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PubMatic (PUBM) Q2 2026 Earnings Report
PUBM Q2 2026 EPS Results
- Actual EPS
- -$0.03
- Consensus EPS
- -$0.18
- Beat/Miss
- Beat by +$0.15
- One Year Ago EPS
- -$0.11
PUBM Q2 2026 Revenue Results
- Actual Revenue
- $78.59M
- Expected Revenue
- $68.95M
- Beat/Miss
- Beat by +$9.64M
- YoY Revenue Growth
- +10.55%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 08/06/2026
- Time
- After Close
- Conference Call
- Thursday, August 6, 2026
PubMatic's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call presented multiple strong operational and financial positives: return to double-digit revenue growth, robust adjusted EBITDA and free cash flow expansion, rapid adoption of AI and agentic products, improved monetization and premium supply wins, and a debt-free balance sheet with active buybacks. Near-term negatives are limited to a small GAAP loss, selective vertical softness, increased near-term CapEx and OpEx related to AI infrastructure investments, the early-stage nature of agentic market adoption (execution risk), and ongoing macro/legal uncertainties (e.g., DOJ case). Overall, the positives materially outweigh the lowlights and indicate strong momentum and confidence in durable growth driven by AI-native products and platform advantages.
PubMatic guided Q3 revenue of $75.0–$77.0 million (about 12% year‑over‑year growth at the midpoint) with Q3 adjusted EBITDA of $17–$19 million; they expect cost of revenue and operating expenses to rise by a low‑single‑digit percentage sequentially in Q3, continued double‑digit revenue growth into the second half, Q4 adjusted EBITDA margin to be similar to last year’s Q4 (driving meaningful full‑year margin expansion), and they raised full‑year CapEx to $20–$25 million to support AI/NVIDIA investments (expected to generate incremental revenue with a payback of ~12 months or less).
- Return to Double-Digit Revenue GrowthRevenue grew 11% year-over-year in Q2 2026, marking a return to double-digit YoY growth ahead of schedule, with management expecting growth to accelerate through the second half of the year and Q3 revenue guidance of $75M–$77M (~12% growth at the midpoint).
- Strong Profitability and Cash GenerationAdjusted EBITDA rose 38% year-over-year to $19.6M (25% margin vs. 20% a year ago); GAAP net loss was modest at $1.2M (‑$0.03 per share); net operating cash flow increased 36% YoY to $20.2M and free cash flow increased 47% YoY to $13.7M.
- Shift to High-Value Formats Driving GrowthApproximately 60% of revenue came from CTV, mobile app and emerging streams (double the share from 3 years ago); these categories grew nearly 40% YoY. Mobile app revenue grew >40% YoY (~25% of total revenue) and CTV grew 13% globally (20% of total revenue) with the Americas CTV up 25% YoY.
- Emerging AI Products and Agentic AdoptionAgenticOS traction accelerated: 80 agentic campaigns completed (up from ~30 last quarter) and ~4,000 AI-powered deals; emerging revenues nearly doubled YoY to ~15% of total revenue; Activate direct buying more than doubled YoY—driving new, incremental revenue and advertiser adoption.
- Monetization and Efficiency ImprovementsMonetized impressions rose 4% sequentially while gross impressions were intentionally reduced 2% sequentially, driving a 19% increase in gross profit YoY and indicating improved monetization rate and platform efficiency; OpEx growth held to 4% YoY despite go-to-market investments.
- Strategic Partnerships, Product Innovation and ScaleLaunched Decision Fabric (containerization) and deployed 20+ agents; partnerships with NVIDIA for GPU infrastructure, Gracenote for live-sports intelligence, Channel 4 and Sony Pictures (preferred SSP) expand premium supply; premium supply base now includes 2,000+ publishers and 100,000+ streamers/apps/sites.
- Capital Allocation and Balance Sheet StrengthEnded Q2 with $137.5M in cash and marketable securities, zero debt; repurchased $21.5M of shares (2.1M Class A shares) in the quarter and have bought back 15.5M shares for $211.4M since program inception, with $63.6M remaining authorization; long-term net operating cash of ~ $450M since 2021 and ~$246M free cash flow since 2021.
- Guidance and Investment for GrowthQ3 adjusted EBITDA guidance of $17M–$19M; full-year CapEx raised to $20M–$25M to support increased AI workloads and NVIDIA partnership, expected incremental revenue with ~12 months payback; expect Q4 adjusted EBITDA margin similar to prior year leading to full-year margin expansion.
- Commercial Momentum and Use-Case WinsCase studies show strong outcomes: AgenticOS delivered >2x reach-per-dollar in controlled comparisons and rapid ramped retargeting; a DTC wellness campaign achieved 5x ROAS (2x client objective); Smadex increased spend on PubMatic 10x YoY with 75% of incremental spend into CTV.
- Leadership and Organizational ContinuityCFO announced retirement but will remain through Q1 2027 and as advisor through July 1 to ensure transition; new Global CRO Megan Ramm joining to strengthen sales execution and direct-to-brand relationships.
PUBM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 09, 2026 | 2026 (Q3) | -0.01- | -0.14 | ― | ― |
| Aug 06, 2026 | 2026 (Q2) | -0.18-0.03 | -0.11 | 72.73% (+0.08) | |
| May 07, 2026 | 2026 (Q1) | -0.32-0.27 | -0.2 | -35.00% (-0.07) | |
| Feb 26, 2026 | 2025 (Q4) | -0.010.14 | 0.26 | -46.15% (-0.12) | |
| Nov 10, 2025 | 2025 (Q3) | -0.21-0.14 | -0.02 | -600.00% (-0.12) | |
| Aug 11, 2025 | 2025 (Q2) | -0.16-0.11 | 0.04 | -375.00% (-0.15) | |
| May 08, 2025 | 2025 (Q1) | -0.21-0.20 | -0.05 | -300.00% (-0.15) | |
| Feb 27, 2025 | 2024 (Q4) | 0.230.26 | 0.34 | -23.53% (-0.08) | |
| Nov 12, 2024 | 2024 (Q3) | -0.06-0.02 | 0.03 | -166.67% (-0.05) | |
| Aug 08, 2024 | 2024 (Q2) | -0.020.04 | -0.11 | 136.36% (+0.15) |
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.
