PubMatic (PUBM) Gross Margin (2020 - 2026)
PubMatic (PUBM) reported Gross Margin of 58.29% for Q1 2026, down 161.0% year-over-year from 95.56% in Q1 2025, and down 14.48% quarter-over-quarter from 68.17% in Q4 2025.
PubMatic (PUBM) Gross Margin (2020 - 2026) Analysis & Trends
PubMatic (PUBM) has 7 years of Gross Margin data on file, last reported at 58.29% in Q1 2026.
- Gross Margin for Q1 2026 came in at 58.29%, down 161.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 63.22% (down 169.0% YoY), and the FY2025 annual result was 63.56%, down 175.0% from the prior year.
- Gross Margin retreated to 58.29% in Q1 2026 per PUBM's latest filing, from 68.17% in the prior quarter.
- Over five years, Gross Margin peaked at 71.39% in Q4 2023 and troughed at 56.93% in Q1 2023.
- A 5-year average of 64.21% and a median of 62.62% in 2025 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2023 and 2024: Gross Margin sank 1009 bps in 2023, then jumped 544 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 69.1% in 2022, then advanced by 3 bps to 71.39% in 2023, then declined by 1 bps to 70.84% in 2024, then declined by 4 bps to 68.17% in 2025, then slipped by 14 bps to 58.29% in 2026.
- Business Quant data shows PUBM's Gross Margin at 58.29% in Q1 2026, 68.17% in Q4 2025, and 62.62% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 72.98% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 89.96% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 48.77% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 76.92% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 85.65% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 75.07% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | 48.28% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 89.20% |
| 10 | PubMatic | 542.59 Mn | 397.71 Mn | 36.47 Mn | 58.29% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 58.29% |
| Dec 31, 2025 | 68.17% |
| Sep 30, 2025 | 62.62% |
| Jun 30, 2025 | 62.57% |
| Mar 31, 2025 | 59.91% |
| Dec 31, 2024 | 70.84% |
| Sep 30, 2024 | 64.47% |
| Jun 30, 2024 | 62.60% |
| Mar 31, 2024 | 61.88% |
| Dec 31, 2023 | 71.39% |
| Sep 30, 2023 | 59.03% |
| Jun 30, 2023 | 60.42% |
| Mar 31, 2023 | 56.93% |
| Dec 31, 2022 | 69.10% |
| Sep 30, 2022 | 66.53% |
| Jun 30, 2022 | 69.90% |
| Mar 31, 2022 | 67.02% |
| Dec 31, 2021 | 77.63% |
| Sep 30, 2021 | 72.42% |
| Jun 30, 2021 | 73.64% |