DoubleVerify Holdings Inc

Latest Results (19.05.2026):

DoubleVerify Holdings Inc — fourth quarter of 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). Q4 net income was $29.3 million and adjusted EBITDA was $77.8 million (38% adjusted EBITDA margin). For the full year, net income was $50.7 million and adjusted EBITDA was $245.6 million (33% margin). The company measured a record 9.5 trillion billable media transactions in 2025 (up 15% YoY), ended the year with about $260 million cash and no debt, and announced a $300 million share repurchase authorization.

Revenue and growth

Total revenue: Q4 $205.6M (+8% YoY); FY 2025 $748.3M (+14% YoY). Activation, Measurement and Supply‑Side all grew—Activation $116.5M (+6% Q4; +15% FY), Measurement $69.6M (+8% Q4; +10% FY), Supply‑Side $19.5M (+17% Q4; +25% FY).

Profitability

Q4 adjusted EBITDA $77.8M (38% margin); FY adjusted EBITDA $245.6M (33% margin). GAAP net income: Q4 $29.3M; FY $50.7M. Management highlighted operating leverage, ~70% free cash flow conversion for the year.

Media volume, pricing and retention

Measured Transactions (MTM) hit 9.5 trillion in 2025 (+15% YoY). Measured Transaction Fee (MTF) was $0.07, down ~3% (excludes one introductory fixed fee deal). Net Revenue Retention (NRR) was 109% and gross revenue retention remained >95%.

Cash, balance sheet and capital return

Ended FY2025 with ~ $260M cash & cash equivalents, no debt outstanding. Repurchased 8.4M shares for $132.3M in 2025 and the board authorized up to $300M for future repurchases (largest authorization to date).

Product and business developments

Launched DV Authentic Streaming TV™, expanded CTV integrations (including LinkedIn), extended attention measurement to TikTok, expanded brand suitability on Meta, and added supply‑side partnerships and new enterprise customers (e.g., Financial Times, Lionsgate UK, McCormick).

Free cash flow and other operating metrics

Operating cash flow for 2025 was $211.2M; free cash flow $172.7M with free cash flow conversion ~70% for the year. Stock‑based compensation was a material non‑cash expense in 2025; management expects 2026 equity grant value to decline >40% vs. 2025, reducing stock‑based comp.

Outlook (Q1 and Full‑Year 2026)

Q1 2026 guidance: revenue $177–183M (~+9% at midpoint) and adjusted EBITDA $48–52M (≈28% margin at midpoint). FY2026 guidance: revenue $810–826M (+8–10% YoY) and adjusted EBITDA margin ≈34%.