PubMatic, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $282.9M | $291.3M | $267.0M | $256.4M | $226.9M |
| Gross profit | $179.8M | $190.2M | $167.8M | $174.9M | $168.6M |
| Operating income | -$17.3M | $3.9M | $2.0M | $40.5M | $58.8M |
| Operating expenses | $197.1M | $186.3M | $165.7M | $134.3M | $109.8M |
| Cost of revenue | $103.1M | $101.0M | $99.2M | $81.5M | $58.3M |
| Cash from operations | $81.1M | $73.4M | $81.1M | $87.2M | $88.7M |
| Capital expenditure | $14.3M | $17.6M | $10.6M | $35.9M | $30.4M |
| Free cash flow | $66.7M | $55.8M | $70.5M | $51.3M | $58.2M |
| Share repurchases | $46.5M | $75.3M | $59.3M | $0 | $52,000 |
| Impairments | — | — | — | — | $0 |
| Total assets | $680.2M | $739.5M | $695.2M | $642.2M | $550.2M |
| Total liabilities | $417.6M | $462.3M | $399.0M | $330.0M | $293.0M |
Shares outstanding 46.4M · Free float 61.4%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.