Business
PubMatic Announces Fourth Quarter and Fiscal Year Ended 2025 Financial Results
Delivered revenue and adjusted EBITDA ahead of guidance; FY 2025 CTV revenue grew 50%+ over FY 2024 excluding political ad spend; PubMatic’s AgenticOS
About this update from Pubmatic, Inc.
[{"type":"text","content":"\nDelivered revenue and adjusted EBITDA ahead of guidance;\nFY 2025 CTV revenue grew 50%+ over FY 2024 excluding political ad spend;\nPubMatic’s AgenticOS platform drove 250+ agentic deals;\nFY 2025 net cash generated from operations was $81.1 million, up 10% over 2024;\nRepurchased 4.1 million shares in 2025, representing 8.1% of fully diluted shares as of December 31, 2025.\n\n\n NO-HEADQUARTERS/REDWOOD CITY, Calif.--(BUSINESS WIRE)--\nPubMatic, Inc. (Nasdaq: PUBM), the leading AI-powered ad tech company delivering digital advertising performance, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.\n\n\n“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,” said Rajeev Goel, co-founder and CEO at PubMatic. “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.”\n\n\nFiscal Year 2025 Financial Highlights\n\n\n\nRevenue for the full year 2025 was $282.9 million, compared to $291.3 million in 2024;\n\n\n\nGross profit was $179.8 million, or 64% margin, compared to $190.2 million, or 65% margin in 2024;\n\n\n\nRevenue from omnichannel video in 2025 grew 3% over the same period last year;\n\n\n\nNet dollar-based retention1 was 96% for the year ended December 31, 2025;\n\n\n\nGAAP net loss was $(14.5) million with a margin of (5)%, or $(0.31) per diluted share in 2025, compared to net income of $12.5 million with a margin of 4%, or $0.23 per diluted share in 2024;\n\n\n\nAdjusted EBITDA was $61.6 million, or 22% margin, compared to $92.3 million, or 32% margin, in 2024;\n\n\n\nNon-GAAP net income was $16.7 million, or $0.33 per non-GAAP diluted share in 2025, compared to non-GAAP net income of $42.5 million, or $0.78 per non-GAAP diluted share in 2024;\n\n\n\nNet cash provided by...