---
schema_version: "secwatch.filing_event.v1"
accession: "0001422930-25-000048"
form_type: "8-K"
ticker: "PUBM"
cik: "0001422930"
company_name: "PubMatic, Inc."
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:19:26.080287+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PubMatic Q3 2025 revenue down 5% YoY; CTV up 50% ex-political; adjusted EBITDA margin falls to 16%

## Summary
- Revenue $68.0M (down from $71.8M); GAAP net loss $(6.5)M ($0.14 loss per share) vs $(0.9)M loss in Q3 2024.
- Adjusted EBITDA $11.2M (16% margin) vs $18.5M (26% margin); non-GAAP net income $1.6M ($0.03/share) vs $6.6M ($0.12/share).
- CTV revenue grew >50% YoY excluding political advertising; Activate revenue more than doubled YoY.
- Net dollar-based retention fell to 98% from 112%; operating cash flow $32.4M, up from $19.1M.
- Cash $136.5M, no debt; repurchased 12.4M shares for $180.6M (24% of fully diluted shares).

## SEC filing metadata
- accession: 0001422930-25-000048
- form_type: 8-K
- ticker: PUBM
- cik: 0001422930
- company_name: PubMatic, Inc.
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1422930/000142293025000048/0001422930-25-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1422930/000142293025000048/pubm-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001422930-25-000048
- JSON: https://secwatch.observer/filing/0001422930-25-000048.json
- Plain text: https://secwatch.observer/filing/0001422930-25-000048.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.