Magnite Reports Third Quarter 2025 Results
Magnite (NASDAQ: MGNI) reported Q3 2025 results with revenue $179.5M (up 11% YoY) and Contribution ex-TAC $166.8M (up 12% YoY; 16% ex-political). CTV Contribution was $75.8M (up 18% YoY; 25% ex-political) and DV+ Contribution was $90.9M (up 7% YoY; 10% ex-political). Net income was $20.1M ($0.13 diluted) versus $5.2M a year ago. Adjusted EBITDA $57.2M (up 13%) and Adjusted EBITDA margin was 34%. Operating cash flow was $39.1M.
Q4 2025 guidance: Total Contribution ex-TAC $191M–$196M (6%–9% growth; 13%–16% ex-political); CTV $87M–$89M; DV+ $104M–$107M. Full-year 2025: expect >10% Contribution growth (mid-teens ex-political) and mid-teens Adjusted EBITDA growth with ~180 bps margin expansion. Full-year 2026: Contribution growth ≥11% and Adjusted EBITDA margin ≥35%.
Magnite (NASDAQ: MGNI) ha riportato i risultati del terzo trimestre 2025 con ricavi di $179,5 milioni (in crescita dell'11% anno su anno) e Contributo ex-TAC $166,8 milioni (in crescita del 12% YoY; 16% ex-politico). Contribution CTV è stato di $75,8 milioni (in crescita dell'18% YoY; 25% ex-politico) e Contributo DV+ è stato di $90,9 milioni (in crescita del 7% YoY; 10% ex-politico). L'utile netto è stato $20,1 milioni ($0,13 diluito) rispetto a $5,2 milioni dell'anno precedente. EBITDA rettificato $57,2 milioni (in crescita del 13%) e il margine EBITDA rettificato era del 34%. Il flusso di cassa operativo è stato di $39,1 milioni.
Guidance per il Q4 2025: Total Contribution ex-TAC $191M–$196M (crescita 6%–9%; 13%–16% ex-politico); CTV $87M–$89M; DV+ $104M–$107M. Per l'intero anno 2025: si prevede una crescita del Contributo superiore al 10% (doppia cifra escludendo la politica) e una crescita a doppia cifra dell'EBITDA rettificato con ~180 punti base di espansione del margine. Per l'intero anno 2026: crescita del Contributo ≥11% e margine EBITDA rettificato ≥35%.
Magnite (NASDAQ: MGNI) informó resultados del tercer trimestre de 2025 con ingresos de $179,5M (un 11% interanual) y Contribución ex-TAC $166,8M (un 12% interanual; 16% ex-político). Contribución CTV fue de $75,8M (un 18% interanual; 25% ex-político) y Contribución DV+ fue de $90,9M (un 7% interanual; 10% ex-político). El ingreso neto fue de $20,1M ($0,13 diluido) frente a $5,2M hace un año. EBITDA ajustado $57,2M (un 13%); y el margen de EBITDA ajustado fue del 34%. El flujo de caja operativo fue de $39,1M.
Guía para el Q4 2025: Contribución total ex-TAC $191M–$196M (crecimiento 6%–9%; 13%–16% ex-político); CTV $87M–$89M; DV+ $104M–$107M. Año completo 2025: se espera crecimiento de Contribución >10% (tes medio de la decena en ex-político) y crecimiento del EBITDA ajustado de cifra de doble dígito con expansión de margen de ~180 pb. Año completo 2026: Contribución crecimiento ≥11% y margen EBITDA ajustado ≥35%.
Magnite(NASDAQ: MGNI)는 2025년 3분기 실적을 발표했습니다. 매출 $179.5M (전년동기 대비 11% 증가) 및 TAC 제외 기여 $166.8M (전년동기 대비 12% 증가; 정치적 이슈 제외 16%). CTV 기여는 $75.8M(전년동기 대비 18% 증가; 정치적 이슈 제외 25%)였고 DV+ 기여는 $90.9M(전년동기 대비 7% 증가; 정치적 이슈 제외 10%)였습니다. 순이익은 $20.1M(희석 주당가 $0.13)으로 전년 대비 $5.2M였습니다. 조정 EBITDA $57.2M (+13%), 조정 EBITDA 마진은 34%였습니다. 영업 현금 흐름은 $39.1M이었습니다.
2025년 4분기 가이드: TAC 제외 총 기여 $191M–$196M(성장 6%–9%; 정치적 이슈 제외 13%–16%); CTV $87M–$89M; DV+ $104M–$107M. 2025년 전체: 기여 성장 >10% 예상(정치적 이슈 제외 중간~상단 성장) 및 조정 EBITDA 성장 중간~상단과 약 180bp의 마진 확장. 2026년 전체: 기여 성장 ≥11% 및 조정 EBITDA 마진 ≥35%.
Magnite (NASDAQ: MGNI) a publié les résultats du T3 2025 avec un chiffre d'affaires de 179,5 millions de dollars (en hausse de 11% sur un an) et Contribution ex-TAC 166,8 millions de dollars (en hausse de 12% sur un an; 16% hors politique). Contribution CTV était de 75,8 millions de dollars (en hausse de 18% sur un an; 25% hors politique) et Contribution DV+ était de 90,9 millions de dollars (en hausse de 7% sur un an; 10% hors politique). Le résultat net était de 20,1 millions de dollars (0,13 dollar dilué) contre 5,2 millions l'année dernière. EBITDA ajusté 57,2 millions (+13%) et la marge EBITDA ajustée était de 34%. Le flux de trésorerie opérationnel était de 39,1 millions de dollars.
Guidance pour le Q4 2025: Contribution totale ex-TAC 191–196 millions de dollars (croissance 6%–9%; 13%–16% hors politique); CTV 87–89 millions; DV+ 104–107 millions. Pour l'année complète 2025: on s'attend à une croissance de la Contribution >10% (seuil médian hors politique) et à une croissance de l'EBITDA ajusté à un chiffre moyen avec une expansion de marge d'environ 180 points de base. Pour l'année complète 2026: croissance de la Contribution ≥11% et marge EBITDA ajusté ≥35%.
Magnite (NASDAQ: MGNI) meldete die Ergebnisse für Q3 2025 mit Umsatz $179,5 Mio. (YoY +11%) und Beitrag ex-TAC $166,8 Mio. (YoY +12%; 16% ex-politisch). CTV-Beitrag betrug $75,8 Mio. (YoY +18%; 25% ex-politisch) und DV+ Beitrag betrug $90,9 Mio. (YoY +7%; 10% ex-politisch). Nettoeinkommen betrug $20,1 Mio. (verwässert $0,13) gegenüber $5,2 Mio. vor einem Jahr. Bereinigtes EBITDA $57,2 Mio. (+13%) und die bereinigte EBITDA-Marge lag bei 34%. Operativer Cashflow betrug $39,1 Mio.
Ausblick Q4 2025: Totaler Beitrag ex-TAC $191M–$196M (Wachstum 6%–9%; 13%–16% ex-politisch); CTV $87M–$89M; DV+ $104M–$107M. Für das Gesamtjahr 2025 wird ein Beitragwachstum von >10% erwartet (mittlere zweistellige Werte ex-politischen) und mittlere zweistellige Wachstumsraten beim bereinigten EBITDA mit ca. 180 Basispunkten Marginexpansion. Für das Gesamtjahr 2026: Beitragswachstum ≥11% und bereinigte EBITDA-Marge ≥35%.
Magnite (ناسداك: MGNI) أبلغت عن نتائج الربع الثالث من عام 2025 مع إيرادات تبلغ 179.5 مليون دولار (ارتفاع 11% على أساس سنوي) والمساهمة باستثناء TAC 166.8 مليون دولار (ارتفاع 12% على أساس سنوي؛ 16% باستثناء السياسة). المساهمة في CTV كانت 75.8 مليون دولار (ارتفاع 18% على أساس سنوي؛ 25% باستثناء السياسة) والمساهمة DV+ كانت 90.9 مليون دولار (ارتفاع 7% على أساس سنوي؛ 10% باستثناء السياسة). صافي الدخل كان 20.1 مليون دولار (64/0.13 مخفف) مقابل 5.2 ملايين دولار قبل عام. EBITDA المعدل 57.2 مليون دولار (+13%) وهامش EBITDA المعدل كان 34%. التدفق النقدي من التشغيل كان 39.1 مليون دولار.
التوجيه للربع الرابع من 2025: إجمالي المساهمة باستثناء TAC 191–196 مليون دولار (نمو 6%–9%; 13%–16% باستثناء السياسة)؛ مساهمة CTV 87–89 مليون دولار؛ DV+ 104–107 مليون دولار. السنة الكلية 2025: نتوقع نمو المساهمة >10% (مع متوسط مرتفع باستثناء السياسة) ونمو EBITDA المعدل بمعدل مزدوج مع توسيع الهامش بنحو 180 نقطة أس. السنة الكلية 2026: نمو المساهمة ≥11% وهوامش EBITDA المعدلة ≥35%.
- Revenue +11% year-over-year to $179.5M
- Contribution ex-TAC +12% year-over-year to $166.8M
- CTV Contribution +18% year-over-year ($75.8M); +25% excluding political
- Adjusted EBITDA +13% year-over-year to $57.2M (34% margin)
- Full-year 2026 guide: Contribution growth ≥11% and Adjusted EBITDA margin ≥35%
- DV+ Contribution growth only +7% year-over-year to $90.9M
- Q4 2025 reported Contribution guidance implies single-digit growth (6%–9%)
Insights
Magnite beat guidance with double-digit Contribution ex-TAC growth, strong CTV performance, and expanding margins.
Magnite delivered
Key dependencies and risks include execution against guidance and the impact of political ad seasonality, which the company quantifies by excluding political results where material. Management flagged benefits from the streamer.ai acquisition and AI tools, but those statements are forward-looking and should be monitored as outcomes, not facts. Watch the
Contribution ex-TAC(1) Grows
Contribution ex-TAC(1) from CTV Grows
NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today reported its results of operations for the quarter ended September 30, 2025.
Q3 2025 Highlights:
- Revenue of
$179.5 million , up11% year-over-year - Contribution ex-TAC(1) of
$166.8 million , up12% year-over-year (16% excluding political), exceeded guidance of$161 t o$165 million - Contribution ex-TAC(1) attributable to CTV of
$75.8 million , up18% year-over-year (25% excluding political), exceeded guidance of$71 t o$73 million - Contribution ex-TAC(1) attributable to DV+ of
$90.9 million , up7% year-over-year (10% excluding political), within the guidance range of$90 t o$92 million - Net income of
$20.1 million , or$0.13 per diluted share, compared to a net income of$5.2 million , or$0.04 per diluted share for Q3 2024 - Adjusted EBITDA(1) of
$57.2 million , up13% year-over-year, representing a34% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of$50.6 million or a34% margin in Q3 2024 - Non-GAAP earnings per share(1) of
$0.20 , compared to non-GAAP earnings per share(1) of$0.17 for Q3 2024 - Operating cash flow(3) of
$39.1 million
Q4 2025 Expectations:
- Total Contribution ex-TAC(1) to be between
$191 million and$196 million (representing growth of6% to9% , or13% to16% , excluding political) - Contribution ex-TAC(1) attributable to CTV to be between
$87 million and$89 million (representing growth of12% to14% , or23% to25% , excluding political) - Contribution ex-TAC(1) attributable to DV+ to be between
$104 million and$107 million (representing growth of2% to5% , or7% to10% , excluding political) - Adjusted EBITDA operating expenses(4) to be between
$112 million and$114 million
Full-Year 2025 Expectations:
- Continue to expect total Contribution ex-TAC(1) growth above
10% , or mid-teens excluding political - Mid-teens percentage growth of Adjusted EBITDA(1)
- Increasing Adjusted EBITDA margin(2) expansion to approximately 180 basis points
Full-Year 2026 Expectations:
- Total Contribution ex-TAC(1) growth of at least
11% - Adjusted EBITDA margin(2) of at least
35%
“Magnite once again exceeded total top-line expectations, delivering an exceptional CTV result, with growth of
| Third Quarter 2025 Results Summary | ||||||||||||
| (in millions, except per share amounts and percentages) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, 2025 | September 30, 2024 | Change Favorable/ (Unfavorable) | September 30, 2025 | September 30, 2024 | Change Favorable/ (Unfavorable) | |||||||
| Revenue | ||||||||||||
| Gross profit | ||||||||||||
| Contribution ex-TAC (1) | ||||||||||||
| Net income (loss) | ( | NM | ||||||||||
| Adjusted EBITDA (1) | ||||||||||||
| Adjusted EBITDA margin (2) | 0 ppt | 3 ppt | ||||||||||
| Basic earnings (loss) per share | ( | NM | ||||||||||
| Diluted earnings (loss) per share | ( | NM | ||||||||||
| Non-GAAP earnings per share (1) | ||||||||||||
NM = Not meaningful
| Footnotes: | ||
| (1 | ) | Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called "Non-GAAP Financial Measures" and the reconciliations included at the end of this press release. |
| (2 | ) | Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC. |
| (3 | ) | Operating cash flow is calculated as Adjusted EBITDA less capital expenditures. |
| (4 | ) | Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. |
Third Quarter 2025 Results Conference Call and Webcast:
The Company will host a conference call on November 5, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its third quarter of 2025.
| Live conference call | |
| Toll free number: | (844) 875-6911 (for domestic callers) |
| Direct dial number: | (412) 902-6511 (for international callers) |
| Passcode: | Ask to join the Magnite conference call |
| Simultaneous audio webcast: | http://investor.magnite.com under "Events and Presentations" |
| Conference call replay | |
| Toll free number: | (877) 344-7529 (for domestic callers) |
| Direct dial number: | (412) 317-0088 (for international callers) |
| Passcode: | 2966522 |
| Webcast link: | http://investor.magnite.com under "Events and Presentations" |
About Magnite
We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world's leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.
Forward-Looking Statements:
This press release and management's prepared remarks during the conference call referred to above include, and management's answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "anticipate," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television ("CTV"); our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates, or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; the effects of regulatory developments or antitrust rulings on competitive dynamics in our industry; our litigation against Google LLC, or the anticipated benefits thereof; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.
We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the period ended March 31, 2025, and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
Non-GAAP Financial Measures and Operational Measures:
In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See "Reconciliation of Revenue to Gross Profit to Contribution ex-TAC," "Reconciliation of net income (loss) to Adjusted EBITDA," "Reconciliation of net income (loss) to non-GAAP income," and "Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings per share" included as part of this press release.
We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.
Contribution ex-TAC:
Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost ("TAC"). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.
Adjusted EBITDA:
We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, including amortization of acquired intangible assets, impairment charges, interest income or expense, provision (benefit) for income taxes, and certain cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, certain litigation expenses, and non-operational real estate and other expenses (income), net. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:
- Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
- Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
- Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:
- Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
- Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
- Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
- Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, certain transaction expenses, and changes in the fair value of contingent consideration.
- Adjusted EBITDA does not reflect cash and non-cash charges related to interest income and interest expense and certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
- Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
- Adjusted EBITDA does not reflect litigation expenses for specific proceedings.
- Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net.
- Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
- Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.
Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:
We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, certain litigation expense, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).
Investor Relations Contact
Nick Kormeluk
(949) 500-0003
nkormeluk@magnite.com
Media Contact
Charlstie Veith
(516) 300-3569
press@magnite.com
| MAGNITE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 482,127 | $ | 483,220 | ||||
| Accounts receivable, net | 1,215,444 | 1,200,046 | ||||||
| Prepaid expenses and other current assets | 27,943 | 19,914 | ||||||
| TOTAL CURRENT ASSETS | 1,725,514 | 1,703,180 | ||||||
| Property and equipment, net | 97,043 | 68,730 | ||||||
| Right-of-use lease assets | 65,481 | 50,329 | ||||||
| Internal use software development costs, net | 28,088 | 26,625 | ||||||
| Intangible assets, net | 15,078 | 21,309 | ||||||
| Goodwill | 983,902 | 978,217 | ||||||
| Other assets, non-current | 5,587 | 6,378 | ||||||
| TOTAL ASSETS | $ | 2,920,693 | $ | 2,854,768 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,479,746 | $ | 1,466,377 | ||||
| Lease liabilities, current | 20,200 | 16,086 | ||||||
| Debt, current, net of debt issuance costs | 208,154 | 3,641 | ||||||
| Other current liabilities | 4,949 | 9,880 | ||||||
| TOTAL CURRENT LIABILITIES | 1,713,049 | 1,495,984 | ||||||
| Debt, non-current, net of debt discount and issuance costs | 348,111 | 550,104 | ||||||
| Lease liabilities, non-current | 48,757 | 38,983 | ||||||
| Other liabilities, non-current | 2,822 | 1,479 | ||||||
| TOTAL LIABILITIES | 2,112,739 | 2,086,550 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 1,449,094 | 1,433,809 | ||||||
| Accumulated other comprehensive loss | (1,533 | ) | (4,421 | ) | ||||
| Accumulated deficit | (639,609 | ) | (661,172 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 807,954 | 768,218 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,920,693 | $ | 2,854,768 | ||||
| MAGNITE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Revenue | $ | 179,494 | $ | 162,003 | $ | 508,597 | $ | 474,202 | ||||||||
| Expenses (1)(2): | ||||||||||||||||
| Cost of revenue | 69,356 | 62,544 | 197,108 | 191,052 | ||||||||||||
| Sales and marketing | 40,348 | 39,585 | 130,777 | 125,514 | ||||||||||||
| Technology and development | 20,198 | 20,261 | 64,073 | 72,981 | ||||||||||||
| General and administrative | 24,551 | 24,490 | 71,003 | 73,786 | ||||||||||||
| Total expenses | 154,453 | 146,880 | 462,961 | 463,333 | ||||||||||||
| Income from operations | 25,041 | 15,123 | 45,636 | 10,869 | ||||||||||||
| Other (income) expense: | ||||||||||||||||
| Interest expense, net | 4,668 | 6,848 | 14,916 | 21,599 | ||||||||||||
| Foreign exchange (gain) loss, net | (416 | ) | 3,019 | 6,745 | 1,220 | |||||||||||
| Loss on extinguishment of debt | — | 319 | 2,152 | 7,706 | ||||||||||||
| Other income | (154 | ) | (1,306 | ) | (730 | ) | (3,882 | ) | ||||||||
| Total other expense, net | 4,098 | 8,880 | 23,083 | 26,643 | ||||||||||||
| Income (loss) before income taxes | 20,943 | 6,243 | 22,553 | (15,774 | ) | |||||||||||
| Provision (benefit) for income taxes | 885 | 1,029 | 990 | (2,153 | ) | |||||||||||
| Net income (loss) | $ | 20,058 | $ | 5,214 | $ | 21,563 | $ | (13,621 | ) | |||||||
| Earnings (loss) per share: | ||||||||||||||||
| Basic | $ | 0.14 | $ | 0.04 | $ | 0.15 | $ | (0.10 | ) | |||||||
| Diluted | $ | 0.13 | $ | 0.04 | $ | 0.14 | $ | (0.10 | ) | |||||||
| Weighted average shares used to compute earnings (loss) per share: | ||||||||||||||||
| Basic | 143,009 | 141,270 | 142,176 | 140,376 | ||||||||||||
| Diluted | 153,166 | 148,697 | 150,516 | 140,376 | ||||||||||||
(1) Stock-based compensation expense included in our expenses was as follows: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Cost of revenue | $ | 479 | $ | 523 | $ | 1,586 | $ | 1,501 | ||||||||
| Sales and marketing | 7,777 | 7,755 | 25,369 | 23,963 | ||||||||||||
| Technology and development | 3,959 | 4,288 | 12,801 | 14,593 | ||||||||||||
| General and administrative | 5,829 | 6,104 | 19,055 | 19,104 | ||||||||||||
| Total stock-based compensation expense | $ | 18,044 | $ | 18,670 | $ | 58,811 | $ | 59,161 | ||||||||
(2) Depreciation and amortization expense included in our expenses was as follows: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Cost of revenue | $ | 12,088 | $ | 11,878 | $ | 36,312 | $ | 34,032 | ||||||||
| Sales and marketing | 91 | 2,485 | 3,424 | 7,684 | ||||||||||||
| Technology and development | 79 | 101 | 215 | 372 | ||||||||||||
| General and administrative | 50 | 73 | 168 | 252 | ||||||||||||
| Total depreciation and amortization expense | $ | 12,308 | $ | 14,537 | $ | 40,119 | $ | 42,340 | ||||||||
| MAGNITE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | 21,563 | $ | (13,621 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 40,119 | 42,340 | ||||||
| Stock-based compensation | 58,811 | 59,161 | ||||||
| Loss on extinguishment of debt | 2,152 | 7,706 | ||||||
| Amortization of debt discount and issuance costs | 2,752 | 3,136 | ||||||
| Non-cash lease expense | (1,633 | ) | (2,291 | ) | ||||
| Deferred income taxes | (1,347 | ) | (2,176 | ) | ||||
| Unrealized foreign currency (gain) loss, net | 4,356 | (846 | ) | |||||
| Other items, net | 619 | 711 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (16,319 | ) | 10,113 | |||||
| Prepaid expenses and other assets | (7,407 | ) | (855 | ) | ||||
| Accounts payable and accrued expenses | 9,880 | 16,426 | ||||||
| Other liabilities | (5,835 | ) | 700 | |||||
| Net cash provided by operating activities | 107,711 | 120,504 | ||||||
| INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (45,131 | ) | (29,082 | ) | ||||
| Capitalized internal use software development costs | (10,148 | ) | (11,587 | ) | ||||
| Mergers and acquisitions, net of indemnification claims holdback | (8,100 | ) | — | |||||
| Other investing activities | (362 | ) | — | |||||
| Net cash used in investing activities | (63,741 | ) | (40,669 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount | 92,622 | 413,463 | ||||||
| Repayment of the Term Loan B Facility from refinancing and repricing activities | (92,622 | ) | (403,113 | ) | ||||
| Payment for debt issuance costs | (159 | ) | (4,547 | ) | ||||
| Repayment of debt | (1,816 | ) | (913 | ) | ||||
| Proceeds from exercise of stock options | 2,972 | 368 | ||||||
| Proceeds from issuance of common stock under employee stock purchase plan | 2,111 | 1,983 | ||||||
| Purchase of treasury stock | (22,880 | ) | (9,006 | ) | ||||
| Taxes paid related to net share settlement | (27,268 | ) | (17,682 | ) | ||||
| Net cash used in financing activities | (47,040 | ) | (19,447 | ) | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,977 | 637 | ||||||
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,093 | ) | 61,025 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period | 483,220 | 326,219 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period | $ | 482,127 | $ | 387,244 | ||||
| MAGNITE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS–(Continued) (In thousands) (unaudited) | ||||||||
| Nine Months Ended | ||||||||
| SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: | September 30, 2025 | September 30, 2024 | ||||||
| Cash paid for income taxes | $ | 2,836 | $ | 3,160 | ||||
| Cash paid for interest | $ | 21,674 | $ | 28,748 | ||||
| Capitalized assets financed by accounts payable and accrued expenses and other liabilities | $ | 6,969 | $ | 511 | ||||
| Capitalized stock-based compensation | $ | 1,539 | $ | 2,000 | ||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 31,032 | $ | 11,020 | ||||
| Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities | $ | 2,140 | $ | — | ||||
| Non-cash financing activity related to Amendment Nos. 1 and 2 to the 2024 Credit Agreement | $ | 270,555 | $ | 311,974 | ||||
| Purchase consideration – indemnification claims holdback | $ | 2,000 | $ | — | ||||
| MAGNITE, INC. CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE (In thousands, except per share data) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Basic Earnings (Loss) Per Share: | ||||||||||||||||
| Net income (loss) | $ | 20,058 | $ | 5,214 | $ | 21,563 | $ | (13,621 | ) | |||||||
| Weighted-average common shares outstanding used to compute basic earnings (loss) per share | 143,009 | 141,270 | 142,176 | 140,376 | ||||||||||||
| Basic earnings (loss) per share | $ | 0.14 | $ | 0.04 | $ | 0.15 | $ | (0.10 | ) | |||||||
| Diluted Earnings (Loss) Per Share: | ||||||||||||||||
| Net income (loss) used to calculated diluted earnings (loss) per share | $ | 20,058 | $ | 5,214 | $ | 21,563 | $ | (13,621 | ) | |||||||
| Weighted-average common shares outstanding used to compute basic earnings (loss) per share | 143,009 | 141,270 | 142,176 | 140,376 | ||||||||||||
| Dilutive effect of weighted-average restricted stock units | 6,124 | 4,654 | 4,887 | — | ||||||||||||
| Dilutive effect of weighted-average common stock options | 2,412 | 1,955 | 2,153 | — | ||||||||||||
| Dilutive effect of weighted-average performance stock units | 1,569 | 796 | 1,260 | — | ||||||||||||
| Dilutive effect of weighted-average Employee Stock Purchase Plan shares | 52 | 22 | 40 | — | ||||||||||||
| Weighted-average shares used to compute diluted earnings (loss) per share | 153,166 | 148,697 | 150,516 | 140,376 | ||||||||||||
| Diluted earnings (loss) per share | $ | 0.13 | $ | 0.04 | $ | 0.14 | $ | (0.10 | ) | |||||||
| MAGNITE, INC. RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Revenue | $ | 179,494 | $ | 162,003 | $ | 508,597 | $ | 474,202 | ||||||||
| Less: Cost of revenue | 69,356 | 62,544 | 197,108 | 191,052 | ||||||||||||
| Gross Profit | 110,138 | 99,459 | 311,489 | 283,150 | ||||||||||||
| Add back: Cost of revenue, excluding TAC | 56,641 | 49,969 | 163,094 | 143,594 | ||||||||||||
| Contribution ex-TAC | $ | 166,779 | $ | 149,428 | $ | 474,583 | $ | 426,744 | ||||||||
| MAGNITE, INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Net income (loss) | $ | 20,058 | $ | 5,214 | $ | 21,563 | $ | (13,621 | ) | |||||||
| Add back (deduct): | ||||||||||||||||
| Stock-based compensation expense | 18,044 | 18,670 | 58,811 | 59,161 | ||||||||||||
| Depreciation and amortization expense, excluding amortization of acquired intangible assets | 10,067 | 7,038 | 27,605 | 19,678 | ||||||||||||
| Amortization of acquired intangibles | 2,241 | 7,499 | 12,514 | 22,662 | ||||||||||||
| Merger, acquisition, and restructuring costs, excluding stock-based compensation expense | 162 | — | 162 | — | ||||||||||||
| Interest expense, net | 4,668 | 6,848 | 14,916 | 21,599 | ||||||||||||
| Provision (benefit) for income taxes | 885 | 1,029 | 990 | (2,153 | ) | |||||||||||
| Foreign exchange (gain) loss, net | (416 | ) | 3,019 | 6,745 | 1,220 | |||||||||||
| Loss on extinguishment of debt | — | 319 | 2,152 | 7,706 | ||||||||||||
| Other debt refinancing expense | — | 963 | 967 | 4,103 | ||||||||||||
| Litigation expense (1) | 527 | — | 1,043 | — | ||||||||||||
| Non-operational real estate and other (income) expense, net | 935 | (35 | ) | 894 | (18 | ) | ||||||||||
| Adjusted EBITDA | $ | 57,171 | $ | 50,564 | $ | 148,362 | $ | 120,337 | ||||||||
(1) Litigation expense includes professional and legal expenses related to our litigation against Google LLC and defense costs relating to class action privacy litigation. Amounts for the six months ended June 30, 2025 for such matters have been reclassified from "Non-operational real estate and other(income) expense, net" to conform with the current presentation. For additional information, see the "Regulatory Developments and Google Litigation" section and Part II, Item 1. "Legal Proceedings" within our Quarterly Report on Form 10-Q for the period ended September 30, 2025. | ||||||||||||||||
| MAGNITE, INC. RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Net income (loss) | $ | 20,058 | $ | 5,214 | $ | 21,563 | $ | (13,621 | ) | |||||||
| Add back (deduct): | ||||||||||||||||
| Stock-based compensation expense | 18,044 | 18,670 | 58,811 | 59,161 | ||||||||||||
| Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense | 2,403 | 7,499 | 12,676 | 22,662 | ||||||||||||
| Foreign exchange (gain) loss, net | (416 | ) | 3,019 | 6,745 | 1,220 | |||||||||||
| Loss on extinguishment of debt | — | 319 | 2,152 | 7,706 | ||||||||||||
| Other debt refinancing expense | — | 963 | 967 | 4,103 | ||||||||||||
| Litigation expense (1) | 527 | — | 1,043 | — | ||||||||||||
| Non-operational real estate and other (income) expense, net | 935 | (35 | ) | 894 | (18 | ) | ||||||||||
| Interest expense, Convertible Senior Notes | 421 | 422 | 1,264 | 1,265 | ||||||||||||
| Tax effect of Non-GAAP adjustments (2) | (10,078 | ) | (10,528 | ) | (25,974 | ) | (27,467 | ) | ||||||||
| Non-GAAP income | $ | 31,894 | $ | 25,543 | $ | 80,141 | $ | 55,011 | ||||||||
(1) Litigation expense includes professional and legal expenses related to our litigation against Google LLC and defense costs relating to class action privacy litigation. Amounts for the six months ended June 30, 2025 for such matters have been reclassified from "Non-operational real estate and other(income) expense, net" to conform with the current presentation. For additional information, see the "Regulatory Developments and Google Litigation" section and Part II, Item 1. "Legal Proceedings" within our Quarterly Report on Form 10-Q for the period ended September 30, 2025.. (2) Non-GAAP income includes the estimated tax impact from the reconciling items between net income (loss) and non-GAAP income. | ||||||||||||||||
| MAGNITE, INC. RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE (In thousands, except per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| GAAP earnings (loss) per share (1): | ||||||||||||||||
| Basic | $ | 0.14 | $ | 0.04 | $ | 0.15 | $ | (0.10 | ) | |||||||
| Diluted | $ | 0.13 | $ | 0.04 | $ | 0.14 | $ | (0.10 | ) | |||||||
| Non-GAAP income (2) | $ | 31,894 | $ | 25,543 | $ | 80,141 | $ | 55,011 | ||||||||
| Non-GAAP earnings per share | $ | 0.20 | $ | 0.17 | $ | 0.52 | $ | 0.37 | ||||||||
| Weighted-average shares used to compute basic earnings (loss) per share | 143,009 | 141,270 | 142,176 | 140,376 | ||||||||||||
| Dilutive effect of weighted-average common stock options, RSUs, and PSUs | 10,105 | 7,405 | 8,300 | 5,583 | ||||||||||||
| Dilutive effect of weighted-average ESPP shares | 52 | 22 | 40 | 47 | ||||||||||||
| Dilutive effect of weighted-average Convertible Senior Notes | 3,210 | 3,210 | 3,210 | 3,210 | ||||||||||||
| Non-GAAP weighted-average shares outstanding | 156,376 | 151,907 | 153,726 | 149,216 | ||||||||||||
(1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute basic and diluted earnings (loss) per share as included in the condensed consolidated statement of operations. (2) Refer to reconciliation of net income (loss) to non-GAAP income. | ||||||||||||||||
| MAGNITE, INC. CONTRIBUTION EX-TAC BY CHANNEL (In thousands) (unaudited) | |||||||||||||||||||||||
| Contribution ex-TAC | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||||||||||
| Channel: | |||||||||||||||||||||||
| CTV | $ | 75,847 | 45 | % | $ | 64,389 | 43 | % | $ | 210,615 | 44 | % | $ | 182,236 | 43 | % | |||||||
| Mobile | 64,428 | 39 | % | 59,346 | 40 | % | 186,208 | 40 | % | 170,358 | 40 | % | |||||||||||
| Desktop | 26,504 | 16 | % | 25,693 | 17 | % | 77,760 | 16 | % | 74,150 | 17 | % | |||||||||||
| Total | $ | 166,779 | 100 | % | $ | 149,428 | 100 | % | $ | 474,583 | 100 | % | $ | 426,744 | 100 | % | |||||||
FAQ
What were Magnite's Q3 2025 revenue and Contribution ex-TAC (MGNI)?
How much did Magnite's CTV business grow in Q3 2025 (MGNI)?
What was Magnite's Adjusted EBITDA and margin for Q3 2025 (MGNI)?
What guidance did Magnite give for Q4 2025 Contribution ex-TAC (MGNI)?
What full-year 2026 targets did Magnite announce (MGNI)?
Did Magnite report positive net income in Q3 2025 (MGNI)?
