,800 globally ⁹ ¹⁰.

Glossary

Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
*: derived, the formula is in the hover
≈: calculated, approximation
~: uncertain; the value stays visible, verdicts do not use it
°: repaired by a targeted query against the document, or curated with documentary evidence
EBIT: EBIT as a fallback: the income statement carries no operating line
basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on PubMatic stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

38 documents · 2021 to 2026 · SEC EDGAR (USA)

Sources for PubMatic stock: 38 original documents, 2021 to 2026. Compiled by NadirAlpha.
#	Document type	Published
#1	10-K annual report	2023-02-28
#2 / #102	8-K-EX99.1 earnings release	2023-02-28
#3	10-Q quarterly report	2023-05-09
#4 / #104	8-K-EX99.1 earnings release	2023-05-09
#5	10-Q quarterly report	2023-08-08
#6 / #106	8-K-EX99.1 earnings release	2023-08-08
#7	10-Q quarterly report	2023-11-08
#8 / #108	8-K-EX99.1 earnings release	2023-11-08
#9 / #109	8-K-EX99.1 earnings release	2024-02-26
#10	10-K annual report	2024-02-28
#11	10-Q quarterly report	2024-05-07
#12 / #112	8-K-EX99.1 earnings release	2024-05-07
#13	10-Q quarterly report	2024-08-08
#14 / #114	8-K-EX99.1 earnings release	2024-08-08
#15	10-Q quarterly report	2024-11-12
#16 / #116	8-K-EX99.1 earnings release	2024-11-12
#17	10-K annual report	2025-02-27
#18 / #118	8-K-EX99.1 earnings release	2025-02-27
#19	10-Q quarterly report	2025-05-08
#20 / #120	8-K-EX99.1 earnings release	2025-05-08
#21	10-Q quarterly report	2025-08-11
#22 / #122	8-K-EX99.1 earnings release	2025-08-11
#23	10-Q quarterly report	2025-11-10
#24 / #124	8-K-EX99.1 earnings release	2025-11-10
#25	10-K annual report	2026-02-26
#26 / #126	8-K-EX99.1 earnings release	2026-02-26
#27	8-K-EX99.1 earnings release	2026-04-22
#28	10-Q quarterly report	2026-05-07
#29 / #129	8-K-EX99.1 earnings release	2026-05-07
#30	10-Q quarterly report	2026-08-06
#31	8-K-EX99.1 earnings release	2026-08-06

▸ More rows (+16)

Older sources (+7)

Older sources for PubMatic, 7 documents
#	Document type	Published
#201	10-Q quarterly report	2021-05-14
#204	10-K annual report	2021-05-14
#205	10-Q quarterly report	2021-05-14
#202	10-Q quarterly report	2021-08-11
#206	10-Q quarterly report	2021-08-11
#203	10-Q quarterly report	2021-11-10
#207	10-Q quarterly report	2021-11-10

PubMatic Stock FAQ

Where can I find the official investor relations documents of PubMatic?

NadirAlpha links all 38 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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PubMatic Stock PUBM

PubMatic Current Status

PubMatic Stock: Key Figures ($ million)

Fiscal years

Quarters

PubMatic Balance Sheet & Cash Flow ($ million)

Fiscal years

Quarters

PubMatic Guidance Tracking (latest per metric/period · 12/36)

PubMatic Stock: Price & Chart

PubMatic Event Timeline

2026-Q2 at PubMatic · Apr to Jun 2026

2026-Q1 at PubMatic · Jan to Mar 2026

2025-Q4 at PubMatic · Oct to Dec 2025

2025-Q3 at PubMatic · Jul to Sep 2025

2025-Q2 at PubMatic · Apr to Jun 2025

2025-Q1 at PubMatic · Jan to Mar 2025

2024-Q4 at PubMatic · Oct to Dec 2024

2024-Q3 at PubMatic · Jul to Sep 2024

2024-Q2 at PubMatic · Apr to Jun 2024

2024-Q1 at PubMatic · Jan to Mar 2024

2023-Q4 at PubMatic · Oct to Dec 2023

2023-Q3 at PubMatic · Jul to Sep 2023

2023-Q2 at PubMatic · Apr to Jun 2023

2023-Q1 at PubMatic · Jan to Mar 2023

PubMatic Business Model

PubMatic Stock: Share-Price Drivers

PubMatic Products & announcements (21/35 active+recent)

PubMatic Transactions & Events (32)

Acquisitions by PubMatic

Partnerships and contracts of PubMatic

PubMatic Risks (143 since the annual report of 2026-02-26, 359 tracked in total)

PubMatic Reported KPIs (as disclosed) (283)

PubMatic Development

Glossary

Sources: quarterly reports, annual reports and investor relations documents

PubMatic Stock FAQ

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