PubMatic (PUBM) Operating Expenses (2020 - 2026)
PubMatic's Operating Expenses came in at $52.14 million for Q2 2026, up 4.4% from $49.94 million a year earlier and up 0.8% from the prior quarter.
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Analysis
PubMatic (PUBM) Operating Expenses (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, PubMatic reported Operating Expenses of $200.9 million, up 3.8% year-over-year; for FY2025, it came in at $197.1 million, up 5.8% from FY2024.
- Operating Expenses has increased in each of the last six years, with a five-year compound annual growth rate of 21.1% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $186.3 million in FY2024 (+12.4%), $165.75 million in FY2023 (+23.4%), $134.35 million in FY2022 (+22.4%) and $109.81 million in FY2021 (+44.8%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q1 2020.
- Year-over-year, Operating Expenses has increased for 22 consecutive quarters, with growth averaging 8.8% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 0.6% (Q4 2025) to 43.6% (Q3 2021).
- Business Quant data shows PUBM's Operating Expenses at $51.75 million (Q1 2026), $46.04 million (Q4 2025) and $50.98 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 79.03 Bn |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 42.03 Bn |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 1.51 Bn |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | -5.17 Bn |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 1.22 Bn |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 12.30 Bn |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 4.85 Bn |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | -5.39 Bn |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 429.41 Mn |
| 10 | PubMatic | 835.94 Mn | 271.49 Mn | 52.72 Mn | 52.14 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 52.14 Mn |
| Mar 31, 2026 | 51.75 Mn |
| Dec 31, 2025 | 46.04 Mn |
| Sep 30, 2025 | 50.98 Mn |
| Jun 30, 2025 | 49.94 Mn |
| Mar 31, 2025 | 50.14 Mn |
| Dec 31, 2024 | 45.77 Mn |
| Sep 30, 2024 | 47.64 Mn |
| Jun 30, 2024 | 46.09 Mn |
| Mar 31, 2024 | 46.80 Mn |
| Dec 31, 2023 | 39.98 Mn |
| Sep 30, 2023 | 38.16 Mn |
| Jun 30, 2023 | 45.40 Mn |
| Mar 31, 2023 | 42.22 Mn |
| Dec 31, 2022 | 34.82 Mn |
| Sep 30, 2022 | 33.29 Mn |
| Jun 30, 2022 | 34.26 Mn |
| Mar 31, 2022 | 31.98 Mn |
| Dec 31, 2021 | 30.69 Mn |
| Sep 30, 2021 | 28.02 Mn |
API Access
PubMatic Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PUBM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PUBM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PUBM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();