The news: PubMatic’s Q4 results suggest automation is becoming as important to programmatic growth as CTV; the company beat expectations in Q4 2025, powered by CTV, mobile app, and early traction from its AgenticOS platform.

While full-year revenues declined, strength in high-growth formats and AI-driven execution helped PubMatic outperform and reinforce its pivot toward autonomous advertising infrastructure.

• Q4 revenues reached $80 million, exceeding analyst expectations of $75.3 million by 6.2%. Full-year 2025 revenues declined 3% to roughly $283 million.
• CTV revenues rose more than 50% YoY excluding political spend, mobile app revenues grew about 25% in Q4, and newer offerings such as Activate, Commerce, and AI nearly doubled to represent roughly 10% to 12% of revenues.
• Q1 2026 guidance of $58 million to $60 million signals sequential softness ahead of an anticipated second-half recovery.

Why it matters: Programmatic growth is concentrating in premium formats and automation. The results mirror broader shifts in where digital ad dollars are flowing.

• US programmatic digital display ad spending is projected to exceed $200 billion in 2026, representing about 92.6% of total display spend, per EMARKETER.
• CTV alone is forecast to reach approximately $38 billion in 2026, growing around 14% YoY.