DoubleVerify Q4 Revenue Climbs 8% to $206M as EBITDA Margin Hits 38%
DoubleVerify Q4 revenue rose 8% to $206M with adjusted EBITDA of $78M (38% margin), driven by a 7% rise in advertiser revenue fueled by 8% volume growth. Full-year 2025 revenue reached $748M (14% growth) with $246M adjusted EBITDA (33% margin), while guiding 2026 revenue of $810-826M (8-10% growth).
1. Q4 Financial Results
In Q4, advertiser revenue grew 7% year-over-year to drive total revenue of $206M, an 8% increase. Volume measured transactions rose 8% but price per transaction fell 3%, excluding an introductory fixed-fee arrangement. Adjusted EBITDA reached $78M, reflecting a 38% margin.
2. Full-Year 2025 Metrics
For full-year 2025, billable transactions increased 15% to 9.5 trillion. Total revenue reached $748M, up 14%, with adjusted EBITDA of $246M (33% margin). Net cash from operations totaled $211M and free cash flow was $173M (70% conversion), while $132M was returned via share repurchases and ending cash stood at $260M with no long-term debt.
3. Product and Market Highlights
Social media activation accelerated to 60% growth in Q4, driving an annualized run rate of $8M, and YouTube solutions entered 2026 at $8M ACV. Connected TV measurement volumes rose 22% in Q4, supported by new pre-bid controls and data licensing, and AI-based tools like SlopStopper are in early customer tests.
4. 2026 Guidance and Outlook
Management forecasts Q1 2026 revenue of $177M to $183M (9% midpoint growth) with a 28% EBITDA margin, and full-year revenue of $810M to $826M (8-10% growth) with a roughly 34% margin. The outlook excludes macro improvements and anticipates increased share repurchases from a $300M authorization.