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Jun 30, 2025
Magnite Q2 2025 Earnings Report
Magnite reported its second quarter 2025 financial results, exceeding guidance for total top-line results and Adjusted EBITDA, driven by strong performance in DV+ and growth in CTV.
Key Takeaways
Magnite delivered a strong second quarter in 2025, with revenue increasing by 6% year-over-year to $173.3 million. The company reported a net income of $11.1 million, a significant improvement from a net loss in the prior year, and non-GAAP EPS of $0.20. Contribution ex-TAC grew 10% year-over-year, exceeding guidance, with CTV contribution ex-TAC growing 14%. Adjusted EBITDA increased by 22% year-over-year, reaching $54.4 million, with a 34% margin.
Revenue increased by 6% year-over-year to $173.3 million.
Contribution ex-TAC grew 10% year-over-year to $162.0 million, surpassing guidance.
Net income was $11.1 million, a substantial improvement from a net loss in Q2 2024.
Adjusted EBITDA rose 22% year-over-year to $54.4 million, achieving a 34% margin.
Forward Guidance
Magnite provided guidance for Q3 2025 and reinstated full-year 2025 expectations, anticipating continued growth in Contribution ex-TAC and Adjusted EBITDA.
Positive Outlook
- Q3 2025 Total Contribution ex-TAC expected between $161 million and $165 million.
- Q3 2025 Contribution ex-TAC attributable to CTV expected between $71 million and $73 million, representing 10% to 13% growth (17% to 20% excluding political).
- Q3 2025 Contribution ex-TAC attributable to DV+ expected between $90 million and $92 million, representing 6% to 8% growth.
- Full-year 2025 Total Contribution ex-TAC growth above 10% (mid-teens excluding political).
- Full-year 2025 Adjusted EBITDA growth in the mid-teens percentage and Adjusted EBITDA margin expansion of at least 150 basis points.
Challenges Ahead
- Some continued uncertainty related to the macro environment.
- Adjusted EBITDA operating expenses for Q3 2025 are expected to be between $109 million and $111 million.
- No specific negative financial guidance provided beyond general macro uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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