PubMatic (PUBM) Citizens JMP Technology Conference 2026 summary

Financial performance and business transformation

• Fourth quarter results exceeded expectations on both revenue and profit, with core business revenue (over 80% of total) growing 18% year-over-year after adjusting for political and DSP changes.

• Data-rich formats and channels, including CTV, Mobile App, and Emerging Revenues, accounted for nearly 50% of total revenue in Q4.

• Emerging Revenues, comprising products like Activate, curation, data, commerce, and AI solutions, grew 75% in the quarter and now represent 12% of revenue, up from less than 1% three years ago.

• Mobile App revenue grew 25% in Q4, with a four-year CAGR of 15%; CTV now makes up 20% of revenue with a CAGR over 50%.

• The company reduced overall headcount in 2025 while increasing sales headcount by 20%, improving cost structure and operating leverage.

Innovation and agentic advertising

• Agentic advertising, the next step beyond AI assist, enables autonomous agents to make decisions across the ad value chain, from inventory discovery to campaign execution and measurement.

• Launched AgenticOS, a system-level platform allowing buyer agents to operate using Model Context Protocol (MCP), enabling decision-making based on set parameters.

• Hundreds of agentic campaigns have been launched, leveraging access to 98% of the open internet and bypassing the need for emerging industry standards.

• Strategic infrastructure partnerships, notably with NVIDIA, have enhanced real-time data processing and AI capabilities.

Competitive advantages and platform strategy

• Deep publisher integrations over 20 years provide access to over 100,000 websites and apps, with 60% of inventory from data-rich environments.

• Unified platform allows buyers to access all inventory types directly, breaking down silos and improving AI-driven outcomes.

• Focus on ease of use and omni-channel capabilities enables straightforward upselling and cross-selling, increasing client lifetime value.

• Activate product saw 3x activity growth in 2025, leveraging AI and natural language processing to make the platform UI-agnostic and accessible to new user segments.

• Number of DSPs accessing the platform increased by 50% in 2025, reflecting successful diversification and adaptation to industry shifts.