Magnite Reports Strong Q3 2026 Results Driven by CTV Growth and Political Spending
Magnite (MGNI) delivered a robust third quarter for 2026, reporting revenue of $204.2 million, a 14% increase year-over-year. The company's performance was significantly bolstered by Connected TV (CTV), which saw 39% growth and now accounts for over half of the total Contribution ex-TAC. Additionally, record midterm election spending drove political revenue to $12 million, leading management to raise its full-year political outlook from $15 million to $40 million. Profitability metrics showed substantial expansion, with Adjusted EBITDA rising 46% year-over-year to $83.4 million and margins expanding by 8 percentage points to 42%. Management also raised its full-year 2026 guidance for both Adjusted EBITDA growth (now ~30%) and Free Cash Flow growth (now above 60%). Despite concerns regarding political spending crowding out other ad budgets, the company maintains a strong balance sheet with more cash than debt.
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Topics: CTV Contribution EBITDA Margin Expansion EPS Beat Political Advertising Revenue Revenue Growth