Short answer
PubMatic, Inc. (PUBM) filed its Q3 2025 10-Q quarterly report on Nov 10, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $68M (down 5.3% year over year) with net income of −$6M.
Q3 2025 key financials · XBRL
- Revenue
- $68M
- −5.3% YoY · −4.4% QoQ
- Net income
- −$6M
- −607.5% YoY · −23.9% QoQ
- Operating margin
- -12.4%
- Gross margin
- 62.6%
- EPS (diluted)
- −$0.14
- −600.0% YoY · −27.3% QoQ
Source: XBRL data from the PubMatic, Inc. (PUBM) Q3 2025 10-Q on SEC EDGAR. USD.
PubMatic, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $67.96M, down 5% YoY from $71.786M, reflecting lower political spending and DSP platform changes
- Gross margin 63% vs 64% YoY; operating margin (12)% vs (2)%; net margin (9)% vs (1)%
- Adjusted EBITDA $11.152M vs $18.546M YoY; operating loss $8.419M vs $1.365M
- Operating cash flow $32.374M vs $19.139M YoY; interest-bearing securities investments decreased
- Near-term headwinds: macroeconomic conditions and large DSP platform changes; revenue impact magnitude difficult to predict
Risk Factors
- Newly added Google Lawsuit risk, triggered by PubMatic’s September 8, 2025 antitrust claims against Google
- Google retaliation risk, including unfavorable commercial terms or reduced platform access
- Regulatory risk from California Delete Act deletion mechanism beginning January 1, 2026
- Near-term advertising demand risk from macroeconomic volatility and geopolitical conflicts
- Financial risk from $180.6 million repurchases reducing cash reserves under the $275.0 million authorization
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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