What is PubMatic's operating income?

PubMatic's total operating income in 2025 was -$17.26 million, based on the following breakdown: Total Gross Profit: $179.84 million Total Operating Expenses: $197.10 million

PubMatic (PUBM) Financials

$13.09 +0.36 (+2.83%)

Closing price 07/20/2026 04:00 PM Eastern

Extended Trading

$12.96 -0.13 (-0.99%)

As of 07/20/2026 07:38 PM Eastern

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Annual Income Statements for PubMatic

This table shows PubMatic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.64	27	57	29	8.88	13	-14
Consolidated Net Income / (Loss)	6.64	27	57	29	8.88	13	-14
Net Income / (Loss) Continuing Operations	6.64	27	57	29	8.88	13	-14
Total Pre-Tax Income	9.22	32	65	37	11	18	-16
Total Operating Income	8.51	32	59	41	2.04	3.93	-17
Total Gross Profit	78	108	169	175	168	190	180
Total Revenue	114	149	227	256	267	291	283
Operating Revenue	114	149	227	256	267	291	283
Total Cost of Revenue	36	41	58	82	99	101	103
Operating Cost of Revenue	36	41	58	82	99	101	103
Total Operating Expenses	69	76	110	134	166	186	197
Selling, General & Admin Expense	20	20	36	45	56	58	60
Marketing Expense	36	43	58	69	83	95	103
Research & Development Expense	12	12	16	21	27	33	34
Total Other Income / (Expense), net	0.71	-0.18	6.01	-3.05	8.47	14	1.31
Interest & Investment Income	1.29	0.54	-	2.21	8.83	8.48	5.46
Other Income / (Expense), net	-0.58	-0.71	5.71	-5.27	-0.36	5.37	-4.15
Income Tax Expense	2.58	4.97	8.20	8.76	1.62	5.27	-1.49
Basic Earnings per Share	$0.04	$0.51	$1.13	$0.55	$0.17	$0.25	($0.31)
Weighted Average Basic Shares Outstanding	10.04M	12.64M	50.18M	52.28M	51.76M	49.21M	47.01M
Diluted Earnings per Share	$0.04	$0.46	$1.00	$0.50	$0.16	$0.23	($0.31)
Weighted Average Diluted Shares Outstanding	12.17M	17.13M	56.63M	56.91M	56.03M	54.29M	47.01M
Weighted Average Basic & Diluted Shares Outstanding	-	-	51.87M	52.83M	50.01M	48.53M	47.41M

This table shows PubMatic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.77	19	-2.45	1.97	-0.91	14	-9.49	-5.21	-6.45	6.68	-13
Consolidated Net Income / (Loss)	1.77	19	-2.45	1.97	-0.91	14	-9.49	-5.21	-6.45	6.68	-13
Net Income / (Loss) Continuing Operations	1.77	19	-2.45	1.97	-0.91	14	-9.49	-5.21	-6.45	6.68	-13
Total Pre-Tax Income	1.89	23	-2.70	2.38	-0.33	18	-11	-6.07	-8.16	9.60	-15
Total Operating Income	-0.57	20	-5.53	-3.99	-1.37	15	-12	-5.46	-8.42	8.52	-15
Total Gross Profit	38	60	41	42	46	61	38	44	43	55	36
Total Revenue	64	85	67	67	72	86	64	71	68	80	63
Operating Revenue	64	85	67	67	72	86	64	71	68	80	63
Total Cost of Revenue	26	24	25	25	26	25	26	27	25	25	26
Operating Cost of Revenue	26	24	25	25	26	25	26	27	25	25	26
Total Operating Expenses	38	40	47	46	48	46	50	50	51	46	52
Selling, General & Admin Expense	12	13	14	14	15	14	15	16	16	15	15
Marketing Expense	20	20	25	23	24	24	27	25	26	25	29
Research & Development Expense	6.63	6.85	7.96	8.66	8.81	7.83	8.77	9.12	9.62	6.32	7.99
Total Other Income / (Expense), net	2.46	2.63	2.82	6.37	1.04	3.62	0.58	-0.61	0.26	1.07	0.16
Interest & Investment Income	2.25	-	2.56	2.34	1.97	-	1.59	1.38	1.20	1.29	1.22
Other Income / (Expense), net	0.21	0.12	0.26	4.03	-0.93	2.01	-1.01	-1.99	-0.94	-0.21	-1.05
Income Tax Expense	0.11	4.34	-0.25	0.41	0.59	4.52	-1.84	-0.86	-1.71	2.91	-2.60
Basic Earnings per Share	$0.03	$0.36	($0.05)	$0.04	($0.02)	$0.28	($0.20)	($0.11)	($0.14)	$0.14	($0.27)
Weighted Average Basic Shares Outstanding	51.64M	51.76M	50.04M	49.78M	49.06M	49.21M	48.35M	47.19M	45.93M	47.01M	47.12M
Diluted Earnings per Share	$0.03	$0.35	($0.05)	$0.04	($0.02)	$0.26	($0.20)	($0.11)	($0.14)	$0.14	($0.27)
Weighted Average Diluted Shares Outstanding	55.98M	56.03M	50.04M	55.58M	49.06M	54.29M	48.35M	47.19M	45.93M	47.01M	47.12M
Weighted Average Basic & Diluted Shares Outstanding	50.76M	50.01M	49.93M	49.58M	47.77M	48.53M	48.53M	45.72M	46.41M	47.41M	46.44M

This table details how cash moves in and out of PubMatic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	13	47	1.32	9.88	-14	22	44
Net Cash From Operating Activities	35	24	89	87	81	73	81
Net Cash From Continuing Operating Activities	35	24	89	87	81	73	81
Net Income / (Loss) Continuing Operations	6.64	27	57	29	8.88	13	-14
Consolidated Net Income / (Loss)	6.64	27	57	29	8.88	13	-14
Depreciation Expense	13	16	23	34	45	45	44
Amortization Expense	-0.34	-0.15	-0.05	-0.58	-4.09	-4.12	-0.82
Non-Cash Adjustments To Reconcile Net Income	6.40	4.07	11	33	41	44	45
Changes in Operating Assets and Liabilities, net	9.75	-22	-1.71	-7.68	-9.16	-25	7.89
Net Cash From Investing Activities	-22	-30	-97	-81	-39	22	6.07
Net Cash From Continuing Investing Activities	-22	-30	-97	-81	-39	22	6.07
Purchase of Property, Plant & Equipment	-15	-31	-39	-49	-28	-39	-35
Purchase of Investments	-38	-37	-91	-138	-141	-142	-26
Sale and/or Maturity of Investments	31	38	33	133	130	203	67
Net Cash From Financing Activities	-0.00	52	9.36	4.04	-56	-73	-43
Net Cash From Continuing Financing Activities	-0.00	52	9.36	4.04	-56	-73	-43
Repayment of Debt	0.00	4.27	-0.01	-0.12	-0.13	-0.13	-0.14
Repurchase of Common Equity	-0.01	-0.00	-0.05	0.00	-59	-77	-46
Issuance of Common Equity	0.00	46	4.00	2.96	1.87	2.37	2.15
Other Financing Activities, net	0.00	2.41	5.42	1.20	1.55	1.77	1.76

This table details how cash moves in and out of PubMatic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-7.81	-19	1.69	-6.67	5.39	22	1.08	-12	46	9.02	-0.35
Net Cash From Operating Activities	24	29	24	12	19	18	16	15	32	18	17
Net Cash From Continuing Operating Activities	24	29	24	12	19	18	16	15	32	18	17
Net Income / (Loss) Continuing Operations	1.77	19	-2.45	1.97	-0.91	14	-9.49	-5.21	-6.45	6.68	-13
Consolidated Net Income / (Loss)	1.77	19	-2.45	1.97	-0.91	14	-9.49	-5.21	-6.45	6.68	-13
Depreciation Expense	11	11	11	11	11	11	12	12	10	9.77	9.99
Amortization Expense	-1.02	-1.03	-1.23	-1.23	-1.09	-0.57	-0.45	-0.37	-0.00	-	0.00
Non-Cash Adjustments To Reconcile Net Income	8.74	8.92	11	11	11	11	11	12	11	11	9.65
Changes in Operating Assets and Liabilities, net	2.95	-8.95	5.97	-12	-1.24	-18	2.48	-2.91	18	-9.31	10
Net Cash From Investing Activities	-14	-31	-3.87	-2.00	16	13	-10	9.94	18	-11	-9.59
Net Cash From Continuing Investing Activities	-14	-31	-3.87	-2.00	16	13	-10	9.94	18	-11	-9.59
Purchase of Property, Plant & Equipment	-6.68	-9.14	-8.03	-5.03	-16	-9.19	-8.32	-5.64	-9.59	-11	-6.59
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-3.00
Purchase of Investments	-30	-64	-34	-62	-21	-24	-15	-11	-	-	0.00
Sale and/or Maturity of Investments	23	42	39	65	53	46	14	26	27	-	0.00
Net Cash From Financing Activities	-18	-17	-19	-17	-29	-8.86	-4.47	-37	-3.72	2.17	-8.06
Net Cash From Continuing Financing Activities	-18	-17	-19	-17	-29	-8.86	-4.47	-37	-3.72	2.17	-8.06
Repayment of Debt	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.04	-0.04	-0.04	-0.04	-0.04
Repurchase of Common Equity	-18	-18	-20	-18	-30	-9.93	-5.00	-39	-4.00	1.15	-8.50
Other Financing Activities, net	0.27	0.34	0.94	0.34	0.30	0.19	0.56	0.61	0.32	0.26	0.48
Cash Income Taxes Paid	1.02	4.11	1.03	4.76	4.54	3.84	0.89	6.33	1.07	-	1.45

This table presents PubMatic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	371	550	642	695	740	680
Total Current Assets	327	461	503	562	576	523
Cash & Equivalents	81	83	92	79	100	146
Accounts Receivable	220	287	314	375	425	358
Prepaid Expenses	6.62	14	15	11	10	19
Plant, Property, & Equipment, net	30	50	71	61	59	53
Total Noncurrent Assets	14	39	68	73	105	105
Goodwill	6.25	6.25	30	30	30	30
Intangible Assets	-	0.00	8.30	5.86	4.28	2.70
Noncurrent Deferred & Refundable Income Taxes	0.76	0.52	1.05	14	25	31
Other Noncurrent Operating Assets	7.08	33	29	23	47	42
Total Liabilities & Shareholders' Equity	371	550	642	695	740	680
Total Liabilities	196	293	330	399	462	418
Total Current Liabilities	192	267	302	380	419	376
Accounts Payable	177	244	277	348	387	344
Accrued Expenses	15	19	19	26	26	25
Other Current Liabilities	-	3.86	5.68	6.24	5.84	6.95
Total Noncurrent Liabilities	4.24	26	28	19	43	42
Capital Lease Obligations	-	-	-	16	40	37
Other Noncurrent Operating Liabilities	2.68	20	27	3.84	3.91	4.85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	175	257	312	296	277	263
Total Preferred & Common Equity	175	257	312	296	277	263
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	175	257	312	296	277	263
Common Stock	144	169	196	230	275	321
Retained Earnings	43	99	128	137	149	135
Treasury Stock	-11	-11	-11	-71	-147	-193
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.04	-0.01	-0.00	-0.64	0.07

This table presents PubMatic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	602	577	584	613	626	673	689	669	675	676	659
Total Current Assets	458	440	443	474	489	532	530	505	513	520	504
Cash & Equivalents	52	79	106	98	80	74	79	102	90	137	145
Accounts Receivable	277	253	258	291	303	352	377	349	383	363	337
Prepaid Expenses	15	14	14	12	12	15	13	12	12	21	22
Plant, Property, & Equipment, net	75	69	66	62	57	60	63	54	52	51	50
Total Noncurrent Assets	69	69	75	77	81	81	96	109	111	104	105
Goodwill	30	30	30	30	30	30	30	30	30	30	30
Intangible Assets	8.82	7.05	6.65	6.26	5.47	5.07	4.68	3.89	3.49	3.10	2.31
Noncurrent Deferred & Refundable Income Taxes	0.47	4.95	13	15	19	23	25	30	34	28	32
Other Noncurrent Operating Assets	30	27	25	26	27	24	37	46	44	43	41
Total Liabilities & Shareholders' Equity	602	577	584	613	626	673	689	669	675	676	659
Total Liabilities	310	271	289	324	337	390	426	393	432	431	408
Total Current Liabilities	279	248	269	304	316	370	393	350	389	388	369
Accounts Payable	258	223	240	273	289	341	361	324	361	356	343
Accrued Expenses	15	19	23	25	20	23	26	20	21	26	19
Other Current Liabilities	5.67	5.71	5.84	5.67	-	-	-	6.24	6.39	6.33	7.60
Total Noncurrent Liabilities	31	24	20	21	22	20	33	43	43	43	40
Capital Lease Obligations	-	-	-	-	18	16	29	39	39	38	35
Other Noncurrent Operating Liabilities	27	24	20	21	4.07	4.05	4.20	4.19	4.34	4.45	4.80
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	293	306	295	289	289	283	263	276	243	245	251
Total Preferred & Common Equity	293	306	295	289	289	283	263	276	243	245	251
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	293	306	295	289	289	283	263	276	243	245	251
Common Stock	189	204	213	221	241	253	264	286	299	310	331
Retained Earnings	115	122	116	118	134	136	135	140	135	128	122
Treasury Stock	-11	-19	-35	-51	-87	-107	-136	-150	-191	-193	-202
Accumulated Other Comprehensive Income / (Loss)	-0.22	0.01	-0.03	-0.01	-0.03	-0.03	-0.03	-0.37	0.16	0.07	-0.09

This table displays calculated financial ratios and metrics derived from PubMatic's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	30.63%	52.55%	12.99%	4.15%	9.08%	-2.86%
EBITDA Growth	0.00%	130.19%	87.67%	-21.26%	-38.55%	19.31%	-57.38%
EBIT Growth	0.00%	291.36%	107.79%	-45.35%	-95.24%	454.38%	-330.28%
NOPAT Growth	0.00%	336.59%	91.89%	-39.55%	-94.46%	60.50%	-537.31%
Net Income Growth	0.00%	300.62%	112.69%	-49.29%	-69.06%	40.80%	-215.66%
EPS Growth	0.00%	1,050.00%	117.39%	-50.00%	-68.00%	43.75%	-234.78%
Operating Cash Flow Growth	0.00%	-30.73%	264.49%	-1.66%	-6.98%	-9.49%	10.40%
Free Cash Flow Firm Growth	0.00%	0.00%	159.23%	-132.56%	133.19%	-1,311.87%	127.44%
Invested Capital Growth	0.00%	0.00%	31.04%	41.25%	-0.97%	29.13%	-12.62%
Revenue Q/Q Growth	0.00%	0.00%	9.30%	-0.49%	4.01%	0.31%	-1.89%
EBITDA Q/Q Growth	0.00%	0.00%	20.25%	-17.51%	12.30%	-5.37%	-30.80%
EBIT Q/Q Growth	0.00%	0.00%	22.43%	-33.55%	152.26%	-28.55%	-65.88%
NOPAT Q/Q Growth	0.00%	0.00%	8.24%	-26.42%	234.08%	-62.51%	-57.17%
Net Income Q/Q Growth	0.00%	0.00%	19.95%	-35.00%	200.03%	-27.75%	-99.56%
EPS Q/Q Growth	0.00%	0.00%	14.94%	-35.06%	433.33%	-28.13%	-63.16%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	28.85%	-9.47%	12.97%	-12.64%	0.14%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-4,127.04%	-61.88%	-10.13%	172.58%
Invested Capital Q/Q Growth	0.00%	0.00%	15.99%	8.92%	16.41%	11.40%	4.92%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	68.29%	72.31%	74.30%	68.21%	62.84%	65.31%	63.56%
EBITDA Margin	17.79%	31.36%	38.58%	26.88%	15.86%	17.35%	7.61%
Operating Margin	7.47%	21.35%	25.91%	15.80%	0.76%	1.35%	-6.10%
EBIT Margin	6.97%	20.87%	28.43%	13.75%	0.63%	3.19%	-7.57%
Profit (Net Income) Margin	5.83%	17.89%	24.95%	11.20%	3.33%	4.29%	-5.11%
Tax Burden Percent	72.03%	84.27%	87.35%	76.61%	84.54%	70.35%	90.65%
Interest Burden Percent	116.26%	101.73%	100.47%	106.28%	626.42%	191.18%	74.52%
Effective Tax Rate	27.97%	15.73%	12.65%	23.39%	15.46%	29.65%	0.00%
Return on Invested Capital (ROIC)	0.00%	71.89%	59.71%	26.38%	1.26%	1.77%	-7.32%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	72.18%	55.68%	27.78%	-3.03%	-5.70%	-5.05%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-41.55%	-33.54%	-16.30%	1.66%	2.59%	1.96%
Return on Equity (ROE)	0.00%	30.34%	26.17%	10.08%	2.92%	4.36%	-5.36%
Cash Return on Invested Capital (CROIC)	0.00%	-128.11%	32.84%	-7.81%	2.23%	-23.66%	6.15%
Operating Return on Assets (OROA)	0.00%	8.36%	14.00%	5.91%	0.25%	1.30%	-3.02%
Return on Assets (ROA)	0.00%	7.17%	12.29%	4.81%	1.33%	1.74%	-2.04%
Return on Common Equity (ROCE)	0.00%	30.34%	26.17%	10.08%	2.92%	4.36%	-5.36%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.17%	22.01%	9.19%	3.00%	4.51%	0.00%
Net Operating Profit after Tax (NOPAT)	6.13	27	51	31	1.72	2.76	-12
NOPAT Margin	5.38%	17.99%	22.63%	12.11%	0.64%	0.95%	-4.27%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.29%	4.03%	-1.40%	4.29%	7.47%	-2.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	9.94%	0.55%	0.87%	-4.03%
Cost of Revenue to Revenue	31.71%	27.69%	25.70%	31.79%	37.16%	34.69%	36.44%
SG&A Expenses to Revenue	17.83%	13.62%	15.76%	17.53%	21.05%	19.80%	21.33%
R&D to Revenue	10.94%	8.24%	7.00%	8.13%	10.01%	11.42%	11.95%
Operating Expenses to Revenue	60.82%	50.96%	48.39%	52.40%	62.08%	63.97%	69.66%
Earnings before Interest and Taxes (EBIT)	7.93	31	65	35	1.68	9.30	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	47	88	69	42	51	22
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.94	6.79	2.16	2.80	2.53	1.57
Price to Tangible Book Value (P/TBV)	0.00	0.98	6.96	2.45	3.18	2.88	1.79
Price to Revenue (P/Rev)	1.04	1.11	7.70	2.63	3.10	2.41	1.46
Price to Earnings (P/E)	17.76	6.20	30.86	23.46	93.23	56.12	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.63%	16.13%	3.24%	4.26%	1.07%	1.78%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.86	16.27	3.62	4.90	3.41	1.97
Enterprise Value to Revenue (EV/Rev)	0.00	0.43	7.00	1.95	2.50	2.06	1.07
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.37	18.13	7.24	15.78	11.89	14.07
Enterprise Value to EBIT (EV/EBIT)	0.00	2.06	24.61	14.15	398.45	64.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2.39	30.91	16.07	388.20	217.42	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.63	17.90	5.72	8.24	8.18	3.74
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	56.20	0.00	218.92	0.00	29.86
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.05	0.14	0.14
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.05	0.14	0.14
Financial Leverage	0.00	-0.58	-0.60	-0.59	-0.55	-0.45	-0.39
Leverage Ratio	0.00	2.12	2.13	2.09	2.20	2.50	2.63
Compound Leverage Factor	0.00	2.15	2.14	2.23	13.77	4.78	1.96
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	5.01%	12.48%	12.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	5.01%	12.48%	12.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	100.00%	100.00%	94.99%	87.52%	87.68%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.37	0.78	1.71
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-3.77	-2.00	-5.04
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.37	0.78	1.71
Debt to NOPAT	0.00	0.00	0.00	0.00	9.07	14.31	-3.06
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-92.80	-36.58	8.99
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	9.07	14.31	-3.06
Altman Z-Score	0.00	1.78	5.05	2.46	2.23	1.88	1.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.71	1.73	1.67	1.48	1.37	1.39
Quick Ratio	0.00	1.67	1.67	1.62	1.45	1.35	1.34
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-48	28	-9.19	3.05	-37	10
Operating Cash Flow to CapEx	234.24%	77.48%	225.30%	178.37%	286.77%	190.58%	232.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.40	0.49	0.43	0.40	0.41	0.40
Accounts Receivable Turnover	0.00	0.68	0.90	0.85	0.77	0.73	0.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	4.95	5.66	4.23	4.05	4.88	5.09
Accounts Payable Turnover	0.00	0.23	0.28	0.31	0.32	0.28	0.28
Days Sales Outstanding (DSO)	0.00	538.64	407.31	427.97	471.45	501.45	505.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	1,566.23	1,317.75	1,168.13	1,149.65	1,326.43	1,292.77
Cash Conversion Cycle (CCC)	0.00	-1,027.59	-910.44	-740.17	-678.20	-824.98	-787.67
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	74	98	138	136	176	154
Invested Capital Turnover	0.00	4.00	2.64	2.18	1.95	1.86	1.71
Increase / (Decrease) in Invested Capital	0.00	74	23	40	-1.33	40	-22
Enterprise Value (EV)	0.00	64	1,587	499	668	601	303
Market Capitalization	118	165	1,747	673	828	702	412
Book Value per Share	$0.00	$13.88	$5.01	$5.94	$5.84	$5.80	$5.66
Tangible Book Value per Share	$0.00	$13.38	$4.89	$5.22	$5.14	$5.10	$4.96
Total Capital	0.00	175	257	312	312	317	299
Total Debt	0.00	0.00	0.00	0.00	16	40	37
Total Long-Term Debt	0.00	0.00	0.00	0.00	16	40	37
Net Debt	0.00	-101	-160	-174	-160	-101	-109
Capital Expenditures (CapEx)	15	31	39	49	28	39	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	35	34	27	7.02	16	1.28
Debt-free Net Working Capital (DFNWC)	0.00	136	194	201	182	157	147
Net Working Capital (NWC)	0.00	136	194	201	182	157	147
Net Nonoperating Expense (NNE)	-0.51	0.15	-5.25	2.34	-7.16	-9.74	2.38
Net Nonoperating Obligations (NNO)	0.00	-101	-160	-174	-160	-101	-109
Total Depreciation and Amortization (D&A)	12	16	23	34	41	41	43
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	23.23%	15.05%	10.55%	2.63%	5.54%	0.45%
Debt-free Net Working Capital to Revenue	0.00%	91.12%	85.40%	78.58%	68.30%	53.81%	51.89%
Net Working Capital to Revenue	0.00%	91.12%	85.40%	78.58%	68.30%	53.81%	51.89%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.13	$0.55	$0.17	$0.25	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	50.18M	52.28M	51.76M	49.21M	47.01M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.00	$0.50	$0.16	$0.23	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	56.63M	56.91M	56.03M	54.29M	47.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	51.87M	52.83M	50.01M	48.53M	47.41M
Normalized Net Operating Profit after Tax (NOPAT)	6.13	27	51	31	1.72	2.76	-12
Normalized NOPAT Margin	5.38%	17.99%	22.63%	12.11%	0.64%	0.95%	-4.27%
Pre Tax Income Margin	8.10%	21.23%	28.56%	14.61%	3.93%	6.10%	-5.64%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.08%	0.01%	0.09%	0.00%	667.36%	619.64%	-321.52%

This table displays calculated financial ratios and metrics derived from PubMatic's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	48,527,293.00	48,533,649.00	45,723,032.00	-	47,405,424.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	48,527,293.00	48,533,649.00	45,723,032.00	-	47,405,424.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.20	-0.11	-0.14	-	-0.26
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.28%	13.87%	20.38%	6.22%	12.73%	1.07%	-4.31%	5.69%	-5.33%	-6.38%	-1.97%
EBITDA Growth	-23.24%	17.91%	718.24%	296.91%	-20.21%	-9.38%	-135.98%	-60.14%	-86.24%	-34.64%	-273.92%
EBIT Growth	-108.75%	31.23%	52.71%	100.58%	-535.73%	-18.09%	-145.24%	-17,423.26%	-307.67%	-50.56%	-26.39%
NOPAT Growth	-107.93%	31.91%	48.23%	34.00%	-77.81%	-32.58%	-115.44%	-15.98%	-516.78%	-46.85%	-28.31%
Net Income Growth	-46.66%	46.33%	58.20%	134.43%	-151.41%	-25.68%	-286.55%	-364.23%	-607.46%	-51.91%	-31.88%
EPS Growth	-50.00%	59.09%	54.55%	136.36%	-166.67%	-25.71%	-300.00%	-375.00%	-600.00%	-46.15%	-35.00%
Operating Cash Flow Growth	-15.06%	48.12%	90.48%	-24.63%	-19.74%	-37.06%	-35.70%	24.79%	69.15%	0.62%	10.72%
Free Cash Flow Firm Growth	124.57%	164.66%	79.42%	28.56%	-578.80%	-259.71%	-301.30%	-42.98%	113.16%	198.55%	147.09%
Invested Capital Growth	-7.34%	-0.97%	4.46%	13.34%	34.94%	29.13%	22.30%	17.46%	-7.21%	-12.62%	-17.18%
Revenue Q/Q Growth	0.55%	32.86%	-21.16%	0.85%	6.72%	19.11%	-25.35%	11.39%	-4.41%	17.78%	-21.84%
EBITDA Q/Q Growth	291.75%	204.73%	-84.57%	115.52%	-21.25%	246.07%	-106.13%	338.76%	-72.82%	1,544.18%	-135.04%
EBIT Q/Q Growth	95.09%	5,786.98%	-125.66%	100.82%	-5,437.21%	832.72%	-176.81%	42.33%	-25.60%	188.85%	-296.39%
NOPAT Q/Q Growth	89.24%	3,182.76%	-123.35%	14.78%	71.01%	1,268.92%	-174.60%	54.12%	-54.17%	200.73%	-280.10%
Net Income Q/Q Growth	130.99%	954.23%	-113.12%	180.32%	-146.27%	1,624.01%	-168.25%	45.10%	-23.89%	203.60%	-287.16%
EPS Q/Q Growth	127.27%	1,066.67%	-114.29%	180.00%	-150.00%	1,400.00%	-176.92%	45.00%	-27.27%	200.00%	-292.86%
Operating Cash Flow Q/Q Growth	50.46%	20.25%	-15.28%	-50.84%	60.24%	-5.70%	-13.45%	-4.58%	117.20%	-43.91%	-4.76%
Free Cash Flow Firm Q/Q Growth	131.61%	104.45%	-184.10%	-101.74%	-111.85%	31.80%	-37.68%	28.12%	119.51%	410.52%	-34.22%
Invested Capital Q/Q Growth	-5.18%	16.41%	-2.52%	0.73%	12.89%	11.40%	-3.46%	-3.26%	-10.82%	4.92%	-8.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.03%	71.39%	61.88%	62.60%	64.47%	70.84%	59.91%	62.57%	62.62%	68.17%	58.29%
EBITDA Margin	15.74%	36.10%	7.06%	15.09%	11.14%	32.36%	-2.66%	5.69%	1.62%	22.59%	-10.13%
Operating Margin	-0.90%	24.13%	-8.28%	-5.92%	-1.90%	17.31%	-18.65%	-7.68%	-12.39%	10.65%	-24.41%
EBIT Margin	-0.57%	24.27%	-7.90%	0.06%	-3.20%	19.67%	-20.24%	-10.48%	-13.77%	10.39%	-26.09%
Profit (Net Income) Margin	2.79%	22.11%	-3.68%	2.93%	-1.27%	16.26%	-14.86%	-7.33%	-9.49%	8.35%	-19.99%
Tax Burden Percent	94.11%	81.15%	90.79%	82.71%	279.75%	75.46%	83.77%	85.80%	79.09%	69.64%	82.79%
Interest Burden Percent	-522.16%	112.25%	51.32%	5,541.86%	14.20%	109.54%	87.67%	81.49%	87.20%	115.46%	92.56%
Effective Tax Rate	5.89%	18.85%	0.00%	17.29%	0.00%	24.54%	0.00%	0.00%	0.00%	30.36%	0.00%
Return on Invested Capital (ROIC)	-1.78%	38.13%	-11.85%	-10.49%	-2.81%	24.34%	-24.35%	-10.31%	-16.40%	12.71%	-30.95%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.15%	36.85%	-12.73%	-13.85%	-2.84%	22.24%	-23.44%	-9.06%	-15.85%	12.00%	-29.26%
Return on Net Nonoperating Assets (RNNOA)	1.83%	-20.24%	6.91%	7.52%	1.42%	-10.11%	10.60%	3.81%	6.34%	-4.66%	11.98%
Return on Equity (ROE)	0.05%	17.89%	-4.95%	-2.97%	-1.39%	14.22%	-13.75%	-6.50%	-10.06%	8.05%	-18.97%
Cash Return on Invested Capital (CROIC)	6.57%	2.23%	-0.56%	-6.14%	-24.39%	-23.66%	-21.01%	-9.77%	2.44%	6.15%	9.50%
Operating Return on Assets (OROA)	-0.24%	9.69%	-3.65%	0.03%	-1.43%	7.98%	-9.02%	-4.54%	-5.82%	4.14%	-11.07%
Return on Assets (ROA)	1.18%	8.83%	-1.70%	1.32%	-0.57%	6.60%	-6.62%	-3.18%	-4.01%	3.33%	-8.48%
Return on Common Equity (ROCE)	0.05%	17.89%	-4.95%	-2.97%	-1.39%	14.22%	-13.75%	-6.50%	-10.06%	8.05%	-18.97%
Return on Equity Simple (ROE_SIMPLE)	1.03%	0.00%	4.26%	7.07%	6.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.54	17	-3.87	-3.30	-0.96	11	-8.33	-3.82	-5.89	5.94	-11
NOPAT Margin	-0.84%	19.58%	-5.80%	-4.90%	-1.33%	13.06%	-13.05%	-5.38%	-8.67%	7.42%	-17.09%
Net Nonoperating Expense Percent (NNEP)	1.37%	1.28%	0.88%	3.36%	0.03%	2.09%	-0.90%	-1.25%	-0.55%	0.71%	-1.69%
Return On Investment Capital (ROIC_SIMPLE)	-	5.31%	-	-	-	3.53%	-2.65%	-1.35%	-2.08%	1.98%	-3.74%
Cost of Revenue to Revenue	40.97%	28.61%	38.12%	37.40%	35.53%	29.16%	40.09%	37.43%	37.38%	31.83%	41.71%
SG&A Expenses to Revenue	18.86%	15.11%	21.03%	21.32%	21.08%	16.57%	22.83%	21.98%	23.00%	18.13%	23.65%
R&D to Revenue	10.42%	8.09%	11.93%	12.87%	12.28%	9.16%	13.74%	12.82%	14.15%	7.89%	12.76%
Operating Expenses to Revenue	59.92%	47.26%	70.17%	68.52%	66.37%	53.53%	78.56%	70.25%	75.01%	57.52%	82.70%
Earnings before Interest and Taxes (EBIT)	-0.36	21	-5.27	0.04	-2.30	17	-13	-7.45	-9.36	8.31	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10	31	4.71	10	8.00	28	-1.70	4.05	1.10	18	-6.34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	2.80	4.17	3.59	2.80	2.53	1.61	2.48	1.54	1.57	1.54
Price to Tangible Book Value (P/TBV)	2.48	3.18	4.75	4.09	3.22	2.88	1.83	2.87	1.78	1.79	1.77
Price to Revenue (P/Rev)	2.44	3.10	4.33	3.59	2.54	2.41	1.54	2.07	1.31	1.46	1.38
Price to Earnings (P/E)	212.03	93.23	97.91	50.72	42.60	56.12	81.06	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.47%	1.07%	1.02%	1.97%	2.35%	1.78%	1.23%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.89	4.90	7.58	6.22	4.00	3.41	1.99	3.19	1.91	1.97	1.97
Enterprise Value to Revenue (EV/Rev)	1.78	2.50	3.79	3.09	2.18	2.06	1.17	1.80	0.97	1.07	0.99
Enterprise Value to EBITDA (EV/EBITDA)	12.10	15.78	22.05	15.72	11.84	11.89	7.66	13.81	9.01	14.07	16.44
Enterprise Value to EBIT (EV/EBIT)	0.00	398.45	139.72	58.31	48.60	64.61	205.26	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	388.20	203.50	103.83	85.80	217.42	0.00	54.83	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.35	8.24	11.38	9.82	7.52	8.18	5.22	7.75	3.46	3.74	3.36
Enterprise Value to Free Cash Flow (EV/FCFF)	56.98	218.92	0.00	0.00	0.00	0.00	0.00	0.00	75.26	29.86	18.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.05	0.08	0.08	0.13	0.14	0.14	0.16	0.16	0.14	0.14
Long-Term Debt to Equity	0.00	0.05	0.06	0.06	0.11	0.14	0.14	0.16	0.16	0.14	0.14
Financial Leverage	-0.58	-0.55	-0.54	-0.54	-0.50	-0.45	-0.45	-0.42	-0.40	-0.39	-0.41
Leverage Ratio	2.09	2.20	2.02	2.18	2.36	2.50	2.29	2.56	2.69	2.63	2.52
Compound Leverage Factor	-10.92	2.47	1.04	120.65	0.34	2.74	2.01	2.09	2.34	3.04	2.33
Debt to Total Capital	0.00%	5.01%	7.81%	7.52%	11.84%	12.48%	12.30%	13.77%	13.50%	12.32%	12.17%
Short-Term Debt to Total Capital	0.00%	0.00%	2.18%	2.22%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	5.01%	5.62%	5.30%	9.71%	12.48%	12.30%	13.77%	13.50%	12.32%	12.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	94.99%	92.19%	92.48%	88.16%	87.52%	87.70%	86.23%	86.50%	87.68%	87.83%
Debt to EBITDA	0.00	0.37	0.51	0.41	0.66	0.78	0.88	1.02	1.23	1.71	2.06
Net Debt to EBITDA	0.00	-3.77	-3.13	-2.57	-1.97	-2.00	-2.39	-2.07	-3.16	-5.04	-6.52
Long-Term Debt to EBITDA	0.00	0.37	0.37	0.29	0.54	0.78	0.88	1.02	1.23	1.71	2.06
Debt to NOPAT	0.00	9.07	4.72	2.74	4.80	14.31	-26.38	4.06	-4.98	-3.06	-2.41
Net Debt to NOPAT	0.00	-92.80	-28.88	-16.99	-14.25	-36.58	71.98	-8.22	12.79	8.99	7.62
Long-Term Debt to NOPAT	0.00	9.07	3.40	1.93	3.93	14.31	-26.38	4.06	-4.98	-3.06	-2.41
Altman Z-Score	2.18	2.32	3.19	2.55	1.96	1.92	1.62	1.74	1.41	1.58	1.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.48	1.55	1.44	1.35	1.37	1.44	1.32	1.34	1.39	1.37
Quick Ratio	1.52	1.45	1.51	1.40	1.32	1.35	1.41	1.29	1.29	1.34	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8.75	18	-9.81	-20	-42	-29	-39	-28	5.52	28	19
Operating Cash Flow to CapEx	357.07%	313.75%	302.47%	237.41%	117.61%	196.34%	187.73%	264.27%	337.65%	160.60%	262.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.40	0.46	0.45	0.45	0.41	0.45	0.43	0.42	0.40	0.42
Accounts Receivable Turnover	0.90	0.77	1.00	0.93	0.87	0.73	0.88	0.80	0.78	0.72	0.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.75	4.05	4.45	4.49	4.64	4.88	5.20	5.23	5.03	5.09	5.39
Accounts Payable Turnover	0.37	0.32	0.39	0.35	0.32	0.28	0.33	0.29	0.29	0.28	0.31
Days Sales Outstanding (DSO)	404.26	471.45	364.79	394.17	419.98	501.45	412.87	459.04	467.91	505.11	444.49
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	990.30	1,149.65	926.63	1,050.79	1,153.34	1,326.43	1,105.17	1,248.45	1,276.43	1,292.77	1,173.77
Cash Conversion Cycle (CCC)	-586.04	-678.20	-561.85	-656.63	-733.37	-824.98	-692.30	-789.41	-808.52	-787.67	-729.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	117	136	139	140	158	176	170	165	147	154	141
Invested Capital Turnover	2.11	1.95	2.04	2.14	2.11	1.86	1.87	1.92	1.89	1.71	1.81
Increase / (Decrease) in Invested Capital	-9.29	-1.33	5.94	16	41	40	31	24	-11	-22	-29
Enterprise Value (EV)	456	668	1,054	871	632	601	338	525	280	303	278
Market Capitalization	628	828	1,204	1,014	737	702	444	604	379	412	388
Book Value per Share	$5.56	$5.84	$5.77	$5.66	$5.31	$5.80	$5.68	$5.01	$5.36	$5.66	$5.29
Tangible Book Value per Share	$4.87	$5.14	$5.07	$4.97	$4.62	$5.10	$4.99	$4.33	$4.65	$4.96	$4.62
Total Capital	289	312	313	306	299	317	314	282	283	299	286
Total Debt	0.00	16	24	23	35	40	39	39	38	37	35
Total Long-Term Debt	0.00	16	18	16	29	40	39	39	38	37	35
Net Debt	-171	-160	-150	-143	-105	-101	-105	-79	-98	-109	-110
Capital Expenditures (CapEx)	6.68	9.14	8.03	5.03	16	9.19	8.32	5.64	9.59	11	6.59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.85	7.02	5.89	3.03	3.04	16	11	6.65	-4.52	1.28	-9.56
Debt-free Net Working Capital (DFNWC)	171	182	180	169	143	157	155	124	132	147	135
Net Working Capital (NWC)	171	182	173	162	137	157	155	124	132	147	135
Net Nonoperating Expense (NNE)	-2.31	-2.14	-1.41	-5.27	-0.04	-2.73	1.15	1.39	0.56	-0.75	1.82
Net Nonoperating Obligations (NNO)	-171	-160	-150	-143	-105	-101	-105	-79	-98	-109	-110
Total Depreciation and Amortization (D&A)	10	10	9.98	10	10	11	11	11	10	9.77	9.99
Debt-free, Cash-free Net Working Capital to Revenue	-0.33%	2.63%	2.11%	1.07%	1.05%	5.54%	3.81%	2.28%	-1.57%	0.45%	-3.39%
Debt-free Net Working Capital to Revenue	66.42%	68.30%	64.66%	59.75%	49.39%	53.81%	53.79%	42.51%	45.78%	51.89%	48.04%
Net Working Capital to Revenue	66.42%	68.30%	62.21%	57.34%	47.20%	53.81%	53.79%	42.51%	45.78%	51.89%	48.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.36	($0.05)	$0.04	($0.02)	$0.28	($0.20)	($0.11)	($0.14)	$0.14	($0.27)
Adjusted Weighted Average Basic Shares Outstanding	51.64M	51.76M	50.04M	49.78M	49.06M	49.21M	48.35M	47.19M	45.93M	47.01M	47.12M
Adjusted Diluted Earnings per Share	$0.03	$0.35	($0.05)	$0.04	($0.02)	$0.26	($0.20)	($0.11)	($0.14)	$0.14	($0.27)
Adjusted Weighted Average Diluted Shares Outstanding	55.98M	56.03M	50.04M	55.58M	49.06M	54.29M	48.35M	47.19M	45.93M	47.01M	47.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.76M	50.01M	49.93M	49.58M	47.77M	48.53M	48.53M	45.72M	46.41M	47.41M	46.44M
Normalized Net Operating Profit after Tax (NOPAT)	-0.54	17	-3.87	-3.30	-0.96	11	-8.33	-3.82	-5.89	5.94	-11
Normalized NOPAT Margin	-0.84%	19.58%	-5.80%	-4.90%	-1.33%	13.06%	-13.05%	-5.38%	-8.67%	7.42%	-17.09%
Pre Tax Income Margin	2.96%	27.24%	-4.05%	3.54%	-0.45%	21.54%	-17.74%	-8.54%	-12.00%	11.99%	-24.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1,401.32%	667.36%	577.48%	369.15%	493.08%	619.64%	1,148.25%	-4,868.95%	-794.56%	-321.52%	-285.93%

Financials Breakdown Chart

Key Financial Trends

PubMatic’s latest quarter showed a mixed but improving picture on profitability, with revenue growth still under pressure and margins not yet back to historical highs. In Q1 2026, the company posted $62.6 million in revenue, down from $80.0 million in Q4 2025 and below $67.0 million in Q1 2025. PubMatic also reported a net loss of $12.5 million, widening from a $6.7 million profit in the prior quarter and worse than the $9.5 million loss in Q1 2025.

The good news is that cash generation remained solid. PubMatic produced $17.3 million in operating cash flow in Q1 2026, compared with $18.2 million in Q4 2025 and $15.6 million in Q1 2025. That suggests the business is still converting earnings into cash, even while accounting profits remain negative.

However, operating leverage remains weak. Q1 2026 operating expenses of $51.7 million exceeded gross profit of $36.5 million, resulting in an operating loss of $15.3 million. Marketing expense was especially heavy at $29.0 million, which kept profitability under pressure despite relatively stable revenue mix and cost of revenue.

Balance sheet strength remains a key support for the stock. As of March 31, 2026, PubMatic held $144.9 million in cash and equivalents and $504.2 million in current assets. Total equity stood at $251.0 million versus $408.4 million in liabilities. That leaves the company with meaningful liquidity, but also a balance sheet that is heavily tied up in working capital, especially accounts receivable and accounts payable.

Looking over the last four years, PubMatic has been volatile but resilient. Revenue peaked around the mid-2024 to late-2024 range, with quarterly sales mostly in the $63 million to $85 million band, but the company has struggled to sustain profitability in 2025 and early 2026. The business is still capable of producing strong quarters, but results have become less consistent.

Operating cash flow remains positive, with Q1 2026 cash from operations of $17.3 million.
Liquidity is solid, with $144.9 million in cash and equivalents and over $504 million in current assets.
PubMatic stayed free-cash-flow positive before financing activity, even while reporting a net loss.
Debt appears limited, with only modest repayment activity and no signs of heavy leverage pressure.
Revenue was sequentially lower in Q1 2026 than in Q4 2025 and Q1 2025, but still within the recent historical range.
Accounts receivable are large at $336.9 million, so working capital efficiency matters a lot here.
Capital spending continues, with $6.6 million spent on property and equipment in Q1 2026.
Q1 2026 was loss-making, with a $12.5 million net loss and -$0.27 EPS.
Operating expenses exceeded gross profit, leading to a $15.3 million operating loss.
Marketing spend remains very high, limiting margin recovery and pressuring earnings quality.

Bottom line: PubMatic still has a healthy balance sheet and good cash-generation characteristics, but the latest quarter shows that profitability is fragile. For retail investors, the key question is whether revenue can reaccelerate enough to absorb the company’s sizable operating expense base and restore consistent earnings.

07/21/26 01:59 AM ETAI Generated. May Contain Errors.

PubMatic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PubMatic's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

PubMatic's net income appears to be on a downward trend, with a most recent value of -$14.46 million in 2025, falling from $6.64 million in 2019. The previous period was $12.50 million in 2024. See where experts think PubMatic is headed by visiting PubMatic's forecast page.

PubMatic's total operating income in 2025 was -$17.26 million, based on the following breakdown:

Total Gross Profit: $179.84 million
Total Operating Expenses: $197.10 million

Over the last 6 years, PubMatic's total revenue changed from $113.87 million in 2019 to $282.93 million in 2025, a change of 148.5%.

PubMatic's total liabilities were at $417.61 million at the end of 2025, a 9.7% decrease from 2024, and a 113.3% increase since 2020.

In the past 5 years, PubMatic's cash and equivalents has ranged from $78.51 million in 2023 to $145.52 million in 2025, and is currently $145.52 million as of their latest financial filing in 2025.

Over the last 6 years, PubMatic's book value per share changed from 0.00 in 2019 to 5.66 in 2025, a change of 565.7%.

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Financial statements for NASDAQ:PUBM last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PubMatic (PUBM) Financials

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PubMatic (PUBM) Financials

Annual Income Statements for PubMatic

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Quarterly Cash Flow Statements for PubMatic

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Quarterly Metrics And Ratios for PubMatic

Financials Breakdown Chart

Key Financial Trends

PubMatic Financials - Frequently Asked Questions

When does PubMatic's financial year end?

How has PubMatic's net income changed over the last 6 years?

What is PubMatic's operating income?

How has PubMatic's revenue changed over the last 6 years?

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How has PubMatic's book value per share changed over the last 6 years?

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