Magnite (MGNI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14% YoY to $204.196M; Contribution ex-TAC grew 20% to $200.628M, above the $188M–$192M guidance range.

• CTV Contribution ex-TAC increased 39% YoY to $105.368M, leading growth and supporting higher FY26 guidance.

• Adjusted EBITDA rose 46% YoY to $83.356M, with a 42% margin; net income increased 70% to $34.005M.

Financial highlights

• Q3 gross profit was $140.180M, up 27% YoY; operating income was $50.540M, up 102%.

• Net income was $34.005M versus $20.058M; diluted GAAP EPS was $0.23 versus $0.13, and non-GAAP EPS was $0.33 versus $0.20.

• 9M revenue rose 10% YoY to $561.390M and Contribution ex-TAC increased 16% to $551.127M.

• 9M net income was $57.786M versus $21.563M; Adjusted EBITDA rose 33% to $196.817M.

• Operating cash flow, defined as Adjusted EBITDA less CapEx, was $68.0M in Q3 and $168.752M in 9M.

Outlook and guidance

• Q4 Contribution ex-TAC is expected at $227M–$233M, including CTV of $124M–$127M and DV+ of $103M–$106M; Adjusted EBITDA opex is expected at $125M–$127M, implying a 44%–46% margin.

• FY26 Contribution ex-TAC growth guidance rose to ~17% from 13%–14%; Adjusted EBITDA growth rose to ~30% from >20%, with margin guidance raised to ~38.5% from at least 37%.

• FY26 free cash flow growth guidance rose to >60% from the high-40% range; CapEx guidance remains ~$60M.

• FY27 top-line growth is expected to exceed 15% excluding political and 10% on a reported basis; Adjusted EBITDA margin is expected to be at least 38.5%. Guidance excludes potential Google-remedies upside.

• 2026 political Contribution ex-TAC is expected to exceed $40M, versus prior guidance of $15M.