Magnite (MGNI) Q3 2026 Earnings Report
MX:MGNI Q3 2026 EPS Results
- Actual EPS
- MXN 6.18
- Consensus EPS
- MXN 5.36
- Beat/Miss
- Beat by +MXN 0.82
- One Year Ago EPS
- MXN 3.75
MX:MGNI Q3 2026 Revenue Results
- Actual Revenue
- MXN 3.82B
- Expected Revenue
- MXN 3.56B
- Beat/Miss
- Beat by +MXN 262.28M
- YoY Revenue Growth
- +13.76%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
Magnite's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, led by broad Q3 outperformance, 39% CTV growth, improving DV+ results, record political contribution, higher profitability, strong cash generation and raised 2026 guidance. Management also expressed confidence in 2027 growth, strategic partnerships and long-term CTV momentum. Offsetting issues included challenges in display and international DV+, open web traffic pressure, political crowd-out effects, early Agentic monetization and uncertainty around Google remedy implementation timing.
For the fourth quarter of 2026, Magnite expects contribution ex-TAC of $227 million to $233 million, representing growth of 16% to 19%, CTV contribution ex-TAC of $124 million to $127 million, representing a growth range of 33% to 36%, DV+ contribution ex-TAC of $103 million to $106 million, representing a growth range of 2% to 4%, adjusted EBITDA operating expenses of $125 million to $127 million, and adjusted EBITDA margin of 44% to 46%; for full year 2026, it expects total contribution ex-TAC growth of approximately 17%, adjusted EBITDA percentage growth of approximately 30%, adjusted EBITDA margin of approximately 38.5%, free cash flow growth above 60%, and CapEx of approximately $60 million; political contribution ex-TAC is expected to be over $40 million for 2026; for 2027, it expects top line growth excluding political of over 15% or over 10% on a reported basis and adjusted EBITDA margin of at least 38.5%, with no upside from Google remedies included; it also expects a long-term 3 to 5 year growth rate in CTV of approximately 25%, while DV+ is expected to be roughly flat to modest low single-digit growth.
- Strong Q3 Outperformance Across the BusinessMagnite reported one of its best quarters, significantly exceeding expectations across both CTV and DV+. Total revenue was $204 million, up 14% from Q3 2025, while contribution ex-TAC was $201 million, up 20% and more than $10 million above expectations.
- CTV Delivered Robust GrowthCTV contribution ex-TAC was $105 million, up 39% year-over-year and above the guidance range of $98 million to $100 million. CTV represented 53% of total contribution ex-TAC, and growth across the top 10 CTV accounts was once again in the mid-40% range year-over-year, with remaining partners growing above 30%.
- DV+ Performance Exceeded ExpectationsDV+ contribution ex-TAC was $95 million, up 5% year-over-year and above the top end of guidance. Mobile in-app grew 17% year-over-year and represented approximately 35% of the DV+ business.
- Record Political ContributionPolitical contribution ex-TAC was approximately $12 million in Q3, with more than three-fourths benefiting CTV. Magnite now expects political contribution ex-TAC to exceed $40 million in 2026, compared with the previous projection of $15 million; this would be more than double the last presidential election and nearly four times the last midterm cycle.
- ClearLine and Political Technology AdoptionApproximately 20% of political ad spend flowed through ClearLine. Magnite stated that ClearLine shortens the path to supply and improves ROI for political advertisers, while its supply-side decisioning capabilities provide customized access to curated supply at scale.
- Improved Profitability and Operating LeverageAdjusted EBITDA was $83 million, up 46% year-over-year, with a 42% margin versus 34% in Q3 2025. Adjusted EBITDA exceeded expectations by $13 million. Net income was $34 million, up 70% from $20 million, while GAAP diluted EPS increased to $0.23 from $0.13 and non-GAAP EPS increased to $0.33 from $0.20.
- Raised Full-Year 2026 GuidanceMagnite raised full-year contribution ex-TAC growth to approximately 17% from 13% to 14% previously; adjusted EBITDA growth to approximately 30% from greater than 20%; adjusted EBITDA margin to approximately 38.5% from at least 37%; and free cash flow growth to above 60% from the high 40% range. CapEx guidance was reaffirmed at approximately $60 million.
- Positive Fourth-Quarter and 2027 OutlookQ4 contribution ex-TAC guidance is $227 million to $233 million, representing growth of 16% to 19%. CTV contribution ex-TAC is expected at $124 million to $127 million, up 33% to 36%, while DV+ is expected at $103 million to $106 million, up 2% to 4%. For 2027, Magnite expects top-line growth excluding political of over 15%, or over 10% on a reported basis, with adjusted EBITDA margin of at least 38.5%.
- Long-Term CTV Growth OpportunityMagnite expects a long-term three- to five-year CTV growth rate of approximately 25%. Management said industry growth rates are generally in the low teens and that Magnite expects to exceed, if not greatly exceed, industry growth based on its market position.
- Expanded Strategic PartnershipsLG Ad Solutions signed a three-year extension and expansion, including exclusive ad serving via SpringServe and Agentic buying on the LG TV home screen. Magnite also expanded its relationship with Kelly, became HP TV+'s primary video ad server and programmatic technology partner, and was selected by Pinterest as its primary supply-side platform for the global launch of programmatic deals.
- OpenAI PartnershipMagnite confirmed that it is working with OpenAI as one of its partners and is acting as an SSP piping demand into OpenAI's advertising inventory.
- SpringServe and CTV Infrastructure PositionManagement described SpringServe as a key differentiator and the operating system for CTV monetization. SpringServe serves as an efficient path to Magnite's programmatic demand, while Magnite's orchestration layer supports inventory discovery, packaging and optimization.
- Lower Streaming Infrastructure CostsCloud costs were kept roughly flat year-over-year by moving capacity on-prem. Magnite reduced its cost per billion streaming ad requests by over 50% year-over-year, supporting increased supply and continued growth.
- Strong Cash Flow and Balance SheetCash at quarter-end was $393 million, up from $333 million at the end of Q2. Operating cash flow, defined as adjusted EBITDA less CapEx, was $68 million, with $15 million of capital expenditures. Leverage was negative 0.2x because Magnite had more cash than debt.
- Debt Repricing and Interest SavingsMagnite repriced its $358 million Term Loan B and $175 million revolver. The term loan interest margin was reduced by 50 basis points to term SOFR plus 2.5%, while the revolver margin was reduced by 100 basis points to SOFR plus a margin ranging from 2.5% to 3%. The term loan repricing is expected to provide approximately $1.8 million in annualized cash interest savings.
- Share RepurchasesMagnite repurchased or withheld nearly 1.2 million shares for approximately $29 million during Q3. Year-to-date through Q3, it repurchased or withheld approximately 5.5 million shares for about $86 million, with $145 million remaining under the current authorization through February 2028.
- AI Productivity and Agentic CapabilitiesManagement reported productivity benefits from AI across engineering, operations, sales and G&A. AI has accelerated product development and reduced the time from idea generation through market launch. Magnite's Agentic tools include buyer and seller agents and an orchestration layer; management said approximately half of users rely on Magnite's tools and half use their own agents.
- Sports and International CTV MomentumManagement said major college and professional sports are now transacting programmatically and represent a significant and rapidly growing part of the platform. International CTV remains a healthy growth area, with Magnite following media owners such as Netflix, Paramount and Disney+ into new markets.
MX:MGNI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 8.84- | 6.37 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 5.366.18 | 3.75 | 65.00% (+2.43) | |
| Aug 05, 2026 | 2026 (Q2) | 4.554.87 | 3.75 | 30.00% (+1.12) | |
| May 06, 2026 | 2026 (Q1) | 1.992.43 | 2.25 | 8.33% (+0.19) | |
| Feb 25, 2026 | 2025 (Q4) | 6.636.37 | 6.37 | 0.00% (+0.00) | |
| Nov 05, 2025 | 2025 (Q3) | 3.763.75 | 3.18 | 17.65% (+0.56) | |
| Aug 06, 2025 | 2025 (Q2) | 3.113.75 | 2.62 | 42.86% (+1.12) | |
| May 07, 2025 | 2025 (Q1) | 1.242.25 | 0.94 | 140.00% (+1.31) | |
| Feb 26, 2025 | 2024 (Q4) | 6.786.37 | 5.43 | 17.24% (+0.94) | |
| Nov 07, 2024 | 2024 (Q3) | 3.033.18 | 2.25 | 41.67% (+0.94) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
