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PubMatic cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$17.3M in Q2 2026 · $73.5M over twelve months

Operating cash flow$20.2M
Capital spending−$3.0M
Free cash flow+$17.3M
Cash conversion cycle-871 days

Analysis

In Q2 2026, PubMatic generated $20.2M of operating cash flow and spent $3.0M on capital projects, leaving free cash flow of $17.3M. That is $3.7M more than in Q2 2025 ($13.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $88.0M; the largest uses were buybacks ($33.3M), capital spending ($14.5M), other investing ($13.3M); besides operations, cash came from other financing ($1.8M), shares issued ($1.5M); the cash balance rose by $29.5M.

Operating cash flow was $20.2M against net income of −$1.2M. The largest differences: receivables −$46.3M, payables +$37.6M, accrued liabilities +$9.6M.

Its cash conversion cycle was -871 days (receivables 417 + inventory 0 − payables 1288): suppliers fund its working capital.

Free cash flow

PubMatic: free cash flow by quarterPubMatic: free cash flow by quarter$7.4MQ3 2024$13.7MQ4 2024$14.2MQ1 2025$13.6MQ2 2025$27.7MQ3 2025$11.3MQ4 2025$17.3MQ1 2026$17.3MQ2 2026
Operating cash flow less capital spending.
PubMatic: operating cash flow against capital spendingPubMatic: operating cash flow against capital spendingOperating cash flowCapital spending$19.1M$11.7MQ3 2024$18.0M$4.3MQ4 2024$15.6M$1.4MQ1 2025$14.9M$1.3MQ2 2025$32.4M$4.7MQ3 2025$18.2M$6.9MQ4 2025$17.3M$11KQ1 2026$20.2M$3.0MQ2 2026
Latest (Q2 2026): Operating cash flow $20.2M, Capital spending $3.0M.

Capital allocation, year by year

PubMatic: where the cash came from (up) and went (down), by fiscal yearPubMatic: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $88.7MFY2021: Shares issued $4.6MFY2021: Capital spending −$30.4MFY2021: Buybacks −$52K$93.3MFY2021FY2022: Operating cash flow $87.2MFY2022: Net borrowing −$119KFY2022: Shares issued $1.2MFY2022: Capital spending −$35.9MFY2022: Acquisitions −$28.1M$88.4MFY2022FY2023: Operating cash flow $81.1MFY2023: Net borrowing −$126KFY2023: Shares issued $1.5MFY2023: Capital spending −$10.6MFY2023: Buybacks −$59.3M$82.7MFY2023FY2024: Operating cash flow $73.4MFY2024: Net borrowing −$131KFY2024: Shares issued $1.8MFY2024: Capital spending −$17.6MFY2024: Buybacks −$75.3M$75.2MFY2024FY2025: Operating cash flow $81.1MFY2025: Net borrowing −$140KFY2025: Shares issued $1.8MFY2025: Capital spending −$14.3MFY2025: Buybacks −$46.5M$82.8MFY2025
Over these 5 years operating cash flow totalled $411M; the largest uses were buybacks ($181M) and capital spending ($109M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$138M
Debtnone
Net cash$138M

PubMatic funds itself: free cash flow was $73.5M over the last twelve months, with $138M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

PubMatic: sources (+) and uses (−) of cash, Q2 2026PubMatic: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$24.9MBuybacks−$22.0MOther investing−$21.5MOperating cash flow$20.2MCapital spending−$3.0MOther financing$1.1MShares issued$407KExchange rates−$61KNet borrowing (+) / repaid (−)−$39K
PubMatic: sources (+) and uses (−) of cash, TTM to Q2 2026PubMatic: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$88.0MBuybacks−$33.3MCash drawn (+) / kept (−)−$29.5MCapital spending−$14.5MOther investing−$13.3MOther financing$1.8MShares issued$1.5MExchange rates−$497KNet borrowing (+) / repaid (−)−$145K

From profit to cash

PubMatic: net income to operating cash flow, Q2 2026PubMatic: net income to operating cash flow, Q2 2026Net income−$1.2MStock-based pay$8.3MDeferred taxes$280KOther non-cash$371KReceivables−$46.3MPayables$37.6MAccrued liabilities$9.6MPrepaid and other assets−$36KOther liabilities$1.6MOperating cash flow$20.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026417—1288-871
Q1 2026500—1183-684
Q4 2025414—1264-850
Q3 2025505—1300-795
Q2 2025469—1171-702
Q1 2025546—1249-703
Q4 2024431—1379-947
Q3 2024467—1265-798

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$20.2M−$3.0M−$22.0M−$39K$407K$24.9M$17.3M
Q1 2026$17.3M−$11K−$8.5M−$36K$477K$642K$17.3M
Q4 2025$18.2M−$6.9M$1.2M−$35K$264K−$9.0M$11.3M
Q3 2025$32.4M−$4.7M−$4.0M−$35K$321K−$46.1M$27.7M
Q2 2025$14.9M−$1.3M−$38.6M−$35K$611K$11.3M$13.6M
Q1 2025$15.6M−$1.4M−$5.0M−$35K$563K−$1.4M$14.2M
Q4 2024$18.0M−$4.3M−$9.9M−$33K$187K−$21.5M$13.7M
Q3 2024$19.1M−$11.7M−$29.5M−$33K$304K−$5.4M$7.4M

PubMatic: income statement and cash flow

PubMatic, Q2 2026: revenue $78.6M (+10% year over year), operating margin 0.7%. The chart follows the revenue to costs, profit and cash.

PubMatic: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.