Revenue growth accelerated to 11.2% YoY in 2026Q2 with gross margin expanding to 67.8% from 62.5% a year earlier, while operating margin improved to 16.2% from 12.7%, indicating strong operating leverage.
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 risk
Metrics are mathematically derived from official filings.
CTV Momentum Drives Acceleration
Revenue growth accelerated to 11.2% YoY in 2026Q2, up from 5.5% in 2026Q1, driven by 36% CTV growth and a return to DV+ growth, per recent filings.
The sequential acceleration in revenue growth from 5.5% to 11.2% YoY suggests that the CTV segment is scaling faster than the legacy DV+ business, which had been a drag. The return to growth in DV+ in 2026Q2, after a period of stagnation, indicates that the company's diversification efforts are gaining traction. However, the sustainability of this acceleration depends on continued advertiser shift to programmatic CTV and the company's ability to maintain its take rate amid competitive pressures.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved to 67.8% in 2026Q2 from 62.5% a year earlier, as reported in financial statements, suggesting a favorable mix shift toward higher-margin CTV revenue.
The 530 basis point year-over-year expansion in gross margin to 67.8% in 2026Q2 indicates that the revenue mix is shifting toward CTV, which typically commands higher take rates and lower traffic acquisition costs. This structural improvement may be sustainable if CTV continues to outpace DV+ growth. However, investors should monitor whether this margin expansion can be maintained as the company scales and faces potential pricing pressure from supply path optimization initiatives.
Operating Leverage Emerging in 2026
Operating income surged to $31.2M in 2026Q2 from $22.0M a year earlier, with operating margin expanding to 16.2% from 12.7%, indicating improving operating leverage, per SEC filings.
The 350 basis point improvement in operating margin year-over-year, despite a modest increase in revenue, suggests that the company is beginning to realize operating leverage from its high fixed-cost base. The sequential jump from 4.7% operating margin in 2026Q1 to 16.2% in 2026Q2 is particularly notable, though it may be partly due to seasonal factors. If the company can maintain this trajectory, it could drive meaningful earnings growth as revenue scales.
EPS Volatility Masks Underlying Strength
Reported EPS swung from -$0.13 in 2024Q1 to $0.81 in 2025Q4, but 2026Q2 EPS of $0.13 missed estimates despite revenue beat, suggesting non-operating items may distort GAAP earnings.
The wide swings in EPS, including a $0.81 print in 2025Q4 that was likely boosted by one-time tax benefits, highlight the low quality of GAAP earnings relative to cash generation. The 2026Q2 EPS miss of $0.26 versus $0.28 estimate, despite a revenue beat and raised guidance, suggests that the company may be incurring one-time costs or facing margin pressure not fully captured in adjusted EBITDA. Investors should focus on revenue ex-TAC and adjusted EBITDA to assess underlying profitability.
SBC Overhang Persists
Stock-based compensation totaled $39.3M in 2026Q2, up from $19.6M a year earlier, representing over 20% of revenue, as reported in financial statements, and warrants monitoring.
The sharp increase in SBC in 2026Q2, which was more than double the prior year's level, suggests that the company may be using equity as a significant component of employee compensation. This could dilute shareholders over time and may indicate that cash compensation is being constrained. While SBC is a non-cash expense, it reduces the quality of reported earnings and should be factored into valuation multiples.
Take Rate Pressure Could Undermine Growth
Despite strong CTV growth, the rise of supply path optimization and direct-to-publisher integrations, such as The Trade Desk's OpenPath, may compress Magnite's take rates, per industry reports.
The structural threat from disintermediation is a key risk to the growth narrative. If buyers increasingly bypass SSPs to connect directly with publishers, Magnite's revenue per ad dollar could decline, offsetting volume gains. The company's moat in CTV ad-serving may provide some protection, but the market's skepticism is reflected in its valuation discount to peers. Investors should monitor take rate trends and the company's ability to maintain pricing power in a consolidating ad-tech landscape.