Magnite Q1 Revenue Up 6% and CTV Contribution Jumps 30%
Magnite posted Q1 revenue of $164.4 million, up 6% year-over-year, and delivered $160.9 million in Contribution ex-TAC, a 10% increase at the top end of guidance. CTV Contribution ex-TAC jumped 30% to $82.3 million, while net income rose to $4.4 million from a $9.6 million loss.
1. Q1 Financial Results
Magnite reported Q1 ended March 31, 2026 revenue at $164.4 million, up 6% year-over-year, and Contribution ex-TAC of $160.9 million, a 10% increase at the high end of guidance. The company swung to net income of $4.4 million from a $9.6 million loss, generated Adjusted EBITDA of $42.9 million (up 16%) and operating cash flow of $23.3 million.
2. Segment Performance
Contribution ex-TAC from CTV grew 30% year-over-year to $82.3 million, representing over 50% of total and supported by publisher, agency and DSP momentum. DV+ Contribution ex-TAC reached $78.6 million, down 5% but exceeding the top end of its guidance range.
3. Guidance and Outlook
For Q2, total Contribution ex-TAC is projected between $177 million and $181 million, with CTV at $90 million–$92 million and DV+ at $87 million–$89 million; operating expenses are forecast at $115 million–$117 million. Full-year 2026 targets include at least 11% Contribution ex-TAC growth, mid-teens Adjusted EBITDA growth, a minimum 35.5% margin and mid-30% free cash flow growth.
4. CEO Commentary
CEO Michael G. Barrett highlighted the broad-based CTV momentum driven by buyer marketplaces, ClearLine, live sports and SMB trends, and emphasized AI’s role in buying, creative development and workflow. He also noted early mobile app and commerce media improvements in DV+ and readiness for pending Google trial remedies.