Magnite, Inc.

For Q1 2026, revenue was $164 million, up 6% from Q1 2025. Contribution ex-TAC was $161 million, up 10% year over year; CTV contribution ex-TAC was $82 million, up 30%, and DV+ contribution ex-TAC was $79 million, down 5%. Adjusted EBITDA was $43 million, up 16% year over year, with margin of 27% versus 25% a year ago. GAAP EPS was $0.03 versus a net loss of $0.07 last year, and non-GAAP EPS was $0.13 versus $0.02. For Q2, Magnite expects contribution ex-TAC of $177 million to $181 million, CTV contribution ex-TAC of $90 million to $92 million, DV+ contribution ex-TAC of $87 million to $89 million, and Adjusted EBITDA operating expenses of $115 million to $117 million, implying Adjusted EBITDA margin of 34% to 36%. For full year 2026, management reaffirmed at least 11% contribution ex-TAC growth, mid-teens Adjusted EBITDA percentage growth, at least 35.5% Adjusted EBITDA margin, mid-30% free cash flow growth, and about $60 million of CapEx.

Michael Barrett’s message was that Magnite is seeing a structural shift toward programmatic CTV and is gaining share as the market scales. He emphasized SpringServe as the core differentiator, describing it as the operating system for CTV monetization, and said the company is becoming the “easy button” for premium CTV inventory. He was upbeat on live sports, commerce media, OpenPath, and AI, framing each as an incremental tailwind rather than a standalone story.

David Day highlighted a solid quarter with contribution ex-TAC at the top end of guidance, Adjusted EBITDA $4 million better than plan, and margins improving to 27%. He said operating expense performance benefited from significant cloud spend improvements and early AI-related productivity gains, while net income improved to $4 million from a $10 million loss last year. He also noted cash fell to $185 million from $553 million due to the $250 million convertible payoff, CapEx, repurchases, and working capital seasonality; net leverage ended at 0.7x. Capital allocation remains focused on returning about 50% of free cash flow via buybacks, and the company repurchased or withheld over 2.2 million shares for about $29 million in Q1.

Analysts focused on whether DV+ stabilization is real, whether CTV can keep growing at high rates, and how much macro weakness is pressuring certain verticals. Management said DV+ is stabilizing thanks to mobile in-app, commerce media, and audio, but open web display remains under pressure; CTV growth was called sustainable, with Magnite still outpacing the broader market. Questions on AI, agentic workflows, and pricing power drew a confident response: management said AI should improve workflow efficiency first, then drive more volume, and that the company expects to charge for the added value rather than see margin pressure.