DoubleVerify Holdings, Inc. reported its fourth‑quarter and full‑year 2025 financial results, posting total revenue of $748.3 million, up 14% year‑over‑year, and net income of $50.7 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $245.6 million, giving the company a 33% adjusted EBITDA margin for the year.
In the fourth quarter, revenue was $205.6 million, down 8% from $222.5 million in Q4 2024, and net income was $29.3 million. Adjusted EBITDA for the quarter was $77.8 million, a 38% margin, but the company missed consensus earnings per share estimates, reporting an adjusted EPS of $0.31 versus the $0.33 expected by analysts.
Revenue growth was driven by strong performance in social media measurement, connected TV (CTV) measurement, and programmatic activation. The company also recorded a record 9.5 trillion billable media transactions for the year, a 15% increase from 2024, underscoring the continued demand for its verification and measurement services across digital channels.
Management guided for full‑year 2026 revenue of $810 million to $826 million, a 8%‑10% year‑over‑year increase, and an adjusted EBITDA margin of approximately 34%. The company also announced a new share‑repurchase authorization of $300 million, its largest ever, reflecting confidence in its cash‑generating ability and a commitment to returning capital to shareholders.
Market reaction to the results was muted. Investors focused on the Q4 revenue miss and the more modest growth outlook for 2026, despite the company’s strong profitability and cash generation. The slight miss in quarterly revenue and the guidance for slower growth tempered enthusiasm, even as the company’s margin expansion and record transaction volume signaled resilience.
CEO Mark Zagorski said, “2025 was a year of meaningful innovation and continued growth for DoubleVerify, as we executed on one of the most strategically important product roadmaps in our history and delivered strong financial results.” CFO Nicola Allais added, “Adjusted EBITDA margin reached 38% in the fourth quarter and 33% for the full year, while operating cash flow increased by approximately one‑third to $211 million, representing a free‑cash‑flow conversion of 70% for the year.”
The results highlight both headwinds and tailwinds for the company. Softness in the retail sector and late‑quarter pullbacks in customer campaign spend contributed to the Q4 revenue miss, while growth in social, CTV, and AI‑driven solutions provided a solid foundation for future expansion. The company’s focus on high‑margin segments and continued investment in AI and streaming TV positions it to capture growth in the fastest‑growing areas of digital advertising.
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