PubMatic’s second quarter results were well received by the market, as the company’s return to double-digit revenue growth surpassed analyst expectations. Management attributed this momentum to increased adoption of its agentic advertising platform, AgenticOS, and ongoing diversification into channels like connected TV (CTV) and mobile app. CEO Rajeev Goel highlighted the impact of these investments, noting that “approximately 60% of our business comes from CTV, mobile app and emerging revenues, all of which fuel profitable double-digit growth.” The company’s ability to leverage its AI-native infrastructure and proprietary data was cited as a key factor in delivering improved performance for advertisers.
Is now the time to buy PUBM? Find out in our full research report (it’s free for active Edge members).
PubMatic (PUBM) Q2 CY2026 Highlights:
- Revenue: $78.59 million vs analyst estimates of $69.15 million (10.5% year-on-year growth, 13.7% beat)
- Adjusted EPS: $0.12 vs analyst estimates of -$0.01 (significant beat)
- Adjusted EBITDA: $19.62 million vs analyst estimates of $9.06 million (25% margin, significant beat)
- Revenue Guidance for Q3 CY2026 is $76 million at the midpoint, above analyst estimates of $70.84 million
- EBITDA guidance for Q3 CY2026 is $18 million at the midpoint, above analyst estimates of $10.91 million
- Operating Margin: 0.7%, up from -7.7% in the same quarter last year
- Market Capitalization: $782.8 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From PubMatic’s Q2 Earnings Call
- Shweta Khajuria (Wolfe Research) asked about the durability of recent growth and what is driving it. CEO Rajeev Goel emphasized the structural shift toward agentic advertising and PubMatic’s unique AI-native infrastructure, citing early but accelerating adoption as a sign of sustainable growth.
- Robert Coolbrith (Wells Fargo) inquired about the pace and depth of AgenticOS adoption. Goel described the current phase as early adoption, with repeat buyers ramping up campaign size quickly and projecting that half of the ecosystem could be agentic by 2030.
- Naved Khan (B. Riley) questioned how AgenticOS monetization works. CFO Steven Pantelick explained that the platform generates new buying fees and retains a larger share of ad spend within PubMatic’s ecosystem, fueling both top-line and margin growth.
- Eric Martinuzzi (Lake Street) sought clarification on the recovery from past DSP disruptions and vertical performance. Pantelick pointed to strong diversification across DSPs and verticals, with mobile app, CTV, and emerging revenues all outperforming prior expectations.
- James Heaney (Jefferies) asked about PubMatic’s partnership with Roku and broader trends in CTV supply. Goel highlighted expanding relationships with streaming platforms and the shift from walled gardens to more open monetization strategies, citing new deals with Sony and Channel 4 as examples.
Catalysts in Upcoming Quarters
In future quarters, the StockStory team will be monitoring (1) adoption rates and revenue impact from new AI-powered products like Decision Fabric and expanded AgenticOS capabilities, (2) the scale and profitability of new publisher partnerships and the creator marketplace, and (3) operational efficiency gains from automation and AI. Additional attention will be paid to the influence of political advertising on revenue and further diversification within digital ad verticals.
PubMatic currently trades at $17.10, up from $13.48 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
High-Quality Stocks for All Market Conditions
ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies.
Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.
