Earned & PaidCompanies · adtech platform
PubMatic
Sell sidePUBM
PubMatic brought in $280M of revenue in fiscal 2025, growing 14% a year over five years at a -6% operating margin.
$280Mrevenue, FY2025
+14%growth a year, 5 years
-6%operating margin
Revenue and margin
Bars: revenue, $B (10-K). Line: operating margin. Years where the filing's revenue line isn't comparable are left out of the line.
What they told investors
“a material reduction in fees, more dollars shifting into working media, high-performing KPIs, and 80% to 90% time savings in campaign setup.”Rajeev Goel · 2026 Q1 · transcript
“More of their dollars go to purchasing media, with 30% to 40% improvements in CPMs and 40% more media being bought.”Rajeev Goel · 2026 Q1 · transcript
“If we look at Fortune 1,000 advertisers—many large enterprises, incumbent brands—their ad budgets are pretty stagnant, as, in many cases, their revenues are stagnant. Instead, challenger brands—mid-market, upper mid-market, SMB brands—are growing much faster in their core…”management · 2026 Q1 · transcript
“Activate delivers valuable efficiency gains with an average decrease in CPMs of 13%.”Rajeev Goel · 2024 Q4 · transcript
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
Programmatic & display 486× since 2021Connected TV & streaming 253× since 2021Retail media 61× since 2022AI in marketing 46× since 2021CRM, loyalty & first-party data 15× since 2021Measurement 8× since 2021Influencers & creators 3× since 2024Creative campaigns 2× since 2022Sponsorships & athletes 1× since 2026Affiliate & lead gen 1× since 2021
- Programmatic & display · Connected TV & streaming “Today, approximately 60% of our business comes from CTV, mobile app and emerging revenues, all of which fuel profitable double-digit growth.” Rajeev Goel on the earnings call · Aug 13, 2026 · source
- AI in marketing “I'm extremely proud of what the team has accomplished, in particular our innovation and leadership in agentic advertising.” Rajeev Goel on the earnings call · Aug 13, 2026 · source
- Measurement “Using AgenticOS, the campaign delivered a 5x return on ad spend, double the client's original objective, while significantly accelerating optimization and campaign execution.” Rajeev Goel on the earnings call · Aug 13, 2026 · source
- Influencers & creators “Creator-led video is another incremental opportunity, which now accounts for 26% of all TV and video viewing.” Rajeev Goel on the earnings call · Aug 13, 2026 · source
- Sponsorships & athletes “And we saw, for instance, with World Cup, some of the -- I forget which one, one of the 2 major prediction markets advertising pretty heavily on our platform as part of the World Cup.” Rajeev Goel on the earnings call · Aug 13, 2026 · source
In the news
- "It Won't Be a Human in the Loop. It'll Be Another AI Agent.": PubMatic's Rajeev Goel on Cutting Complexity and Handing Power Back to Publishers and Advertisers exchangewire.com · Sep 29, 2026 · AI in marketing