PubMatic, Inc. reported a decline in financial performance for the fiscal year ended December 31, 2025, with total revenue of $282.9 million, a decrease of 3% from $291.3 million in 2024. The company experienced a net loss of $14.5 million, compared to a net income of $12.5 million in the previous year. This downturn was attributed to a significant reduction in political advertising revenue, which had surged during the 2024 U.S. presidential election, as well as platform changes implemented by key demand-side platform (DSP) buyers that negatively impacted revenue streams. Adjusted EBITDA also fell to $61.6 million from $92.3 million in 2024, reflecting the challenges faced in maintaining profitability amid shifting market dynamics.
In terms of operational metrics, PubMatic served approximately 1,980 publishers in 2025, an increase from 1,900 in 2024, but the growth rate of new publisher acquisitions slowed, with only 50 net new publishers added compared to 100 in the previous year. The company reported a net dollar-based retention rate of 96% for 2025, down from 107% in 2024, indicating a decline in existing customer spending. Despite these challenges, PubMatic anticipates revenue growth in 2026, driven by increased demand for mobile and connected TV (CTV) advertising, as well as new revenue streams from artificial intelligence (AI) products.
Strategically, PubMatic has focused on expanding its supply path optimization (SPO) agreements, which accounted for approximately 55% of total activity in 2025. The company has also invested in enhancing its technology infrastructure to support the growing volume of ad impressions processed on its platform, which reached nearly 97.6 trillion in the fourth quarter of 2025. However, the company faces ongoing risks related to macroeconomic conditions, including inflation and interest rate fluctuations, which could further impact its financial performance.
PubMatic's workforce consisted of 1,030 employees as of December 31, 2025, with a significant presence in India, where 573 employees are based. The company continues to invest in its technology and development teams to support its growth strategy, which includes enhancing its platform capabilities and expanding its market share in the digital advertising ecosystem. The outlook for 2026 remains cautiously optimistic, contingent on the successful execution of its strategic initiatives and the stabilization of market conditions.
About PubMatic, Inc.
PubMatic, Inc. is an independent technology company providing a digital advertising platform that enables publishers to monetize their ad inventory and buyers to access targeted advertising across multiple channels. Its cloud-based solutions support programmatic ad transactions, emphasizing transparency, efficiency, and privacy compliance. Serving global media companies, advertisers, and agencies, PubMatic leverages AI, real-time data, and omnichannel infrastructure to optimize ad revenue and ROI.
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