PubMatic (PUBM) Operating Margin (2020 - 2026)
PubMatic's (PUBM) quarterly Operating Margin came in at 24.41% in Q1 2026, down 576.0% year-on-year from 5.13% in Q1 2025, and down 329.23% on a QoQ basis from 10.65% in Q4 2025.
PubMatic (PUBM) Operating Margin (2020 - 2026) Analysis & Trends
PubMatic (PUBM) has 7 years of Operating Margin data on file, last reported at 24.41% in Q1 2026.
- On a quarterly basis, Operating Margin fell 576.0% year-over-year to 24.41% in Q1 2026; TTM through Mar 2026 was 7.32%, a 647.0% decrease from a year earlier, with the FY2025 full-year figure at 6.1%, down 745.0% from the prior year.
- Operating Margin for Q1 2026 stood at 24.41%, down from 10.65% in the prior quarter.
- Over the last five years, Operating Margin for PUBM reached as high as 24.13% in Q4 2023 and fell as low as 24.41% in Q1 2026.
- Historically, Operating Margin has averaged 0.15% across 5 years, with a median of 1.9% in 2024.
- Across the five-year window, Operating Margin plunged 2766 bps in 2023 and soared 1098 bps in 2024, its largest moves.
- Year by year, Operating Margin stood at 22.24% in 2022, then increased by 8 bps to 24.13% in 2023, then dropped by 28 bps to 17.31% in 2024, then tumbled by 38 bps to 10.65% in 2025, then plunged by 329 bps to 24.41% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 24.41% in Q1 2026, 10.65% in Q4 2025, and 12.39% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | 12.05% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 14.56% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 21.08% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 4.06% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | -22.99% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | -23.45% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 29.26% |
| 10 | PubMatic | 579.58 Mn | 434.70 Mn | 36.47 Mn | -24.41% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -24.41% |
| Dec 31, 2025 | 10.65% |
| Sep 30, 2025 | -12.39% |
| Jun 30, 2025 | -7.68% |
| Mar 31, 2025 | -18.65% |
| Dec 31, 2024 | 17.31% |
| Sep 30, 2024 | -1.90% |
| Jun 30, 2024 | -5.92% |
| Mar 31, 2024 | -8.28% |
| Dec 31, 2023 | 24.13% |
| Sep 30, 2023 | -0.90% |
| Jun 30, 2023 | -11.26% |
| Mar 31, 2023 | -19.26% |
| Dec 31, 2022 | 22.24% |
| Sep 30, 2022 | 14.92% |
| Jun 30, 2022 | 15.54% |
| Mar 31, 2022 | 8.40% |
| Dec 31, 2021 | 37.01% |
| Sep 30, 2021 | 24.18% |
| Jun 30, 2021 | 20.41% |