DoubleVerify (DV) Q4 2025 earnings summary

Executive summary

• Achieved 14% year-over-year revenue growth in FY 2025, with Q4 revenue up 8%, driven by innovation in social, CTV, and AI platforms and double-digit gains across all business lines.

• Adjusted EBITDA margin reached 38% in Q4 and 33% for the year, with strong cash generation and customer retention, including no new deactivations among top 100 customers.

• Product innovation in social, CTV, and AI, including new launches and expanded integrations with Meta, YouTube, TikTok, and LinkedIn, supported diversified growth.

• Social activation grew ~60% year-over-year in Q4 2025; CTV measurement volume up 33% for the year.

• Measured a record 9.5 trillion billable transactions in 2025, with MTMs up 15% and MTFs down 3% to $0.07.

Financial highlights

• FY 2025 revenue reached $818M, up 14% year-over-year; Q4 revenue was $206M, up 8% year-over-year.

• Adjusted EBITDA was $246M for FY 2025 (33% margin) and $78M in Q4 (38% margin); net income for 2025 was $51M.

• Net cash from operating activities for FY 2025 was $211M; free cash flow conversion reached 70%.

• Repurchased 8.4M shares for $132M, reducing shares outstanding by ~3%; $300M share repurchase authorization available.

• Ended 2025 with $260M in cash and no long-term debt.

Outlook and guidance

• FY 2026 revenue guidance: $810M–$826M (8–10% year-over-year growth); adjusted EBITDA margin expected to rise to 34%.

• Q1 2026 revenue guidance: $177M–$183M (9% year-over-year growth at midpoint); adjusted EBITDA: $48M–$52M (28% margin at midpoint).

• Growth to be driven by new product adoption in social and CTV, enterprise client scaling, and new customer acquisition.

• Capital expenditures for 2026 projected at $46M, focused on product innovation and AI automation; 2026 equity grant value projected to decrease by over 40%.