MGNI earnings analysis
What we found in MGNI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Q1 Revenue Growth
- Revenue for Q1 2026 was $164.37 million, a 5.7% increase from $156 million in Q1 2025.
- Positive EPS Surprise
- Reported EPS was $0.13, exceeding the estimate of $0.08, with a surprise percentage of 62.5%.
- Improved Gross Margin
- Gross margin increased to 63.2% from 59.7% in Q1 2025, reflecting better operational efficiency.
- 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.
- Successful Debt Management
- As of March 31, 2026, there were no outstanding borrowings under the Revolving Credit Facility, indicating a strong liquidity position.
- New Stock Repurchase Plan
- The company has initiated a new repurchase program with a maximum value of $200 million, signaling confidence in stock valuation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Market Volatility Risks
- Continued foreign currency exchange risks are highlighted, with a potential loss of $9.6 million from a 10% adverse change.
- Dependence on Ad Spending
- Inflationary pressures on ad spending could indirectly impact revenue, as noted in MD&A discussions.
- Transition Risks from CFO Departure
- The upcoming retirement of CFO David Day could pose risks in continuity of leadership and execution.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.13
- Gross margin
- 63.2%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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