"Revenue -- $739 million in revenue for Q3 2025, up 18% year-over-year; excluding political spend, revenue increased 22% year-over-year. Adjusted EBITDA -- $317 million in adjusted EBITDA, representing approximately 42% of revenue. Customer mix -- Video, including CTV, made up around 50% of business; mobile accounted for approximately 30% share, display in the low double digits, and audio at about 5%."
"Geographic revenue split -- North America accounted for 87% of total revenue, while international comprised 13%; international growth is outpacing North America. Operating expenses -- $457 million, excluding stock-based compensation, an increase of 17% year-over-year. Adjusted net income -- Adjusted net income was $221 million, translating to $0.45 per diluted share (non-GAAP). Free cash flow -- Free cash flow was $155 million, with net cash from operating activities at $225 million."
"Balance sheet -- Cash, cash equivalents, and short-term investments totaled $1.4 billion at quarter end, with no outstanding debt. Share repurchases -- $310 million used for Class A share buybacks, totaling nearly $2 billion repurchased since the 2023 authorization; a new $500 million buyback authorization approved in October 2025. Q4 outlook -- Revenue expected to be at least $840 million; guidance implies 18.5% year-over-year revenue growth, excluding U.S. political ad spend; adjusted EBITDA guidance is $375 million."
Revenue for Q3 2025 was $739 million, up 18% year-over-year and up 22% excluding political spend. Adjusted EBITDA was $317 million, about 42% of revenue. Customer mix was roughly 50% video (including CTV), 30% mobile, low-double-digit display, and 5% audio. North America accounted for 87% of revenue while international was 13% and growing faster. Operating expenses excluding stock-based compensation were $457 million, up 17% year-over-year. Adjusted net income was $221 million, or $0.45 per diluted share (non-GAAP). Free cash flow was $155 million and cash plus short-term investments totaled $1.4 billion with no debt. The company repurchased $310 million of Class A shares and approved an additional $500 million buyback authorization. Q4 revenue guidance is at least $840 million with adjusted EBITDA guidance of $375 million.
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