As of 15:42 UTC on Nov. 11, PubMatic shares last traded around $10.40, up sharply intraday following last night’s earnings and a flurry of analyst target increases.
Why PUBM is moving today
- Q3 2025 results topped expectations. After Monday’s close, PubMatic reported revenue of $67.96M, non‑GAAP EPS of $0.03, adjusted EBITDA of $11.2M (16% margin), and GAAP net loss of $6.5M (-$0.14/share). Management said revenue and adjusted EBITDA landed ahead of guidance. [1]
- Street reactions turned constructive. This morning, Rosenblatt raised its PUBM price target to $20 (Buy), Evercore ISI lifted to $13 (Outperform), and Wolfe Research moved to $12 (Outperform)—citing a better‑than‑feared print and strengthening CTV/AI positioning. [2]
- Consensus beat specifics. Benzinga noted Q3 EPS of $0.03 vs. -$0.10 est. and revenue of $67.96M vs. $63.77M est., helping drive the rally. [3]
Key numbers & operating highlights
Third quarter (ended Sept. 30, 2025):
- Revenue: $67.96M vs. $71.79M YoY (prior year included ~$5M of political ad revenue). [4]
- GAAP net loss: $(6.5)M; GAAP diluted EPS $(0.14)$. Non‑GAAP net income:$1.6M or $0.03 per diluted share. [5]
- Adjusted EBITDA:$11.2M (16% margin) vs. $18.5M (26%) a year ago. [6]
- Cash & cash equivalents:$136.5M and no debt; operating cash flow:$32.4M. [7]
Growth drivers called out by management:
- Connected TV (CTV): Revenue grew >50% YoY excluding political ads; omnichannel video also grew including CTV. [8]
- Activate (buyer‑led curation):Revenue up >100% YoY. [9]
- AI platform benefits: Reported 87% faster campaign setup and 70% faster issue resolution; ongoing NVIDIA collaboration cited as an infrastructure advantage. [10]
- Efficiency & scale:~87 trillion impressions processed in Q3 (+24% YoY) with 19% lower cost per million impressions on a TTM basis. [11]
Q4 2025 outlook (company guidance)
PubMatic guided Q4 revenue to $73M–$77M and adjusted EBITDA to $19M–$21M (~27% margin at the midpoint). Guidance factors in FX headwinds and notes an impact from one top DSP buyer. [12]
What Wall Street said today
- Rosenblatt (Buy, PT to $20 from $17): Framed the quarter as “better than feared,” modeling value from the core business plus optionality tied to Google ad‑tech remedies. [13]
- Evercore ISI (Outperform, PT to $13 from $12): Cited a revenue/EBITDA beat and ongoing AI/infra improvements as reasons for upside. [14]
- Wolfe Research (Outperform, PT to $12 from $11): Highlighted strong CTV growth and expects re‑acceleration into FY26. [15]
Strategy check: CTV, SPO, and AI
Management emphasized three pillars:
- CTV & Omnichannel Video: CTV continues to outgrow the broader market, helping mix shift toward higher‑value formats. [16]
- Supply Path Optimization (SPO): Deeper direct relationships with advertisers and mid‑market DSPs drove ~25% YoY increase in ad spend from those partners. [17]
- AI at every layer: From infrastructure (with NVIDIA) to workflow and yield tools, AI is positioned as a competitive moat with measurable workflow and performance gains. [18]
The setup from here
- Holiday quarter: Guidance implies high‑single‑digit YoY growth at the midpoint and margin expansion as revenue scales. Execution in CTV and buyer‑led curation (Activate) will be key watch items. [19]
- Analyst sentiment: Fresh target hikes to $20 / $13 / $12 add catalysts as investors reassess valuation after the beat. [20]
- Industry dynamics: Several analysts point to potential upside from ad‑tech remedies in Google’s antitrust cases over time—an external catalyst rather than a near‑term driver. [21]
Quick takeaways for readers
- Beat & guide: Revenue and adjusted EBITDA ahead of guidance; Q4 guide $73M–$77M with EBITDA $19M–$21M. [22]
- Mix matters:CTV >50% YoY (ex‑political) and Activate >100% YoY underpin growth narrative. [23]
- Balance sheet:$136.5M cash, no debt; strong operating cash flow. [24]
- Street re‑rates: Multiple target increases, including Rosenblatt to $20. [25]
- Stock reaction: PUBM surged intraday following the print and analyst moves.
Source notes
- Earnings & KPIs: Company press release and tables (Nov. 10, 2025). [26]
- Consensus beat & share move: Benzinga intraday movers report (Nov. 11, 2025). [27]
- Analyst actions (Nov. 11, 2025): Rosenblatt via TheFly/TipRanks; Evercore ISI and Wolfe Research via Investing.com. [28]
- Real‑time price: Finance feed at time‑stamp shown above.
Editorial disclosure: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities.
References
1. www.nasdaq.com, 2. www.tipranks.com, 3. www.benzinga.com, 4. www.nasdaq.com, 5. www.nasdaq.com, 6. www.nasdaq.com, 7. www.nasdaq.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.nasdaq.com, 13. www.tipranks.com, 14. www.investing.com, 15. www.investing.com, 16. www.nasdaq.com, 17. www.nasdaq.com, 18. www.nasdaq.com, 19. www.nasdaq.com, 20. www.tipranks.com, 21. www.tipranks.com, 22. www.nasdaq.com, 23. www.nasdaq.com, 24. www.nasdaq.com, 25. www.tipranks.com, 26. www.nasdaq.com, 27. www.benzinga.com, 28. www.tipranks.com
