MAGNITE, INC. (MGNI) FY2025 10-K Annual Report
Filed: Feb 25, 2026
Information Technology
Services-Computer Programming, Data Processing, Etc.SEC EDGAR MAGNITE, INC. (MGNI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MAGNITE, INC. FY2025 10-K Analysis
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
- • No revenue or profitability figures disclosed; focus on contingencies and stockholder matters only
- • 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
MAGNITE, INC. FY2025 Key Financial MetricsXBRL
Revenue
$714M
▲ +6.9% YoY
Net Income
$145M
▲ +534.7% YoY
Operating Margin
13.7%
▲ +602bp YoY
Net Margin
20.3%
▲ +1685bp YoY
ROE
15.7%
▲ +1271bp YoY
Total Assets
$3.2B
▲ +10.8% YoY
EPS (Diluted)
$0.95
▲ +493.7% YoY
Operating Cash Flow
$236M
▲ +0.4% YoY
Source: XBRL data from MAGNITE, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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