Magnite today reported second-quarter revenue of $192.8 million and raised four separate full-year targets, after connected television contribution ex-TAC grew 36% year-over-year to $97.1 million and the company's non-streaming segment returned to growth after a 5% decline in the preceding quarter.

The results, released before the opening of trading on August 5, 2026 and filed the same day with the U.S. Securities and Exchange Commission on Form 10-Q, cover the three months ended June 30, 2026. They arrive at a point where the independent sell-side sector is being pulled in two directions at once: streaming inventory is absorbing television budgets at a pace that outstrips the wider market, while open-web display volumes are being eroded by changes in how people find content.

Magnite (NASDAQ: MGNI) beat the top end of its own guidance on all three revenue-adjacent measures it forecasts. Total contribution ex-TAC came in at $189.6 million against a guided range of $177 million to $181 million. CTV contribution ex-TAC reached $97.1 million against a range of $90 million to $92 million. The DV+ segment, which covers mobile and desktop inventory outside connected television, produced $92.5 million against a range of $87 million to $89 million.

"We significantly beat consensus expectations on both the top and bottom line in the second quarter," said Michael G. Barrett, chief executive officer of Magnite, in the results statement.

The quarter in numbers

Revenue of $192.8 million represented an increase of 11% from $173.3 million in the second quarter of 2025. Gross profit rose 21% to $130.8 million. Contribution ex-TAC, the non-GAAP measure that adds back cost of revenue excluding traffic acquisition costs, increased 17% to $189.6 million from $162.0 million.

Net income reached $19.4 million, or $0.13 per diluted share, compared with $11.1 million and $0.08 per diluted share a year earlier. Basic earnings per share were $0.14. On a non-GAAP basis, which strips out stock-based compensation, acquisition-related charges, litigation expense, foreign exchange movements and the associated tax effects, earnings per share were $0.26 against $0.20 in the prior-year quarter.

Adjusted EBITDA of $70.6 million was 30% higher than the $54.4 million recorded in the second quarter of 2025. Measured against contribution ex-TAC, that produced an adjusted EBITDA margin of 37%, three percentage points above the 34% posted a year earlier. Operating cash flow, which the company defines as adjusted EBITDA less capital expenditures, was $57.4 million against $33.9 million.

For the six months ended June 30, 2026, revenue totalled $357.2 million, up 9%. Contribution ex-TAC for the half was $350.5 million, up 14%. Net income for the half was $23.8 million against $1.5 million, and adjusted EBITDA was $113.5 million, up 24%. Half-year adjusted EBITDA margin stood at 32%, against 30% in the comparable period.

Income from operations rose 42% to $31.2 million. Total expenses grew 7% to $161.6 million while revenue grew 11%, which is the arithmetic behind the margin expansion the company has been describing since the start of the year.

Streaming pulls further ahead

The channel split is where the structural story sits. CTV accounted for $97.1 million of contribution ex-TAC, or 51% of the total, against $71.5 million and 44% a year earlier. Mobile contributed $65.8 million, or 35%, against $63.8 million and 39%. Desktop produced $26.7 million, or 14%, against $26.6 million and 17%.

Mobile grew 3% and desktop was flat in percentage terms. In other words, effectively all of the incremental contribution ex-TAC in the quarter came from streaming. Of the $27.6 million of additional contribution ex-TAC generated year-over-year, $25.6 million came from CTV.

On a GAAP revenue basis rather than contribution, the picture is similar but not identical. CTV revenue was $100.1 million, or 52% of the total, up from $82.4 million and 48%. Mobile revenue was $66.0 million and desktop $26.8 million. The gap between CTV revenue and CTV contribution ex-TAC narrowed sharply, a consequence of how transactions are booked, discussed below.

The 36% CTV growth rate compares with 30% in the first quarter of 2026, when connected television crossed half of Magnite's contribution ex-TAC for the first time at $82.3 million, and with the 20% headline figure, or 32% excluding political advertising, recorded in the fourth quarter of 2025. In the third quarter of 2025 the rate was 18%. The trajectory over four consecutive quarters is one of acceleration rather than a single strong period.

Barrett attributed the performance to breadth rather than a small number of accounts. "Our CTV momentum continues to be broad-based across leading publisher partners and anchored by the strategic differentiation of SpringServe," he said in the release. SpringServe is the video ad server Magnite acquired in 2021 and merged with its supply-side platform technology in April 2025.

DV+ returns to growth

The DV+ figure of $92.5 million, up 2%, reverses the 5% decline recorded three months earlier. Guidance issued in May had anticipated a further decline of between 2% and 4% for the second quarter. The outcome was a modest gain instead.

On the first-quarter earnings call in May 2026, Barrett described the segment as a portfolio rather than a single business, with open web display under pressure while mobile app, commerce media and audio grow. He added that returning the segment "to flattish is something that I think would still outperform market." Mobile in-app grew 8% year-over-year in the first quarter, and the company counted 21 commerce media partners with 13 deployed and ramping at that point.

The context for open-web display weakness is well documented. Small publishers lost 60% of their search referral traffic over two years, according to Chartbeat data published in March 2026, with medium-sized publishers down 47%. Research from Index Exchange published in April 2026 found that 69% of publishers on its exchange saw year-over-year declines in ad opportunities during 2025, averaging 14%. Magnite's own 10-Q addresses the mechanism directly, stating that AI is changing how users access information on the open internet, particularly with respect to search referral traffic, and that this shift could reduce the volume of open web display inventory monetised through its platform.

Where the margin came from

Cost of revenue fell 4% to $62.0 million. The driver was an $8.1 million decrease in traffic acquisition costs, itself a function of less revenue being reported on a gross basis. That reduction was partly offset by a $3.1 million increase in depreciation and amortisation, $1.2 million in software licence expenses and $0.8 million in personnel costs. Cost of revenue excluding TAC rose 10% to $58.8 million.

Sales and marketing expenses rose 11% to $47.0 million, driven by a $4.9 million increase in personnel costs and partly offset by a $0.8 million decline in depreciation and amortisation as certain acquired intangible assets became fully amortised during 2025. Technology and development expenses rose 12% to $24.1 million, again primarily personnel.

General and administrative expenses rose 26% to $28.4 million, the fastest-growing line in the quarter. The 10-Q attributes $4.1 million of that increase to professional fees including legal costs, with smaller contributions from personnel, insurance and taxes, and software licences.

Adjusted EBITDA operating expenses, calculated as contribution ex-TAC less adjusted EBITDA, worked out at $119.0 million. Guidance issued in May had placed that figure between $115 million and $117 million. The overshoot on costs was more than absorbed by the contribution beat, but it is the one guided measure the company did not come in under.

Stock-based compensation was $19.6 million, essentially unchanged from $19.6 million a year earlier and representing 10% of revenue. Depreciation and amortisation totalled $14.6 million against $12.2 million, with amortisation of acquired intangibles falling to $2.5 million from $2.9 million. Remaining amortisation of acquired intangibles across all future periods stands at $7.3 million, of which $3.0 million falls in the remainder of 2026.

A line labelled merger, acquisition and restructuring costs excluding stock-based compensation appeared at $1.755 million for both the quarter and the half, with no comparable figure in either prior-year period. The filing does not break down its composition.

The provision for income taxes was $6.2 million against $1.0 million, an effective rate of roughly 24% on pre-tax income of $25.5 million. The 10-Q notes that the "One Big Beautiful Bill Act," effective July 4, 2025, has no material impact on the periods presented, and that the continuing effect is expected to be a deferral of current income tax payments over multiple years rather than a change to the effective rate.

Guidance raised on four measures

For the third quarter of 2026, Magnite expects total contribution ex-TAC of $188 million to $192 million, CTV contribution ex-TAC of $98 million to $100 million, DV+ contribution ex-TAC of $90 million to $92 million, and adjusted EBITDA operating expenses of $119 million to $121 million. Those figures imply adjusted EBITDA of roughly $67 million to $73 million and a margin in the region of 36% to 38%.

The full-year revisions are more consequential. Total contribution ex-TAC growth is now guided at 13% to 14%, raised from at least 11%. Adjusted EBITDA growth is guided at greater than 20%, raised from the mid-teens. Adjusted EBITDA margin is guided at at least 37%, raised from at least 35.5%. Free cash flow growth is guided to the high 40% range, raised from the mid 30% range. Capital expenditure of approximately $60 million was reaffirmed.

The margin guidance is the sharpest revision in relative terms. Full-year adjusted EBITDA margin was raised by 1.5 percentage points in a single quarter, having already been raised in May from greater than 35%. Half-year margin currently stands at 32%, which means the second half is expected to carry a materially higher rate, consistent with the seasonal pattern the company has described previously.

Barrett tied the revision to both mix and execution. "Given this strong execution and ongoing shift toward programmatic streaming, we are also raising both our full-year top-line and margin expectations," he said.

Gross versus net reporting distorts the revenue line

One technical detail explains why revenue growth of 11% understates contribution ex-TAC growth of 17%. For most transactions Magnite acts as an agent on behalf of the publisher, and revenue is recognised net of inventory costs remitted to sellers. For managed campaigns transacted through insertion orders, the company reports revenue on a gross basis, recognising the full amount of ad spend and carrying the corresponding traffic acquisition cost.

Revenue reported on a gross basis fell to 3% of total revenue in the second quarter of 2026, from 11% a year earlier. The same shift applied across the half. The 10-Q attributes the decline to reduced managed service activity as advertisers move budgets towards automated solutions.

The effect is mechanical but material for anyone comparing quarters. Gross-basis transactions inflate reported revenue without adding proportionally to contribution, so a declining gross-basis share suppresses headline revenue growth while leaving contribution ex-TAC unaffected. The company flagged the same dynamic in relation to first-half CTV revenue growth of 20%, which trailed CTV contribution ex-TAC growth of 33% for the six months.

Geography

Revenue attributed to sellers located in the United States was $142.4 million, or 74% of the total, against $132.4 million and 76% a year earlier. International revenue was $50.4 million, or 26%, against $40.9 million and 24%. International revenue therefore grew 23% year-over-year, roughly three times the 8% rate recorded by the U.S. business.

That divergence has been a theme in company commentary. On the May call, Barrett described the international dynamic as following U.S.-based streaming services abroad. "When they go international, we go with them, and then they have the added benefit of disrupting the local market, and they're forced to adopt programmatic and forced to adopt streaming," he said. Magnite opened its first Madrid office in February 2026 and expanded in Asia through a SpringServe mediation agreement with JioHotstar announced on June 4, 2026.

Property and equipment net of depreciation stood at $104.8 million in the United States and $11.2 million internationally at June 30, 2026. Of the $332.6 million cash balance, $55.4 million was held in foreign-currency-denominated accounts. An immediate 10% adverse move in exchange rates against foreign-currency monetary assets and liabilities would produce a loss of approximately $9.6 million, against $7.7 million at December 31, 2025.

Balance sheet: converts retired, buybacks resume

Cash and cash equivalents fell to $332.6 million at June 30, 2026 from $553.4 million at December 31, 2025. The largest single cause was the maturity of the convertible senior notes issued in March 2021. On March 15, 2026 the outstanding principal balance of $205.1 million was repaid in full with cash on hand, leaving no convertible notes outstanding.

Total debt fell to $350.4 million from $556.1 million. Net debt, defined as debt less cash, was $17.8 million against $2.8 million at year end. The 2024 Term Loan B Facility carried a gross principal balance of $358.6 million, priced at Term SOFR plus a margin of 3.00% following two repricings, and bore an assumed rate of 6.64% at June 30, 2026. Each 100 basis point move above the SOFR floor is worth approximately $3.6 million a year in interest expense.

The $175.0 million revolving credit facility was drawn and repaid within the quarter. Magnite borrowed $60.0 million to fund short-term operating requirements and repaid the full amount before quarter end, leaving nothing outstanding. Available capacity was $170.9 million net of $4.1 million in outstanding but undrawn letters of credit.

On the buyback side, the board approved a new repurchase plan on February 23, 2026 authorising up to $200.0 million of common stock through February 29, 2028. During the first half, the company repurchased 2,667,795 shares for $35.0 million under that plan, leaving $164.9 million available at June 30, 2026. A further 33,800 shares were repurchased for $0.5 million under the expiring 2024 plan between January 1 and February 1, 2026. Total cash outflow for treasury stock across the half was $35.5 million, alongside $21.4 million paid for taxes on net share settlement of equity awards.

David Day, chief financial officer, set out the framework on the May call. "Our capital allocation strategy aims to return approximately 50% of free cash flow to shareholders via share repurchases," he said, adding that with the convertible notes repaid the company planned "to be more aggressive with share repurchases given our expected free cash flow generation."

Diluted weighted-average shares fell to 147.2 million from 148.3 million, with the removal of the convertible notes from the calculation offsetting dilution from equity awards. Unvested restricted stock units stood at 10.1 million shares carrying $127.5 million of unrecognised compensation expense over a weighted-average 2.6 years.

Net cash provided by operating activities was $65.9 million for the half against $21.1 million, with working capital consuming $22.6 million against $59.1 million. Accounts receivable of $1.38 billion and accounts payable of $1.67 billion both appear large relative to revenue because receivables are recorded at gross billings to buyers while payables reflect net amounts due to sellers. The allowance for credit losses fell to $3.3 million from $4.0 million.

Contractual obligations total $742.0 million, including $140.6 million of non-cancelable commitments largely tied to a cloud-managed services agreement running from July 2025 to June 2028 with minimum spend amounts for each twelve-month period and for the three-year term overall. Of those non-cancelable obligations, $62.5 million falls in the remainder of 2026 and $71.0 million in 2027.

Litigation costs and the unresolved Google question

Litigation expense of $1.2 million was excluded from adjusted EBITDA in the quarter, and $1.8 million across the half. The 10-Q identifies the composition as professional and legal expenses relating to the Google Action and defence costs relating to class action privacy litigation. Neither figure had a prior-year comparison, since both matters arose after the second quarter of 2025.

The Google Action is Magnite's own suit. Magnite filed against Google LLC in the U.S. District Court for the Eastern District of Virginia on September 16, 2025, alleging anticompetitive conduct in the ad exchange and ad server markets, including practices restricting publishers' ability to use competing services and favouring Google's own exchange. The complaint seeks monetary damages, an injunction, structural relief and reimbursement of costs. The filing states that Magnite intends to pursue its claims vigorously but cannot predict the outcome.

That action follows the April 17, 2025 ruling in which the same court found that Google had violated federal antitrust laws by wilfully acquiring and maintaining monopoly power in the display publisher ad server and display ad exchange markets, and had unlawfully tied the two. Closing arguments on remedies were held in November 2025, following final proposals filed by the Department of Justice and Google on November 3, 2025. Google has indicated an intention to appeal.

Magnite's 10-Q sets out the commercial stake in unusually direct terms. Its mobile and desktop supply-side platform competes for display placements inside the Google display ad server, which the filing estimates is used by approximately 90% of open-web publishers. The company states its belief that the conduct found unlawful gave Google's exchange an unfair advantage and artificially depressed Magnite's ability to win impressions inside that ad server, and that any remedy increasing publisher choice is likely to improve its share of open-web display.

None of that is in the numbers. Day was explicit on the May call: "our estimates do not include any potential market share gains as a result of remedies from the Google ad tech trial." Barrett, asked in May about timing, said some remedies would be behavioural and some would require technical work on Google's side, and that Google had itself cited a window of six to nine months for two of the changes under discussion. He said he anticipated a favourable ruling and an impact within 2026, while expressing disappointment that no decision had yet been issued.

Magnite is one of several exchanges pursuing follow-on claims. Index Exchange filed on November 10, 2025, following OpenX in August and PubMatic in September. In Europe, the European Commission published its public adtech decision carrying a 2.95 billion euro fine in January 2026, with Google and Alphabet filing an annulment action before the General Court on January 12, 2026.

The privacy class actions are described only in general terms. The 10-Q states that the company has recently been subject to class action lawsuits alleging violations of various privacy statutes, and that management believes the final resolution of pending matters will not have a material adverse effect on financial position, results or cash flows.

Partnerships named in the quarter

The earnings presentation lists six commercial developments under the heading of recent wins, most of which have been separately reported.

Walmart Connect launched Connect Select using Magnite as a supply-side platform partner, providing access to premium CTV and omnichannel inventory. The curated marketplace inside Walmart DSP opened to all advertisers in late April 2026 with Magnite named alongside PubMatic, FreeWheel and Index Exchange, carrying VIZIO, Paramount and Warner Bros. Discovery inventory. On May 28, 2026, Walmart Connect made its first-party shopper audiences available inside Yahoo DSP routed through Magnite's supply-side technology, covering VIZIO connected television inventory.

Samsung Ads selected SpringServe to power automated ad buying and decisioning for its home screen placements globally. Samsung opened those placements to programmatic buying in June 2026, with SpringServe adopted as the ad serving layer.

Roku introduced Roku Curate, powered in part by SpringServe, pairing platform insights with third-party purchase data to simplify CTV targeting. The product launched in April 2026 with six data partners including Kroger Precision Marketing, Instacart and Criteo.

Viasat Aviation and Magnite entered a partnership to bring programmatic advertising to in-flight Wi-Fi and entertainment. AMC Global Media expanded its existing partnership to provide direct programmatic access across linear networks, FAST channels and the AMC+ streaming service, building on the April 15, 2026 agreement that brought AMC linear inventory into programmatic buying through ClearLine. Dentsu and Magnite extended an EMEA partnership into Sweden, adding to the July 2025 arrangement that deployed SpringServe across dentsu Total TV in European markets.

Since the quarter closed, Business Insider selected SpringServe to run ad serving and programmatic monetisation for a standalone FAST channel in an announcement dated July 21, 2026.

The agentic layer and what it is worth so far

Barrett devoted a sentence of the results statement to automation. "Furthermore, we are pleased with our agentic product launches and partner support, and view these as a great future tailwind," he said, adding that the company is "uniquely positioned between supply and demand" and expects to benefit from serving as infrastructure for the future of digital advertising.

The 10-Q describes three components. A seller agent allows publishers to create custom inventory and audience packages discoverable and purchasable by buyer agents. A buyer agent enables buyers to build media plans from simple requests for information, generate creatives, and activate audience opportunities. Magnite Orchestration is described as a coordination layer connecting agents within a shared environment so buyers can attach their preferred agentic tools to Magnite seller agents.

The build sequence is on record. Magnite embedded a seller agent inside SpringServe and ran a first agentic test with Scope3 as buyer agent in December 2025, using the Ad Context Protocol launched on October 15, 2025. It added a buyer agent on April 27, 2026 with Disney Advertising, Spectrum Reach, Kepler and MiQ. Orchestration launched on June 11, 2026 with dentsu and DIRECTV Advertising as first beta partners, on a day that produced four separate agentic launches across the industry.

What none of that has yet produced is disclosed revenue. The company reports one operating segment and does not break out agentic transaction volume. Barrett's own public framing has been conservative. Speaking in May, he said 2026 "will be the story of AI with modest amounts of revenue flowing through," and that the larger benefit in the near term is workflow and productivity rather than incremental spend. In an interview published on July 16, 2026 he placed the most optimistic 2027 forecasts for protocol-based buying at $600 million to $700 million, a figure he described as modest against the overall programmatic market, and said the industry remains in a discovery phase.

Measured results so far have not favoured the agents. A DataBeat study published on June 22, 2026 found conventional programmatic buyers holding a 13.4% CPM advantage over AI agents, running against earlier vendor-reported claims.

There is a cost side to the AI story that is visible in the numbers. On the May call, Day attributed better-than-expected operating expense to two things: moving activity from cloud to on-premises infrastructure, and development work optimising cloud efficiency. He described the savings as durable and flagged a new data centre in Northern California coming online later in the year. Half-year capital expenditure of $29.6 million, comprising $21.5 million of property and equipment and $8.1 million of capitalised internal-use software, sits against a reaffirmed full-year figure of approximately $60 million.

The finance chief transition

Exhibit 10.1 to the 10-Q is the transition agreement between Magnite and Day, dated April 17, 2026. Day is expected to serve as chief financial officer through September 30, 2026, after which he would continue as Advisor to the CEO and CFO through a transition end date of May 31, 2027. His base salary during that transition period drops to $36,000 annually.

The agreement contains conditional timing. If a successor is hired before September 30, 2026, the chief executive may move Day into the advisory role earlier. If no successor is in place by that date, Day has agreed to continue as chief financial officer until one is hired, but no later than December 31, 2026, with any extension pushing the transition end date out day for day and triggering a pro-rated bonus. He remains eligible for the 2026 executive bonus plan but not the 2027 plan, and will receive no further equity awards. The exercise window on vested stock options extends to August 31, 2028 subject to a release requirement.

Day announced the retirement on the May call after more than 13 years with the company and its predecessor. "My journey here from the early days of Rubicon Project through our 2014 IPO, transformative merger with Telaria, and the acquisitions of SpotX and SpringServe has been an exhilarating ride," he said. The 10-Q filed today is signed by Day as principal financial officer.

What the market backdrop looks like

Two independent data points frame the quarter. Nielsen's 2026 Upfront Planning Guide, published on March 12, 2026, put streaming at 66.7% of ad-supported television time among adults aged 18 to 49. Advertiser Perceptions research published on May 14, 2026 found 78% of advertisers planning to factor addressable television into 2026 upfront negotiations.

Pricing data points in a more complicated direction. DataBeat reported on August 4, 2026 that US programmatic CPMs rose 51% year over year, with app inventory repricing 50.4% higher during the second quarter while AMP CPMs fell 17.2%. CTV CPMs rose 20.7% month over month but remained 12.3% below their 2025 level. Rising volume in streaming has not translated into uniformly rising unit prices.

Against peers, the comparison is uneven. MNTN reported second-quarter results on August 4, 2026 with revenue growth slowing to 21%. PPC Land has previously contrasted Magnite's financial trajectory with PubMatic's louder agentic positioning on a smaller revenue base.

Magnite's live event infrastructure is a further variable. Live Scheduler launched on November 18, 2025 to standardise how media owners and advertisers transact around live content, and the company published a soccer streaming playbook in March 2026 ahead of the summer tournament calendar. Barrett said in May that revenue from March Madness had grown more than 80% year-over-year and described live sports as one of the largest and least penetrated opportunities in programmatic. The second quarter of 2026 covers the opening of the World Cup period, though the company has not broken out its contribution.

Why this matters for the marketing community

For media buyers, the operative number is not the growth rate but the mix. Streaming now accounts for 51% of contribution ex-TAC at the largest independent supply-side platform, and more than nine-tenths of incremental contribution in the quarter came from that channel. Buyers planning open-web display budgets are working with a supply base that is flat at best in dollar terms, while the CTV pool expands at more than a third a year. That has direct consequences for how deal structures, curation strategies and supply path decisions are sequenced across the second half.

For publishers, the DV+ inflection matters more than the CTV headline. A 2% gain in combined mobile and desktop contribution, after a 5% decline in the preceding quarter, suggests that the categories offsetting open-web display erosion, which the company identifies as mobile in-app, online video, audio and commerce media, are now large enough to hold the segment flat. Whether that holds is a separate question, given the search referral declines documented across the publisher base. Curation partnerships that differentiate non-CTV inventory carry weight in that context.

For retail media operators, the quarter provides evidence on a structural argument that has been building since April. Walmart Connect routed first-party data through a sell-side platform to reach VIZIO inventory inside an external demand-side platform, and Roku bundled third-party purchase data into curated CTV packages on SpringServe infrastructure. Expedia Group put 200 petabytes of traveller intent data through Magnite's publisher relationships in April 2026, and Best Buy named Magnite its exclusive supply-side and curation partner in September 2025. If retail media data creates more value positioned next to premium supply than locked inside a single buying platform, the exclusivity arrangements that defined the category's first phase become harder to defend.

For anyone modelling the sector, the Google remedy remains an unpriced option. Magnite states that approximately 90% of open-web publishers use the ad server whose conduct the court found unlawful, that it believes its win rate inside that server was artificially suppressed, and that none of the potential benefit is embedded in guidance. A remedy that increases publisher choice would land on a display business that is currently flat. A remedy that is delayed, narrowed on appeal, or purely behavioural would leave the trajectory unchanged.

And for buyers weighing whether to rebuild workflows around agents, the disclosure gap is the signal. A company that has shipped a seller agent, a buyer agent and an orchestration layer within eight months reports no revenue attributable to any of them, and its chief executive publicly caps the most optimistic 2027 industry estimate below $700 million. The near-term case for agentic buying rests on workflow efficiency and on bringing insertion-order spend into programmatic channels, not on reach or price.

Timeline

Summary

Who: Magnite, Inc. (NASDAQ: MGNI), the New York-headquartered independent sell-side advertising company, reporting through chief executive Michael G. Barrett and chief financial officer David Day, who signed the Form 10-Q as principal financial officer.

What: Second-quarter 2026 results showing revenue of $192.8 million, up 11%; contribution ex-TAC of $189.6 million, up 17%; CTV contribution ex-TAC of $97.1 million, up 36%; DV+ contribution ex-TAC of $92.5 million, up 2%; net income of $19.4 million and diluted earnings per share of $0.13; adjusted EBITDA of $70.6 million at a 37% margin. Full-year contribution ex-TAC growth guidance was raised to 13% to 14% from at least 11%, adjusted EBITDA growth to greater than 20% from the mid-teens, adjusted EBITDA margin to at least 37% from at least 35.5%, and free cash flow growth to the high 40% range from the mid 30% range. Capital expenditure of approximately $60 million was reaffirmed.

When: The results were released on August 5, 2026, covering the three months ended June 30, 2026, alongside a Form 10-Q filed the same day. A conference call was scheduled for 1:30 PM Pacific on the same date.

Where: Sellers located in the United States generated $142.4 million of revenue, or 74% of the total, with international sellers accounting for $50.4 million, or 26%. Magnite maintains offices in New York, Los Angeles, Denver, London, Singapore and Sydney, with operations across North America, EMEA, LATAM and APAC.

Why: The quarter matters for advertising professionals because it quantifies how far streaming has displaced other digital formats inside the largest independent sell-side platform. Connected television supplied $25.6 million of the $27.6 million year-over-year increase in contribution ex-TAC, while mobile grew 3% and desktop was flat. The DV+ return to growth suggests that mobile in-app, audio and commerce media are now offsetting open web display erosion, a dynamic that determines how much non-CTV inventory remains available to buyers. Guidance excludes any share gains from remedies in the Google ad tech antitrust case, leaving that outcome as an unpriced variable for a display business the company says was artificially constrained inside an ad server used by roughly 90% of open web publishers.