PubMatic (PUBM) Operating Margin (2020 - 2026)
PubMatic (PUBM) recorded Operating Margin of 0.74% in Q2 2026, up 8.42 percentage points from -7.68% a year earlier and up 25.15 percentage points from the prior quarter.
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Analysis
PubMatic (PUBM) Operating Margin (2020 - 2026) Analysis & Trends
On a TTM basis, PubMatic's Operating Margin came in at -5.05% as of Jun 30, 2026, down 3.70 percentage points year-over-year; for FY2025, it was -6.10%, down 7.45 percentage points from FY2024.
- Annual Operating Margin has a five-year change of -27.45 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 1.35% in FY2024 (+0.59 pp), 0.76% in FY2023 (-15.04 pp), 15.80% in FY2022 (-10.10 pp) and 25.91% in FY2021 (+4.56 pp).
- Quarterly Operating Margin has ranged from -24.41% in Q1 2026 to 37.01% in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Margin rose in 1 of the last eight quarters, with an average year-over-year change of -4.30 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 10.98 percentage points in Q1 2024, against a drop of 27.66 percentage points in Q1 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at -24.41% (Q1 2026), 10.65% (Q4 2025) and -12.39% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 31.81% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 20.10% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 34.63% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 5.64% |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 15.18% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 9.80% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 78.22% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 13.52% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 38.43% |
| 10 | PubMatic | 876.01 Mn | 311.57 Mn | 52.72 Mn | 0.74% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.74% |
| 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% |
API Access
PubMatic Operating Margin 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-margin&ticker=PUBM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=PUBM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();