Short answer
MAGNITE, INC. (MGNI) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $714M (+6.9% year over year) and net income of $145M.
- Top risk flagged: Regulatory risk linked to Convertible Senior Notes maturity March 15, 2026 with $204.8M outstanding, potential cash/share payments if stock price exceeds $91.26
FY2025 key financial metrics · XBRL
- Revenue
- $714M
- +6.9% YoY
- Net income
- $145M
- +534.7% YoY
- Operating margin
- 13.7%
- +6.0 pp YoY
- EPS (diluted)
- $0.95
- +493.7% YoY
- ROE
- 15.7%
- +12.7 pp YoY
- Operating cash flow
- $236M
- +0.4% YoY
Source: XBRL data from the MAGNITE, INC. (MGNI) FY2025 10-K on SEC EDGAR. USD.
MAGNITE, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: independent programmatic connected TV (CTV) advertising platform combining supply side platform (SSP) and ad server for full-stack video ad management
- New product: April 2025 launch of next generation SpringServe CTV platform integrating SSP and ad server with single user interface
- Strategic shift: accelerating CTV growth focus; CTV revenue up 9%, Contribution ex-TAC up 17% YoY, now biggest growth driver vs desktop/mobile
- Quantitative highlight: net income $145M up 535% YoY, adjusted EBITDA $232M up 18%, revenue $714M up 7% with increasing CTV mix
- Noteworthy fact: 2025 lawsuit filed against Google for antitrust violations in ad server/exchange markets, expecting remedies to enhance competition and market share
Management Discussion & Analysis
- Share repurchase program: $1.5M shares bought at avg $15.60 in Q4 2025, $64.1M remaining authorization
- No dividends paid or anticipated; credit facility restricts dividend payments
- Legal contingencies not expected to materially affect financials as of Dec 31, 2025
- No forward-looking guidance or outlook provided in this section
Risk Factors
- Regulatory risk linked to Convertible Senior Notes maturity March 15, 2026 with $204.8M outstanding, potential cash/share payments if stock price exceeds $91.26
- Macroeconomic exposure through cash flow timing variability impacted by capital market disruptions and financial institution instability
- Operational risk from cloud-managed services contract minimum spend commitments from July 2025 to June 2028 under non-cancelable agreements
- Market disruption risk from managed advertising campaigns reporting revenue on a gross basis, indicating dependency on primary obligor status in auction marketplace
- Financial leverage risk with $351.3M term loan balance at 6.72% interest and $171M available revolving credit, subject to restrictive covenants
Generated from the filing text; verify against the original. How to read a 10-K
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