Magnite, Inc. Common Stock The KeyBanc Technology Leadership Forum 2026
Review the key takeaways and the transcript of this earnings call.
- Magnite reported a 36% growth rate in its Connected TV (CTV) business, marking a significant inflection from previous mid-teens growth rates.
- The growth in CTV is broad based, with demand expanding from small and medium-sized enterprises (SMBs), sports-focused buyers, self-service marketplaces, agencies, and new demand-side platforms (DSPs).
- Supply-side platforms (SSPs) showed more resilient growth compared to DSPs, attributed to the concentrated nature of CTV inventory among 30 global publishers representing 80% of the market.
- Magnite services all types of demand and supply in the CTV market, which differentiates it from competitors and supports its growth.
- Sports and SMBs remain key growth vectors for CTV, but Magnite has not yet seen a massive acceleration in these segments; participation in live sports programmatic advertising is still in early stages.
- Retail media, rebranded as Commerce Media by Magnite, is an important part of the business, enabling publishers to monetize their own data and create additional revenue streams by selling data off-property.
- Magnite is helping publishers navigate challenges related to Google AI overviews and potential publisher opt-outs by encouraging shifts to protected environments like mobile apps and premium content.
- The company expects regulatory outcomes from the DOJ trial on ad tech to bring behavioral remedies that could move market share, particularly if Google’s ad server and exchange practices are altered.
- Magnite has introduced AI-driven identity and workflow tools, including buyer and seller agents and an orchestration layer, to simplify and accelerate campaign setup and testing, aiming to reduce campaign cycles from weeks to minutes.
- Financially, Magnite has increased its growth guidance to 13-14% revenue growth with EBITDA growth around 20% and free cash flow growth over 40%, targeting EBITDA margins of 35-40% with potential for further expansion.
STOCKNOW INSIGHTS
Continue with outlook and guidance.
Log in to unlock executive comments and Q&A highlights.
Log in for the full summaryStockNow uses AI to translate and summarize earnings calls. Accuracy and completeness are not guaranteed.
Transcript
Preview the first five paragraphs, organized by speaker.
extent. That is a good call within there. All right. Good afternoon. I'm Justin Patterson. I lead the internet research team at KeyBanc. Really excited to have Nick from Magnite with us here today. Welcome back to Deer Valley, Nick.
Excellent. Thank you, Justin. Really appreciate being here. This is a really, really phenomenal location to come to, so you didn't have to twist many arms to get us here.
There you go. Well, glad to hear that. Let's kick things off just with an overview of Magnite. You reported last week, you had some very solid trends in the ad business. Talk through just what your business is doing right now and what's driving the strength you've seen year to date.
Yeah, no, great question. I appreciate catching that. Last week was a flurry of activity. We've been talking for probably about a year and a half now about a growth rate inflection in the CTV business, right? It started with better than mid-teens, which it had been kind of stuck in for a couple of years. It really started to inflect in the back half of last year to the 20s, then high 20s, then mid-20s. So 36% feels really good. We were very, very careful to call out that it was broad-based, right? And we represent a lot of suppliers who work on the supply side of the equation. But you don't get that without demand, right? So it's great to have a store, but unless anybody's shopping, you're not going to do very well. We've really seen demand in CTV broaden out.
SMBs are entering, people focused on sports are entering into the market. The way in which demand is finding its way into the CTV ecosystem is broadening out, whether it is self-service marketplaces or agencies or new DSPs focused on the SMB market, as well as our traditional partners are all expanding. We are very careful to say it is very broad-based, and it is not being seen in just one or two partners ramping. It is across the business.
FULL TRANSCRIPT
Continue the full translated transcript in StockNow.
Log in to unlock every statement, the English original, and speaker-by-speaker history.
Log in for the full transcriptCall participants
2 people spoke on this call — only 1 are shown here.
PARTICIPANT LIST
View participant details in StockNow.
Log in to see executives and analysts, their roles, and complete speaking history.
Log in to view all participantsKeep exploring