Magnite (MGNI) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong financial performance, with revenue up 11% year-over-year to $192.8 million and double-digit growth across key metrics, led by CTV and DV+ segments.

• CTV growth was fueled by increased programmatic adoption, international expansion, and major partnerships with Samsung Ads, Walmart Connect, Roku, and others.

• AI and agentic advertising initiatives, including Magnite Orchestration and the Streamr.ai acquisition, are positioned as future growth drivers, with early customer validation and productivity gains.

• Leadership transition underway as CFO David Day prepares to retire after 13 years.

• The company completed repayment of its Convertible Senior Notes and continued significant share repurchases under an expanded authorization.

Financial highlights

• Q2 2026 revenue was $192.8 million, up 11% year-over-year; Contribution ex-TAC was $189.6 million, up 17%; gross profit reached $130.8 million, up 21%.

• CTV Contribution ex-TAC grew 36% to $97.1 million (51% of total); DV+ Contribution ex-TAC increased 2% to $92.5 million.

• Adjusted EBITDA grew 30% year-over-year to $70.6 million, with a margin of 37% (up from 34% last year).

• Net income was $19.4 million, up from $11.1 million in Q2 2025; GAAP EPS was $0.13, non-GAAP EPS $0.26.

• Cash and cash equivalents at quarter end were $332.6 million, up from $185 million in Q1; operating cash flow was $57.4 million.

Outlook and guidance

• Q3 2026 Contribution ex-TAC expected at $188–$192 million; CTV at $98–$100 million; DV+ at $90–$92 million.

• Full-year 2026 Contribution ex-TAC growth raised to 13–14%; Adjusted EBITDA growth to over 20%; margin to at least 37%; free cash flow growth in high 40% range; CapEx reaffirmed at ~$60 million.

• Guidance remains conservative due to macroeconomic risks and regulatory uncertainties.