NASDAQ$PUBM
PUBMATIC INC-CLASS A · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
PubMatic reported Q4 2025 revenue of $80.0M, GAAP net income of $6.7M, and non-GAAP EPS of $0.29.
Q4 2025 revenue was $80.0 million versus $85.5 million a year ago. GAAP net income was $6.7 million ($0.14 diluted EPS) and non-GAAP net income was $14.4 million ($0.29 per share). Adjusted EBITDA margin was 35% with CTV and emerging revenue streams growing strongly ex-political spend.
- Revenue $80.0M in Q4.
- GAAP net income $6.7M; non-GAAP EPS $0.29.
- Underlying business +18% YoY ex-political/DSP exits.
- AgenticOS adoption with 250+ deals.
Headline financials
Revenue & EPS history
PubMatic · Revenue · Quarterly
$80M
Revenue by segment
PubMatic · $21M total across 1 segment · Q3 2023
- Omnichannel Video$21M—100.0%
Forward guidance
Expect double-digit revenue growth returning in second half 2026 with margin expansion.
Tailwinds
- CTV grew 50%+ FY ex-political.
- AI yield tools lifting CPMs 20%+.
Headwinds
- Headline revenue down YoY on political/DSP.
- Ad-tech competition and macro ad spend.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+2.6%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+3.5%
Avg return
30 days after
52%
12 / 23 earnings
Positive
+43.5%
Q3 2025
Best reaction
-36.0%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -3.6% | +13.9% | |
| Q4 2025 | +14.7% | +23.5% | +15.8% | |
| Q3 2025 | +43.5% | +23.3% | +22.0% | |
| Q1 2025 | +1.1% | +6.5% | +9.6% | |
| Q4 2024 | -23.9% | -23.3% | -33.6% | |
| Q3 2024 | -0.7% | -9.1% | +1.0% | |
| Q2 2024 | -25.8% | -25.4% | -23.5% | |
| Q1 2024 | -4.0% | -4.4% | -9.3% | |
| Q4 2023 | +25.2% | +28.8% | +42.2% | |
| Q3 2023 | +24.5% | +23.8% | +42.3% | |
| Q2 2023 | -36.0% | -30.8% | -30.2% | |
| Q1 2023 | +13.4% | +21.5% | +49.8% | |
| Q4 2022 | -7.6% | -10.2% | -11.0% | |
| Q3 2022 | -14.0% | +0.4% | -15.6% | |
| Q2 2022 | +26.1% | +34.0% | +8.6% | |
| Q1 2022 | -10.1% | +3.0% | -5.4% | |
| Q4 2019 | -22.6% | -29.1% | -14.6% | |
| Q4 2021 | -13.0% | -25.5% | -7.6% | |
| Q3 2020 | +24.3% | +19.3% | +20.3% | |
| Q3 2021 | +17.2% | +31.8% | +29.3% | |
| Q2 2021 | +10.2% | -5.6% | -7.7% | |
| Q1 2021 | -10.8% | -12.9% | -13.9% | |
| Q4 2020 | +27.6% | +37.2% | -2.1% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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