PubMatic (PUBM) Q2 FY26 earnings call

PubMatic significantly exceeded expectations in Q2 FY26, returning to 11% double-digit revenue growth ahead of schedule, fueled by strong adoption of AI-powered products like AgenticOS and growth in high-value formats. The company demonstrated robust operating leverage, expanding adjusted EBITDA margin to 25% and increasing free cash flow by 47%, while strategically investing in AI-native infrastructure and go-to-market capabilities. This performance reinforces confidence in accelerated growth through the second half of the year and a structural shift towards the sell-side.