DoubleVerify Holdings, Inc.

Q1 2026 revenue was $181 million, up 10% year over year. Total advertiser revenue was 90% of revenue and grew 9%; measurement revenue grew 16%, social measurement grew 23%, and supply-side revenue grew 12%. Gross margin/revenue less cost of sales was 82%, and adjusted EBITDA was $55 million, a 31% margin versus 27% in Q1 2025. Net cash from operating activities was $4 million, and the company ended Q1 with about $174 million in cash and no long-term debt. For Q2 2026, management expects revenue of $199 million to $205 million and adjusted EBITDA of $63 million to $67 million, implying a 32% margin at the midpoint. For full-year 2026, it reiterated revenue guidance of $810 million to $826 million and adjusted EBITDA margin of approximately 34%.

Mark Zagorski framed the quarter as validation of DoubleVerify’s strategy around social, streaming TV, and AI-based products. He emphasized that DV is becoming more essential inside walled gardens, citing strong adoption of Meta activation, YouTube Authentic Advantage, TikTok, and new AI products like Slop Stopper. His tone was confident and expansionary, with repeated comments that the company is extending its trust layer into new environments like agentic ad buying and LLM chatbots.

Nicola Allais highlighted the quarter’s efficiency, with 82% revenue less cost of sales, $55 million of adjusted EBITDA, and a 31% margin, up from 27% a year ago. She said operating expenses rose only 2% versus 10% revenue growth, and noted stock-based compensation of $24 million in Q1, with full-year guidance of $102 million to $107 million. She also said the company repurchased 9.8 million shares for $100 million year to date, expects about 60% free cash flow conversion for 2026, and finished the quarter with approximately $174 million in cash and no long-term debt.

Analysts focused on whether social activation growth can sustain its 90%+ pace, how much of that growth is new customers versus existing customers scaling, and whether Meta and YouTube products are still early in their ramp. Management said growth is coming from both upsells and new advertiser adoption, and that these products are sticky once clients adopt them. Questions also centered on Slop Stopper, LLM ad verification, and CTV measurement; management said advertiser demand for third-party measurement is pushing LLM partnerships, while CTV momentum is being driven by new transparency tools and higher attach rates.