PUBM on Nasdaq
PubMatic, Inc.
American computer programming, data processing services company1
In its 2026 annual report the company says: “PubMatic, Inc. is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency.”5 It is headquartered in Redwood City, California.1
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Last updated Oct 21, 2026.
Overview
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- TickerPUBM on Nasdaq1
- IndustryServices-Computer Programming, Data Processing, Etc.1
- HeadquartersRedwood City, California1
- Incorporated inDE3
- Business address601 Marshall Street, Redwood City, Ca 940633
- Filer categoryAccelerated filer3
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PubMatic, Inc. (“we”, or “us) is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
63.6%Gross margin2
-6.1%Operating margin2
-5.1%Net margin2
-2.9%Revenue growth, 20252
-5.5%Return on equity2
$66.7MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 56% of the revenue PubMatic, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $158.1M | $176.2M | $158.1M |
| EMEA | $84.9M | $83.4M | $90.5M |
| Asia Pacific | $19.3M | $25.0M | $28.4M |
| Rest of the World | $4.7M | $6.7M | $5.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue36¢$103.1M
- Research and development12¢$33.8M
- Other costs51¢$144.5M
- Income tax1¢$1.5M
Out of $282.9M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending18¢$14.3M
- Share buybacks57¢$46.5M
- Kept or used elsewhere25¢$20.2M
Out of $81.1M of cash from operations.2
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $282.9M | $291.3M | $267.0M |
| Cost of revenue | $103.1M | $101.0M | $99.2M |
| Gross profit | $179.8M | $190.2M | $167.8M |
| Technology and development | $33.8M | $33.3M | $26.7M |
| Sales and marketing | $102.9M | $95.4M | $82.8M |
| General and administrative | $60.3M | $57.7M | $56.2M |
| Total operating expenses | $197.1M | $186.3M | $165.7M |
| Operating income (loss) | -$17.3M | $3.9M | $2.0M |
| Interest income | $5.5M | $8.5M | $8.8M |
| Other income (expense), net | -$4.2M | $5.4M | -$359.0K |
| Total other income, net | $1.3M | $13.8M | $8.5M |
| Income before provision for (benefit from) income taxes | -$16.0M | $17.8M | $10.5M |
| Provision for (benefit from) income taxes | -$1.5M | $5.3M | $1.6M |
| Net income (loss) | -$14.5M | $12.5M | $8.9M |
| Basic (in usd per share) | -$0.31 | $0.25 | $0.17 |
| Diluted (in usd per share) | -$0.31 | $0.23 | $0.16 |
| Basic (in shares) | 47.0M shares | 49.2M shares | 51.8M shares |
| Diluted (in shares) | 47.0M shares | 54.3M shares | 56.0M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $145.5M | $100.5M | ||
| Marketable securities | $0 | $40.1M | ||
| Accounts receivable, net | $358.2M | $424.8M | ||
| Prepaid expenses and other current assets | $18.9M | $10.1M | ||
| Total current assets | $522.6M | $575.5M | ||
| Property, equipment and software - net | $52.7M | $58.5M | ||
| Operating lease right-of-use assets | $38.1M | $44.4M | ||
| Acquisition-related intangible assets, net | $2.7M | $4.3M | ||
| Goodwill | $29.6M | $29.6M | ||
| Deferred income tax asset | $31.0M | $24.9M | ||
| Other assets, non-current | $3.5M | $2.3M | ||
| TOTAL ASSETS | $680.2M | $739.5M | ||
| Accounts payable | $343.6M | $386.6M | ||
| Accrued liabilities | $25.3M | $26.4M | ||
| Operating lease liabilities, current | $7.0M | $5.8M | ||
| Total current liabilities | $375.9M | $418.8M | ||
| Operating lease liabilities, non-current | $36.9M | $39.5M | ||
| Other liabilities, non-current | $4.8M | $3.9M | ||
| TOTAL LIABILITIES | $417.6M | $462.3M | ||
| Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of December 31, 2025 and 2024; No shares issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Common stock, par value $0.0001 per share; 1,000,000 Class A shares authorized as of December 31, 2025 and 2024; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 48,177 shares issued and 39,860 shares outstanding as of December 31, 2024; 1,000,000 Class B shares authorized as of December 31, 2025 and 2024; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025; 11,382 shares issued and 8,241 outstanding as of December 31, 2024 | $7.0K | $6.0K | ||
| Treasury stock, at cost; 15,546 and 11,458 shares as of December 31, 2025 and 2024, respectively | -$193.5M | -$146.8M | ||
| Additional paid-in capital | $321.1M | $275.3M | ||
| Accumulated other comprehensive income (loss) | $68.0K | -$636.0K | ||
| Retained earnings | $134.9M | $149.4M | ||
| TOTAL STOCKHOLDERS EQUITY | $262.6M | $277.3M | $296.2M | $312.2M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $680.2M | $739.5M | ||
| Preferred stock par value (in usd per share) | $0.00 | $0.00 | ||
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock shares outstanding (in shares) | 0 shares | 0 shares | ||
| Treasury stock shares (in shares) | 15.5M shares | 11.5M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $145.5M | $100.5M | ||
| Marketable securities | $0 | $40.1M | ||
| Accounts receivable, net | $358.2M | $424.8M | ||
| Prepaid expenses and other current assets | $18.9M | $10.1M | ||
| Total current assets | $522.6M | $575.5M | ||
| Property, equipment and software - net | $52.7M | $58.5M | ||
| Operating lease right-of-use assets | $38.1M | $44.4M | ||
| Acquisition-related intangible assets, net | $2.7M | $4.3M | ||
| Goodwill | $29.6M | $29.6M | ||
| Deferred income tax asset | $31.0M | $24.9M | ||
| Other assets, non-current | $3.5M | $2.3M | ||
| TOTAL ASSETS | $680.2M | $739.5M | ||
| Accounts payable | $343.6M | $386.6M | ||
| Accrued liabilities | $25.3M | $26.4M | ||
| Operating lease liabilities, current | $7.0M | $5.8M | ||
| Total current liabilities | $375.9M | $418.8M | ||
| Operating lease liabilities, non-current | $36.9M | $39.5M | ||
| Other liabilities, non-current | $4.8M | $3.9M | ||
| TOTAL LIABILITIES | $417.6M | $462.3M | ||
| Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of December 31, 2025 and 2024; No shares issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Common stock, par value $0.0001 per share; 1,000,000 Class A shares authorized as of December 31, 2025 and 2024; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 48,177 shares issued and 39,860 shares outstanding as of December 31, 2024; 1,000,000 Class B shares authorized as of December 31, 2025 and 2024; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025; 11,382 shares issued and 8,241 outstanding as of December 31, 2024 | $7.0K | $6.0K | ||
| Treasury stock, at cost; 15,546 and 11,458 shares as of December 31, 2025 and 2024, respectively | -$193.5M | -$146.8M | ||
| Additional paid-in capital | $321.1M | $275.3M | ||
| Accumulated other comprehensive income (loss) | $68.0K | -$636.0K | ||
| Retained earnings | $134.9M | $149.4M | ||
| TOTAL STOCKHOLDERS EQUITY | $262.6M | $277.3M | $296.2M | $312.2M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $680.2M | $739.5M | ||
| Preferred stock par value (in usd per share) | $0.00 | $0.00 | ||
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock shares outstanding (in shares) | 0 shares | 0 shares | ||
| Treasury stock shares (in shares) | 15.5M shares | 11.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$14.5M | $12.5M | $8.9M |
| Depreciation and amortization | $43.8M | $45.4M | $44.8M |
| Stock-based compensation | $38.4M | $37.7M | $28.9M |
| Provision for doubtful accounts | $0 | $0 | $5.7M |
| Deferred income taxes | -$14.5M | -$11.0M | -$13.4M |
| Accretion of discount on marketable securities | -$822.0K | -$4.1M | -$4.1M |
| Non-cash lease expense | $7.4M | $6.8M | $6.1M |
| Other | -$1.0M | -$25.0K | $45.0K |
| Accounts receivable | $66.6M | -$49.3M | -$75.7M |
| Prepaid expenses and other current assets | -$16.2M | -$5.8M | $3.9M |
| Accounts payable | -$42.4M | $38.1M | $79.7M |
| Accrued liabilities | $16.2M | $9.6M | $3.0M |
| Operating lease liabilities | -$2.6M | -$6.5M | -$5.8M |
| Other liabilities, non-current | $861.0K | $197.0K | -$893.0K |
| Net cash provided by operating activities | $81.1M | $73.4M | $81.1M |
| Purchases of and deposits on property and equipment | -$14.3M | -$17.6M | -$10.6M |
| Capitalized software development costs | -$20.5M | -$20.9M | -$17.7M |
| Purchases of marketable securities | -$26.0M | -$142.0M | -$140.6M |
| Proceeds from sales of marketable securities | $27.1M | $0 | $18.9M |
| Proceeds from maturities of marketable securities | $39.9M | $202.9M | $111.0M |
| Net cash provided by (used in) investing activities | $6.1M | $22.3M | -$39.0M |
| Payment of business combination indemnification claims holdback | $0 | -$2.1M | $0 |
| Proceeds from issuance of common stock for employee stock purchase plan | $2.1M | $2.4M | $1.9M |
| Proceeds from exercise of stock options | $1.8M | $1.8M | $1.5M |
| Principal payments on finance lease obligations | -$140.0K | -$131.0K | -$126.0K |
| Payments to acquire treasury stock | -$46.5M | -$75.3M | -$59.3M |
| Net cash used in financing activities | -$42.7M | -$73.5M | -$56.0M |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $44.4M | $22.3M | -$13.9M |
| Effect of foreign currency on cash | $666.0K | -$318.0K | $0 |
| Stock-based compensation capitalized as internal use software costs | $3.5M | $3.1M | $2.5M |
| Property and equipment included in accounts payable and accrued expenses | $1.0K | $618.0K | $203.0K |
| Capitalized software costs included in accounts payable and accrued expenses | $2.4M | $2.4M | $3.0M |
| Business combination purchase consideration - indemnification claims holdback | $2.1M |
No quarter-by-quarter statement was filed.
Corporate structure
PubMatic, Inc. sits at the top of its group. 5 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of PubMatic, Inc.
- Graham Holdings Company Filed SCHEDULE 13G/A on PubMatic, Inc., latest May 15, 2026 (3 filings since Aug 20, 2024)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on PubMatic, Inc., latest Mar 27, 2026 (7 filings since Feb 10, 2022)
- BlackRock Filed SCHEDULE 13G/A on PubMatic, Inc., latest Jan 21, 2026 (3 filings since Feb 3, 2023)
- Amar K. Goel Filed SC 13G/A on PubMatic, Inc., latest Feb 14, 2024 (3 filings since Feb 11, 2022)
- Rajeev K. Goel Filed SC 13G/A on PubMatic, Inc., latest Feb 14, 2024 (4 filings since Feb 14, 2022)
- CNH Capital Co Ltd Filed SC 13G/A on PubMatic, Inc., latest Feb 15, 2023 (3 filings since Mar 23, 2022)
- Helion Venture Partners LLC Filed SC 13G/A on PubMatic, Inc., latest Feb 10, 2023 (2 filings since Feb 10, 2022)
- Fiera Capital Corp Filed SC 13G/A on PubMatic, Inc., latest Jan 17, 2023 (2 filings since Feb 4, 2022)
- NEXUS INDIA CAPITAL I L P Filed SC 13G/A on PubMatic, Inc., latest Feb 15, 2022
- Ameriprise Financial Filed SC 13G/A on PubMatic, Inc., latest Feb 14, 2022
- August Capital V Special Opportunities, L.P. Filed SC 13G/A on PubMatic, Inc., latest Feb 14, 2022
- Schonfeld Strategic Advisors LLC Filed SC 13G/A on PubMatic, Inc., latest Feb 14, 2022
- PubMatic, Inc. Redwood City, California
- PubMatic India Private Limited Subsidiary · India
- PubMatic Ireland Limited Subsidiary · Ireland
- PubMatic Software (Shanghai) Limited Subsidiary · China
- PubMatic US, Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What PubMatic, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $250.5M2 Dec 31, 2025 | $234.1M2 Dec 31, 2024 | +7.0% |
| Accumulated depreciation | $197.9M2 Dec 31, 2025 | $175.5M2 Dec 31, 2024 | +12.7% |
| Property and equipment, net | $52.7M2 Dec 31, 2025 | $58.5M2 Dec 31, 2024 | −10.0% |
| Finance-lease assets | $159.0K2 Dec 31, 2025 | $333.0K2 Dec 31, 2024 | −52.3% |
| Operating-lease assets (leased space) | $38.1M2 Dec 31, 2025 | $44.4M2 Dec 31, 2024 | −14.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $145.5M2 Dec 31, 2025 | $100.5M2 Dec 31, 2024 | +44.9% |
| Marketable securities, current | $02 Dec 31, 2025 | $40.1M2 Dec 31, 2024 | −100.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $29.6M2 Dec 31, 2025 | $29.6M2 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $2.7M2 Dec 31, 2025 | $4.3M2 Dec 31, 2024 | −36.9% |
| Finite-lived intangibles, gross | $8.9M2 Dec 31, 2025 | $8.9M2 Dec 31, 2024 | 0% |
| Accumulated amortization | $6.2M2 Dec 31, 2025 | $4.6M2 Dec 31, 2024 | +34.2% |
| Finite-lived intangibles, net | $2.7M2 Dec 31, 2025 | $4.3M2 Dec 31, 2024 | −36.9% |
Properties, in its own words
We lease office and data center space in various cities across North America, Europe and Asia Pacific. We believe that our facilities are adequate to meet our needs for the immediate future and that, should it be needed, we will be able to secure additional space to accommodate expansion of our operations.
Item 2 of the 10-K filed Feb 26, 2026.5
Leadership
Who has led PubMatic, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
2025
- Chief executive officerRajeev K. Goel Dec 8, 2020 to now14
- ChairAmar K. Goel Dec 8, 2020 to now15
- PresidentMukul Kumar Dec 8, 2020 to now16
- Chief financial officerSteven Pantelick Dec 8, 2020 to now17
Board members and other officers (15)
- Chief Growth OfficerPaulina Klimenko Apr 28, 2023 to now18
- Chief Accounting OfficerLisa Gimbel Jun 13, 2023 to now19
- Chief Innovation OfficerAmar K. Goel Jun 28, 2021 to Apr 13, 202220
- Board memberAnton Hanebrink Sep 1, 2023 to now21
- Board memberNikhil Ramesh Mehta Sep 1, 2023 to now22
- Board memberRamon Jones Dec 14, 2023 to now23
- Board memberShelagh Glaser Jun 7, 2022 to now24
- Board memberYakov (jacob) Shulman Jun 7, 2022 to now25
- Board memberAmar K. Goel Jun 28, 2021 to Apr 13, 202220
- Board memberCathleen Black Dec 8, 2020 to Jun 2, 202326
- Board memberRajeev K. Goel Dec 8, 2020 to now14
- Board memberSusan Daimler Dec 8, 2020 to now27
- Board memberW. Eric Carlborg Dec 8, 2020 to Jun 2, 202328
- General counselAndrew Woods Feb 24, 2023 to now29
- General counselThomas C. Chow Dec 8, 2020 to Jul 7, 202230
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- PubMatic GmbH Germany4
- PubMatic India Private Limited India4
- PubMatic Ireland Limited Ireland4
- PubMatic KK Japan4
- PubMatic Limited United Kingdom4
- PubMatic Pte Ltd Singapore4
- PubMatic Software (Shanghai) Limited China4
- PubMatic US, Inc. Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Komli IncJan 2, 2008 to Jan 2, 20083
Timeline
- Aug 12, 20268-K Executive or director change31
- Aug 6, 20268-K Results of operations; Executive or director change32
- Jun 3, 20268-K Shareholder vote33
- May 7, 20268-K Results of operations34
- Apr 22, 20268-K Results of operations; Executive or director change35
- Feb 26, 20268-K Results of operations36
- Nov 10, 20258-K Results of operations37
- Sep 8, 20258-K Regulation FD disclosure; Other events38
- Aug 11, 20258-K Results of operations39
- Jun 4, 20258-K Shareholder vote40
- May 8, 20258-K Results of operations; Other events41
- Feb 27, 20258-K Results of operations42
- Dec 8, 2020New chief executive Rajeev K. Goel becomes CEO14
Calendar
Coming up
- Nov 9, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.14) a share, on Nov 10, 2025.43
When it reported results
- Aug 6, 2026Reported quarterly or annual results32
- May 7, 2026Reported quarterly or annual results34
- Apr 22, 2026Reported quarterly or annual results35
- Feb 26, 2026Reported quarterly or annual results36
- Nov 10, 2025Reported quarterly or annual results37
- Aug 11, 2025Reported quarterly or annual results39
- May 8, 2025Reported quarterly or annual results41
- Feb 27, 2025Reported quarterly or annual results42
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
751 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 37 major events, 481 insider forms, 32 large holders, 180 other. The latest 20:
- Oct 6, 20264 EDGAR
- Oct 6, 20264 EDGAR
- Oct 6, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 2026144 EDGAR
- Oct 5, 2026144 EDGAR
- Oct 5, 2026144 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Sep 25, 20264 EDGAR
- Sep 24, 2026144 EDGAR
- Sep 18, 20264 EDGAR
- Sep 16, 2026144 EDGAR
- Sep 4, 20264 EDGAR
- Sep 3, 2026144 EDGAR
- Sep 2, 20264 EDGAR
- Aug 26, 2026144 EDGAR
The 751 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
412 open-market trades by officers, directors and large owners since October 2021: 0 buys and 412 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 24, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 50,453 | $18.44 | $930.5K | Form 4 |
| Sep 16, 2026 | Kumar MukulPRESIDENT, ENGINEERING | Sale | 8,000 | $16.78 | $134.2K | Form 4 |
| Sep 3, 2026 | Goel Amar K.CHAIRMAN, CHIEF INNOVATION OFF | Sale | 6,250 | $17.04 | $106.5K | Form 4 |
| Sep 1, 2026 | Gimbel LisaCHIEF ACCOUNTING OFFICER | Sale | 500 | $16.43 | $8.2K | Form 4 |
| Aug 20, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 49,980 | $16.49 | $824.2K | Form 4 |
| Aug 17, 2026 | Kumar MukulPRESIDENT, ENGINEERING | Sale | 8,000 | $17.05 | $136.4K | Form 4 |
| Aug 13, 2026 | Pantelick StevenCHIEF FINANCIAL OFFICER | Sale | 19,716 | $17.31 | $341.3K | Form 4 |
| Aug 12, 2026 | Gimbel LisaCHIEF ACCOUNTING OFFICER | Sale | 500 | $17.50 | $8.8K | Form 4 |
| Aug 12, 2026 | Pantelick StevenCHIEF FINANCIAL OFFICER | Sale | 22,203 | $17.25 | $383.0K | Form 4 |
| Aug 10, 2026 | Woods AndrewGENERAL COUNSEL & SECRETARY | Sale | 38,331 | $17.96 | $688.4K | Form 4 |
| Aug 7, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 211,302 | $17.74 | $3.7M | Form 4 |
| Jul 23, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 49,979 | $12.35 | $617.2K | Form 4 |
| Jul 16, 2026 | Woods AndrewGENERAL COUNSEL & SECRETARY | Sale | 3,239 | $14.01 | $45.4K | Form 4 |
| Jul 16, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 8,962 | $13.94 | $124.9K | Form 4 |
| Jul 16, 2026 | Kumar MukulPRESIDENT, ENGINEERING | Sale | 8,000 | $13.67 | $109.4K | Form 4 |
| Jul 15, 2026 | Goel Rajeev K.CHIEF EXECUTIVE OFFICER | Sale | 4,060 | $13.90 | $56.4K | Form 4 |
| Jul 6, 2026 | Klimenko PaulinaCHIEF GROWTH OFFICER | Sale | 9,009 | $13.42 | $120.9K | Form 4 |
| Jul 6, 2026 | Pantelick StevenCHIEF FINANCIAL OFFICER | Sale | 12,548 | $13.42 | $168.4K | Form 4 |
| Jul 2, 2026 | Klimenko PaulinaCHIEF GROWTH OFFICER | Sale | 14,914 | $13.65 | $203.6K | Form 4 |
| Jul 2, 2026 | Woods AndrewGENERAL COUNSEL & SECRETARY | Sale | 5,758 | $13.65 | $78.6K | Form 4 |
All 412 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Graham Holdings CompanySCHEDULE 13G/A, 3 filings Aug 20, 2024 to May 15, 202644
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Mar 27, 202645
- BlackRockSCHEDULE 13G/A, 3 filings Feb 3, 2023 to Jan 21, 202646
- Amar K. GoelSC 13G/A, 3 filings Feb 11, 2022 to Feb 14, 202447
- Rajeev K. GoelSC 13G/A, 4 filings Feb 14, 2022 to Feb 14, 202448
- CNH Capital Co LtdSC 13G/A, 3 filings Mar 23, 2022 to Feb 15, 202349
- Helion Venture Partners LLCSC 13G/A, 2 filings Feb 10, 2022 to Feb 10, 202350
- Fiera Capital CorpSC 13G/A, 2 filings Feb 4, 2022 to Jan 17, 202351
- NEXUS INDIA CAPITAL I L PSC 13G/A, 1 filing Feb 15, 202252
- Ameriprise FinancialSC 13G/A, 1 filing Feb 14, 202253
- August Capital V Special Opportunities, L.P.SC 13G/A, 1 filing Feb 14, 202254
- Schonfeld Strategic Advisors LLCSC 13G/A, 1 filing Feb 14, 202255
- Draper Fisher Jurvetson Fund VIII L PSC 13G/A, 1 filing Jan 12, 202256
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Rajeev K. GoelChief Executive Officer | 48 | $622.0K | $9.1M57 |
| 2025 | Steven PantelickChief Financial Officer | 63 | $537.0K | $4.1M57 |
| 2025 | Paulina KlimenkoChief Growth Officer | 51 | $441.0K | $3.0M57 |
| 2025 | Amar K. GoelChief Innovation Officer | 49 | $204.0K | $2.2M57 |
| 2025 | Mukul KumarPresident of Engineering | 54 | $289.0K | $1.9M57 |
| 2024 | Rajeev K. GoelChief Executive Officer | 48 | $610.0K | $9.2M57 |
| 2024 | Steven PantelickChief Financial Officer | 63 | $526.0K | $4.2M57 |
| 2024 | Paulina KlimenkoChief Growth Officer | 51 | $432.0K | $2.8M57 |
| 2024 | Amar K. GoelChief Innovation Officer | 49 | $200.0K | $2.6M57 |
| 2024 | Mukul KumarPresident of Engineering | 54 | $283.0K | $1.9M57 |
| 2023 | Rajeev K. GoelChief Executive Officer | 48 | $610.0K | $10.3M57 |
| 2023 | Steven PantelickChief Financial Officer | 63 | $506.0K | $4.6M57 |
| 2023 | Amar K. GoelChief Innovation Officer | 49 | $285.0K | $3.6M57 |
| 2023 | Paulina KlimenkoChief Growth Officer | 51 | $411.0K | $3.3M57 |
| 2023 | Mukul KumarPresident of Engineering | 54 | $252.4K | $2.1M57 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 3,279,530 | $43.0M | 0.0% | +214,494 |
| Vanguard Capital Management LLC | 1,661,312 | $21.8M | 0.0% | +47,543 |
| Dimensional Fund Advisors LP | 1,491,121 | $19.6M | 0.0% | +245,762 |
| Renaissance Technologies LLC | 1,421,049 | $18.6M | 0.0% | −119,484 |
| Whitefort Capital Management, LP | 1,110,656 | $14.6M | 3.7% | +420,656 |
| Geode Capital Management, LLC | 991,800 | $13.0M | 0.0% | +41,195 |
| Vanguard Portfolio Management LLC | 947,548 | $12.4M | 0.0% | +308,763 |
| Jacobs Levy Equity Management, Inc | 862,996 | $11.3M | 0.0% | −69,217 |
| State Street Corp | 854,147 | $11.2M | 0.0% | +62,728 |
| S Squared Technology, LLC | 748,099 | $9.8M | 3.0% | +71,700 |
| Simcoe Capital LLC | 693,903 | $9.1M | 5.6% | +207,651 |
| Highbridge Capital Management LLC | 644,593 | $8.4M | 0.5% | New |
| American Century Companies Inc | 642,076 | $8.4M | 0.0% | +529,804 |
| Two Sigma Investments, LP | 638,102 | $8.4M | 0.0% | +103,653 |
| Royal Bank Of Canada | 619,290 | $8.1M | 0.0% | −120,991 |
| Nuveen, LLC | 464,187 | $6.1M | 0.0% | +381,254 |
| Citadel Advisors LLC | 414,880 | $5.4M | 0.0% | +265,837 |
| CenterBook Partners LP | 413,983 | $5.4M | 0.3% | −1,328,117 |
| Trexquant Investment LP | 382,525 | $5.0M | 0.0% | −39,898 |
| Northern Trust Corp | 348,134 | $4.6M | 0.0% | +57,573 |
| Charles Schwab Investment Management Inc | 303,624 | $4.0M | 0.0% | +8,821 |
| Panagora Asset Management Inc | 287,735 | $3.8M | 0.0% | +11,479 |
| Aqr Capital Management LLC | 286,438 | $3.8M | 0.0% | +161,484 |
| Morgan Stanley | 284,256 | $3.7M | 0.0% | −57,414 |
| Quantinno Capital Management LP | 249,688 | $3.3M | 0.0% | +42,873 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How PubMatic, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPubMatic, Inc.1
- CIK0001422930
- Employer ID (EIN)20-58632245
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address601 Marshall Street, Redwood City, CA 940631
- Phone650-331-34851
- Shares outstanding39,142,185 Common Class A shares; 8,263,239 Common Class B shares as of Feb 19, 20265
- Public float$458.3M as of Jun 30, 20255
- AuditorDELOITTE & TOUCHE LLP, San Jose, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceJan 2, 20081
- Filings880 in all: 4 (510), 144 (156), 8-K (45), SC 13G/A (26), 3 (25), 4/A (18), 10-Q (17), SC 13G (15)1
All 31 form types
CORRESP (9), S-8 (7), 10-K (6), DEF 14A (6), DEFA14A (6), SCHEDULE 13G/A (6), UPLOAD (6), 3/A (3), 5 (2), ARS (2), DRSLTR (2), SEC STAFF LETTER (2), 10-Q/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), EFFECT (1), PRE 14A (1), REGDEX (1), S-1 (1), S-1/A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 15, 2026
Latest 8-K (8-K) Aug 12, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, $0.0001 par value per share | PUBM | The Nasdaq Global Market |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks PubMatic, Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 49 risks under these headings, as written.5
- Risks Related to Our Business, Results of Operations and Growth
- Our revenue and results of operations are highly dependent on the overall demand for advertising.
- If our existing customers do not expand their usage of our platform, or if we fail to attract new customers, our growth will suffer. Moreover, any decrease in the use of the advertising channels or formats that we primarily depend on, or failure to expand into emerging channels or formats, could adversely affect our business, results of operations, and financial condition.
- Our results of operations may fluctuate significantly and may not meet our expectations or those of securities analysts and investors.
- If we fail to make the right investment decisions in our platform, or if we fail to innovate and develop new solutions that are adopted by customers, we may not attract and retain customers, which could adversely affect our business, results of operations, and financial condition.
- Our increasing reliance on artificial intelligence to operate our platform and differentiate our offerings creates new operational, competitive, and execution risks that may be difficult to predict or manage.
- The adoption of artificial intelligence by our customers, competitors, and other market participants may alter the competitive dynamics of the digital advertising ecosystem in ways that reduce demand for our platform or diminish our competitive position.
- We must scale our platform infrastructure to support anticipated growth and transaction volume. If we fail to do so, or doing so becomes too costly, we may limit our ability to process ad impressions, and we may lose revenue.
- Our efforts to provide new or expanded offerings may not be successful, or we may not be able to scale our offerings to meet demand in a timely manner, and, as a result, we may not realize a return from our investments.
- Our litigation with Google LLC presents several risks to our business that could adversely affect our business, results of operations and financial condition.
- Risk Related to Data Collection and the Use of Collected Data
- The rejection of targeted advertising by consumers, through opt-in, opt-out or ad-blocking technologies or other means or the restriction on the use of third party-cookies, mobile advertising identifiers or other tracking technologies, could adversely affect our business, results of operations, and financial condition.
The other 39 risks
- The continued restriction, reduced utility, or future deprecation of tracking technologies, or the potential development of proprietary or closed alternatives to cookies, could adversely affect our business, results of operations, and financial condition.
- Our business depends on the lawful availability and utility of data signals used to enable advertising transactions, support analytics, optimization, and automation features, including those incorporating machine-learning or artificial-intelligence-based functionality, and any limitations on our ability to collect, process, or share such data could diminish the value of our platform and our financial results.
- If publishers, buyers, and data providers do not obtain necessary and requisite consents from consumers for us to process their personal data, we could be subject to fines and liability.
- Privacy-related class-action litigation poses increasing financial and operational risk.
- Risk Related to the Advertising Industry and Competition
- The digital advertising industry is intensely competitive, and if we do not effectively compete against current and future competitors, our business, results of operations, and financial condition could be adversely affected.
- Market pressure may reduce our revenues.
- Seasonal fluctuations or market changes in digital advertising activity could adversely affect our business, results of operations, and financial condition.
- If changes in ad formats, delivery mechanisms, or platform policies prevent advertisements from being delivered to consumers, our business, results of operations, and financial condition may be adversely affected.
- Risks Related to our Operations
- If we fail to detect or prevent fraud on our platform, or malware intrusion into the systems or devices of our publishers and their consumers, publishers could lose confidence in our platform, and we could face legal claims.
- Our success depends on our ability to retain key members of our management team, and on our ability to hire, train, retain, and motivate new employees.
- We are subject to payment-related risks if DSP buyers dispute or do not pay their invoices, and if DSPs file for bankruptcy protection or there are any decreases in payments, it could adversely affect our reputation, business, results of operations, and financial condition.
- Our international operations subject us to additional costs and risks, and our continued international expansion may not be successful.
- Our use and reliance upon technology and development resources in India may expose us to unanticipated costs and liabilities, which could affect our ability to realize cost savings from our operations in India.
- We depend on third-party data centers, the disruption of which could adversely affect our business, results of operations, and financial condition.
- Platform outages or disruptions, including due to cyberattacks or our failure to maintain adequate security and supporting infrastructure, could adversely affect our business, results of operations, and financial condition.
- Our software platform could be susceptible to errors, defects, or unintended performance problems that could adversely affect our business, results of operations, and financial condition.
- Our continued business success depends upon our ability to offer high-quality inventory with appropriate viewability capabilities.
- Future acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of management, and could disrupt our business, dilute stockholder value and adversely affect our business, results of operations, and financial condition.
- We rely on customers, publishers, buyers, and partners to abide by contractual requirements and relevant laws, rules, and regulations when using our platform, and legal claims or enforcement actions resulting from their actions could expose us to liabilities, damage our reputation, and be costly to defend.
- We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our stock and diminish our cash reserves.
- We use artificial intelligence in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.
- Risks Related to Regulations
- We are subject to frequently evolving laws, regulations and industry requirements related to data privacy, data protection, information security, and consumer protection across the markets we operate in.
- Legal uncertainty and industry unpreparedness for new regulations may mean substantial disruption and inefficiency, demand constraints, and reduced inventory supply and value.
- Recent legal developments in Europe have introduced uncertainty for transferring personal data from the European Union to the United States, which may require us to change our EU data practices.
- Our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information, could damage our reputation and brand and substantially harm our business and operating results.
- Failure to comply with industry self-regulation could adversely affect our business, results of operations, and financial condition.
- We are subject to governmental economic sanctions requirements and export and import controls that could impair our ability to compete in international markets or subject us to civil or criminal liability.
- Risks Related to Intellectual Property
- We may be subject to intellectual property rights claims by third parties, which are costly to defend, could require us to pay significant damages, and could limit our ability to use technology or intellectual property.
- Our intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantages and having an adverse effect on our business, results of operations, and financial condition.
- We rely on licenses to use the intellectual property rights of third parties to conduct our business.
- Our platform relies on third-party open source software components. Failure to comply with the terms of the underlying open source software licenses could expose us to liabilities, and the combination of open source software with code that we develop could compromise the proprietary nature of our platform.
- Risks Related to Financial and Accounting Matters
- If we fail to maintain effective internal controls, our ability to produce accurate financial statements and other disclosures on a timely basis could be impaired.
- Our credit agreement contains operating and financial covenants that may restrict our business and financing activities.
- Our tax liabilities may be greater than anticipated.
- Tax changes could affect our effective tax rate and future profitability.
- Risks Related to Ownership of Our Class A Common Stock
- The trading price of the shares of our Class A common stock has been and may continue to be volatile and could subject us to litigation.
- Insiders have substantial control over our company, including as a result of the dual class structure of our common stock, which could limit or preclude investors’ ability to influence corporate matters, including the election of directors and the approval of any change of control transaction.
- Sales of substantial amounts of our Class A common stock in the public markets, or the perception that they might occur, could cause the market price of our Class A common stock to decline.
- Our charter documents and Delaware law could discourage takeover attempts and other corporate governance changes.
Legal proceedings
On September 8, 2025, we filed a civil action against Google LLC (“Google”) in the U.S. District Court for the Eastern District of Virginia seeking injunctive relief and damages for monopolistic and anticompetitive behavior in the publisher ad server and ad exchange markets for open-web display advertising. Given the nature of the case, including that the proceedings are in their early stages, we are unable to predict the ultimate outcome of the case.
From time to time, we may become involved in legal or regulatory proceedings, lawsuits and other claims arising in the ordinary course of our business. In view of the inherent difficulty of predicting the outcome of such matters, we cannot state what the eventual outcome of such matters will be. However, based on our knowledge, we are not presently a party to any legal proceedings that, in the opinion of our management, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors. For additional information, see Note 9 to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARPubMatic, Inc. filings on SEC EDGAR
- 2SEC EDGARPubMatic, Inc. 10-K for fiscal 2025
- 3SEC EDGARPubMatic, Inc. filings on SEC EDGAR
- 4
- 5
- 6SEC EDGARPubMatic, Inc. 10-K for fiscal 2019
- 7SEC EDGARPubMatic, Inc. 10-K for fiscal 2020
- 8SEC EDGARPubMatic, Inc. 10-K for fiscal 2021
- 9SEC EDGARPubMatic, Inc. 10-K for fiscal 2022
- 10SEC EDGARPubMatic, Inc. 10-Q for fiscal 2025
- 11SEC EDGARPubMatic, Inc. 10-Q for fiscal 2025
- 12SEC EDGARPubMatic, Inc. 10-Q for fiscal 2026
- 13SEC EDGARPubMatic, Inc. 10-Q for fiscal 2025
- 14
- 15SEC EDGARAmar K. Goel, Chair
- 16SEC EDGARMukul Kumar, President
- 17
- 18
- 19
- 20
- 21SEC EDGARAnton Hanebrink, Board member
- 22SEC EDGARNikhil Ramesh Mehta, Board member
- 23SEC EDGARRamon Jones, Board member
- 24SEC EDGARShelagh Glaser, Board member
- 25SEC EDGARYakov (jacob) Shulman, Board member
- 26SEC EDGARCathleen Black, Board member
- 27SEC EDGARSusan Daimler, Board member
- 28SEC EDGARW. Eric Carlborg, Board member
- 29SEC EDGARAndrew Woods, General counsel
- 30SEC EDGARThomas C. Chow, General counsel
- 31SEC EDGARExecutive or director change
- 32
- 33SEC EDGARShareholder vote
- 34SEC EDGARResults of operations
- 35
- 36SEC EDGARResults of operations
- 37SEC EDGARResults of operations
- 38
- 39SEC EDGARResults of operations
- 40SEC EDGARShareholder vote
- 41SEC EDGARResults of operations; Other events
- 42SEC EDGARResults of operations
- 43NasdaqNasdaq calendar
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
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- 57