Revenue grew from $155.8M in 2025Q1 to $204.2M in 2026Q3 while gross margin rose from 59.7% to 68.6%, though quarterly operating margin remains uneven, ranging from -0.9% to 25.4%.
Magnite, Inc. (MGNI) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 742.04M | 713.95M | 668.17M | 619.71M | 577.07M | 468.41M | 221.63M | 156.41M | 124.69M | 155.54M | 278.22M | 248.48M | 125.3M | 83.83M | 57.07M | 37.06M |
| Revenue Growth % | 8.32% | 6.85% | 7.82% | 7.39% | 23.2% | 111.35% | 41.69% | 25.45% | -19.84% | -44.09% | 11.97% | 98.32% | 49.46% | 46.88% | 54% | - |
| Cost of Goods Sold | 261.31M | 266.62M | 258.84M | 409.91M | 307.17M | 201.66M | 77.75M | 57.39M | 60M | 56.84M | 73.25M | 58.49M | 20.75M | 15.36M | 12.37M | 12.89M |
| COGS % of Revenue | - | 37.34% | 38.74% | 66.14% | 53.23% | 43.05% | 35.08% | 36.69% | 48.12% | 36.54% | 26.33% | 23.54% | 16.56% | 18.32% | 21.67% | 34.79% |
| Gross Profit | 480.73M | 447.33M | 409.33M | 209.8M | 269.9M | 266.75M | 143.88M | 99.02M | 64.68M | 98.71M | 204.97M | 189.99M | 104.54M | 68.47M | 44.7M | 24.17M |
| Gross Margin % | 64.78% | 62.66% | 61.26% | 33.86% | 46.77% | 56.95% | 64.92% | 63.31% | 51.88% | 63.46% | 73.67% | 76.46% | 83.44% | 81.68% | 78.33% | 65.21% |
| Gross Profit Growth % | - | 9.28% | 95.1% | -22.27% | 1.18% | 85.4% | 45.3% | 53.09% | -34.47% | -51.84% | 7.89% | 81.74% | 52.68% | 53.16% | 84.99% | - |
| Operating Expenses | 364.62M | 349.57M | 358.25M | 364.81M | 382.69M | 347.82M | 198.12M | 126.61M | 124.85M | 154.89M | 203.08M | 195.59M | 123.32M | 72.35M | 45.9M | 39.17M |
| OpEx % of Revenue | - | 48.96% | 53.62% | 58.87% | 66.32% | 74.26% | 89.39% | 80.94% | 100.13% | 99.58% | 72.99% | 78.71% | 98.42% | 86.31% | 80.43% | 105.7% |
| Selling, General & Admin | 274.48M | 264.86M | 263M | 263.03M | 281.46M | 235.19M | 129.02M | 84.31M | 86.99M | 107.39M | 151.9M | 153.53M | 100.6M | 53.74M | 32.79M | 26.67M |
| SG&A % of Revenue | - | 37.1% | 39.36% | 42.44% | 48.77% | 50.21% | 58.21% | 53.91% | 69.77% | 69.04% | 54.6% | 61.79% | 80.29% | 64.1% | 57.45% | 71.98% |
| Research & Development | 90.14M | 84.71M | 95.24M | 94.32M | 93.76M | 74.45M | 51.55M | 40.25M | 37.86M | 47.5M | 51.18M | 42.05M | 22.72M | 18.61M | 13.12M | 12.5M |
| R&D % of Revenue | - | 11.87% | 14.25% | 15.22% | 16.25% | 15.89% | 23.26% | 25.73% | 30.37% | 30.54% | 18.4% | 16.92% | 18.13% | 22.21% | 22.98% | 33.72% |
| Other Operating Expenses | 0 | 0 | 0 | 7.46M | 7.47M | 38.18M | 17.55M | 2.04M | 766K | 688K | 554K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 116.11M | 97.76M | 51.09M | -155.01M | -112.78M | -81.07M | -54.23M | -27.58M | -63.61M | -156.98M | -24.9M | -5.6M | -18.78M | -3.88M | -1.2M | -15M |
| Operating Margin % | 15.65% | 13.69% | 7.65% | -25.01% | -19.54% | -17.31% | -24.47% | -17.63% | -51.02% | -100.92% | -8.95% | -2.25% | -14.99% | -4.63% | -2.1% | -40.49% |
| Operating Income Growth % | - | 91.37% | 132.96% | -37.44% | -39.12% | -49.48% | -96.62% | 56.64% | 59.48% | -530.5% | -344.75% | 70.19% | -383.97% | -223.6% | 92.01% | - |
| EBITDA | 158.26M | 151.44M | 109.6M | 85.81M | 103.27M | 65.82M | -4.99M | 4.54M | -28.27M | -120.75M | 17.87M | 25.41M | -6.26M | 4.56M | 5.66M | -9.47M |
| EBITDA Margin % | 21.33% | 21.21% | 16.4% | 13.85% | 17.9% | 14.05% | -2.25% | 2.9% | -22.67% | -77.63% | 6.42% | 10.23% | -5% | 5.44% | 9.91% | -25.54% |
| EBITDA Growth % | 17.7% | 38.18% | 27.72% | -16.9% | 56.9% | 1420.02% | -209.75% | 116.07% | 76.59% | -775.87% | -29.69% | 505.88% | -237.36% | -19.44% | 159.77% | - |
| D&A (Non-Cash Add-back) | 40.23M | 53.67M | 58.51M | 240.82M | 216.05M | 146.89M | 49.25M | 32.13M | 35.34M | 36.23M | 42.76M | 31.01M | 12.52M | 8.44M | 6.86M | 5.54M |
| EBIT | 115.6M | 89.55M | 53.52M | -125.18M | -106.34M | -75.14M | -36.68M | -25.54M | -60.17M | -56.18M | -22.91M | -5.6M | -18.78M | -3.88M | -1.2M | -15M |
| Net Interest Income | -15.54M | -18.92M | -27.03M | -32.37M | -29.26M | -19.85M | 50K | 789K | 988K | 908K | 491K | 59K | -110K | -273K | -343K | -252K |
| Interest Income | 6.96M | 0 | 0 | 0 | 0 | 0 | 50K | 789K | 988K | 908K | 491K | 59K | 0 | 0 | 0 | 0 |
| Interest Expense | 22.5M | 18.92M | 27.03M | 32.37M | 29.26M | 19.85M | 0 | 0 | 0 | 0 | 0 | 0 | 110K | 273K | 343K | 252K |
| Other Income/Expense | -17.81M | -27.14M | -24.6M | -2.54M | -22.81M | -13.92M | 1.5M | 593K | 2.14M | 431K | 1.98M | 1.46M | 277K | -5.12M | -1.03M | -269K |
| Pretax Income | 98.3M | 70.63M | 26.48M | -157.55M | -135.6M | -94.99M | -52.74M | -26.99M | -61.47M | -156.54M | -22.91M | -4.14M | -18.5M | -9M | -2.23M | -15.27M |
| Pretax Margin % | 13.25% | 9.89% | 3.96% | -25.42% | -23.5% | -20.28% | -23.8% | -17.26% | -49.3% | -100.64% | -8.24% | -1.67% | -14.77% | -10.74% | -3.9% | -41.21% |
| Income Tax | -68.59M | -73.99M | 3.7M | 1.64M | -5.27M | -95.05M | 693K | -1.51M | 357K | -1.76M | -4.86M | -4.56M | 172K | 247K | 134K | 136K |
| Effective Tax Rate % | -69.78% | -104.76% | 13.96% | -1.04% | 3.89% | 100.07% | -1.31% | 5.6% | -0.58% | 1.13% | 21.21% | 110.2% | -0.93% | -2.74% | -6.01% | -0.89% |
| Net Income | 166.89M | 144.61M | 22.79M | -159.18M | -130.32M | 65K | -53.43M | -25.48M | -61.82M | -154.78M | -18.05M | 422K | -18.67M | -9.25M | -2.36M | -15.41M |
| Net Margin % | 22.49% | 20.26% | 3.41% | -25.69% | -22.58% | 0.01% | -24.11% | -16.29% | -49.58% | -99.51% | -6.49% | 0.17% | -14.9% | -11.03% | -4.14% | -41.58% |
| Net Income Growth % | 286.98% | 534.66% | 114.31% | -22.15% | -200596.92% | 100.12% | -109.72% | 58.79% | 60.06% | -757.38% | -4377.96% | 102.26% | -101.89% | -291.57% | 84.67% | - |
| Net Income (Continuing) | 166.89M | 144.61M | 22.79M | -159.18M | -130.32M | 65K | -53.43M | -25.48M | -61.82M | -154.78M | -18.05M | 422K | -18.67M | -9.25M | -2.36M | -15.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.13 | 0.95 | 0.16 | -1.17 | -0.98 | 0.00 | -0.55 | -0.48 | -1.23 | -3.17 | -0.39 | 0.01 | -0.66 | -0.27 | -0.09 | -0.59 |
| EPS Growth % | 292.58% | 493.75% | 113.68% | -19.39% | - | 100.09% | -14.58% | 60.98% | 61.2% | -712.82% | -4000% | 101.52% | -144.44% | -196.05% | 84.54% | - |
| EPS (Basic) | - | 1.01 | 0.16 | -1.17 | -0.98 | 0.00 | -0.55 | -0.48 | -1.23 | -3.17 | -0.39 | 0.01 | -0.66 | -0.27 | -0.09 | -0.59 |
| Diluted Shares Outstanding | 147.17M | 153.77M | 146.81M | 136.62M | 132.89M | 136.26M | 96.7M | 52.61M | 50.26M | 48.87M | 46.66M | 44.49M | 28.22M | 34.72M | 25.9M | 25.9M |
| Basic Shares Outstanding | 143.02M | 142.56M | 140.56M | 136.62M | 132.89M | 126.29M | 96.7M | 52.61M | 50.26M | 48.87M | 46.29M | 39.66M | 28.22M | 34.72M | 25.9M | 25.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MGNI stock.
For fiscal year 2025, Magnite, Inc. (MGNI) reported total revenue of $714.0M. This represents a 1826.5% increase compared to $37.1M in 2011.
Magnite, Inc. (MGNI) is profitable, generating $144.6M in net income for the fiscal year ending 2025 with a net profit margin of 20.3%.
Magnite, Inc. (MGNI) reported an operating income of $97.8M, resulting in an operating profit margin of 13.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Magnite, Inc. (MGNI) generated $447.3M in gross profit for the year, representing a gross profit margin of 62.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Take rate compression pressure
Metrics are mathematically derived from official filings.
CTV Mix Shift Sustains Top-Line Momentum
Based on reported income statement figures, Magnite's revenue climbed from $155.8M in 2025Q1 to $204.2M in 2026Q3, with year-over-year growth reaching 13.8% in the latest quarter, indicating a re-accelerating trajectory after mid-single-digit growth in 2025.
The re-acceleration in the most recent quarters appears to reflect the mix shift toward Connected TV, which the commentary describes as growing 39% against 5% for DV+. This suggests the growth is driven by higher-value streaming inventory rather than broad volume gains, though the 13.8% growth rate still trails the 18.5% reported by The Trade Desk. Investors should monitor whether CTV momentum can offset the low-base DV+ recovery over the coming year.
Gross Margin Recovery Tied to CTV
Gross margin improved from 59.7% in 2025Q1 to 68.6% in 2026Q3, according to reported income statement figures, a level now approaching The Trade Desk's 78.6% while remaining well below the 82.2% achieved by DoubleVerify.
The expansion of roughly 9 percentage points over six quarters may suggest improving take rates as higher-margin CTV revenue becomes a larger share of the mix. The gap versus peers indicates Magnite still carries a meaningful revenue-sharing and infrastructure cost burden relative to software-like ad-verification businesses. Sustainability of this margin will depend on whether publisher revenue-share terms hold as buyers pursue Supply Path Optimization.
Operating Leverage Emerging but Uneven
Operating margin rose from a negative 0.9% in 2025Q1 to 24.8% in 2026Q3 based on reported figures, with operating income of $50.5M in the latest quarter representing a substantial step up from $7.7M in 2026Q1.
Operating income is scaling faster than gross profit, which suggests SG&A and R&D are being absorbed more efficiently as revenue grows, with SG&A holding roughly flat near $63M to $75M per quarter across the period. The volatility between quarters, however, indicates the operating base remains sensitive to timing and mix. Continued leverage would require SG&A growth to stay well below revenue growth.
Reported Net Income Distorted by One-Time Items
Reported net income swings sharply, from $123.0M in 2025Q4 to $4.4M in 2026Q1, while diluted EPS of $0.81 in 2025Q4 diverges from a $0.23 result in 2026Q3, pointing to non-operating or tax-related items rather than underlying earnings.
The 2025Q4 net income figure sits far above operating income of $52.1M, which suggests a large non-operating gain, possibly tax-related, that should not be extrapolated. Stock-based compensation of $16.5M to $39.3M per quarter also weighs on GAAP earnings, and the reported EPS miss against consensus in the latest quarter may reflect these items. Analysts should rely on operating income and revenue ex-TAC rather than headline net income when assessing run-rate profitability.
Take Rate Erosion Could Cap Margin Gains
The margin improvement may be vulnerable if buyers under Supply Path Optimization demand lower fees, since reported gross margin of 68.6% in 2026Q3 remains dependent on continued publisher revenue-share terms that are not fully disclosed in the supplied data.
The Trade Desk's OpenPath initiative and direct publisher integrations could compress intermediary economics over time, which would hit Magnite's take rate directly. Net income volatility and the 2025Q4 non-operating spike suggest reported earnings may overstate durable profitability. Investors should monitor whether the 13.8% revenue growth rate can be sustained as the DV+ business remains a low-growth drag.