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MGNI earnings analysis

10-Q · Filed November 4, 2026 · Our reading of the company's report

The latest report

Magnite delivered a strong Q3, with revenue of $204.2 million and EPS of $0.33, exceeding consensus by 7.2% and 26.9%, respectively. Revenue increased 5.8% sequentially and 14.1% year over year, while CTV contribution…

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Magnite delivered a strong Q3, with revenue of $204.2 million and EPS of $0.33, exceeding consensus by 7.2% and 26.9%, respectively. Revenue increased 5.8% sequentially and 14.1% year over year, while CTV contribution ex-TAC rose 39% to $105.4 million. The supplied 10-Q excerpt provides no current-quarter gross margin, operating margin, balance-sheet, or cash-flow amounts, and states that there were no material changes to risk factors; key quantified exposures include a potential $9.7 million loss from a 10% adverse FX move and approximately $3.6 million of annualized interest expense for each 100-basis-point increase above the SOFR floor.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

63% Gross margin Operating margin May 2022 May 2026

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.

Read as bullish Read as bearish May 2022 Nov 2026

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
$0.33
Segment
CTV contribution ex-TAC: $105.4 million, up 39% year over year; segment revenue breakdown was not disclosed in the supplied 10-Q excerpt.

What stood out

  • Revenue growth and consensus beat

    Revenue was $204.2 million, up $11.2 million, or 5.8%, from $193 million in Q2 2026 and up $25.2 million, or 14.1%, from $179 million in Q3 2025. Revenue exceeded the $190.5 million consensus estimate by 7.2%.

  • EPS materially exceeded estimates

    Reported EPS was $0.33, compared with $0.13 in Q2 2026 and $0.13 in Q3 2025. EPS exceeded the $0.26 consensus estimate by 26.9%.

  • CTV remained the growth engine

    CTV contribution ex-TAC increased 39% year over year to $105.4 million, making CTV the key disclosed growth driver.

  • Share repurchases continued

    The company repurchased 816,000 shares under its repurchase program during the quarter at an average price of $24.52, leaving $144.9 million available under the program as of September 30, 2026.

What to watch

  • FX exposure increased

    The filing states that there were no material changes to risk factors during the three and nine months ended September 30, 2026. The company nevertheless identifies foreign-exchange exposure: a 10% adverse currency move would produce an estimated loss of $9.7 million as of September 30, 2026, versus $7.7 million as of December 31, 2025.

  • Floating-rate debt exposure

    The floating-rate 2024 Term Loan B creates interest-rate exposure; each 100-basis-point increase above the SOFR floor would increase annualized interest expense by approximately $3.6 million.

  • Litigation outcomes remain uncertain

    Legal proceedings include privacy class actions and the Google Action filed on September 16, 2025. Although management believes pending matters will not have a material adverse effect, outcomes and aggregate monetary liability remain uncertain as of September 30, 2026.

Management's outlook

No quantitative guidance was provided in the supplied 10-Q excerpt. The prior 8-K earnings release contains the company’s outlook, including Q4 contribution ex-TAC of $227 million-$233 million and 2027 top-line growth expected to exceed 15% excluding political revenue and Google remedies upside.

Earlier filings 4

10-Q · May 6, 2026

Magnite reported a strong Q1 2026 with revenue of $164.37 million and EPS of $0.13, surpassing consensus estimates. The gross margin improved to 63.2%, while operational efficiency led to a turnaround in earnings…

10-K · February 25, 2026

Magnite reports modest revenue growth in 2025 with margin and cash-flow improvement across the year. The company emphasizes CTV leadership and launched a next-generation SpringServe CTV platform (April 2025) while…

10-Q · August 9, 2023

Magnite reported Q2 revenue of $152.543M, up $22.393M (17.2%) sequentially and up $14.763M (10.7%) year-over-year, driven by CTV and mobile growth. Despite top-line strength, GAAP profitability worsened year-over-year…

10-Q · May 10, 2023

Magnite reported first-quarter revenue of $130,150 (in thousands), up $12,075 (10.2%) versus $118,075 in Q1 2022, driven by CTV and mobile. However, gross margin collapsed to ~4.1% as cost of revenue rose to $124,828…

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