PubMatic (PUBM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and PubMatic published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. PubMatic reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• PubMatic reports revenue on a net basis: gross billings to ad buyers, net of the amounts it pays publishers and rebates under supply path optimization agreements with buyers.
• Q3 2026 revenue included approximately $5.6 million of U.S. political ad spend, against $1.1 million a year earlier.

Source: PubMatic Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How PubMatic splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• PubMatic's United States revenue was $41.3 million in Q3 2026, up 10% from $37.6 million in Q3 2025, 52% of total revenue.
• PubMatic's EMEA revenue was $24.9 million in Q3 2026, up 17% from $21.3 million in Q3 2025, 31% of total revenue.
• PubMatic's APAC revenue was $11.8 million in Q3 2026, up 54% from $7.7 million in Q3 2025, 15% of total revenue.
• PubMatic's Rest of the world revenue was $1.5 million in Q3 2026, up 8% from $1.4 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are PubMatic's Q4 2026 outlook; the last two are for full year 2026.

In its Q3 2026 release, PubMatic said:

“Revenue to be in the range of $91 million to $93 million, or 15% year-over-year growth at the midpoint.”

“Adjusted EBITDA to be in the range of $31 million to $33 million.”

“Revenue to be in the range of $312 million to $314 million, or 11% year-over-year growth at the midpoint.”

“Adjusted EBITDA to be in the range of $79 million to $81 million, an increase of 30% year-over-year at the midpoint.”

Source: PubMatic Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PUBM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for PubMatic's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

PubMatic, a sell-side advertising platform that runs real-time auctions for publishers' ad inventory, reported Q3 2026 revenue of $79.6 million, up 17% from $68.0 million. It was the third consecutive quarter of faster growth. PubMatic attributed the increase to more impressions processed, including CTV and mobile app, emerging revenue streams and more customer relationships, and the quarter included approximately $5.6 million of U.S. political spend, against $1.1 million a year earlier. (PubMatic Q3 2026 release, Nov 9, 2026; PubMatic Form 10-Q, Q3 2026, Nov 9, 2026)

CTV, mobile app and emerging revenues made up approximately 64% of total revenue, up from approximately 60% in Q2 2026. Mobile app grew nearly 40% and was approximately 27% of revenue; CTV grew over 30% and was approximately 21%, with Americas CTV up over 40%; and emerging revenues (Activate, Commerce Media, Connect and AI solutions) more than doubled to approximately 18%. (PubMatic Q3 2026 release, Nov 9, 2026)

By publisher billing address, the United States contributed $41.3 million, EMEA $24.9 million, APAC $11.8 million (from $7.7 million) and the rest of the world $1.5 million. No country other than the United States exceeded ten percent of revenue. (PubMatic Form 10-Q, Q3 2026, Nov 9, 2026)

PubMatic depends on a limited number of large demand side platforms for a large share of impressions purchased; its 10-K names Google and The Trade Desk as two of its largest DSP relationships, and says 2025 revenue was hurt by platform changes at one large DSP buyer in the second half of 2024 and another in the second half of 2025. Supply path optimization represented approximately 55% of platform activity in Q3 2026, and net dollar-based retention was 103% for the trailing twelve months, against 98%. (PubMatic Form 10-K, 2025, Feb 26, 2026; PubMatic Form 10-Q, Q3 2026, Nov 9, 2026)

PubMatic served approximately 2,040 publishers and app developers at September 30, 2026, against approximately 1,980 a year earlier. It is also suing Google in the Eastern District of Virginia, in a case filed September 8, 2025 over the publisher ad server and ad exchange markets. (PubMatic Form 10-Q, Q3 2026, Nov 9, 2026)

PubMatic earned $0.11 per diluted share in Q3 2026, against a loss of $0.14, on GAAP net income of $5.5 million against a $6.5 million loss. Gross margin rose to 70% from 63% as cost of revenue fell $1.4 million, mainly from lower depreciation and amortization after PubMatic changed the estimated useful life of certain network hardware. (PubMatic Q3 2026 release, Nov 9, 2026; PubMatic Form 10-Q, Q3 2026, Nov 9, 2026)

Non-GAAP net income was $12.6 million, or $0.25 per non-GAAP diluted share, against $0.03. It adds back stock-based compensation ($7.5 million) and litigation related expenses ($1.2 million) and deducts a $1.6 million income tax adjustment. Adjusted EBITDA was $26.0 million, a 33% margin, against $11.2 million and 16%. (PubMatic Q3 2026 release, Nov 9, 2026)

Buybacks have cut the share count: basic weighted average shares were 45,621 thousand, against 45,933 thousand, and 50,416 thousand diluted. Through September 30, 2026 PubMatic had spent $226.6 million repurchasing 16.5 million Class A shares, and on November 9, 2026 its board added $150 million through December 31, 2028, for about $198 million available. (PubMatic Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

PubMatic guides revenue and adjusted EBITDA in its release, not net income. For Q4 2026 it expects revenue of $91 million to $93 million (15% growth at the midpoint) and adjusted EBITDA of $31 million to $33 million, with a negative currency impact mainly from the Euro and Pound Sterling. For full year 2026 it expects revenue of $312 million to $314 million and adjusted EBITDA of $79 million to $81 million. (PubMatic Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover PubMatic, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones PubMatic's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PUBM is on is PUBM a buy or a sell?, what analysts expect next is on the PUBM forecast, and what the company does is on the PubMatic (PUBM) stock page.

Every number on this page can be traced to a document PubMatic published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.