DoubleVerify (DV) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue grew 14% year-over-year, reaching up to $818 million, with Q4 revenue up 8% to $206 million, driven by double-digit gains across Activation, Measurement, and Supply-Side segments, despite retail sector softness and campaign pullbacks.

• Adjusted EBITDA margin was 33% for FY 2025 and 38% in Q4, reflecting strong profitability and operational efficiency.

• Social and CTV products drove significant growth, with social activation up 60% year-over-year in Q4 and CTV measurement volumes up 33% for the year.

• Customer retention remained high, with no top 100 customer deactivations in Q4 and average revenue per top 100 customer rising to $4.5 million.

• Continued innovation in AI, social, and CTV platforms, positioning for durable, diversified growth in 2026.

Financial highlights

• FY 2025 revenue reached up to $818 million (+14% YoY); Q4 revenue was $206 million (+8% YoY).

• FY 2025 adjusted EBITDA was $246 million (33% margin); Q4 adjusted EBITDA was $78 million (38% margin).

• Net income for 2025 was $51 million; free cash flow conversion reached 70%.

• Net cash from operating activities was $211 million; ended 2025 with $260 million in cash and no long-term debt.

• Repurchased 8.4 million shares for $132 million in 2025; $300 million share repurchase authorization available for 2026.

Outlook and guidance

• FY 2026 revenue guidance: $810–$826 million (+8–10% YoY); adjusted EBITDA margin expected to rise to 34%.

• Q1 2026 revenue guidance: $177–$183 million (+9% YoY at midpoint); adjusted EBITDA: $48–$52 million (28% margin at midpoint).

• Growth drivers include scaling of new social and CTV solutions, deeper enterprise client adoption, and new customer acquisition.

• Capital expenditures for 2026 projected at $46 million; stock-based compensation expected to decline over 40% year-over-year.