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Sep 30, 2025
PubMatic Q3 2025 Earnings Report
PubMatic reported a year-over-year revenue decline and a GAAP net loss for Q3 2025, though it exceeded guidance on adjusted EBITDA and maintained strong cash flow.
Key Takeaways
PubMatic delivered Q3 2025 results ahead of guidance on adjusted EBITDA despite a year-over-year revenue decline. The company posted a GAAP net loss but remained profitable on a non-GAAP basis. Key growth came from CTV, Activate, and AI-driven platform advancements.
Revenue reached $67.96 million, down from $71.79 million in Q3 2024, which included $5M in political ad revenue.
GAAP net loss widened to $6.45 million from $0.91 million a year ago.
Non-GAAP net income was $1.58 million, or $0.03 per share.
Free cash flow surged to $22.79 million from $2.87 million in Q3 2024.
Forward Guidance
PubMatic expects Q4 2025 revenue between $73M to $77M and adjusted EBITDA between $19M and $21M, assuming stable macroeconomic and geopolitical conditions.
Positive Outlook
- Revenue guidance reflects continued growth in CTV and online video.
- Activate platform and SPO expansion supporting top-line acceleration.
- Operational efficiencies expected to expand margins.
- Strong free cash flow generation to continue.
- AI-driven platform continues to enhance publisher monetization.
Challenges Ahead
- One top DSP buyer expected to impact Q4 revenue range.
- Adjusted EBITDA outlook includes negative FX impact from Euro and GBP.
- Year-over-year revenue still down despite excluding political ads.
- Net income guidance not provided due to unpredictability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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