PubMatic, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $282.9M | $291.3M | $267.0M | $256.4M | $226.9M |
| Cost of revenue | $103.1M | $101.0M | $99.2M | $81.5M | $58.3M |
| Gross profit | $179.8M | $190.2M | $167.8M | $174.9M | $168.6M |
| Research and development | $33.8M | $33.3M | $26.7M | $20.8M | $15.9M |
| Operating expenses | $197.1M | $186.3M | $165.7M | $134.3M | $109.8M |
| Operating income | -$17.3M | $3.9M | $2.0M | $40.5M | $58.8M |
| Pretax income | -$16.0M | $17.8M | $10.5M | $37.5M | $64.8M |
| Income tax expense | -$1.5M | $5.3M | $1.6M | $8.8M | $8.2M |
| Net income | -$14.5M | $12.5M | $8.9M | $28.7M | $56.6M |
| Balance Sheet | |||||
| Cash and equivalents | $145.5M | $100.5M | $78.5M | $92.4M | $82.5M |
| Current assets | $522.6M | $575.5M | $562.0M | $503.5M | $460.7M |
| Total assets | $680.2M | $739.5M | $695.2M | $642.2M | $550.2M |
| Current liabilities | $375.9M | $418.8M | $379.6M | $302.0M | $267.0M |
| Total liabilities | $417.6M | $462.3M | $399.0M | $330.0M | $293.0M |
| Stockholders' equity | $262.6M | $277.3M | $296.2M | $312.2M | $257.2M |
| Cash Flow Statement | |||||
| Cash from operations | $81.1M | $73.4M | $81.1M | $87.2M | $88.7M |
| Depreciation and amortization | $19.0M | $24.8M | $28.5M | $23.6M | $15.7M |
| Stock-based compensation | $38.4M | $37.7M | $28.9M | $20.6M | $14.1M |
| 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 |
Shares outstanding 46.4M · Free float 61.4%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.