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PubMatic (PUBM) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · PubMatic (PUBM) Q2 2026 earnings results →
Q2 2026 Revenue up 10% year over year to $78.6M · 2¢ of every $1 of revenue lost · operating margin 0.7%
PubMatic made $78.6M in Q2 2026 (+10% Y/Y). Operating margin 0.7%, net loss $1.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $78.6M in Q2 2026, up 11% year over year and up 26% from the previous quarter.
Gross margin was 67.1%, up 4.5 points from Q2 2025. Operating profit was $579K, a 0.7% margin (up 8.4 points year over year). Operating expenses grew 4% against revenue growth of 11%. The quarter ended with a net loss of $1.2M, narrower than the previous quarter's $12.5M loss. Non-operating items added $1.3M, 69% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $20.2M (up 36% year over year). Non-cash charges added back $8.3M of share-based compensation. Working capital and other items added $13.1M. Capital expenditures of $3.0M left free cash flow of $17.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $78.6M | +10% | 0.7% | −$1.2M | $20.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $62.6M | -2% | -24.4% | −$12.5M | $17.3M |
| Q4 2025 | 10-K | Feb 26, 2026 | $80.0M | -6% | 10.6% | $6.7M | $18.2M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $68.0M | -5% | -12.4% | −$6.5M | $32.4M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $71.1M | +6% | -7.7% | −$5.2M | $14.9M |
| Q1 2025 | 10-Q | May 8, 2025 | $63.8M | -4% | -18.6% | −$9.5M | $15.6M |
| Q4 2024 | 10-K | Feb 27, 2025 | $85.5M | +1% | 17.3% | $13.9M | $18.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About PubMatic
PubMatic, Inc. (“we”, or “us) is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment. Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency.
In its own words, from its 10-K, filed Feb 26, 2026.
PubMatic against its Services-Computer Programming, Data Processing, Etc. peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +14%. Operating margin: 0.7% against the peers' median 19.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PUBM PubMatic | Q2 2026 | $78.6M | +10% | 0.7% |
| GOOGL Alphabet | Q3 2026 | $127.6B | +25% | 31.8% |
| META Meta Platforms | Q3 2026 | $64.6B | +26% | 20.1% |
| SPCX Space Exploration Technologies | Q3 2026 | $14.6B | +161% | 19.1% |
| FLUT Flutter Entertainment | Q3 2026 | $3.9B | +2% | -30.7% |
| APP AppLovin | Q3 2026 | $2.2B | +56% | 78.2% |
| SNAP Snap | Q3 2026 | $1.7B | +14% | 4.5% |
| ZM Zoom Communications | Q2 FY27 | $1.3B | +5% | 24.6% |
| PINS Pinterest | Q3 2026 | $1.2B | +12% | 2.6% |
Source: PubMatic 10-Q on SEC EDGAR · CIK 1422930 · Services-Computer Programming, Data Processing, Etc.
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results