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PubMatic, Inc. (PUBM) Annual Reports

Q: Where can I read PubMatic, Inc. (PUBM) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

PubMatic, Inc. is listed on Nasdaq, classified by the SEC under Services-Computer Programming, Data Processing, Etc. (SIC 7370). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1422930 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$78.6M	$71.1M	+10.5%
Operating income	$579,000	$-5.5M	+110.6%
Net income	$-1.2M	$-5.2M	+76.9%
EPS (diluted)	$-0.03	$-0.11	+72.7%

Company guidance
	Period	Range
Revenue	Q3 2026	$75M – $77M

Figures are the company’s own outlook as stated in its earnings release, not analyst estimates.

Source: SEC EDGAR (XBRL company facts); guidance from Form 8-K Exhibit 99.1

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 78.6 mn Net income -1.20 mn

Show table：Income statement

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	114	28.4	26.4	37.8	56.2	43.6	49.7	58.1	75.6	54.5	63.0	64.5	74.3	55.4	63.3	63.7	84.6	66.7	67.3	71.8	85.5	63.8	71.1	68.0	80.0	62.6	78.6
Gross profit	77.8	18.3	17.2	27.3	44.8	31.3	36.6	42.1	58.6	36.6	44.1	42.9	51.3	31.5	38.3	37.6	60.4	41.3	42.1	46.3	60.6	38.2	44.5	42.6	54.6	36.5	52.7
Operating income	8.51	1.03	0.73	7.79	22.2	6.64	10.1	14.1	28.0	4.58	9.79	9.62	16.5	-10.7	-7.13	-0.57	20.4	-5.52	-3.98	-1.36	14.8	-11.9	-5.46	-8.42	8.52	-15.3	0.58
Net income	6.64	0.9	0.65	6.23	18.8	4.92	9.92	13.5	28.2	4.78	7.82	3.33	12.8	-5.87	-5.72	1.77	18.7	-2.45	1.97	-0.91	13.9	-9.49	-5.21	-6.45	6.68	-12.5	-1.20

Balance sheet

Quarterly · In mn (USD)

Total assets 700 mn Total liabilities 461 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	—	—	—	327	291	332	378	461	405	460	458	503	440	443	474	562	489	532	530	576	505	513	520	523	504	538
Total assets	—	—	—	—	371	333	384	439	550	498	570	602	642	577	584	613	695	626	673	689	740	669	675	676	680	659	700
Current liabilities	—	—	—	—	192	145	176	213	267	201	255	279	302	248	269	304	380	316	370	393	419	350	389	388	376	369	422
Total liabilities	—	—	—	—	196	149	182	218	293	230	286	310	330	271	289	324	399	337	390	426	462	393	432	431	418	408	461
Equity	13.3	14.8	15.9	46.9	175	184	202	221	257	268	284	293	312	306	295	289	296	289	283	263	277	276	243	245	263	251	239

Cash flow

Quarterly · In mn (USD)

Operating 20.2 mn Investing -24.5 mn Financing -20.6 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	35.1	14.7	-2.67	3.68	8.62	12.7	21.1	26.4	28.5	19.3	20.5	28.1	19.4	12.8	15.8	23.9	28.7	24.3	11.9	19.1	18.1	15.6	14.9	32.4	18.2	17.3	20.2
Investing	-22.1	0.17	-4.43	-7.53	-18.1	-16.9	-11.3	-28.9	-39.6	-27.8	-45.8	-28.0	20.2	-18.3	24.4	-13.9	-31.3	-3.87	-2.00	15.5	12.7	-10.1	9.94	17.5	-11.3	-9.59	-24.5
Financing	0	0.07	0	2.37	50.0	-0.38	4.24	1.25	4.25	0.45	2.73	0.19	0.66	-7.61	-14.0	-17.8	-16.6	-18.7	-16.6	-29.3	-8.86	-4.47	-36.7	-3.71	2.17	-8.06	-20.6
Cash at period end	34.3	49.2	42.1	40.6	81.2	76.7	90.6	89.4	82.5	74.5	51.9	52.2	92.4	79.3	106	97.7	78.5	80.2	73.5	78.9	100	102	90.5	137	146	145	120

Profitability

Quarterly · %

Gross margin 67.1% Operating margin 0.7% Net margin -1.5%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Gross margin	68.3%	64.5%	65.1%	72.2%	79.6%	71.8%	73.6%	72.4%	77.6%	67.0%	69.9%	66.5%	69.1%	56.9%	60.4%	59.0%	71.4%	61.9%	62.6%	64.5%	70.8%	59.9%	62.6%	62.6%	68.2%	58.3%	67.1%
Operating margin	7.5%	3.6%	2.8%	20.6%	39.5%	15.2%	20.4%	24.2%	37.0%	8.4%	15.5%	14.9%	22.2%	-19.3%	-11.3%	-0.9%	24.1%	-8.3%	-5.9%	-1.9%	17.3%	-18.6%	-7.7%	-12.4%	10.7%	-24.4%	0.7%
Net margin	5.8%	3.2%	2.5%	16.5%	33.5%	11.3%	20.0%	23.3%	37.4%	8.8%	12.4%	5.2%	17.2%	-10.6%	-9.0%	2.8%	22.1%	-3.7%	2.9%	-1.3%	16.3%	-14.9%	-7.3%	-9.5%	8.3%	-20.0%	-1.5%

Returns & leverage

Quarterly · %

ROE -5.6% ROA -2.0% Debt ratio 65.9%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	30.8%	28.2%	30.8%	36.6%	35.3%	26.2%	25.0%	22.4%	17.2%	10.1%	6.3%	1.6%	1.0%	2.9%	4.1%	6.9%	6.3%	4.4%	1.9%	-0.7%	-2.9%	-5.4%	-6.6%	-5.6%
ROA	—	—	—	—	7.2%	9.2%	10.4%	10.8%	12.3%	13.6%	11.4%	8.5%	4.8%	3.4%	0.8%	0.5%	1.3%	2.0%	3.2%	2.7%	1.7%	0.8%	-0.3%	-1.1%	-2.0%	-2.6%	-2.0%
Debt ratio	—	—	—	—	52.8%	44.8%	47.3%	49.7%	53.3%	46.2%	50.2%	51.4%	51.4%	47.0%	49.5%	52.9%	57.4%	53.9%	58.0%	61.8%	62.5%	58.8%	64.0%	63.8%	61.4%	61.9%	65.9%

EPS

Quarterly · US$

EPS US$-0.03

Show table：EPS

Item	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	0.04	0.00	0.00	0.10	0.37	90.00	0.18	0.24	0.50	0.08	0.14	0.06	0.22	-0.11	-0.11	0.03	0.16	-0.05	0.04	-0.02	0.26	-0.20	-0.11	-0.14	0.14	-0.27	-0.03

Revenue & profit

Year-to-date · In mn (USD)

Revenue 141 mn Net income -13.7 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 700 mn Total liabilities 461 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 37.5 mn Investing -34.1 mn Financing -28.6 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 63.2% Operating margin -10.4% Net margin -9.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE -5.6% ROA -2.0% Debt ratio 65.9%

EPS

Year-to-date · US$

EPS US$-0.30

Revenue & profit

Annual · In mn (USD)

Revenue 283 mn Net income -14.5 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2020	2021	2022	2023	2024	2025
Revenue	149	227	256	267	291	283
Gross profit	108	169	175	168	190	180
Operating income	31.8	58.8	40.5	2.04	3.93	-17.3
Net income	26.6	56.6	28.7	8.88	12.5	-14.5

Balance sheet

Annual · In mn (USD)

Total assets 680 mn Total liabilities 418 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2020	2021	2022	2023	2024	2025
Current assets	327	461	503	562	576	523
Total assets	371	550	642	695	740	680
Current liabilities	192	267	302	380	419	376
Total liabilities	196	293	330	399	462	418
Equity	175	257	312	296	277	263

Cash flow

Annual · In mn (USD)

Operating 81.1 mn Investing 6.07 mn Financing -42.7 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2020	2021	2022	2023	2024	2025
Operating	24.3	88.7	87.2	81.1	73.4	81.1
Investing	-29.9	-96.7	-81.4	-39.0	22.3	6.07
Financing	52.5	9.36	4.04	-56.0	-73.5	-42.7
Cash at period end	81.2	82.5	92.4	78.5	100	146

Profitability

Annual · %

Gross margin 63.6% Operating margin -6.1% Net margin -5.1%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2020	2021	2022	2023	2024	2025
Gross margin	72.3%	74.3%	68.2%	62.8%	65.3%	63.6%
Operating margin	21.4%	25.9%	15.8%	0.8%	1.4%	-6.1%
Net margin	17.9%	24.9%	11.2%	3.3%	4.3%	-5.1%

Returns & leverage

Annual · %

ROE -5.4% ROA -2.0% Debt ratio 61.4%

Show table：Returns & leverage

Item	2020	2021	2022	2023	2024	2025
ROE	15.2%	26.2%	10.1%	2.9%	4.4%	-5.4%
ROA	7.2%	12.3%	4.8%	1.3%	1.7%	-2.0%
Debt ratio	52.8%	53.3%	51.4%	57.4%	62.5%	61.4%

EPS

Annual · US$

EPS US$-0.31

Show table：EPS

Item	2020	2021	2022	2023	2024	2025
EPS（US$）	0.47	90.92	0.50	-0.03	0.23	-0.31

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read PubMatic, Inc. (PUBM) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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