10-K · February 25, 2026
Magnite reports modest revenue growth in 2025 with margin and cash-flow improvement across the year. The company emphasizes CTV leadership and launched a next-generation SpringServe CTV platform (April 2025) while…
Earnings analysis · 10-Q
MGNI earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Magnite reported a strong Q1 2026 with revenue of $164.37 million and EPS of $0.13, surpassing consensus estimates. The gross margin improved to 63.2%, while operational efficiency led to a turnaround in earnings…
Read full summary
Magnite reported a strong Q1 2026 with revenue of $164.37 million and EPS of $0.13, surpassing consensus estimates. The gross margin improved to 63.2%, while operational efficiency led to a turnaround in earnings compared to last year's loss. Management highlighted headwinds from market conditions but remained optimistic about growth moving forward.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.13
- Gross margin
- 63.2%
What stood out
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Strong Q1 Revenue Growth
Revenue for Q1 2026 was $164.37 million, a 5.7% increase from $156 million in Q1 2025.
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Positive EPS Surprise
Reported EPS was $0.13, exceeding the estimate of $0.08, with a surprise percentage of 62.5%.
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Improved Gross Margin
Gross margin increased to 63.2% from 59.7% in Q1 2025, reflecting better operational efficiency.
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Operating Cash Flow Growth
Operating cash flow showed a significant recovery with free cash flow reaching $77 million compared to -$12 million in Q1 2025.
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Successful Debt Management
As of March 31, 2026, there were no outstanding borrowings under the Revolving Credit Facility, indicating a strong liquidity position.
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New Stock Repurchase Plan
The company has initiated a new repurchase program with a maximum value of $200 million, signaling confidence in stock valuation.
What to watch
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Market Volatility Risks
Continued foreign currency exchange risks are highlighted, with a potential loss of $9.6 million from a 10% adverse change.
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Dependence on Ad Spending
Inflationary pressures on ad spending could indirectly impact revenue, as noted in MD&A discussions.
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Transition Risks from CFO Departure
The upcoming retirement of CFO David Day could pose risks in continuity of leadership and execution.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 9, 2023
Magnite reported Q2 revenue of $152.543M, up $22.393M (17.2%) sequentially and up $14.763M (10.7%) year-over-year, driven by CTV and mobile growth. Despite top-line strength, GAAP profitability worsened year-over-year…
10-Q · May 10, 2023
Magnite reported first-quarter revenue of $130,150 (in thousands), up $12,075 (10.2%) versus $118,075 in Q1 2022, driven by CTV and mobile. However, gross margin collapsed to ~4.1% as cost of revenue rose to $124,828…
10-Q · November 9, 2022
Magnite reported Q3 revenue of $145.8M, up $13.9M (10.6%) versus Q3 2021, driven by CTV. Gross profit grew to $74.1M but gross margin compressed ~1.0 ppt; operating loss narrowed to $(21.2)M. Cash and operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.