Filing Flows › PubMatic (PUBM) › Q3 2025
PubMatic (PUBM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
PubMatic (PUBM) reported revenue of $68.0M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -4% from the quarter before. Operating margin was -12.4%, net loss $6.5M (9.5% of revenue).
PubMatic, Q3 2025: revenue $68.0M (-5% year over year), operating margin -12.4%, net loss $6.5M, operating cash flow $32.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $68.0M | -4% | -5% |
| Operating profit | −$8.4M | — | — |
| Net earnings | −$6.5M | — | — |
| Operating cash flow | $32.4M | +117% | +69% |
| Free cash flow | $22.8M | — | — |
What changed
Revenue was $68.0M in Q3 2025, down 5% year over year and down 4% from the previous quarter.
Gross margin was 62.6%, down 1.8 points from a year earlier. Operating costs exceeded revenue by $8.4M, an operating margin of -12.4%. Operating expenses grew 7% against a revenue fall of 5%. The quarter ended with a net loss of $6.5M, wider than the previous quarter's $5.2M loss.
Operating cash flow was $32.4M (up 69% year over year). Non-cash charges added back $4.2M of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items added $25.1M. After capitalized software development costs ($4.9M) and purchases of property and equipment ($4.7M), free cash flow as the company reports it was $22.8M.
Questions
What was PubMatic's revenue in the third quarter 2025?
PubMatic (PUBM) reported revenue of $68.0M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -4% from the quarter before.
Was PubMatic profitable in the third quarter 2025?
Operating loss was $8.4M (-12.4% of revenue) and net loss $6.5M.
Source: PubMatic 10-Q on SEC EDGAR.