Revenue growth has moderated to 9.2% as of 2026Q4, while operating margins improved to 9.0% from a -8.3% low in 2024Q4 due to disciplined expense management.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 812.94M | 745.58M | 659.66M | 596.58M | 528.66M | 443.03M | 380.57M | 285.62M | 917.41M | 880.25M | 850.09M | 1.02B | 1.1B | 1.1B | 1.13B | 1.16B | 1.1B | 1.28B | 1.38B | 1.4B | 1.33B | 1.22B | 1.01B | 958.22M | 866.11M | 1.01B | 964.46M | 730M | 465.1M | 402M |
| Revenue Growth % | 9.03% | 13.02% | 10.57% | 12.85% | 19.33% | 16.41% | 33.24% | -68.87% | 4.22% | 3.55% | -16.66% | -7.06% | -0.17% | -2.77% | -2.53% | 5.53% | -13.89% | -7.77% | -0.79% | 4.7% | 8.96% | 20.99% | 5.49% | 10.64% | -14.24% | 4.71% | 32.12% | 56.96% | 15.7% | 48.94% |
| Cost of Goods Sold | 238.12M | 215.91M | 179.49M | 170.08M | 147.43M | 144M | 152.7M | 120.72M | 466.44M | 477.69M | 488.38M | 807.47M | 828.96M | 841.83M | 869.79M | 884.89M | 839.27M | 975.19M | 1.09B | 1.01B | 980.44M | 905.71M | 798.11M | 295.25M | 269.05M | 323.52M | 286.99M | 341.8M | 231.7M | 205.3M |
| COGS % of Revenue | 29.29% | 28.96% | 27.21% | 28.51% | 27.89% | 32.5% | 40.12% | 42.27% | 50.84% | 54.27% | 57.45% | 79.16% | 75.53% | 76.57% | 76.93% | 76.29% | 76.35% | 76.39% | 78.59% | 72.65% | 73.58% | 74.05% | 78.96% | 30.81% | 31.06% | 32.04% | 29.76% | 46.82% | 49.82% | 51.07% |
| Gross Profit | 574.82M | 529.67M | 480.17M | 426.5M | 381.23M | 299.02M | 227.87M | 164.9M | 450.97M | 402.56M | 361.71M | 212.59M | 268.59M | 257.53M | 260.83M | 275.08M | 259.97M | 301.39M | 296.32M | 381.52M | 352.13M | 317.33M | 212.72M | 662.97M | 597.06M | 686.37M | 677.47M | 388.2M | 233.4M | 196.7M |
| Gross Margin % | 70.71% | 71.04% | 72.79% | 71.49% | 72.11% | 67.5% | 59.88% | 57.73% | 49.16% | 45.73% | 42.55% | 20.84% | 24.47% | 23.43% | 23.07% | 23.71% | 23.65% | 23.61% | 21.41% | 27.35% | 26.42% | 25.95% | 21.04% | 69.19% | 68.94% | 67.96% | 70.24% | 53.18% | 50.18% | 48.93% |
| Gross Profit Growth % | 8.52% | 10.31% | 12.58% | 11.87% | 27.49% | 31.23% | 38.18% | -63.43% | 12.03% | 11.3% | 70.14% | -20.85% | 4.29% | -1.26% | -5.18% | 5.81% | -13.74% | 1.71% | -22.33% | 8.35% | 10.97% | 49.18% | -67.91% | 11.04% | -13.01% | 1.31% | 74.52% | 66.32% | 18.66% | 51.66% |
| Operating Expenses | 486.37M | 524.27M | 468.77M | 552.3M | 446.77M | 419.57M | 408.79M | 343.12M | 434M | 378.5M | 355.81M | 188.56M | 169.38M | 152.8M | 144.83M | 159.88M | 162.1M | 208.53M | 233.02M | 222.75M | 208.08M | 195.14M | 119.43M | 607.89M | 615.78M | 584.74M | 513.58M | 391.5M | 174M | 145M |
| OpEx % of Revenue | 59.83% | 70.32% | 71.06% | 92.58% | 84.51% | 94.71% | 107.41% | 120.13% | 47.31% | 43% | 41.86% | 18.49% | 15.43% | 13.9% | 12.81% | 13.78% | 14.75% | 16.33% | 16.84% | 15.97% | 15.62% | 15.96% | 11.82% | 63.44% | 71.1% | 57.9% | 53.25% | 53.63% | 37.41% | 36.07% |
| Selling, General & Admin | 338.23M | 339.61M | 305.86M | 327.79M | 287.35M | 281.74M | 297.81M | 257.42M | 339.13M | 296.39M | 281.56M | 246.76M | 193.15M | 152.8M | 144.83M | 159.88M | 162.1M | 169.96M | 219.72M | 213.85M | 211.54M | 196.12M | 118.58M | 612.91M | 570.25M | 549.41M | 513.58M | 272.7M | 173.9M | 145M |
| SG&A % of Revenue | 41.61% | 45.55% | 46.37% | 54.94% | 54.36% | 63.6% | 78.25% | 90.13% | 36.97% | 33.67% | 33.12% | 24.19% | 17.6% | 13.9% | 12.81% | 13.78% | 14.75% | 13.31% | 15.87% | 15.33% | 15.87% | 16.04% | 11.73% | 63.96% | 65.84% | 54.4% | 53.25% | 37.36% | 37.39% | 36.07% |
| Research & Development | 148.14M | 176.67M | 151.2M | 189.19M | 157.94M | 135.11M | 105.98M | 85.7M | 94.87M | 82.11M | 74.25M | 103.2M | 72.51M | 20.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 18.22% | 23.7% | 22.92% | 31.71% | 29.87% | 30.5% | 27.85% | 30% | 10.34% | 9.33% | 8.73% | 10.12% | 6.61% | 1.85% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 7.99M | 11.71M | 35.32M | 1.48M | 2.71M | 5M | -1.14M | 0 | 0 | 333K | -25.96M | -20.28M | -1.86M | 0 | 0 | -944K | 38.57M | 13.29M | 8.9M | -3.46M | -984K | 855K | -5.02M | 45.53M | 35.33M | 0 | 118.8M | 100K | 0 |
| Operating Income | 88.46M | 5.4M | 11.4M | -125.8M | -65.54M | -120.55M | -180.92M | -198.15M | 10.6M | 15.69M | -13.06M | -604K | 48.28M | 102.72M | 7.6K | 30.92M | 98.81M | 92.86M | 40.25M | 158.77M | 131.08M | 122.19M | 93.28M | 55.08M | -18.72M | 101.63M | 163.88M | -3.3M | 59.4M | 51.7M |
| Operating Margin % | 10.88% | 0.72% | 1.73% | -21.09% | -12.4% | -27.21% | -47.54% | -69.37% | 1.16% | 1.78% | -1.54% | -0.06% | 4.4% | 9.34% | 0% | 2.67% | 8.99% | 7.27% | 2.91% | 11.38% | 9.84% | 9.99% | 9.23% | 5.75% | -2.16% | 10.06% | 16.99% | -0.45% | 12.77% | 12.86% |
| Operating Income Growth % | 1536.86% | -52.61% | 109.07% | -91.95% | 45.63% | 33.37% | 8.69% | -1969.48% | -32.44% | 220.1% | -2062.75% | -101.25% | -52.99% | 1351465.79% | -99.98% | -68.7% | 6.41% | 130.73% | -74.65% | 21.12% | 7.28% | 30.99% | 69.38% | 394.22% | -118.42% | -37.99% | 5066.18% | -105.56% | 14.89% | 63.09% |
| EBITDA | 101.86M | 22.61M | 22.91M | -105.01M | -41.29M | -92.81M | -145.02M | -162.05M | 62M | 98.38M | 72.4M | 118.23M | 151.29M | 218.93M | 134.67M | 177.28M | 266.38M | 291.55M | 313.04M | 388.34M | 362.22M | 317.31M | 243.53M | 209.98M | 104.67M | 222.42M | 250.41M | 60.6M | 100.1M | 84.9M |
| EBITDA Margin % | 12.53% | 3.03% | 3.47% | -17.6% | -7.81% | -20.95% | -38.11% | -56.73% | 6.76% | 11.18% | 8.52% | 11.59% | 13.78% | 19.91% | 11.91% | 15.28% | 24.23% | 22.84% | 22.62% | 27.83% | 27.18% | 25.94% | 24.09% | 21.91% | 12.09% | 22.02% | 25.96% | 8.3% | 21.52% | 21.12% |
| EBITDA Growth % | 350.47% | -1.31% | 121.82% | -154.33% | 55.51% | 36% | 10.51% | -361.37% | -36.98% | 35.88% | -38.76% | -21.85% | -30.89% | 62.57% | -24.04% | -33.45% | -8.63% | -6.87% | -19.39% | 7.21% | 14.15% | 30.3% | 15.98% | 100.6% | -52.94% | -11.18% | 313.22% | -39.46% | 17.9% | 59.29% |
| D&A (Non-Cash Add-back) | 13.4M | 17.21M | 11.51M | 20.79M | 24.25M | 27.74M | 35.9M | 36.1M | 51.4M | 82.69M | 85.46M | 118.83M | 103.01M | 116.21M | 134.66M | 146.35M | 167.56M | 198.68M | 272.79M | 229.57M | 231.14M | 195.12M | 150.24M | 154.9M | 123.39M | 120.79M | 86.53M | 63.9M | 40.7M | 33.2M |
| EBIT | 88.46M | 23.01M | 34.8M | -118.49M | -64.06M | -117.83M | -175.92M | -178.21M | -130.8M | -126.74M | -12.61M | -33.67M | 50.1M | 102.87M | 84.19M | 23.71M | 99.24M | 94.81M | 41.47M | 158.77M | 144.05M | 122.19M | 93.28M | 55.08M | -18.72M | 101.63M | 163.88M | 117.36M | 85.61M | 66.3M |
| Net Interest Income | 0 | 17.33M | 23.61M | 11.63M | 0 | 0 | 0 | 0 | -10.13M | -7.38M | -7.67M | -7.67M | -8.67M | -12.69M | -17.45M | -23.82M | -22.48M | -32.6M | -51.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 17.5M | 24.05M | 12M | 0 | 0 | 0 | 18.79M | 0 | 0 | 0 | 2.38M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 169K | 436K | 366K | 0 | 0 | 0 | 0 | 10.13M | 7.38M | 7.67M | 10.05M | 11.67M | 12.69M | 17.45M | 23.82M | 22.48M | 32.6M | 51.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.61M | 17.44M | 22.96M | 6.95M | 30.46M | -252K | 15.38M | -1.14M | -20.04M | 135.19M | -27.91M | -8.66M | -5.25M | -13.47M | -18.82M | -109.56M | -22.05M | -30.65M | -50.01M | -40.7M | -26.74M | -15.99M | -25.99M | -26.99M | 69.25M | -30.29M | -19.31M | -129.66M | 15.82M | -5.8M |
| Pretax Income | 98.06M | 22.84M | 34.36M | -118.85M | -35.08M | -120.8M | -165.54M | -179.36M | 709K | 8.64M | -20.28M | -11.98M | 38.43M | 90.18M | 66.75M | 5.63M | 76.76M | 62.21M | -9.76M | 118.07M | 104.34M | 106.2M | 67.29M | 28.09M | 50.53M | 71.33M | 144.58M | -14.4M | 56.5M | 44M |
| Pretax Margin % | 12.06% | 3.06% | 5.21% | -19.92% | -6.63% | -27.27% | -43.5% | -62.8% | 0.08% | 0.98% | -2.39% | -1.17% | 3.5% | 8.2% | 5.9% | 0.49% | 6.98% | 4.87% | -0.71% | 8.46% | 7.83% | 8.68% | 6.66% | 2.93% | 5.83% | 7.06% | 14.99% | -1.97% | 12.15% | 10.95% |
| Income Tax | -46.71M | 25.34M | 24.27M | 5.25M | -1.24M | -30.53M | -40.28M | -45.41M | -22.77M | 4.53M | -11.63M | -2.83M | 29.63M | 33.06M | 29.13M | 34.08M | 32.6M | 24.71M | -1.98M | 47.33M | 40.22M | 36.48M | 8.95M | 6.32M | -19.83M | 27.46M | 54.21M | 2M | 20.9M | 16.5M |
| Effective Tax Rate % | -47.63% | 110.95% | 70.63% | -4.42% | 3.54% | 25.27% | 24.33% | 25.32% | -3211.71% | 52.46% | 57.36% | 23.64% | 77.09% | 36.66% | 43.64% | 604.74% | 42.47% | 39.72% | 20.3% | 40.09% | 38.54% | 34.35% | 13.3% | 22.5% | -39.25% | 38.5% | 37.5% | -13.89% | 36.99% | 37.5% |
| Net Income | 145.95M | -814K | 11.88M | -118.7M | -33.83M | -90.27M | -124.51M | 1.03B | 23.48M | 4.11M | 6.7M | -11.03M | 8.86M | 57.61M | 77.26M | -23.15M | 44.55M | 37.5M | -7.78M | 70.74M | 64.13M | 69.72M | 58.34M | 21.77M | -31.96M | 6.38M | 90.36M | -16.4M | 35.6M | 27.5M |
| Net Margin % | 17.95% | -0.11% | 1.8% | -19.9% | -6.4% | -20.38% | -32.72% | 360.11% | 2.56% | 0.47% | 0.79% | -1.08% | 0.81% | 5.24% | 6.83% | -2% | 4.05% | 2.94% | -0.56% | 5.07% | 4.81% | 5.7% | 5.77% | 2.27% | -3.69% | 0.63% | 9.37% | -2.25% | 7.65% | 6.84% |
| Net Income Growth % | 18030.22% | -106.85% | 110.01% | -250.85% | 62.52% | 27.5% | -112.11% | 4280.52% | 471.57% | -38.71% | 160.77% | -224.46% | -84.61% | -25.44% | 433.79% | -151.96% | 18.78% | 582.06% | -111% | 10.31% | -8.02% | 19.49% | 168.04% | 168.1% | -601.08% | -92.94% | 650.99% | -146.07% | 29.45% | 51.1% |
| Net Income (Continuing) | 144.78M | -2.5M | 10.09M | -124.11M | -33.83M | -90.27M | -125.26M | -133.95M | -67.3M | 4.11M | -8.65M | -26.54M | 8.8M | 57.12M | 37.62M | -31.84M | 43.43M | 37.5M | -7.78M | 70.74M | 64.13M | 69.72M | 58.34M | 21.77M | -30.69M | 43.87M | 90.36M | -15.14M | 47.16M | 37.7M |
| Discontinued Operations | 1.18M | 1.69M | 1.79M | 5.4M | 0 | 0 | 750K | 1.16B | 90.78M | 0 | 0 | 0 | 0 | 0 | 33.9M | 0 | 732K | 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 | -380K | 108K | 5.86M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.25 | -0.01 | 0.17 | -1.79 | -0.50 | -1.36 | -1.85 | 13.71 | 0.29 | 0.05 | 0.09 | -0.14 | 0.12 | 0.75 | 0.89 | -0.29 | 0.55 | 0.48 | -0.10 | 0.80 | 0.71 | 0.74 | 0.64 | 0.24 | -0.36 | 0.07 | 1.00 | -0.21 | 0.57 | 0.47 |
| EPS Growth % | 18695.04% | -107.12% | 109.5% | -258% | 63.24% | 26.49% | -113.49% | 4627.59% | 480% | -44.44% | 164.29% | -216.67% | -84% | -15.73% | 406.9% | -152.73% | 14.58% | 588.3% | -112.29% | 12.68% | -4.05% | 15.63% | 166.67% | 166.67% | -614.29% | -93% | 576.19% | -136.84% | 21.28% | 34.29% |
| EPS (Basic) | 2.30 | -0.01 | 0.18 | -1.79 | -0.50 | -1.36 | -1.85 | 13.74 | 0.30 | 0.05 | 0.09 | -0.14 | 0.12 | 0.77 | 0.90 | -0.29 | 0.56 | 0.48 | -0.10 | 0.82 | 0.73 | 0.80 | 0.68 | 0.25 | -0.36 | 0.07 | 1.06 | -0.21 | 0.64 | 0.54 |
| Diluted Shares Outstanding | 63.38M | 67.31M | 67.92M | 66.35M | 68.21M | 66.3M | 67.76M | 75.02M | 81.52M | 79.85M | 77.62M | 77.11M | 76.95M | 76.5M | 79.48M | 80.11M | 79.72M | 77.89M | 79.12M | 88.42M | 90.32M | 94.21M | 91.16M | 90.7M | 88.79M | 91.13M | 90.36M | 79.69M | 59.59M | 59.01M |
| Basic Shares Outstanding | 62.38M | 66.29M | 66.27M | 66.35M | 68.21M | 66.3M | 67.76M | 74.83M | 78.89M | 77.61M | 77.62M | 77.11M | 74.69M | 74.81M | 79.48M | 80.11M | 78.97M | 77.89M | 79.12M | 86.27M | 87.85M | 87.15M | 85.8M | 87.07M | 88.79M | 91.13M | 85.25M | 79.69M | 51.96M | 59.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 24.83% | - | 25.69% | 27.14% | 21.01% | 5.85% | - | - | - | - | - | - | - |
Regulatory and cookie deprecation
As reported in recent financial filings, LiveRamp's year-over-year revenue growth has decelerated from 16.0% in 2025Q2 to 9.2% by 2026Q4, suggesting that the company's transition toward a platform-based data collaboration model is encountering headwinds in scaling top-line expansion within the current advertising environment.
The deceleration in revenue growth appears to reflect a maturation of the core subscription base, which may be struggling to offset the volatility inherent in the marketplace segment. Investors should monitor whether the shift toward higher-margin 'Safe Haven' nodes can eventually re-accelerate growth or if the company is settling into a lower-growth utility profile.
Based on historical income statements, LiveRamp has maintained a relatively stable gross margin profile, hovering around 71% over the last ten quarters, which indicates that the company's underlying cost of service remains consistent despite fluctuations in data acquisition and cloud infrastructure requirements.
While the 71% gross margin is respectable for a software-infrastructure hybrid, it remains below the levels seen in pure-play ad-tech peers like DoubleVerify. This suggests that the computational intensity of identity resolution and the costs associated with maintaining the proprietary identity graph may act as a structural ceiling on profitability.
According to the provided quarterly data, LiveRamp has demonstrated improved operating leverage, with operating margins expanding from a low of -8.3% in 2024Q4 to 9.0% in 2026Q4, largely driven by a disciplined reduction in R&D spending relative to total revenue over the same period.
The ability to scale operating income while revenue growth moderates suggests that management is successfully pivoting from a growth-at-all-costs strategy to one focused on operational efficiency. However, the sustainability of this margin expansion warrants further investigation, particularly if R&D investment needs to increase to counter competitive threats.
As evidenced by the income statement data, LiveRamp's net income has been significantly influenced by the cessation of stock-based compensation expenses in recent quarters, which artificially inflated net margins to 34.4% in 2026Q4 compared to the historical trend of heavy dilution-related charges.
The sudden disappearance of SBC in the most recent periods makes year-over-year earnings comparisons difficult and may mask the true underlying profitability of the business. Analysts should adjust for these non-cash items to determine if the company is generating genuine economic profit or merely benefiting from accounting shifts.
Quick answers to the most common questions about buying RAMP stock.
For fiscal year 2026, LiveRamp Holdings, Inc. (RAMP) reported total revenue of $812.9M. This represents a 102.2% increase compared to $402.0M in 1997.
LiveRamp Holdings, Inc. (RAMP) is profitable, generating $146.0M in net income for the fiscal year ending 2026 with a net profit margin of 18.0%.
LiveRamp Holdings, Inc. (RAMP) reported an operating income of $88.5M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
LiveRamp Holdings, Inc. (RAMP) generated $574.8M in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.