PubMatic is 1 of 3 SSPs in Amazon’s Certified Supply Exchange program; program exceeded 2025 targets.
Monetizes streaming inventory via Amazon Publisher Services (APS) and Fire TV from "almost a dozen" streaming apps for multiple quarters (≈2 years).
Amazon is a top 5 buyer on PubMatic; collaboration includes product releases like traffic shaping.
Mgmt stance: Bullish – partnership growing as Amazon’s ad business scales; excited about 2026 opportunities.
Q2 — Matthew Condon
Topic: PubMatic’s structural AI assets vs. competitors
Key points:
Over 250 agentic campaigns run since first campaign in December, with "agentic" volume expected to reach 25% by 2028 and 50% by 2030.
Unique assets: deep integrations with thousands of publishers (100,000+ sites/apps), Activate (direct SSP buying), AgenticOS (MCP-enabled access), purpose-built AI infra with NVIDIA, 250 data partners via Connect.
Infrastructure built on "$100 million plus" CapEx; cannot be easily replicated.
Mgmt stance: Bullish – well ahead of the curve; expects dual benefit of top-line and bottom-line growth from agentic.
Mgmt stance: Bullish – strong secular growth from invested areas; 2026 setup positive with stable ad ecosystem.
Q4 — Matthew Swanson
Topic: DSP diversification and Q1 2026 guidance
Key points:
Added 50 new DSPs in 2025; mid-market DSPs accelerated to >30% YoY growth in Q4.
Q1 2026 guidance midpoint (adjusted for legacy DSP, no political) implies high single-digit growth; expect revenue acceleration in H2 after lapping legacy DSP headwind by midyear.
January saw 6 out of 10 ad verticals grow double-digit; macro assumed stable.
Mgmt stance: Bullish – controlling what they can control; diversification and efficiency investments yielding results; structural headwinds soon behind.
Q5 — James Heaney
Topic: Key inflection drivers in Q4 2025
Key points:
Excluding political and legacy DSP, 83% of business grew 18% YoY in Q4.
CTV double-digit (ex-political); mobile app up 25% YoY; emerging revenues now 10% of revenue, growing quickly.
Agentic campaigns started in December, now at 250+ campaigns; seen as new incremental tailwind.
Added 1 more CTV partner, now 28 of top 30 global streamers.
Mgmt stance: Bullish – confluence of hard work, innovation, efficiency; confident in accelerating H2 2026 revenue trajectory.
Q&A Batch (6-6 of 6)
Q6 — Steven Hromin
Topic: AgenticOS deal economics and revenue trajectory
Key points:
Over 250 deals signed; revenue impact is early-stage, expected to build base and accelerate over time (similar to emerging revenues, which went from <1% to 12% of total revenue over ~3 years).
When buyers use AgenticOS to buy through Activate, PubMatic generates an incremental fee above the SSP fee.
10% of publishers now generate revenue from AI solutions (AgenticOS + other publisher solutions); mgmt expects that number to eventually reach 100%.
Mgmt stance: Bullish – mgmt claims leadership among peers with an end-to-end working system, experimenting with CPM-based and other models, and sees long runway for scaling.
Q7 — Zach Cummins
Topic: Impact of LLM models on search traffic and ad channel shifts
Key points:
No meaningful shift observed; OpenAI’s new ad solution is early (alpha/beta) and competes with search budgets, which do not flow on PubMatic’s platform.
Search traffic exposure is limited: ~60% of impressions are CTV and mobile app (unaffected); of the remainder, ~15% is referral traffic vs. direct navigation, resulting in single-digit percentage revenue risk if search traffic disappeared.
Q4 display returned to mid-single-digit YoY growth; adjusted for a large legacy DSP, display grew 20% YoY.
Mgmt stance: Neutral – no material impact seen; display growth and broad-based platform strength (Activate, mobile app, CTV) offset any potential AI-related pressures.
Q8 — Zach Cummins
Topic: Google Ad Tech Remedies trial update and forward outlook
Key points:
Final decision still pending; timing and nature of remedies are uncertain.
No potential tailwind from the trial is included in the forward outlook.
Mgmt stance: Neutral – no base case provided; explicitly excludes any remedy impact from guidance due to uncertainty.