Filing Flows › PubMatic (PUBM) › Q1 2026 › vs Q4 2025
PubMatic (PUBM) Q1 2026 vs Q4 2025 (quarter over quarter)
PubMatic's revenue fell $17.5M (-22%) from $80.0M in Q4 2025 to $62.6M in Q1 2026.
PubMatic, Q1 2026: revenue $62.6M (-2% year over year), operating margin -24.4%, net loss $12.5M, operating cash flow $17.3M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $62.6M | $80.0M | −$17.5M | -22% |
| Income tax benefit | $2.6M | −$2.9M | $5.5M | — |
| Net loss | $12.5M | −$6.7M | $19.2M | — |
| Costs & expenses | $77.8M | $81.1M | −$3.3M | -4% |
| Operating costs | $77.8M | $71.5M | $6.3M | +9% |
| Cost of revenue | $26.1M | $25.5M | $612K | +2% |
| Research & development | $8.0M | $6.3M | $1.7M | +26% |
| Sales & marketing | $29.0M | $25.2M | $3.8M | +15% |
| General & admin | $14.8M | $14.5M | $280K | +2% |
| Operating cash sources | $29.8M | $11.5M | $18.3M | +160% |
| Depreciation & amortization | $3.5M | $3.3M | $200K | +6% |
| Share-based compensation | $8.5M | $9.4M | −$880K | -9% |
| Working capital & other | $17.8M | −$1.2M | $19.0M | — |
| Net loss absorbed | $12.5M | −$6.7M | $19.2M | — |
| Operating cash flow | $17.3M | $18.2M | −$864K | -5% |
Questions
How much did PubMatic's revenue grow quarter over quarter in Q1 2026?
PubMatic's revenue fell $17.5M (-22%) from $80.0M in Q4 2025 to $62.6M in Q1 2026.