PubMatic (NASDAQ:PUBM) Releases Earnings Results, Beats Expectations By $0.27 EPS

Posted by Francis Steltz on Nov 9th, 2026

PubMatic (NASDAQ:PUBM – Get Free Report) released its earnings results on Monday. The company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.27, FiscalAI reports. The firm had revenue of $79.58 million during the quarter, compared to the consensus estimate of $76.09 million. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%.

Here are the key takeaways from PubMatic’s conference call:

PubMatic reported record third-quarter revenue of $78.8 million, up 17% year over year, while adjusted EBITDA more than doubled to $26 million, lifting its margin to 33%. Operating cash flow was $30.8 million and free cash flow was $17.6 million.
High-value channels and emerging products grew more than 50% and made up nearly two-thirds of revenue. CTV grew over 30%, mobile app nearly 40%, and emerging revenue more than doubled; Activate buying activity increased over 8x year over year.
Agentic advertising adoption continued to build, with buyers running more than 120 fully agentic campaigns since AgenticOS launched, and PubMatic announced a partnership to support ads in ChatGPT. Management cited early campaign performance gains, though it did not quantify the partnership’s current revenue contribution.
Management expects fourth-quarter revenue of $91 million–$93 million and full-year revenue of $312 million–$314 million, implying about 15% and 11% growth at the respective midpoints; full-year adjusted EBITDA is forecast at $79 million–$81 million. The outlook assumes continued stability, rather than significant growth, from a legacy DSP relationship, and does not include potential benefits from Google ad-tech case remedies.
Gross margin approached 70%, but management said a change in server useful-life assumptions added about two percentage points; it attributed five additional points to operating improvements. PubMatic also raised its full-year capital expenditure outlook to $24 million–$28 million to support infrastructure and product investments.

PubMatic Stock Up 6.9%

Shares of NASDAQ PUBM traded up $1.22 during midday trading on Monday, reaching $19.03. 738,586 shares of the stock were exchanged, compared to its average volume of 675,512. The firm has a market cap of $866.82 million, a price-to-earnings ratio of -63.43 and a beta of 1.59. The firm has a 50-day simple moving average of $17.39 and a two-hundred day simple moving average of $12.30. PubMatic has a twelve month low of $6.15 and a twelve month high of $19.48.

Insider Activity

In related news, General Counsel Andrew Woods sold 10,079 shares of the stock in a transaction on Monday, October 5th. The shares were sold at an average price of $18.65, for a total transaction of $187,973.35. Following the sale, the general counsel directly owned 39,761 shares of the company’s stock, valued at approximately $741,542.65. This represents a 20.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Steven Pantelick sold 23,491 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $18.97, for a total transaction of $445,624.27. Following the sale, the chief financial officer directly owned 32,526 shares in the company, valued at $617,018.22. This trade represents a 41.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 361,818 shares of company stock valued at $6,481,715. 27.78% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Raymond James Financial raised shares of PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Friday, August 7th. Citizens Jmp upped their price objective on shares of PubMatic from $12.00 to $20.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. Evercore reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of PubMatic in a report on Monday, August 10th. Citigroup reiterated an “outperform” rating on shares of PubMatic in a research note on Friday, August 7th. Finally, Weiss Ratings cut shares of PubMatic from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.73.

View Our Latest Research Report on PUBM

About PubMatic

(Get Free Report)

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that provides solutions for the programmatic advertising industry. Its platform helps publishers, app developers and content creators manage and monetize advertising inventory across websites, mobile applications, connected television and other digital channels.

The company operates primarily as a sell-side platform, connecting publishers with advertisers, agencies and demand-side platforms. Its offerings include tools for real-time bidding, yield management, audience targeting, identity solutions, supply-path optimization and header bidding.