MAGNITE (MGNI) Company Report

CEO Michael Barrett highlighted strong CTV performance in Q3, driven by new partners like NBCU and continued growth from Netflix, Roku, and Warner Bros. Discovery. He anticipates increased spend in Q1 and Q2 next year due to better-than-expected upfronts.
The DV+ segment has seen growth closer to 8% this year, surpassing the expected mid-single-digit growth of approximately 5%. Magnite expects its CTV take rates to increase from historically low ranges, contributing to future volume growth.
Magnite provided a preliminary outlook for 2026, projecting 11% revenue growth and 35% EBITDA margins. This outlook does not account for potential impacts from Google remedies.
Magnite has filed a lawsuit against Google to seek damages, following Google being found guilty of running a legal monopoly in ad tech. The company is also closely monitoring the ongoing remedy hearings in the Google antitrust trial.

Nov 19, 2025, 2:20 PM

Transcript

Magnite Discusses Q3 Performance, 2026 Outlook, and Strategic Initiatives at TIMT Conference

MGNI

Revenue Acceleration/Inflection

Legal Proceedings

New Projects/Investments

Magnite reported strong Q3 results, with DV+ growing closer to 8% this year, outpacing market expectations, and CTV performance driven by new entrants like NBCU. The company anticipates an increase in CTV take rates from historically low levels, which is expected to have a "double whammy impact on the volume".
The Netflix partnership is progressing well, with Netflix expected to be one of Magnite's largest CTV customers by the end of 2025. Magnite is also developing partnerships with "commerce media" companies like Best Buy and United Airlines, which are adopting a supply-side approach to programmatic advertising.
Magnite has previously indicated a 2026 outlook of 11% revenue growth and 35% EBITDA margins, noting these figures were conservative and did not account for potential Google remedies. The company is suing Google for damages following its conviction for running an ad tech monopoly.
Magnite views its platform as crucial to the buy side, supporting 150 different demand partners and positioning its SpringServe ad server as central to direct paths and the emerging GenAI/Agentic future in ad tech.

Nov 19, 2025, 2:20 PM

Transcript

Magnite Discusses DV Plus Growth, CTV Acceleration, Google Antitrust Case, and Capital Allocation

MGNI

Legal Proceedings

Guidance Update

New Projects/Investments

Magnite's DV Plus business is seeing early ramp-up from new monetization partnerships with large publishers like PINS and X, contributing to the 11% 2026 XTAC growth guidance. Less than a third of Magnite's business is exposed to the open web, and its premium publisher base has not been significantly impacted by AI.
DV Plus growth decelerated from 10% ex-political in Q3 2025 to an 8% guide for Q4 2025, due to macro factors, Open Path, and a shift to CTV. Magnite believes the bulk of the Open Path impact has passed, as buyers sought to revert to prior settings after The Trade Desk's migration.
CTV contribution ex-political accelerated to 25% in Q3 2025, driven by partners including Netflix, LG, Roku, NBCU, and Disney, with the Prime Video Fire TV deal expected to be a meaningful driver in 2026. Magnite is also expanding into mobile app advertising and enabling SMB spend on CTV through its Streamer AI acquisition.
Magnite is investing in shifting CTV infrastructure from cloud to on-premise to reduce costs and accelerate development in areas like Clearline, audience curation, and AI, with benefits expected in late 2026 and 2027.
Regarding the Google antitrust case, Magnite expects a decision in December or January and anticipates behavioral remedies (e.g., stopping tying behavior, minimizing Google's data advantage, routing through Prebid) to provide the most immediate benefit. The company has an authorized $88 million share repurchase program, plans to pay down a $200 million convert in March, and expects to generate $150 million-$175 million in free cash flow next year.

Nov 18, 2025, 9:30 PM

Transcript

Magnite Discusses DV Plus Outlook, Strategic Investments, and Google Antitrust Case

MGNI

Guidance Update

New Projects/Investments

Legal Proceedings

Magnite's DV Plus segment grew 7% in Q3 2025 (10% ex-political) but is guided to 3% growth in Q4 (8% ex-political), attributed to macro factors, Open Path impacts, and a shift of online video spend to CTV. The company expects 11% 2026 contribution XTAC growth for DV Plus, with potential upside from new partnerships.
The company is accelerating investments in key technologies such as Clearline, audience curation, and AI, and hiring additional engineers and international sales personnel. This is partly funded by shifting CTV infrastructure from cloud to more cost-effective on-prem data centers.
CTV revenue grew 15% ex-political in Q1 and 25% ex-political in Q3, driven by partnerships with major platforms including Netflix, LG, Roku, NBCU, and Disney. The Prime Video Fire TV deal is also expected to be a meaningful driver for 2026 CTV growth.
Magnite has an $88 million authorized share repurchase program and plans to pay down a $200 million convertible debt in March. The company anticipates generating over $150 million-$175 million in free cash flow next year.

Nov 18, 2025, 9:30 PM

Transcript

Magnite Discusses Strategic Growth Drivers, Operational Efficiency, and Capital Allocation

MGNI

Guidance Update

New Projects/Investments

Legal Proceedings

Magnite anticipates early ramp-up from new DV+ monetization partnerships with significant publishers and commerce media partners, contributing to its 11% 2026 XTAC growth guidance.
The company is moving its CTV operations from cloud to on-premise to reduce costs, with cloud being up to four times more expensive, and is reinvesting these savings into accelerating development in Clearline, audience curation, and AI.
Magnite's CTV business demonstrated strong growth, with 15% ex-political growth in Q1 and 25% in Q3 2025, driven by partnerships with major streamers including Netflix, Amazon Prime Video, LG, Roku, and NBCU.
The company expects to generate over $150 million-$175 million in free cash flow next year, plans to pay down a $200 million convertible debt in March, and has an authorized $88 million share repurchase program.
Magnite believes the impact from OpenPath has largely been absorbed and less than a third of its business is exposed to the open web. The company anticipates benefits from behavioral remedies in the Google antitrust case, aiming for fair access and routing spend through Prebid.

Nov 18, 2025, 9:30 PM

Transcript

MGNI announces Q3 2025 results and Q4 2025 guidance

MGNI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Magnite reported Q3 2025 Contribution ex-TAC of $166.8 million, an increase of 12% year-over-year, which exceeded guidance.
Net income for Q3 2025 was $20.1 million, or $0.13 per diluted share, with Adjusted EBITDA reaching $57.2 million, up 13% year-over-year and representing a 34% margin.
For Q4 2025, the company expects Total Contribution ex-TAC to be between $191 million and $196 million, reflecting 6% to 9% growth.
Full-year 2025 expectations include total Contribution ex-TAC growth above 10% and mid-teens percentage growth of Adjusted EBITDA, with an Adjusted EBITDA margin expansion of approximately 180 basis points.

Nov 5, 2025, 9:30 PM

Presentation

Magnite Reports Strong Q3 2025 Results, Provides 2026 Outlook, and Updates on Google Ad Tech Trial

MGNI

Earnings

Guidance Update

Legal Proceedings

Magnite reported strong Q3 2025 financial results, with total revenue up 11% to $179 million and Adjusted EBITDA increasing 13% to $57 million, exceeding expectations.
CTV contribution ex TAC grew 18% (or 25% excluding political), driven by significant traction with major publisher partners, agency marketplaces, and programmatic expansion in live sports.
The company provided a 2026 outlook, projecting contribution ex TAC growth of at least 11% and a target margin range of 35% at the low end, explicitly excluding any potential market share gains from the Google Ad Tech trial.
Magnite is actively engaged in the Google Ad Tech trial, which concluded its revenues phase in early October, and has filed its own lawsuit against Google for anti-competitive conduct, anticipating potential impact from remedies in H2 2026.
In Q3 2025, Magnite acquired Streamer.ai for $10 million, integrating its AI technology into Clear Line to enhance CTV creative generation and campaign recommendations for clients.

Nov 5, 2025, 9:30 PM

Transcript

Magnite Reports Strong Q3 2025 Results and Updates Guidance

MGNI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Magnite reported Q3 2025 revenue of $179.5 million, an 11% increase year-over-year, with Contribution ex-TAC reaching $166.8 million, up 12% year-over-year and exceeding its guidance of $161 million to $165 million.
Contribution ex-TAC attributable to CTV was a key driver, growing 18% year-over-year to $75.8 million, also surpassing its guidance of $71 million to $73 million.
Net income for Q3 2025 significantly increased to $20.1 million, or $0.13 per diluted share, compared to $5.2 million, or $0.04 per diluted share, in Q3 2024. Adjusted EBITDA for Q3 2025 was $57.2 million, up 13% year-over-year.
The company provided Q4 2025 guidance for total Contribution ex-TAC between $191 million and $196 million and reiterated Full-Year 2025 total Contribution ex-TAC growth above 10%, with mid-teens percentage growth for Adjusted EBITDA. For Full-Year 2026, total Contribution ex-TAC growth is expected to be at least 11%.

Nov 5, 2025, 9:20 PM

8-K

Magnite and ITN Launch Local Linear TV Private Marketplace

MGNI

Product Launch

New Projects/Investments

Magnite (NASDAQ: MGNI) and ITN have launched the industry's first Local Linear TV Private Marketplace, designed to close the programmatic gap for local broadcast.
This new functionality, available through Magnite's ClearLine platform, allows buyers to replicate digital-like workflows, offering precision controls for geo targeting, daypart, affiliate, program, and genre, along with auto-bidding and digital-like delivery dashboards.
The collaboration aims to combine the scale, reach, and cultural impact of local broadcast with the efficiency, precision, and automation of digital execution, marking a significant step towards fully independent local TV programmatic activation.
Future enhancements will include advanced capabilities for spot TV, direct-to-station access, more precision audience targeting, and specialized features for political advertising.

Oct 30, 2025, 12:30 PM

Press Release

Magnite Files Lawsuit Against Google

MGNI

Legal Proceedings

Magnite, Inc. (MGNI) filed a lawsuit against Google on September 16, 2025, in the U.S. District Court for the Eastern District of Virginia, seeking financial damages and other remedies.
This action follows an April 2025 U.S. District Court ruling which found Google had "willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power" in ad tech markets, which Magnite claims stifled its growth and competition.
Magnite highlighted potential risks from the lawsuit, including retaliatory actions by Google, disruption to its business, and reduced revenue, noting that Google is a major partner and competitor and a significant portion of Magnite's revenue is generated through its relationship with Google.

Sep 16, 2025, 12:36 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for MAGNITE.

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