SpendscapeCompanies · adtech platform
PubMatic
Sell sidePUBM
PubMatic brought in $280M of revenue in fiscal 2025, growing 14% a year over five years at a -6% operating margin.
$280Mrevenue, FY2025
+14%growth a year, 5 years
-6%operating margin
Revenue and margin
Bars: revenue, $B (10-K). Line: operating margin. Years where the filing's revenue line isn't comparable are left out of the line.
What they told investors
“a material reduction in fees, more dollars shifting into working media, high-performing KPIs, and 80% to 90% time savings in campaign setup.”Rajeev Goel · 2026 Q1 · transcript
“More of their dollars go to purchasing media, with 30% to 40% improvements in CPMs and 40% more media being bought.”Rajeev Goel · 2026 Q1 · transcript
“If we look at Fortune 1,000 advertisers—many large enterprises, incumbent brands—their ad budgets are pretty stagnant, as, in many cases, their revenues are stagnant. Instead, challenger brands—mid-market, upper mid-market, SMB brands—are growing much faster in their core…”management · 2026 Q1 · transcript
“Activate delivers valuable efficiency gains with an average decrease in CPMs of 13%.”Rajeev Goel · 2024 Q4 · transcript