Magnite (MGNI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 6% year-over-year to $164.4 million, with CTV as the primary growth driver and improved profitability.

• Net income was $4.4 million, reversing a net loss of $9.6 million in Q1 2025, reflecting improved operating performance and lower costs.

• Adjusted EBITDA increased 16% to $42.9 million, with margin rising to 27%.

• AI integration, SpringServe platform enhancements, and the acquisition of Streamr.ai are driving operational efficiencies and workflow automation.

• CFO David Day announced retirement, remaining through September 30th to ensure a smooth transition.

Financial highlights

• Contribution ex-TAC reached $160.9 million, up 10% year-over-year and at the high end of guidance.

• CTV contribution ex-TAC grew 30% year-over-year to $82.3 million, now representing 51% of total.

• DV+ contribution ex-TAC declined 5% year-over-year to $78.6 million but exceeded guidance.

• Gross profit increased 12% year-over-year to $104.0 million.

• Cash and cash equivalents at quarter-end were $184.6 million, down from $553.4 million at year-end 2025, mainly due to debt repayment and share repurchases.

Outlook and guidance

• Q2 2026 contribution ex-TAC expected at $177–$181 million, with CTV $90–$92 million and DV+ $87–$89 million.

• Adjusted EBITDA margin for Q2 projected at 34–36%.

• Full-year 2026 guidance reaffirmed: contribution ex-TAC growth at least 11%, adjusted EBITDA growth in mid-teens, margin raised to at least 35.5%, and free cash flow growth in mid-30% range.

• CapEx for 2026 expected at ~$60 million, down from prior year.