Filing Flows › PubMatic (PUBM) › Q4 2025
PubMatic (PUBM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
PubMatic (PUBM) reported revenue of $80.0M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +18% from the quarter before. Operating margin was 10.6%, net earnings $6.7M (8.4% of revenue).
PubMatic, Q4 2025: revenue $80.0M (-6% year over year), operating margin 10.6%, net earnings $6.7M, operating cash flow $18.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $80.0M | +18% | -6% |
| Gross profit | $54.6M | +28% | -10% |
| Operating profit | $8.5M | — | -42% |
| Net earnings | $6.7M | — | -52% |
| Operating cash flow | $18.2M | -44% | +0.6% |
| Free cash flow | $6.9M | — | — |
What changed
Revenue was $80.0M in Q4 2025, down 6% year over year and up 18% from the previous quarter.
Gross margin was 68.2%, down 2.7 points from Q4 2024. Operating profit was $8.5M, a 10.6% margin (down 6.7 points year over year). Operating expenses grew 1% against a revenue fall of 6%. Net earnings were $6.7M, down 52% year over year. The effective tax rate was 30.4%.
Operating cash flow was $18.2M (up 1% year over year), 272% of net earnings. Non-cash charges added back $3.3M of depreciation and amortization and $9.4M of share-based compensation. Working capital and other items used $1.2M. After purchases of property and equipment ($6.9M) and capitalized software development costs ($4.4M), free cash flow as the company reports it was $6.9M.
Questions
What was PubMatic's revenue in the fourth quarter 2025?
PubMatic (PUBM) reported revenue of $80.0M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +18% from the quarter before.
Was PubMatic profitable in the fourth quarter 2025?
Operating profit was $8.5M (10.6% of revenue) and net earnings $6.7M.
Source: PubMatic 10-K on SEC EDGAR.