Magnite, Inc. (MGNI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$742.0M

Revenue growth

8.3%

Net income, last twelve months

$166.9M

Earnings per share

$1.09

Gross margin

64.8%

Operating margin

15.6%

Net margin

22.5%

Free cash flow

$215.8M

Return on equity

17.8%

Market value

$3.1B

Price to earnings

20.0x

Cash

$332.6M

Debt

$358.6M

Debt to equity

0.38

Shares outstanding

143.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Contribution ex-TAC grew 17%. Contribution ex-TAC reached $189.6 million, up 17% from $162.0 million. Six-month contribution ex-TAC rose 14% to $350.5 million.
• Revenue and gross profit grew. Revenue was $192.8 million, up 11% from $173.3 million. Gross profit was $130.8 million, up 21%. Six-month revenue rose 9% to $357.2 million.
• Adjusted EBITDA up 30%, margin 37%. Adjusted EBITDA was $70.6 million, up 30%, at a 37% margin against 34% a year earlier. Six-month Adjusted EBITDA rose 24% to $113.5 million.
• Net income and diluted EPS rose. Net income was $19.4 million, or $0.13 per diluted share, against $11.1 million, or $0.08 a year earlier. Non-GAAP earnings per share was $0.26, against $0.20.
• Diluted share count eased. Weighted-average diluted shares were 147.2 million in the quarter, against 148.3 million a year earlier.
• CTV share of contribution reached 51%. CTV contribution ex-TAC was $97.1 million, up 36% from $71.5 million. Its share of total rose to 51% from 44%.
• DV+ returned to growth. DV+ contribution ex-TAC was $92.5 million, up 2% year-over-year. Management described this as a return to growth in DV+.
• Mobile rose, desktop flat. Mobile contribution ex-TAC was $65.8 million, 35% of total, against $63.8 million and 39% a year earlier. Desktop was $26.7 million, 14% of total.
• CTV momentum broad across publishers. Management said CTV momentum is broad-based across leading publisher partners.
• Agentic launches and partner support. Management said it was pleased with its agentic product launches and partner support, which it sees as a future tailwind.
• Positioned between supply and demand. Management said the company is uniquely positioned between supply and demand, and that its agentic offerings could support its role in digital advertising.
• Cost of revenue fell. Cost of revenue was $62.0 million, against $65.0 million a year earlier. Sales and marketing rose to $47.0 million from $42.3 million.
• Stock-based compensation held steady. Stock-based compensation was $19.6 million in the quarter, compared with $19.6 million a year earlier, and $39.3 million for six months.
• Merger and restructuring costs added. Merger, acquisition and restructuring costs were $1.8 million in Q2 2026, with none reported in Q2 2025.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 127 held.

Every filing

The newest filings with the SEC of 263 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

348 funds held it at 30 Jun 2026: 157 added and 89 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Alphabet Inc. (GOOGL): revenue $445.9B, market value $3.98T
• Alphabet Inc. (GOOG): revenue $445.9B, market value $3.94T
• Meta Platforms, Inc. (META): revenue $241.6B, market value $1.58T
• AppLovin Corp. (APP): revenue –, market value $87.2B
• Zoom Communications, Inc. (ZM): revenue $5.0B, market value $30.1B
• Baidu, Inc. (BIDU): revenue $18.0B, market value $27.1B
• Tempus AI, Inc. (TEM): revenue $1.4B, market value $14.0B
• Flutter Entertainment plc (FLUT): revenue $17.2B, market value $13.6B
• Pinterest, Inc. (PINS): revenue $4.6B, market value $11.8B
• DigitalOcean Holdings, Inc. (DOCN): revenue $1.0B, market value $11.0B

What the company does

Magnite, Inc. provides technology that automates the purchase and sale of digital advertising inventory. The company says it believes it is the world's largest independent omni-channel sell-side advertising platform (SSP) and the largest independent programmatic CTV marketplace. Sellers, called publishers, use the platform to manage and sell inventory on CTV channels, applications, websites and other digital media properties. Buyers include advertisers, agencies, agency trading desks and demand side platforms (DSPs). The platform processes trillions of ad requests per month. Magnite had 971 full-time employees as of 31 December 2025 and has its corporate headquarters in New York, New York.

How the business is organised

Magnite reports as one operating segment. It tracks activity across three channels. CTV covers ads delivered to a television set connected to the internet. Mobile and desktop cover ads delivered through those devices' operating systems, and the company groups them as DV+. Its sales teams work from locations around the world. Buyer teams are managed separately from seller teams, and a professional services team supports each seller integration.

What it sells

For sellers, the SpringServe CTV platform combines an ad server, a streaming SSP and mediation tools in one interface. Live Stream Acceleration manages ad request pacing during traffic spikes at live events. Demand Manager helps desktop and mobile sellers handle header bidding, a technique for offering inventory to several exchanges at once. Magnite is integrated with the major header bidding standards, including Prebid.org, which it co-founded.

For buyers, ClearLine is a self-service product that gives direct access to CTV inventory and lets buyers build custom deal packages enriched with first-party or third-party data. The Magnite Curator Marketplace is a self-service tool integrated within ClearLine. In September 2025 the company completed the acquisition of Streamr.ai, whose generative AI tools automate the creation of video ads and campaign setup for small and medium-sized businesses.

How it makes money

When a seller sends an ad request, Magnite sends bid requests to buyers, and a winning bid produces a paid impression. Revenue is generally a percentage of the ad spend that runs through the platform. Some clients, services or transaction types, including ad serving, pay a fixed CPM (cost per thousand impressions) for each impression sold. Certain clients also pay fixed monthly fees. For most transactions Magnite acts as an agent for the publisher and records revenue net of the inventory cost it remits to sellers. Campaigns bought through insertion orders are recorded on a gross basis, and for 2025 that was 10% of total revenue. Buyer spending is higher in the fourth quarter, when many buyers concentrate their budgets around holiday purchasing.

Who it works with

Sellers range widely, but a relatively small number provide a large share of the audiences buyers want to reach. This is most true in CTV, where sellers tend to be larger. In mobile, many app providers reach Magnite through aggregators that use third-party SDKs, and those aggregators hold the contracts with Magnite.

On the buy side, DSPs connect to the platform through server-to-server integrations under master service agreements. Ad spend is concentrated among relatively few DSPs, so each of those relationships matters to the company. Magnite also works directly with agencies and brands. It enters supply path optimization agreements with agency holding companies, brands and DSPs, which may include custom integrations, data flows or volume-based discounts. It also runs managed service campaigns at a negotiated fixed price.

Technology and competition

Most non-CTV transactions run on the company's own data centers in the U.S., Europe and Asia. CTV transactions run primarily in the cloud, and the company says it is investing in more of its own data centers for CTV. A 24-hour Network Operations Center monitors and reroutes traffic. Magnite says it has no media properties of its own that compete with its sellers, and it does not offer a dedicated DSP.

The filing names Google, Facebook, Comcast and Amazon as competitors that are significantly larger than Magnite. Others include supply side platforms, video ad servers and advertising exchanges. On 17 April 2025 a U.S. federal court ruled that Google had violated antitrust laws in the display publisher ad server and ad exchange markets. On 16 September 2025 Magnite filed its own lawsuit against Google seeking damages and other remedies.

Where it operates and the rules it follows

Magnite has an established operating presence in North America, Australia and Europe, and a developing presence in Asia and South America. Besides the United States, it has personnel in Australia, Brazil, Canada, France, Germany, India, Italy, Japan, New Zealand, Singapore, Sweden and the United Kingdom. Its non-U.S. operations perform mainly sales, marketing and service functions.

Privacy rules shape the business. The company says it does not collect directly identifying information such as names, addresses or phone numbers. It does handle IP addresses, general geo-location and unique identifiers, which many jurisdictions treat as personal data. It follows the GDPR and UK GDPR, the EU Digital Services Act, COPPA, and 20 comprehensive U.S. state privacy laws in effect at the end of 2025. California's Delete Act requires it to integrate with the state's DROP platform. Its privacy practices are also subject to review by the Federal Trade Commission and certain State Attorneys General.

*From Magnite's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1595974/000159597426000007/mgni-20251231.htm)*

From the company's 10-K.