PUBM

MKT CAP:$452M

PubMatic, Inc.

Market Cap

$452M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$9.52+$0.93 (+10.83%)

Apr 22, 2026

Company Details

PubMatic, Inc. provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include Openwrap, a header bidding solutio...

CEO

Rajeev K. Goel

IPO Date

Dec 9, 2020

Website

pubmatic.com

Key Metrics TTM

Revenue

$283M

-2.9% YoY

Net Income

-$14M

EPS (Diluted)

-$0.31

Free Cash Flow

$33M

Revenue / Share

$5.74

Gross Margin

63.6%

Operating Margin

-6.1%

Net Margin

-5.1%

FCF Margin

11.5%

P/S

1.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$283M-2.9%EPS -$0.31

Q4 2025

Feb 26, 2026

$80M-6.4%EPS $0.14

Q3 2025

Nov 10, 2025

$68M-5.3%EPS -$0.14

Q2 2025

Aug 11, 2025

$71M+5.7%EPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$55M	$37M	$5M
Q2 22	$63M	$44M	$10M
Q3 22	$65M	$43M	$10M
Q4 22	$74M	$51M	$17M
Q1 23	$55M	$32M	-$11M
Q2 23	$63M	$38M	-$7M
Q3 23	$64M	$38M	-$571.0K
Q4 23	$85M	$60M	$20M
Q1 24	$67M	$41M	-$6M
Q2 24	$67M	$42M	-$4M
Q3 24	$72M	$46M	-$1M
Q4 24	$86M	$61M	$15M
Q1 25	$64M	$38M	-$12M
Q2 25	$71M	$44M	-$5M
Q3 25	$68M	$43M	-$8M
Q4 25	$80M	$55M	$9M

Valuation

Quarter	P/S	P/E
Q1 22	6.4x	27.0x
Q2 22	4.0x	18.5x
Q3 22	3.6x	20.9x
Q4 22	2.8x	25.0x
Q1 23	2.8x	39.9x
Q2 23	3.6x	207.0x
Q3 23	2.3x	201.3x
Q4 23	2.9x	86.4x
Q1 24	4.3x	96.6x
Q2 24	3.6x	51.1x
Q3 24	2.5x	42.8x
Q4 24	2.5x	58.6x
Q1 25	1.5x	80.2x
Q2 25	2.1x	—
Q3 25	1.4x	—
Q4 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$19M	$15M
Q2 22	$20M	$6M
Q3 22	$28M	$11M
Q4 22	$19M	$7M
Q1 23	$13M	$5M
Q2 23	$16M	$11M
Q3 23	$24M	$17M
Q4 23	$29M	$20M
Q1 24	$24M	$16M
Q2 24	$12M	$7M
Q3 24	$19M	$3M
Q4 24	$18M	$9M
Q1 25	$16M	$7M
Q2 25	$15M	$9M
Q3 25	$32M	$23M
Q4 25	$18M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$15M
Q3 22	$17M
Q4 22	$12M
Q1 23	$7M
Q2 23	$5M
Q3 23	$7M
Q4 23	$9M
Q1 24	$8M
Q2 24	$5M
Q3 24	$16M
Q4 24	$9M
Q1 25	$8M
Q2 25	$6M
Q3 25	$10M
Q4 25	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+25.1%	+35.2%
Q2 22	+26.9%	+34.7%
Q3 22	+11.0%	+24.6%
Q4 22	-1.7%	+21.4%
Q1 23	+1.6%	+32.2%
Q2 23	+0.5%	+32.4%
Q3 23	-1.3%	+17.1%
Q4 23	+13.9%	+11.1%
Q1 24	+20.4%	+9.3%
Q2 24	+6.2%	+1.1%
Q3 24	+12.7%	+13.9%
Q4 24	+1.1%	+10.1%
Q1 25	-4.3%	+4.8%
Q2 25	+5.7%	+7.4%
Q3 25	-5.3%	+4.4%
Q4 25	-6.4%	+1.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	9.4%
Q2 22	$5M	8.6%
Q3 22	$5M	7.2%
Q4 22	$5M	7.4%
Q1 23	$7M	12.7%
Q2 23	$7M	11.5%
Q3 23	$7M	11.3%
Q4 23	$7M	8.7%
Q1 24	$9M	13.7%
Q2 24	$10M	14.4%
Q3 24	$9M	13.2%
Q4 24	$9M	11.0%
Q1 25	$10M	15.2%
Q2 25	$10M	13.8%
Q3 25	$10M	14.0%
Q4 25	$9M	11.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$5M	$11M	$16M
Q2 22	$5M	$11M	$18M
Q3 22	$5M	$12M	$16M
Q4 22	$6M	$11M	$18M
Q1 23	$7M	$13M	$23M
Q2 23	$7M	$19M	$20M
Q3 23	$7M	$12M	$20M
Q4 23	$7M	$18M	$20M
Q1 24	$8M	$14M	$25M
Q2 24	$9M	$14M	$23M
Q3 24	$9M	$15M	$24M
Q4 24	$8M	$14M	$24M
Q1 25	$9M	$15M	$27M
Q2 25	$9M	$16M	$25M
Q3 25	$10M	$16M	$26M
Q4 25	$6M	$15M	$25M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	25.1%	21.6%	46.7
Q2 22	26.9%	27.2%	54.1
Q3 22	11.0%	29.0%	40.0
Q4 22	-1.7%	36.6%	34.9
Q1 23	1.6%	1.4%	2.9
Q2 23	0.5%	5.9%	6.4
Q3 23	-1.3%	17.0%	15.7
Q4 23	13.9%	37.2%	51.0
Q1 24	20.4%	8.5%	28.9
Q2 24	6.2%	10.9%	17.1
Q3 24	12.7%	14.0%	26.7
Q4 24	1.1%	30.7%	31.7
Q1 25	-4.3%	-0.4%	-4.7
Q2 25	5.7%	9.0%	14.7
Q3 25	-5.3%	3.4%	-1.9
Q4 25	-6.4%	24.2%	17.8

Rule of 40

Revenue Segments

Quarter	Reportable Segment
Q1 25	$64M
Q2 25	$71M
Q3 25	$68M
Q4 25	$80M

Revenue by Geography

Quarter	Asia Pacific	Emea	Rest Of The World	United States
Q1 22	$6M	$15M	$1M	$33M
Q2 22	$7M	$17M	$935.0K	$38M
Q3 22	$6M	$17M	$739.0K	$41M
Q4 22	$5M	$24M	$904.0K	$44M
Q1 23	$4M	$18M	$945.0K	$33M
Q2 23	$4M	$20M	$1M	$38M
Q3 23	$5M	$20M	$1M	$38M
Q4 23	$6M	$28M	$1M	$50M
Q1 24	$5M	$20M	$1M	$41M
Q2 24	$6M	$20M	$1M	$40M
Q3 24	$7M	$20M	$1M	$44M
Q1 25	$5M	$19M	$1M	$38M
Q2 25	$6M	$24M	$1M	$39M
Q3 25	$8M	$21M	$1M	$38M
Q4 25	$9M	$26M	$2M	$43M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$74M	$100M	$175M
Q2 22	$52M	$131M	$183M
Q3 22	$52M	$114M	$166M
Q4 22	$92M	$82M	$174M
Q1 23	$79M	$94M	$173M
Q2 23	$106M	$65M	$171M
Q3 23	$98M	$74M	$171M
Q4 23	$79M	$97M	$175M
Q1 24	$80M	$94M	$174M
Q2 24	$74M	$92M	$166M
Q3 24	$79M	$61M	$140M
Q4 24	$100M	$40M	$141M
Q1 25	$102M	$42M	$144M
Q2 25	$90M	$27M	$118M
Q3 25	$137M	$0	$137M
Q4 25	$146M	$0	$146M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	57M	+0.2%	+0.2%
Q2 22	57M	-0.1%	+0.7%
Q3 22	57M	+0.2%	+0.8%
Q4 22	57M	-0.0%	+0.3%
Q1 23	53M	-7.4%	-7.3%
Q2 23	52M	-1.3%	-8.5%
Q3 23	56M	+7.6%	-1.7%
Q4 23	55M	-1.9%	-3.5%
Q1 24	50M	-8.9%	-5.1%
Q2 24	56M	+11.1%	+6.8%
Q3 24	49M	-11.7%	-12.4%
Q4 24	53M	+7.3%	-4.2%
Q1 25	48M	-8.1%	-3.4%
Q2 25	47M	-2.4%	-15.1%
Q3 25	46M	-2.7%	-6.4%
Q4 25	49M	+7.4%	-6.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$76.5K	713
Q2 22	$88.4K	713
Q3 22	$90.5K	713
Q4 22	$84.9K	875
Q1 23	$63.3K	875
Q2 23	$72.4K	875
Q3 23	$72.8K	875
Q4 23	$89.2K	948
Q1 24	$70.4K	948
Q2 24	$71.0K	948
Q3 24	$75.7K	948
Q4 24	$81.5K	1K
Q1 25	$60.8K	1K
Q2 25	$67.8K	1K
Q3 25	$64.8K	1K
Q4 25	$77.7K	1K

Revenue / Employee