Magnite, Inc. (MGNI) · Nov 4, 2026 · Earnings
Beat — Non-GAAP EPS $0.33 vs ~$0.29 consensus; revenue $204.2M vs ~$190M
Magnite earnings beat consensus on revenue and non-GAAP EPS, led by 39% CTV growth and expanding margins as full-year guidance rises again.
Magnite is in the middle of a CTV-led shift: CTV was already the company’s main growth engine entering this quarter, with Q2 CTV contribution ex-TAC up 36% year over year and management guiding Q3 total contribution ex-TAC to $188–$192 million.
The quarter cleared a market bar that was already elevated. Revenue reached $204.2 million versus published expectations around $190 million, while non-GAAP EPS was $0.33 versus roughly $0.29; that is a genuine beat, not merely a year-over-year improvement. CTV contribution ex-TAC rose 39% and DV+ grew 5%, with management saying both exceeded expectations. 〔0〕
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $204.2M (+14%) | $179.5M | ~$190M |
| Contribution ex-TAC (Financial Highlights) | $200.6M (+20%) | $166.8M | |
| CTV contribution ex-TAC (Channel results) | $105.4M (+39%) | $75.8M | |
| Adjusted EBITDA (Financial Highlights) | $83.4M (+46%) | $57.2M | |
| Adjusted EBITDA margin (Financial Highlights) | 42% (+8.0 ppt) | 34% | |
| Non-GAAP EPS (Non-GAAP EPS reconciliation) | $0.33 (+65%) | $0.20 | ~$0.29 |
The most important change is the raised outlook, backed by operating leverage. Management raised its full-year outlook across all key metrics after the quarter, while Adjusted EBITDA grew faster than contribution ex-TAC and the margin expanded to 42%. 〔1〕 This strengthens the view that Magnite is converting CTV growth into earnings rather than simply buying revenue with higher costs.
Political advertising amplified the upside, but CTV is the more durable signal. Management now expects full-year political spend to be nearly three times its initial forecast. 〔2〕 That creates a temporary boost, but the broader CTV contribution mix still moved to 53% of total contribution ex-TAC from 45% a year ago, showing the core business is also shifting toward the higher-growth channel.
The balance sheet improved despite heavy cash deployment. Cash fell to $392.9 million after $205.1 million of convertible-note repayment and $55.6 million of treasury-stock purchases, but current debt dropped from $208.4 million at year-end to $3.6 million while operating cash flow reached $168.8 million. The company is therefore using its stronger cash generation to reduce near-term refinancing pressure, though liquidity is lower than at December 31, 2025.
Bottom line: This was a clear execution beat with a second consecutive outlook increase, driven by both a strong CTV trend and better margins. Political spending helped, but the underlying business also moved further toward CTV, making the event materially strengthening rather than routine.
Q4 2026 earnings, expected late February 2027
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