Magnite Q4 Revenue Up 6% with 43% EBITDA Margin, $200M Buyback
Magnite delivered Q4 revenue of $205.4 million, up 6% year-over-year, and contribution ex-TAC rose 8% to $195.1 million, exceeding guidance. Adjusted EBITDA margin expanded to 43%, the company ended 2025 with $553.4 million cash and zero net leverage, and approved a $200 million share buyback program.
1. Fourth Quarter Financial Highlights
Magnite reported Q4 2025 revenue of $205.4 million, a 6% increase year-over-year, and contribution ex-TAC of $195.1 million, up 8% (16% excluding political), at the high end of its guidance range.
2. Segment Performance
Contribution ex-TAC attributable to connected TV reached $93.6 million, up 20% year-over-year (32% excluding political), while the DV+ segment generated $101.5 million in contribution, down 1% (up 4% excluding political).
3. Profitability and Balance Sheet Strength
Net income for the quarter was $123.1 million, or $0.80 per diluted share, benefiting from a $90 million one-time tax benefit; adjusted EBITDA rose 9% to $83.8 million, delivering a 43% margin. The company ended 2025 with $553.4 million in cash and zero net leverage.
4. Share Repurchase and 2026 Outlook
The board authorized a new $200 million stock buyback through February 2028. Q1 2026 contribution ex-TAC is forecast at $157–161 million, with full-year 2026 targets of at least 11% contribution growth, mid-teens EBITDA growth, and a margin above 35%.