PUBMNasdaqServices-Computer Programming, Data Processing, Etc.US GAAP · USD

PubMatic, Inc.

PubMatic, Inc. is a U.S.-based advertising technology company that operates an independent, cloud-based platform for digital ad transactions. Its software connects publishers, buyers, data providers, and commerce media networks to help monetize digital inventory across web, mobile, video, and connected TV.

Kysy yhtiöstä
Liikevaihto283milj. USD
−2,9 %v/v
Liikevoitto (EBIT)−17,3milj. USD
−539,5 %v/v
EBIT-marginaali−6,1%
−7,4 %-yks.v/v
Nettotulos−14,5milj. USD
−215,7 %v/v
Vapaa kassavirta66,7milj. USD
+19,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1000100200300milj. USD2020: 149 milj. USD2020: EBIT 32 milj. USD20202021: 227 milj. USD2021: EBIT 59 milj. USD20212022: 256 milj. USD2022: EBIT 41 milj. USD20222023: 267 milj. USD2023: EBIT 2,0 milj. USD20232024: 291 milj. USD2024: EBIT 3,9 milj. USD20242025: 283 milj. USD2025: EBIT −17 milj. USD2025283−17
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: PubMatic, Inc.

Liiketoiminta

Osuus liikevaihdosta
Core ad tech platform60 %

Real-time infrastructure that monetizes publisher ad impressions and routes demand from buyers.

Header bidding solutions15 %

OpenWrap and related tools that manage header bidding and improve publisher monetization.

Buyer tools and data products10 %

Connect and related products that provide reporting, data, and workflow support to buyers.

Direct deal and commerce media products10 %

Activate and Convert products that support direct transactions and commerce media use cases.

Identity and audience solutions5 %

Audience and identity products used to improve targeting and addressability.

Asiakkaat

PubMatic sells primarily to digital publishers that want to monetize ad inventory and to buyers such as advertisers, agencies, agency trading desks, and DSPs that want access to transparent programmatic supply. It also serves commerce media networks and other digital media participants that need infrastructure for direct deals, data, and workflow integration. The platform is used because it sits between supply and demand and helps both sides improve control, efficiency, and performance.

Publishers

Buy ad monetization infrastructure, header bidding tools, and audience solutions to maximize yield from inventory.

Advertisers and agencies

Use the platform and SPO arrangements to access inventory with transparency, control, and performance reporting.

DSPs and agency trading desks

Connect to publisher supply through programmatic workflows and demand-side integrations.

Commerce media networks

Use Activate and related tools to execute direct deals and monetize commerce-linked audiences.

Strategia

PubMatic’s strategy centers on winning new customers, deepening relationships with existing publishers and buyers, and expanding usage across more inventory types and devices. It also emphasizes SPO agreements and the Activate platform to capture more ad spend while keeping technology costs relatively fixed, which supports scale economics in programmatic advertising.

Acquire new customers and expand existing accounts globallyKeskipitkä aikaväli

Growth depends on adding inventory and demand relationships across regions and devices.

Expand SPO agreements and Activate adoptionLyhyt aikaväli

These increase spend on the platform without proportional technology cost growth.

Differentiate through AI-powered and transparent infrastructureKeskipitkä aikaväli

Independent infrastructure and AI tools support buyer trust and publisher monetization.

Maantiede

Q1/2026

PubMatic operates globally and sells to publishers and buyers across multiple regions, using its own infrastructure and sales presence in key markets. The company notes that it evaluates new markets by leveraging its global platform and adjacent sales offices or by expanding infrastructure and personnel locally. Its business is exposed to regional advertising demand, privacy regulation, and the location of digital media growth.

USA55 %
EMEA34 %
Asia Pacific11 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

PubMatic is exposed to cyclical advertising demand, which directly affects the volume and value of ad impressions processed on its platform. It also faces competitive and partner concentration risk in the digital ad ecosystem, including dependence on major participants such as Google, as well as privacy regulation, data access changes, and execution risk in scaling its infrastructure and products.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Advertising market cyclicality1Google ecosystem dependence and litigation uncertainty2Privacy and data regulation3Competitive pressure in programmatic advertising4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Advertising market cyclicalityVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue is tied to overall demand for digital advertising and impression volumes.

    Kohdistuu: Publisher monetization and buyer spend on the platform

  2. Google ecosystem dependence and litigation uncertaintyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A material portion of revenue is generated through Google-related relationships, and Google is both a partner and competitor.

    KohdistuuAccess to platformsCommercial termsDemand flow
  3. Privacy and data regulationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Ad tech relies on user data, identifiers, and cross-device measurement that are increasingly regulated.

    KohdistuuTargetingAudience solutionsBuyer reporting
  4. Competitive pressure in programmatic advertisingVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Large platforms and infrastructure providers compete for publisher inventory and buyer spend.

    KohdistuuPricingCustomer retentionShare of wallet
Kysy Clarifolta: PubMatic, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition on a net basis

The company invoices buyers but pays publishers, so judgment on principal versus agent drives reported revenue.

Vaikutus: Affects gross billings, reported revenue, and comparability over time

Volume discounts and rebates

Revenue is reduced for expected incentive terms and SPO-related arrangements.

Vaikutus: Can shift revenue timing and reduce recognized net revenue

Internal-use software capitalization

Platform development costs are capitalized and amortized over time.

Vaikutus: Affects operating expense, investing cash flow, and asset balances

Uncertain tax positions

The company disclosed long-term income tax liabilities related to uncertain tax positions.

Vaikutus: Can create future cash outflows and tax expense volatility

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Päivitetty: 24.9.2026

PubMatic, Inc. (PUBM) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo