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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Magnite
Magnite (MGNI) investor relations material
Magnite Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 and full-year 2025 exceeded expectations, driven by strong CTV growth and a structural shift toward streaming, with CTV now representing the majority of the business for the first time.
Net income for Q4 2025 was $123.1 million, up from $36.4 million, aided by a $90 million one-time tax benefit from the release of a valuation allowance on deferred tax assets.
Adjusted EBITDA for Q4 2025 was $83.8 million (43% margin), up 9% year-over-year; full-year Adjusted EBITDA was $232.1 million (34.7% margin), up 18%.
Announced a new $200 million share repurchase program, following $79.2 million in repurchases during 2025.
AI integration and automation are enhancing efficiency and throughput, positioning the company as foundational in the evolving advertising ecosystem.
Financial highlights
Q4 2025 revenue was $205.4 million, up 6% year-over-year; contribution ex-TAC was $195.1 million, up 8% (16% ex-political); CTV contribution ex-TAC grew 20% to $93.6 million, representing 48% of total.
DV+ contribution ex-TAC declined 1% (up 4% ex-political) to $101 million.
Full-year 2025 contribution ex-TAC was $669.6 million, up 10% (14% ex-political); Adjusted EBITDA was $232.1 million (34.7% margin), up 18%.
Cash balance at year-end was $553.4 million; net leverage reduced to zero.
Non-GAAP EPS for Q4 2025 was $0.34, flat year-over-year; full-year non-GAAP EPS was $0.87, up 23%.
Outlook and guidance
Q1 2026 contribution ex-TAC expected at $157–$161 million (8–10% growth), with CTV at $81–$83 million (28–31% growth), surpassing 50% of total.
DV+ expected to decline 6–8% in Q1 2026.
Full-year 2026 guidance: contribution ex-TAC growth of at least 11%, Adjusted EBITDA growth in mid-teens, margin above 35%, free cash flow growth over 30%, CapEx ~$60 million.
No significant increase in cash taxes expected for the next few years.
How does CTV growth affect DV+ outlook?
Factors guiding new $200M share buyback program
Why did Q4 Adjusted EBITDA margin spike to 43%?
What is the long-term CTV take rate outlook?
How will AdTech remedies reallocate market share?
What is the growth outlook for DV+ sub-segments?
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Next Magnite earnings date
Q1 20266 May, 2026
Magnite
Next Magnite earnings date
Q1 20266 May, 2026
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Frequently asked questions
Magnite.com is an independent advertising broker that provides technology, research, data and marketing solutions to a growing number of resellers focused on the expanding e-commerce sector of the consumer products industry. Founded in 2002 by Jeff Montgomery, Magnite's marketing services group has worked extensively with major brands across the retail and wholesale markets to educate consumers on the benefits of technology that allows a better shopping experience. Magnite, Inc. was incorporated in 2007 and is headquartered in New York, New York.
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