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Sep 30, 2025
Viant Q3 2025 Earnings Report
Viant posted record Q3 2025 results with strong CTV growth and exceeded guidance on revenue, contribution ex-TAC, and adjusted EBITDA.
Key Takeaways
Viant Technology reported a 7% YoY revenue increase in Q3 2025, driven by record connected TV ad spend, strong contribution ex-TAC, and disciplined cost management. Net income declined but adjusted EBITDA improved, reflecting strong underlying business momentum.
Revenue rose to $85.6 million, up from $79.9 million YoY
Record CTV ad spend made up 46% of total ad spend
Adjusted EBITDA reached $16.03 million, up 9% YoY
Non-GAAP net income totaled $11.2 million despite a decline in GAAP net income
Revenue by Segment
Forward Guidance
Viant expects strong momentum into Q4 2025 with revenue projected between $101.5M–$104.5M, contribution ex-TAC of $62M–$64M, and adjusted EBITDA of $22.5M–$23.5M.
Positive Outlook
- Revenue expected to grow 20% YoY in Q4 (adjusted for political spend and client transition)
- Contribution ex-TAC projected to grow 21% YoY in Q4
- Expected adjusted EBITDA margin of 37%, up 500bps YoY
- Momentum driven by new brand and agency client wins
- Continued growth from proprietary solutions like ViantAI, Household ID, and IRIS_ID
Challenges Ahead
- Reported revenue growth of 7% YoY does not reflect headwinds adjustment
- Net income declined 20% YoY
- Non-GAAP net income declined 9% YoY
- Net income as a % of gross profit dropped from 18% to 13%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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