PUBM · Pubmatic, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.57M | - | $67.96M | $71.09M | $63.83M | - | $71.79M | $67.27M | $66.70M | - |
| Cost of Revenue | $26.09M | - | $25.40M | $26.61M | $25.59M | - | $25.51M | $25.16M | $25.42M | - |
| Gross Profit | $36.47M | - | $42.56M | $44.48M | $38.24M | - | $46.28M | $42.11M | $41.28M | - |
| R&D | $7.99M | - | $9.62M | $9.12M | $8.77M | - | $8.81M | $8.66M | $7.96M | - |
| SG&A | $14.79M | - | $15.63M | $15.63M | $14.57M | - | $15.13M | $14.34M | $14.03M | - |
| Total Operating Expenses | $51.75M | - | $50.98M | $49.94M | $50.14M | - | $47.64M | $46.09M | $46.80M | - |
| D&A | $3.50M | - | $4.20M | $5.70M | $5.80M | - | $6.10M | $6.40M | $6.60M | - |
| Operating Income | ($15.27M) | - | ($8.42M) | ($5.46M) | ($11.90M) | - | ($1.36M) | ($3.98M) | ($5.53M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($2.60M) | - | ($1.71M) | ($862.0K) | ($1.84M) | - | $586.0K | $412.0K | ($249.0K) | - |
| Net Income | ($12.51M) | - | ($6.45M) | ($5.21M) | ($9.49M) | - | ($912.0K) | $1.97M | ($2.45M) | - |
| EPS - Basic | ($0.27) | - | ($0.14) | ($0.11) | ($0.20) | - | ($0.02) | $0.04 | ($0.05) | - |
| EPS - Diluted | ($0.27) | - | ($0.14) | ($0.11) | ($0.20) | - | ($0.02) | $0.04 | ($0.05) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $144.88M | $145.52M | $136.55M | $90.48M | $101.81M | $100.45M | $78.91M | $73.52M | $80.19M | $78.51M |
| Accounts Receivable | $336.90M | $358.24M | $362.59M | $383.40M | $349.12M | $424.81M | $376.79M | $351.59M | $303.28M | $375.47M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $342.64M | $343.62M | $356.47M | $361.37M | $323.61M | $386.60M | $360.70M | $340.79M | $289.18M | $347.67M |
| Current Assets | $504.18M | $522.65M | $520.45M | $512.96M | $505.27M | $575.55M | $529.81M | $531.97M | $488.90M | $561.96M |
| Total Assets | $659.44M | $680.20M | $676.19M | $675.22M | $668.60M | $739.52M | $689.14M | $673.10M | $626.19M | $695.24M |
| Current Liabilities | $368.86M | $375.85M | $388.42M | $388.74M | $350.16M | $418.81M | $392.77M | $370.12M | $315.78M | $379.59M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $408.44M | $417.61M | $431.13M | $431.94M | $393.00M | $462.26M | $425.94M | $390.37M | $337.46M | $399.04M |
| Stockholders' Equity | $251.00M | $262.59M | $245.06M | $243.28M | $275.60M | $277.26M | $263.20M | $282.73M | $288.73M | $296.20M |
| Retained Earnings | $122.41M | $134.92M | $128.24M | $134.69M | $139.90M | $149.38M | $135.49M | $136.40M | $134.43M | $136.88M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $17.30M | - | - | - | $15.62M | - | - | - | $24.29M | - |
| Investing Cash Flow | ($9.59M) | - | - | - | ($10.07M) | - | - | - | ($3.87M) | - |
| Financing Cash Flow | ($8.06M) | - | - | - | ($4.47M) | - | - | - | ($18.74M) | - |
| CapEx | $11.0K | - | - | - | $1.44M | - | - | - | $801.0K | - |
| Free Cash Flow | $17.28M | - | - | - | $14.18M | - | - | - | $23.49M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 58.3% | - | 62.6% | 62.6% | 59.9% | - | 64.5% | 62.6% | 61.9% | - |
| Operating margin | -24.4% | - | -12.4% | -7.7% | -18.6% | - | -1.9% | -5.9% | -8.3% | - |
| EBITDA margin | -18.8% | - | -6.2% | 0.3% | -9.6% | - | 6.6% | 3.6% | 1.6% | - |
| Net margin | -20.0% | - | -9.5% | -7.3% | -14.9% | - | -1.3% | 2.9% | -3.7% | - |
| Free cash flow margin | 27.6% | - | - | - | 22.2% | - | - | - | 35.2% | - |
| FCF / Net income | -1.38 | - | - | - | -1.49 | - | - | - | -9.57 | - |
| R&D / Revenue | 12.8% | - | 14.1% | 12.8% | 13.7% | - | 12.3% | 12.9% | 11.9% | - |
| SG&A / Revenue | 23.6% | - | 23.0% | 22.0% | 22.8% | - | 21.1% | 21.3% | 21.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | 17.3% | - | - |
| Return on assets | -1.9% | - | -1.0% | -0.8% | -1.4% | - | -0.1% | 0.3% | -0.4% | - |
| Return on equity | -5.0% | - | -2.6% | -2.1% | -3.4% | - | -0.3% | 0.7% | -0.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.37 | 1.39 | 1.34 | 1.32 | 1.44 | 1.37 | 1.35 | 1.44 | 1.55 | 1.48 |
| Quick ratio | 1.37 | 1.39 | 1.34 | 1.32 | 1.44 | 1.37 | 1.35 | 1.44 | 1.55 | 1.48 |
| Cash ratio | 0.39 | 0.39 | 0.35 | 0.23 | 0.29 | 0.24 | 0.20 | 0.20 | 0.25 | 0.21 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 2.63 | 2.59 | 2.76 | 2.78 | 2.43 | 2.67 | 2.62 | 2.38 | 2.17 | 2.35 |
| Liabilities / Assets | 0.62 | 0.61 | 0.64 | 0.64 | 0.59 | 0.63 | 0.62 | 0.58 | 0.54 | 0.57 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.10 | 0.11 | 0.10 | - | 0.10 | 0.10 | 0.11 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 1965d | - | 1947d | 1968d | 1997d | - | 1916d | 1908d | 1660d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 4793d | - | 5122d | 4956d | 4616d | - | 5161d | 4944d | 4152d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | 507.7x | - | - |
| P / B | 1.5x | - | 1.6x | 2.4x | 1.6x | - | 2.8x | 4.0x | 4.1x | - |
| P / S | 6.2x | - | 5.6x | 8.3x | 6.9x | - | 10.2x | 16.8x | 17.8x | - |
| EV / EBITDA | - | - | - | 2077.4x | - | - | 137.4x | 437.0x | 1029.5x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -2.0% | - | -5.3% | 5.7% | -4.3% | - | 12.7% | 6.2% | 20.4% | - |
| Revenue CAGR (3y) | 4.1% | - | 1.8% | 4.1% | 5.4% | - | 23.8% | 36.7% | 33.0% | - |
| Revenue CAGR (5y) | 17.2% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -4.6% | - | -8.0% | 5.6% | -7.4% | - | 23.1% | 10.0% | 30.9% | - |
| Operating income growth (YoY) | -28.3% | - | -516.8% | -37.0% | -115.4% | - | -139.1% | 44.1% | 48.2% | - |
| Net income growth (YoY) | -31.9% | - | -607.5% | - | -286.6% | - | - | - | 58.2% | - |
| EPS growth (YoY) | -35.0% | - | -600.0% | - | -300.0% | - | - | - | 54.5% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 21.9% | - | - | - | -39.6% | - | - | - | 107.2% | - |
| FCF CAGR (5y) | 5.2% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -8.9% | -5.3% | -6.9% | -14.0% | -4.5% | -6.4% | -8.8% | -4.0% | -5.8% | -5.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$282.93M totalReportable Segment$282.93M · 100.0%
Geographic
$282.93M totalUS$158.07M · 55.9%
EMEA$90.55M · 32.0%
Asia Pacific$28.44M · 10.1%
Rest Of The World$5.87M · 2.1%
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing PubMatic against the 5 most active filers in the same SIC group.