Revenue growth has moderated to 5.5% in 2026Q1, while gross margins remain structurally capped within a 55.9% to 66.2% range due to the firm's programmatic revenue-sharing business model.
| 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 | 722.55M | 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 % | 7.1% | 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 | 264.23M | 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 | 458.32M | 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 % | 63.43% | 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 | 351.48M | 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 | 263.89M | 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 | 87.59M | 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 | 106.85M | 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 % | 14.79% | 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 | 144.92M | 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 % | 20.06% | 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 % | 16.78% | 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) | 38.07M | 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 | 112.06M | 102.28M | 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 | -18.3M | -18.92M | -27.03M | -32.37M | -29.26M | -19.85M | 50K | 789K | 988K | 908K | 491K | 59K | -110K | -273K | -343K | -252K |
| Interest Income | 9.48M | 12.72M | 0 | 0 | 0 | 0 | 50K | 789K | 988K | 908K | 491K | 59K | 0 | 0 | 0 | 0 |
| Interest Expense | 27.79M | 31.65M | 27.03M | 32.37M | 29.26M | 19.85M | 0 | 0 | 0 | 0 | 0 | 0 | 110K | 273K | 343K | 252K |
| Other Income/Expense | -22M | -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 | 84.84M | 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 % | 11.74% | 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 | -73.81M | -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 % | -87% | -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 | 158.66M | 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 % | 21.96% | 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 % | 413.31% | 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) | 158.66M | 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) | 1.07 | 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 % | 429.43% | 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 | 148.08M | 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 | 143.54M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Take rate compression risk
According to quarterly financial disclosures, Magnite's revenue growth has stabilized in the mid-single digits, with the most recent 2026Q1 period showing a 5.5% year-over-year increase, reflecting a transition toward more mature, albeit slower, expansion phases compared to the double-digit growth observed in early 2024.
The revenue trajectory suggests that while the CTV segment provides a secular tailwind, it is being partially offset by the maturation of the legacy DV+ business. Investors should monitor whether the company can sustain this growth rate without relying on inorganic contributions, as current figures indicate a deceleration from the 14.7% growth peak seen in 2024Q1.
As reported in recent income statements, Magnite maintains a gross margin profile that fluctuates between 55.9% and 66.2%, suggesting that the company's ability to expand profitability is structurally constrained by the revenue-sharing agreements inherent in its sell-side platform business model.
The volatility in gross margins appears tied to seasonal shifts in inventory mix, particularly the higher-margin CTV contributions during fourth-quarter holiday cycles. This suggests that unless the company can significantly shift its mix toward proprietary CTV ad-serving, margin expansion may remain limited by the competitive pricing pressures of the broader programmatic exchange.
Based on the provided income statement data, Magnite's operating income exhibits significant quarterly volatility, swinging from a $13.8 million loss in 2024Q1 to a $52.1 million profit in 2025Q4, indicating that the company has yet to achieve consistent, scalable operating leverage across its cost base.
The inconsistency in operating margins suggests that SG&A expenses are not yet fully decoupled from revenue fluctuations, potentially due to the ongoing integration costs of past acquisitions. Analysts should investigate whether the recent reduction in R&D spending is a sustainable efficiency gain or a potential risk to the company's long-term technical moat in CTV.
Financial filings reveal that stock-based compensation remains a persistent drag on earnings quality, with quarterly charges frequently exceeding $17 million, which significantly distorts the GAAP net income figures and complicates the assessment of true operational profitability for the firm.
The wide variance between GAAP net income and operating cash flow, exacerbated by high non-cash charges, warrants caution regarding the sustainability of reported earnings. Investors should focus on the underlying cash-generation capability rather than the headline EPS, as the latter appears heavily influenced by non-operating accounting adjustments and equity-based incentives.
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.