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    DSP
    Earnings call· Jun 2026(Q2 FY26)

    Viant Technology Q2 FY26 earnings call DSP

    Aug 10, 2026 Source

    Executive summary

    Viant Technology Inc. Q2 FY26 — Record Revenue and Accelerated Growth Driven by CTV and AI Adoption

    Viant Technologies reported a strong Q2 FY26, achieving record revenue and EBITDA, primarily driven by accelerated adoption of its CTV platform and AI solutions. The company is strategically positioned to capitalize on the migration of ad budgets to CTV, leveraging proprietary intelligence and AI to deliver superior campaign performance and capture market share. Management highlighted a robust new business pipeline and continued operational efficiency.

    Highlights

    5
    • Revenue increased 34% year-over-year to $104.3 million, well above the high end of guidance.

    • Adjusted EBITDA increased 26% year-over-year to $14.2 million, exceeding the high end of guidance.

    • Customer CTV spend surged by nearly 50% in the quarter, accounting for over 50% of total ad spend.

    • Outcomes, Viant's AI product, accounts for 5% of total ad spend year-to-date, six months after launch.

    • Direct Access penetration for CTV ad spend increased to over 80% in Q2, up from just over 50% in Q1.

    Concerns

    1
    • The TVision acquisition resulted in approximately a 150 basis point drag on EBITDA margins in Q2, with an expected 200 basis point drag in Q3.

    Guidance & targets

    10
    CategoryTargetConfidence
    Revenue
    $107.5M-$110.5M
    high materiality
    High
    Contribution ex-TAC
    $65M-$67M
    high materiality
    High
    Non-GAAP operating expenses
    $46.5M-$47.5M
    medium materiality
    High
    Adjusted EBITDA
    $18.5M-$19.5M
    high materiality
    High
    Adjusted EBITDA margin as a percentage of contribution ex-TAC
    29%
    medium materiality
    High
    Contribution ex-TAC growth
    continue outpacing broader U.S. programmatic market growth
    high materiality
    High
    Revenue and Contribution ex-TAC growth vs. Non-GAAP operating expenses
    continue growing faster than non-GAAP operating expenses
    medium materiality
    High
    Adjusted EBITDA margin
    modest expansion
    medium materiality
    High
    Annual top line growth
    consistent 20% or more
    high materiality
    High
    Adjusted EBITDA margin
    40% or higher
    high materiality
    High

    Operational metrics

    41
    Non-GAAP operating expenses
    $46Mup 24% YoY, 13% QoQ
    Q2 FY26

    Partly due to TVision acquisition.

    Non-GAAP net income
    $9.9Mup 23% YoY
    Q2 FY26

    Excludes stock-based compensation and other adjustments.

    Non-GAAP basic earnings per Class A share
    $0.15up 50% YoY
    Q2 FY26

    Compared to $0.10 in the prior year period.

    Cash flows from operating activities
    $28.5Mup 36% YoY
    Q2 FY26

    Increased $7.5 million year-over-year.

    Cash flows from operating activities
    $31.4Mup 90% YoY
    YTD Q2 FY26

    For the 6 months ended June 30, 2026.

    Free cash flow conversion of adjusted EBITDA
    89%
    YTD Q2 FY26

    For the 6 months ended June 30, 2026.

    Share repurchase program executed
    $1M
    Q2 FY26

    Used for share repurchase under existing program.

    Share repurchases for tax withholdings
    $3.1M
    Q2 FY26

    Related to tax withholdings on vested equity awards.

    Total capital returned to shareholders
    $60.6M
    Since May 2024

    Since launching the share repurchase program.

    Remaining share repurchase authorization
    $39.4M
    As of 2026-08-07

    Remaining under current authorization.

    Total shares outstanding
    66.5M
    Q2 FY26

    Consisting of Class A and Class B shares.

    Class A shares outstanding
    21.1M
    Q2 FY26

    Part of total shares outstanding.

    Class B shares outstanding
    45.4M
    Q2 FY26

    Part of total shares outstanding.

    Cash and cash equivalents
    $193.1M
    Q2 FY26

    Ended the quarter with this balance.

    Positive working capital
    $200.6M
    Q2 FY26

    Ended the quarter with this balance.

    Undrawn credit facility
    $75M
    Q2 FY26

    Access to this facility with no debt.

    Contribution ex-TAC
    $60.2Mup 24% YoY, 20% QoQ
    Q2 FY26

    Came in just short of the high end of guidance.

    Contribution ex-TAC per employee
    up over 7%YoY
    Trailing 12-month

    Marking 12 straight quarterly increases, indicating improved operational efficiency.

    Customer CTV spend
    nearly 50%YoY
    Q2 FY26

    Surged in the quarter, reaching a new all-time high.

    CTV spend as % of total ad spend
    over 50%
    Q2 FY26

    Reflecting growing preference of advertisers.

    Outcomes product spend as % of total ad spend
    5%
    YTD

    Achieved in just 6 months since product launch.

    Direct Access penetration for CTV ad spend
    over 80%up from over 50% in Q1
    Q2 FY26

    A steep increase, indicating how buyers seek to transact today.

    IRIS Content ID penetration in bidstream
    nearly 50%
    Q2 FY26

    Pushed by presence across enabled publishers.

    IRIS Content ID penetration target
    approximately 70%
    By year-end

    Expected with scheduled launches across Disney+, HBO Max, Peacock, Roku, DIRECTV, Sling TV, Spectrum and Philo.

    TVision pilot campaigns achieving higher conversion rates
    over 80%
    Q2 FY26

    Across a cohort of 42 pilot campaigns targeting TVision's high attention inventory segments.

    TVision pilot campaigns average lift
    1.4x
    Q2 FY26

    Average lift in conversion rates across pilot campaigns.

    TVision pilot campaigns lift (home improvement)
    14x
    Q2 FY26

    Lift for a specific home improvement brand.

    TVision pilot campaigns lift (online university)
    3.7x
    Q2 FY26

    Lift for an online university.

    TVision pilot campaigns lift (state tourism office)
    3.1x
    Q2 FY26

    Lift for a state tourism office.

    Household ID penetration in programmatic bid requests
    80%
    Q2 FY26

    Embedded in all programmatic bid requests.

    Household ID penetration in CTV requests
    96%
    Q2 FY26

    Embedded in all CTV requests.

    Household ID mapping to U.S. household addresses
    95%
    Q2 FY26

    Mapped through Viant's identity graph.

    Household ID coverage vs competing solutions
    4x
    Q2 FY26

    Offering 4x the coverage of competing identity solutions.

    Contribution ex-TAC attributable to Household ID
    strongest year-over-year growthin 5 quarters
    Q2 FY26

    Fueled by a growing number of advertisers deploying sophisticated targeting strategies.

    Direct Access CPM reduction
    35%
    Q2 FY26

    Reductions in CPMs, resulting in measurable savings for advertisers.

    Top five verticals spend
    almost 30%YoY
    Q2 FY26

    Health care, public services and travel leading the way.

    Customer-directed purchasing across digital channels as % of advertiser spend
    over 60%up from 54% for FY25
    Q2 FY26

    Channels include CTV, streaming audio, and digital out-of-home.

    Video (inclusive of CTV) as % of total platform spend
    over 65%
    Q2 FY26

    Set a new record, reflecting continued shift towards high-impact measurable formats.

    Adjusted EBITDA as a percentage of contribution ex-TAC
    24%expanding approximately 30 bps YoY, 50 bps higher than high end of guide
    Q2 FY26

    Expanding compared to the prior year and higher than guidance.

    Political spend contribution
    about 200 bps
    FY26

    Expected to be de minimis to the overall number, as Viant has not historically been a big political player.

    U.S. programmatic market growth projection
    approximately 13%
    FY26

    Broader market projection that Viant expects to outpace.

    Industry KPIs

    3
    MetricValueDetails
    Revenue growth$104.3MUSD
    Operating FCF margin rule of 4024%%
    Ai product adoption monetization5%%

    Deals & partnerships

    2
    TVisionAcquisition of attention measurement company to integrate its insights into Viant's platform.

    The acquisition closed on May 1, 2026. TVision's attention data provides unique signals for targeting and measurement, pioneering a new standard of advanced targeting.

    Craig AbrahamsAppointment to Viant's Board of Directors.

    Craig Abrahams is an experienced entrepreneur and executive with over 25 years in technology and digital media, co-founder of Caesars Interactive Entertainment, and former President and CFO of Playtika. His experience in scaling businesses organically and through M&A is expected to be instrumental.

    Risks & headwinds

    3
    TVision acquisition's impact on EBITDA marginsQ2 FY26, Q3 FY26

    Approximately 150 basis point drag in Q2, expected 200 basis point drag in Q3.

    Mitigation: Focus on scaling efficiently and delivering measurable gains in productivity, with non-GAAP operating expenses growing slower than top line.

    Conflicting incentives of walled garden DSPs

    Walled garden providers are being sidelined early in RFP processes due to fundamental misalignment of incentives.

    Mitigation: Viant provides objective intelligence through TVision to quantify actual viewer attention, enabling advertisers to hold these platforms accountable and reallocate budgets more efficiently across the broader open CTV landscape.

    Advertisers over-indexed in search and social media

    Search and social together command over $300 billion in U.S. ad spend, with advertisers often misled by self-attribution tactics.

    Mitigation: Viant's Outcomes solution is engineered to capture this performance budget opportunity by offering precision targeting and brand awareness investment, helping advertisers achieve top-line growth beyond existing customers.

    What to watch in Q3 FY26

    5

    Direct Access penetration for CTV ad spend

    In the near future
    CurrentOver 80%
    TargetOver 90%

    Why it matters

    Increased penetration indicates greater efficiency and cost savings for advertisers, driving platform adoption and demonstrating Viant's competitive advantage.

    As these new publishers are onboarded, we expect over 90% of on-platform CTV spend will be distributed through Direct Access in the near future.

    Q&A highlights

    7

    What specific factors led to the significant increase in Direct Access penetration for CTV ad spend in Q2?

    The growth was driven by existing customers recognizing the 35% lower CPMs, the high quality of publishers within Direct Access, and the solution being a primary offering for new large customers, enabling significant savings on CTV investments.

    existing customers just continuing to educate them on the cost savings we're seeing on average, 35% lower CPMs. It's kind of a no-brainer for them to move money there.

    asked by Andrew Marok · answered by Chris Vanderhook

    2 min read6 chapters

    Detailed Narrative

    01

    Proprietary Intelligence Layer Driving Performance

    Viant's intelligence layer, comprising Household ID, IRIS Content ID, and TVision, synthesizes proprietary viewership signals for audience identity, content selection, and viewer attention. Household ID is embedded in 80% of programmatic bid requests and 96% of CTV requests, mapped to 95% of U.S. households, driving its strongest year-over-year growth in five quarters. IRIS Content ID provides show-level targeting, with nearly 50% bidstream penetration, expected to reach 70% by year-end with upcoming integrations across major streaming services. TVision provides prebid attention signals, enabling targeting based on intrinsic value, a breakthrough capability.

    02

    Viant AI and Outcomes Product Traction

    Viant AI's Lattice Brain operationalizes insights for campaign optimization. The 'Outcomes' product, launched six months ago, is a fully autonomous ad product designed to compete with walled garden performance products like Google's PMax and Meta's Advantage+. It has seen exceptional market reception, already accounting for 5% of total ad spend year-to-date, demonstrating strong early adoption and validating CTV as a destination for performance spend.

    03

    CTV Momentum and Direct Access Adoption

    Total CTV spend increased nearly 50% in Q2, reaching a new all-time high and representing over 50% of total ad spend. This momentum is driven by the rapid adoption of Viant's Direct Access solution, which offers efficient, targetable, and measurable access to premium inventory. Over 80% of CTV ad spend on the platform was transacted through Direct Access in Q2, a steep increase from just over 50% in Q1, with expectations to reach over 90% in the near future through expanded integrations.

    04

    TVision Integration and Early Performance Validation

    The TVision integration is tracking well ahead of schedule, with early results validating its strategic value. Forty-two pilot campaigns targeting TVision's high-attention inventory segments showed over 80% achieved higher conversion rates versus benchmarks, delivering an average lift of 1.4x. Specific verticals saw even more significant outperformance, including a 14x lift for a home improvement brand, demonstrating the power of attention data as a prebid signal.

    05

    Strategic Positioning for Market Share Gains

    Viant is uniquely positioned to capture incremental growth from the ongoing migration of linear TV budgets ($51 billion) into CTV ($37 billion). The company is aggressively targeting enterprise-level accounts, leveraging its differentiated solutions to solve core challenges like ad spend waste and targeting. Viant's independence and objective measurement capabilities, particularly with TVision, are resonating with brands seeking alternatives to conflicted walled garden DSPs, leading to a surge in new RFP opportunities.

    06

    Tapping into Search and Social Budgets

    Viant aims to tap into the over $300 billion U.S. ad spend in search and social, arguing that advertisers are over-indexed in these channels due to self-attribution tactics that reward walled gardens for organic sales. The Outcomes solution was engineered specifically to capture this performance budget opportunity, with plans to broaden this initiative beyond existing clients, offering a more efficient allocation of ad spend across the broader open CTV landscape.

    AI-generated summary of the company’s earnings call. Not investment advice.