DoubleVerify Holdings Inc

Latest Results (08.04.2026):

DoubleVerify Holdings Inc — Fourth quarter of 2025 (and full‑year 2025): DoubleVerify reported Q4 2025 revenue of $205.6 million (up 8% year‑over‑year) and full‑year 2025 revenue of $748.3 million (up 14% YoY). The company delivered FY net income of $50.7 million and FY adjusted EBITDA of $245.6 million (33% adjusted EBITDA margin), while Q4 adjusted EBITDA was $77.8 million (38% margin). Results were supported by growth across Activation, Measurement and Supply‑Side, stronger CTV and social measurement volumes, and a record 9.5 trillion media transactions measured for the year.

Revenue headline

Q4 2025 total revenue: $205.6M (+8% YoY). Full‑year 2025 total revenue: $748.3M (+14% YoY). Activation: Q4 $116.5M (+6%); FY $427.3M (+15%). Measurement: Q4 $69.6M (+8%); FY $249.7M (+10%). Supply‑Side: Q4 $19.5M (+17%); FY $71.3M (+25%).

Profitability

Q4 2025 net income was $29.3M and adjusted EBITDA $77.8M (38% adjusted EBITDA margin). Full‑year 2025 net income was $50.7M and adjusted EBITDA $245.6M (33% margin). Management emphasized strong operating leverage and free cash flow generation.

Cash flow & balance sheet

Operating cash flow for 2025 was $211.2M; free cash flow was $172.7M with a 70% free cash flow conversion. The company ended FY2025 with about $260M in cash and cash equivalents and no outstanding debt.

Usage, pricing and retention

Media Transactions Measured (MTM) were a record 9.5 trillion for 2025, up 15% YoY. Measured Transaction Fee (MTF) was $0.07, down ~3% (excludes an introductory fixed fee deal). Net revenue retention (NRR) was 109% and gross revenue retention remained over 95% in Q4.

Capital return

DoubleVerify repurchased 8.4M shares for $132.3M in 2025 and the Board authorized up to $300M for share repurchases (largest authorization in company history) as of Feb 26, 2026.

Product & commercial momentum

Company highlighted product launches and integrations driving growth: DV Authentic Streaming TV™ for CTV verification/AI optimization, expanded LinkedIn CTV measurement, DV Authentic Attention® on TikTok, expanded brand suitability on Meta placements, and new supply‑side partnerships. CTV MTM growth: +22% in Q4 and +33% for the full year.

Guidance for 2026

Q1 2026 guidance: revenue $177–$183M (~+9% YoY at midpoint) and adjusted EBITDA $48–$52M (≈28% margin at midpoint). Full‑year 2026 guidance: revenue $810–$826M (+8–10% YoY) and adjusted EBITDA margin ~34%. Company expects >40% reduction in 2026 equity grant value versus 2025, lowering stock‑based compensation.