Filing Flows › PubMatic (PUBM) › Q2 2025
PubMatic (PUBM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
PubMatic (PUBM) reported revenue of $71.1M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +11% from the quarter before. Operating margin was -7.7%, net loss $5.2M (7.3% of revenue).
PubMatic, Q2 2025: revenue $71.1M (+6% year over year), operating margin -7.7%, net loss $5.2M, operating cash flow $14.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $71.1M | +11% | +6% |
| Operating profit | −$5.5M | — | — |
| Net earnings | −$5.2M | — | — |
| Operating cash flow | $14.9M | -5% | +25% |
| Free cash flow | $9.3M | — | +34% |
What changed
Revenue was $71.1M in Q2 2025, up 6% year over year and up 11% from the previous quarter.
Gross margin was 62.6%, unchanged from a year earlier. Operating costs exceeded revenue by $5.5M, an operating margin of -7.7%. Operating expenses grew 8% against revenue growth of 6%. The quarter ended with a net loss of $5.2M, narrower than the previous quarter's $9.5M loss.
Operating cash flow was $14.9M (up 25% year over year). Non-cash charges added back $5.7M of depreciation and amortization and $9.8M of share-based compensation. Working capital and other items added $4.6M. After capitalized software development costs ($4.3M) and purchases of property and equipment ($1.3M), free cash flow as the company reports it was $9.3M.
Questions
What was PubMatic's revenue in the second quarter 2025?
PubMatic (PUBM) reported revenue of $71.1M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +11% from the quarter before.
Was PubMatic profitable in the second quarter 2025?
Operating loss was $5.5M (-7.7% of revenue) and net loss $5.2M.
Source: PubMatic 10-Q on SEC EDGAR.