10-Q · August 10, 2026
Q2 2026 showed a strong sequential recovery: revenue rose to $104.254 million, gross margin recovered to 46.1%, operating margin reached breakeven, and diluted EPS was $0.12. CTV advertiser spend increased nearly 50%,…
DSP earnings analysis
10-Q · Filed November 9, 2026 · Our reading of the company's report
The latest report
Viant delivered strong Q3 operating momentum, with revenue of $110.428 million, 29% year-over-year growth, and non-GAAP diluted EPS of $0.13 in line with consensus. However, GAAP net income declined 49% and GAAP diluted…
Read full summary
Viant delivered strong Q3 operating momentum, with revenue of $110.428 million, 29% year-over-year growth, and non-GAAP diluted EPS of $0.13 in line with consensus. However, GAAP net income declined 49% and GAAP diluted EPS was $0.00, while the 10-Q highlights increasing exposure from the Waymark and TVision acquisitions, privacy regulation, cybersecurity, and platform execution. The filing does not provide a comparable prior outlook; Q4 revenue guidance from the accompanying release was $130.5 million-$133.5 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.13
What stood out
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Revenue grew 29% and beat estimates
Q3 revenue was $110.428 million, up 29% year over year and approximately 1.1% above the $109.256 million consensus estimate.
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Adjusted EPS matched consensus
Non-GAAP diluted EPS was $0.13, matching the $0.13 consensus estimate.
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CTV and EBITDA momentum
Adjusted EBITDA increased 24% year over year, while CTV advertiser spend increased by nearly 40%, indicating continued momentum in connected television.
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Controls and market risk stable
Management reported no material changes in market-risk exposure during the nine months ended September 30, 2026, and concluded that disclosure controls were effective as of September 30, 2026.
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Expanded share repurchase authorization
The company repurchased 449,600 Class A shares in September 2026 at an average price of $12.35 per share, and the board authorized an additional $50.0 million of repurchase capacity effective November 9, 2026.
What to watch
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GAAP profitability deteriorated
GAAP net income declined 49% year over year and GAAP diluted EPS was $0.00, despite $0.13 of non-GAAP diluted EPS, highlighting continued pressure from non-operating and acquisition-related items.
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Waymark integration and AI risk
Waymark was acquired on November 6, 2026, expanding the company into AI-powered video creation and adding integration, data privacy, information-security, generative-AI, and cross-jurisdiction compliance risks.
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TVision litigation and measurement risk
The TVision acquisition closed on May 1, 2026 and adds audience-measurement risks related to panel-based technology, measurement accuracy, competition, intellectual property, and litigation; one active Nielsen patent case remains pending.
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Privacy rules may restrict data access
California data brokers are required as of August 2026 to honor deletion requests through a centralized mechanism, which the company states may reduce available data and revenue; more than one-third of U.S. states had comprehensive privacy laws in effect or taking effect by 2026.
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Specialized talent and scaling risk
The company had approximately 463 employees as of September 30, 2026, and its platform depends on recruiting and retaining specialized sales, support, engineering, and measurement personnel as operations expand.
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Cybersecurity and legacy Myspace exposure
The company’s 2016 Myspace breach involved approximately 360 million user account email addresses, usernames, and hashed passwords, underscoring continuing cybersecurity, remediation, regulatory, and reputational exposure.
Management's outlook
The 10-Q does not provide comparable numeric EPS or revenue guidance in the extracted MD&A. The accompanying Q3 earnings release provided Q4 2026 revenue guidance of $130.5 million-$133.5 million, contribution ex-TAC of $80.5 million-$82.5 million, non-GAAP operating expenses of $49.5 million-$50.5 million, and adjusted EBITDA of $31.0 million-$32.0 million; no prior outlook was provided for comparison.
Earlier filings 4
10-Q · May 11, 2026
Viant Technology Inc. reported strong Q1 2026 results with revenue of $88.54 million, exceeding the consensus estimate by 4.42%. The company also achieved an EPS of $0.07, surpassing expectations of $0.03. Notably,…
10-K · March 11, 2026
Viant (DSP) reported full-year 2025 revenue of $344.2 million, up 19.0% vs. $289.2 million in 2024, and achieved net income of $24.1 million (vs. $12.5 million in 2024). Adjusted EBITDA improved to $57.4 million in 2025…
10-Q · November 10, 2025
Viant reported Q3 2025 revenue of $85,582,000, up $5,660,000 (+7.1%) versus Q3 2024 ($79,922,000). Operating income was $4,231,000 (≈4.9% margin) roughly flat versus prior year, while diluted EPS declined to $0.06 from…
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