0001422930-26-000010 | 10-K | XBRL Viewer

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Balance Sheet Components - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 19,000,000.0	$ 24,800,000	$ 28,500,000
Capitalized computer software additions	24,000,000.0	23,400,000	21,300,000
Capitalized computer software, fully-amortized costs removed	7,300,000	7,300,000
Capitalized computer software, impairments	0	0	0
Internal-use software
Property, Plant and Equipment [Line Items]
Amortization	$ 23,200,000	$ 18,900,000	$ 13,900,000

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$ (14,462)	$ 12,504	$ 8,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,769	45,352	44,770
Stock-based compensation	38,378	37,676	28,862
Provision for doubtful accounts	0	0	5,675
Deferred income taxes	(14,489)	(10,984)	(13,406)
Accretion of discount on marketable securities	(822)	(4,117)	(4,093)
Non-cash lease expense	7,351	6,801	6,145
Other	(1,047)	(25)	45
Changes in operating assets and liabilities:
Accounts receivable	66,574	(49,345)	(75,716)
Prepaid expenses and other current assets	(16,220)	(5,826)	3,918
Accounts payable	(42,397)	38,096	79,687
Accrued liabilities	16,179	9,627	3,035
Operating lease liabilities	(2,616)	(6,531)	(5,789)
Other liabilities, non-current	861	197	(893)
Net cash provided by operating activities	81,059	73,425	81,121
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and deposits on property and equipment	(14,345)	(17,592)	(10,601)
Capitalized software development costs	(20,511)	(20,936)	(17,687)
Purchases of marketable securities	(26,026)	(142,016)	(140,603)
Proceeds from sales of marketable securities	27,095	0	18,873
Proceeds from maturities of marketable securities	39,859	202,858	111,000
Net cash provided by (used in) investing activities	6,072	22,314	(39,018)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of business combination indemnification claims holdback	0	(2,148)	0
Proceeds from issuance of common stock for employee stock purchase plan	2,148	2,368	1,869
Proceeds from exercise of stock options	1,759	1,765	1,549
Principal payments on finance lease obligations	(140)	(131)	(126)
Payments to acquire treasury stock	(46,498)	(75,332)	(59,268)
Net cash used in financing activities	(42,731)	(73,478)	(55,976)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	44,400	22,261	(13,873)
Effect of foreign currency on cash	666	(318)	0
CASH AND CASH EQUIVALENTS - Beginning of Year	100,452	78,509	92,382
CASH AND CASH EQUIVALENTS - End of Year	145,518	100,452	78,509
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal use software costs	3,474	3,076	2,462
Property and equipment included in accounts payable and accrued expenses	1	618	203
Capitalized software costs included in accounts payable and accrued expenses	$ 2,422	$ 2,365	2,966
Business combination purchase consideration - indemnification claims holdback			$ 2,148

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to common stockholders – basic	$ (14,462)	$ 12,504	$ 8,881
Denominator:
Weighted average shares outstanding – basic (in shares)	47,008,000	49,213,000	51,760,000
Options to purchase common stock (in shares)	0	3,722,000	4,037,000
Restricted stock (in shares)	0	1,272,000	178,000
Employee stock purchase plan shares (in shares)	0	87,000	52,000
Weighted average shares outstanding – diluted (in shares)	47,008,000	54,294,000	56,027,000
Net income (loss) per share attributable to common stockholders – diluted (in usd per share)	$ (0.31)	$ 0.23	$ 0.16

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Income Taxes - Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory rate	$ (3,340)
State and local income taxes, net of federal effect	(279)
Foreign derived intangible income	(404)
Tax effects of share-based compensation	1,896
Non-deductible officer compensation	705
Acquisition related cost	826
Other	282
Changes in unrecognized tax benefits	693
Total provision for (benefit from) income taxes	$ (1,492)	$ 5,270	$ 1,624
Percentage
U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal effect	1.80%	3.60%	2.82%
Statutory tax rate difference		1.32%	4.64%
Foreign derived intangible income	2.50%	(11.52%)	(22.57%)
Research credit		(6.33%)	(10.20%)
Change in valuation allowance		0.61%	0.00%
Tax effects of share-based compensation	(11.90%)	1.23%	19.25%
Non-deductible officer compensation	(0.044)
Acquisition related cost	(0.052)
Other	(1.80%)
Changes in unrecognized tax benefits	(4.40%)
Other		0.79%	2.18%
Effective Tax Rate	9.40%	29.64%	15.44%
Shortfalls from share based compensation	$ 700
India
Amount
Statutory tax rate difference	$ 562
Percentage
Statutory tax rate difference	(3.50%)
Singapore
Amount
Statutory tax rate difference	$ 445
Percentage
Statutory tax rate difference	(2.80%)
Other foreign jurisdictions
Amount
Statutory tax rate difference	$ 115
Percentage
Statutory tax rate difference	(0.70%)
United States
Amount
Changes in tax laws or rates in the current period	$ 0
Research and development credits	(2,993)
Changes in valuation allowance	$ 0
Percentage
Changes in tax laws or rates in the current period	0.00%
Research credit	18.80%
Change in valuation allowance	0.00%

Senior Secured Credit Facilities Agreement	12 Months Ended
Senior Secured Credit Facilities Agreement	Dec. 31, 2025
Debt Disclosure [Abstract]
Senior Secured Credit Facilities Agreement	Senior Secured Credit Facilities Agreement Senior Secured Credit Facilities Agreement On October 17, 2022, the Company entered into a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) with the several lenders parties thereto (the “Lenders”), and Silicon Valley Bank (“SVB”), as administrative agent, lead arranger, issuing lender, and swingline lender. The Credit Agreement matures on October 17, 2027. The Credit Agreement provides a revolving credit facility in an aggregate principal amount of $110.0 million (“the Revolving Credit Facility”), including a $25.0 million letter of credit sub-facility and a $25.0 million swingline sub-facility. The Company’s obligations under the Revolving Credit Facility and the letter of credit sub-facility (described in Note 8) with SVB are secured by substantially all of its assets excluding its intellectual property. The Company may, subject to certain customary conditions, on one or more occasions increase commitments under the Revolving Credit Facility in an amount not to exceed $90.0 million in the aggregate (the “Incremental Facility”). Each Lender will have discretion to determine whether it will participate in any Incremental Facility. Borrowings under the Revolving Credit Facility will accrue interest at rates equal, at the Company’s election, to (i) the applicable secured overnight financing rate (“SOFR”), plus the applicable margin for such loans, or (ii) the alternate base rate (“ABR”), which is defined as the highest of (a) the prime rate in effect from time to time, (b) the federal funds effective rate in effect from time to time plus 0.50%, and (c) the adjusted term SOFR for a one (1) month tenor in effect from time to time plus 1.0%, plus the applicable margin for such loans. The applicable margin for borrowings bearing interest on the SOFR ranges from 2.00% to 2.75%, and the applicable margin for borrowings bearing interest based on the ABR ranges from 1.00% to 1.75%. As of December 31, 2025, the applicable interest rate under the revolving credit facility was 7.75%. The Company will pay a quarterly commitment fee during the term of the Credit Agreement for the non-use of available funds ranging from 0.25% to 0.35%. In addition, the Credit Agreement provides a mechanism to determine a successor reference rate to the applicable reference rate if, among other things, the applicable reference rate becomes unavailable or is generally replaced as a benchmark interest rate. The Credit Agreement contains customary representations and warranties as well as customary affirmative and negative covenants. Negative covenants include, among others, limitations on incurrence of indebtedness, liens, disposition of property and investments by the Company and its subsidiaries. In addition, the Credit Agreement requires the Company to maintain certain interest coverage, leverage and senior leverage ratios. The Company was in compliance with these covenants as of December 31, 2025. The Credit Agreement contains customary events of default. Upon the occurrence and during the continuance of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. The Company may use amounts borrowed under the Credit Agreement to refinance the Existing Credit Agreement, for general corporate purposes or working capital financing. The Company may borrow additional amounts under the Credit Agreement from time to time as opportunities and needs arise.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) letterOfCredit	Dec. 31, 2024 USD ($) letterOfCredit	Jul. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Number of debt instruments \| letterOfCredit	3	2
Irrevocable Letters of Credit due July 2028
Long-term Purchase Commitment [Line Items]
Letters of credit outstanding, amount	$ 3.5	$ 1.5
Irrevocable Letters of Credit due April 2036
Long-term Purchase Commitment [Line Items]
Letters of credit outstanding, amount	1.5	$ 3.5	$ 1.5
Irrevocable Letters of Credit due September 2031
Long-term Purchase Commitment [Line Items]
Letters of credit outstanding, amount	$ 0.2

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) Savings Plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer matching contribution. The Company made $1.8 million and $1.7 million matching contribution to the 401(k) Plan for the year ended December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Stockholders’ Equity and Equity Incentive Plans - Schedule of Restricted Stock Units and Related Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, unvested	$ 32,618	$ 54,167
Unvested restricted stock units
Number of Shares Underlying Outstanding Options
Unvested beginning balance (in shares)	3,687
Granted (in shares)	2,047
Vested (in shares)	(1,681)
Canceled/Forfeited (in shares)	(376)
Unvested ending balance (in shares)	3,677
Weighted-Average Exercise Price
Unvested beginning balance (in usd per share)	$ 17.68
Granted (in usd per share)	14.39
Vested (in usd per share)	17.96
Canceled/Forfeited (in usd per share)	16.49
Unvested ending balance (in usd per share)	$ 15.85

Basis of Presentation and Summary of Significant Accounting Policies - Accouts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss, period increase (decrease)	$ 0	$ 248	$ 14,547
Accounts receivable, chargeback to publishers			8,800
Provision for doubtful accounts	$ 0	$ 0	$ 5,675

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 40,135
Total financial assets	$ 121,159	115,250
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Total financial assets	104,294	57,998
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		40,135
Total financial assets	16,865	57,252
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Total financial assets	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		27,837
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		27,837
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
U.S. Treasury and government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		12,298
U.S. Treasury and government debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
U.S. Treasury and government debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		12,298
U.S. Treasury and government debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	104,294	57,998
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	104,294	57,998
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,296
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,296
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,865	14,821
Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,865	14,821
Certificates of deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	121,159	75,115
Cash equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	104,294	57,998
Cash equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,865	17,117
Cash equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Leases - Schedule of Operating and Finance Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 10,027	$ 8,536
Finance lease cost	183	186
Total lease cost	$ 10,210	$ 8,722

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

•Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

•Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

•Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The Company’s financial assets consist of Level 1 and 2 assets. The Company had no Level 3 assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	104,294	$	—	$	—	$	104,294

Certificates of deposit	—		16,865		—		16,865
Cash equivalents	104,294		16,865		—		121,159




Total financial assets	$	104,294	$	16,865	$	—	$	121,159

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	57,998	$	—	$	—	$	57,998
Commercial paper	—		2,296		—		2,296
Certificates of deposit	—		14,821		—		14,821
Cash equivalents	57,998		17,117		—		75,115
Commercial paper	—		27,837		—		27,837

U.S. Treasury and government debt securities	—		12,298		—		12,298
Marketable securities	—		40,135		—		40,135
Total financial assets	$	57,998	$	57,252	$	—	$	115,250

There were no transfers between Level 1 and Level 2 fair value measurement categories during the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income before provision for (benefit from) income taxes were as follows (in thousands):


	December 31,
	2025		2024		2023
Domestic	$	(21,895)	$	9,737	$	5,371
Foreign	5,941		8,037		5,134
Income before provision for (benefit from) income taxes	$	(15,954)	$	17,774	$	10,505

Schedule of Components of Income Tax Expense (Benefit)

The provision for (benefit from) income taxes consisted of the following (in thousands):


	December 31,
	2025		2024		2023
Current provisions for income taxes:
Federal	$	730	$	10,561	$	11,059
State	1,292		3,199		2,026
Foreign	2,608		2,494		1,947
Total current tax expense	4,630		16,254		15,032

Deferred tax expense (benefit):
Federal	(4,693)		(8,731)		(11,825)
State	(1,300)		(1,960)		(1,391)
Foreign	(129)		(293)		(192)
Total deferred tax benefit	(6,122)		(10,984)		(13,408)
Total provision for (benefit from) income taxes	$	(1,492)	$	5,270	$	1,624

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands, except percentages):


	Year Ended December 31, 2025
	Amount		Percentage
U.S. federal statutory rate	$	(3,340)	21.0	%
State and local income taxes, net of federal effect1	(279)		1.8
Foreign tax effects
India	562		(3.5)
Singapore	445		(2.8)
Other foreign jurisdictions	115		(0.7)
Changes in tax laws or rates in the current period	—		—
Cross border tax laws
Foreign derived intangible income	(404)		2.5
Tax credits
Research and development credits	(2,993)		18.8
Changes in valuation allowance	—		—
Nontaxable or nondeductible Items
Tax effects of share-based compensation2	1,896		(11.9)
Non-deductible officer compensation	705		(4.4)
Acquisition related cost	826		(5.2)
Other	282		(1.8)
Changes in unrecognized tax benefits	693		(4.4)

Effective Tax Rate	$	(1,492)	9.4	%

_______________

(1)During the year ended December 31, 2025, New York state and city made up the majority (greater than 50 percent) of the tax effect in this category.

(2)Includes amounts related to non-taxable and non-deductible share-based compensation, in addition to excess tax benefits or shortfalls from share-based compensation. Our income tax benefit includes $0.7 million of tax shortfalls from share-based compensation for 2025.

The following table presents a reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal statutory income tax rate to the income before taxes prior to the adoption of ASU 2023-09 for the periods presented (in percentages):


	December 31,
	2024		2023
Federal statutory income tax rate	21.00	%	21.00	%
State after-tax rate	3.60		2.82
Stock options	1.23		19.25
Research credit	(6.33)		(10.20)
Transfer pricing reserve	(0.77)		1.54
Foreign rate differential	1.32		4.64
GILTI	—		(11.62)
Foreign derived intangible income	(11.52)		(22.57)
Section 162(m) limitation	14.15		7.18
Acquisition-related costs	5.56		1.22
Change in valuation allowance	0.61		—
Other	0.79		2.18
Effective tax rate	29.64	%	15.44	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:

Accruals and allowances	6,740		3,244
Tax credits	2,664		1,987
Stock-based compensation	11,441		9,155

Intangibles assets	451		583
Lease obligation	9,039		9,658
R&D capitalization	22,502		21,950
Other	1,203		1,283
Total deferred tax assets	54,040		47,860
Valuation allowance	(2,675)		(2,118)
Total deferred tax assets, net of valuation allowance	51,365		45,742
Deferred tax liabilities:
Property, equipment, and software	(8,988)		(8,569)
Goodwill	(1,037)		(945)
Prepaid expense	(1,508)		(832)
Right-of-use asset	(8,160)		(9,445)
Acquired intangibles	(686)		(1,087)

Total deferred tax liabilities	(20,379)		(20,878)
Net deferred income tax asset (liabilities)	$	30,986	$	24,864

Schedule of Unrecognized Tax Benefits Roll Forward

The activity related to the unrecognized income tax benefits is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized income tax benefits — beginning balance	$	4,695	$	4,381	$	4,303
Increases related to tax positions taken during the current year	1,475		1,091		1,104

Increases related to tax positions taken during the prior years	324		10		—
Decreases related to tax positions taken during the prior years	(783)		(787)		(1,026)
Gross unrecognized income tax benefits — ending balance	$	5,711	$	4,695	$	4,381

Schedule of Income Taxes Paid Net Of Refunds

Income taxes paid (net of refunds) are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Federal	$	4,554
State and Local
New York state	710
New York City	905
Other	417
Foreign
India	1,391
Other	633
Total income taxes paid (net of refunds)	$	8,610
Total cash paid for income taxes (prior to ASU 2023-09 adoption)			$	14,176	$15,631

Basis of Presentation and Summary of Significant Accounting Policies - Internal Use Software Development Costs (Details) - Internal-use software	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Weighted average remaining useful life (in years)	2 years
Maximum
Property, Plant and Equipment [Line Items]
Weighted average remaining useful life (in years)	5 years

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings per Share, Basic, by Common Class, Including Two Class Method

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except per share data)
Numerator:


Net income (loss) attributable to common stockholders – basic	$	(14,462)	$	12,504	$	8,881
Denominator:





Weighted average shares outstanding – basic	47,008		49,213		51,760
Options to purchase common stock	—		3,722		4,037
Restricted stock	—		1,272		178
Employee stock purchase plan shares	—		87		52
Weighted average shares outstanding – diluted	47,008		54,294		56,027
Net income (loss) per share attributable to common stockholders – diluted	$	(0.31)	$	0.23	$	0.16

Schedule of Earnings per Share, Diluted, by Common Class, Including Two Class Method

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except per share data)
Numerator:


Net income (loss) attributable to common stockholders – basic	$	(14,462)	$	12,504	$	8,881
Denominator:





Weighted average shares outstanding – basic	47,008		49,213		51,760
Options to purchase common stock	—		3,722		4,037
Restricted stock	—		1,272		178
Employee stock purchase plan shares	—		87		52
Weighted average shares outstanding – diluted	47,008		54,294		56,027
Net income (loss) per share attributable to common stockholders – diluted	$	(0.31)	$	0.23	$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
Options to purchase common stock	4,488	3,354	2,167
Unvested restricted stock units	1,979	100	1,106
ESPP	—	—	37
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	6,467	3,454	3,310

Income Taxes - Schedule of Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized income tax benefits — beginning balance	$ 4,695	$ 4,381	$ 4,303
Increases related to tax positions taken during the current year	1,475	1,091	1,104
Increases related to tax positions taken during the prior years	324	10	0
Decreases related to tax positions taken during the prior years	(783)	(787)	(1,026)
Gross unrecognized income tax benefits — ending balance	$ 5,711	$ 4,695	$ 4,381

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 9,019
2027	9,949
2028	6,517
2029	4,907
2030	4,083
Thereafter	20,408
Total minimum lease payments	54,883
Less: imputed interest	(11,020)
Total present value of lease liabilities	43,863	$ 45,381
Finance Leases
2026	153
2027	158
2028	41
2029	0
2030	0
Thereafter	0
Total minimum lease payments	352
Less: imputed interest	(8)
Total present value of lease liabilities	344	$ 483
Total
2026	9,172
2027	10,107
2028	6,558
2029	4,907
2030	4,083
Thereafter	20,408
Total minimum lease payments	55,235
Less: imputed interest	(11,028)
Total present value of lease liabilities	$ 44,207

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		52,705
Beginning balance at Dec. 31, 2022	$ 312,188	$ 6	$ (11,486)	$ 195,677	$ (9)	$ 128,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	31,324			31,324
Exercise of stock options (in shares)		575
Exercise of stock options	1,549			1,549
Repurchase of treasury stock, at cost (in shares)		(4,040)
Repurchase of treasury stock, at cost	(59,617)		(59,617)
Issuance of common stock related to employee stock purchase plan (in shares)		128
Issuance of common stock related to employee stock purchase plan	1,869			1,869
Issuance of common stock related to RSU vesting (in shares)		878
Other comprehensive income (loss)	5				5
Net income (loss)	8,881					8,881
Ending balance (in shares) at Dec. 31, 2023		50,246
Ending balance at Dec. 31, 2023	296,199	$ 6	(71,103)	230,419	(4)	136,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	40,752		0	40,752
Exercise of stock options (in shares)		616
Exercise of stock options	1,765			1,765
Repurchase of treasury stock, at cost (in shares)		(4,278)
Repurchase of treasury stock, at cost	(75,693)		(75,693)
Issuance of common stock related to employee stock purchase plan (in shares)		170
Issuance of common stock related to employee stock purchase plan	2,368			2,368
Issuance of common stock related to RSU vesting (in shares)		1,347
Other comprehensive income (loss)	(632)				(632)	0
Net income (loss)	12,504					12,504
Ending balance (in shares) at Dec. 31, 2024		48,101
Ending balance at Dec. 31, 2024	277,263	$ 6	(146,796)	275,304	(636)	149,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 41,851			41,851
Exercise of stock options (in shares)	953	953
Exercise of stock options	$ 1,760	$ 1		1,759
Repurchase of treasury stock, at cost (in shares)		(4,088)
Repurchase of treasury stock, at cost	(46,675)		(46,675)
Issuance of common stock related to employee stock purchase plan (in shares)		240
Issuance of common stock related to employee stock purchase plan	2,148			2,148
Issuance of common stock related to RSU vesting (in shares)		1,681
Other comprehensive income (loss)	704				704
Net income (loss)	(14,462)					(14,462)
Ending balance (in shares) at Dec. 31, 2025		46,887
Ending balance at Dec. 31, 2025	$ 262,589	$ 7	$ (193,471)	$ 321,062	$ 68	$ 134,923

Goodwill and Acquisition-related Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class

Acquisition-related intangible assets, net consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (in years)
Developed technology	$	7,900	$	5,196	$	2,704	1.75
Customer relationships	1,000		1,000		—		—
Total acquisition-related intangible assets	$	8,900	$	6,196	$	2,704	1.75


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (in years)
Developed technology	$	7,900	$	3,616	$	4,284	2.75
Customer relationships	1,000		1,000		—		—
Total acquisition-related intangible assets	$	8,900	$	4,616	$	4,284	2.75

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2025, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands):


2026	$	1,580
2027	1,124


Total estimated future amortization expense for acquisition-related intangible assets	$	2,704

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenues	$	282,926	$	291,256	$	267,014
Less:
Employee compensation1	190,613		183,022		156,052
Depreciation and amortization expense	43,769		45,352		44,770
Other segment items2	65,803		58,955		64,156
Operating income (loss)	(17,259)		3,927		2,036

Other income (expense)
Interest income	5,455		8,477		8,828

Other income (expense), net	(4,150)		5,370		(359)
Income before income taxes	(15,954)		17,774		10,505
Provision for (benefit from) income taxes	(1,492)		5,270		1,624
Segment income (loss)	$	(14,462)	$	12,504	$	8,881

_______________

(1)Employee compensation includes employee payroll, share-based compensation, bonus, and employee benefits for medical care, retirement, insurances, and other related expenses.

(2)Other segment items includes costs and expenses from operation of the Company’s data centers, professional services, facilities, marketing, and other related expenses.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	158,074	$	176,208	$	158,110
EMEA	90,549		83,385		84,919
APAC	28,436		25,002		19,287
Rest of the world	5,867		6,661		4,698
Total	$	282,926	$	291,256	$	267,014

The following table presents long-lived assets by geographic area, which includes property and equipment, net, and operating lease right-of-use assets (in thousands):


	December 31,
	2025		2024
United States	$	78,203	$	88,998
Rest of the world	12,603		13,926
Total	$	90,806	$	102,924

Segment and Geographical Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 282,926	$ 291,256	$ 267,014
Less:
Operating income (loss)	(17,259)	3,927	2,036
Other income (expense)
Interest income	5,455	8,477	8,828
Other income (expense), net	(4,150)	5,370	(359)
Income before income taxes	(15,954)	17,774	10,505
Provision for (benefit from) income taxes	(1,492)	5,270	1,624
Net income (loss)	(14,462)	12,504	8,881
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	282,926	291,256	267,014
Less:
Employee compensation	190,613	183,022	156,052
Depreciation and amortization expense	43,769	45,352	44,770
Other segment items	65,803	58,955	64,156
Operating income (loss)	(17,259)	3,927	2,036
Other income (expense)
Interest income	5,455	8,477	8,828
Other income (expense), net	(4,150)	5,370	(359)
Income before income taxes	(15,954)	17,774	10,505
Provision for (benefit from) income taxes	(1,492)	5,270	1,624
Net income (loss)	$ (14,462)	$ 12,504	$ 8,881

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 282,926	$ 291,256	$ 267,014
Cost of revenue	103,085	101,027	99,229
Gross profit	179,841	190,229	167,785
Operating expenses:
Technology and development	33,820	33,263	26,727
Sales and marketing	102,940	95,369	82,803
General and administrative	60,340	57,670	56,219
Total operating expenses	197,100	186,302	165,749
Operating income (loss)	(17,259)	3,927	2,036
Interest income	5,455	8,477	8,828
Other income (expense), net	(4,150)	5,370	(359)
Total other income, net	1,305	13,847	8,469
Income before provision for (benefit from) income taxes	(15,954)	17,774	10,505
Provision for (benefit from) income taxes	(1,492)	5,270	1,624
Net income (loss)	$ (14,462)	$ 12,504	$ 8,881
Net income (loss) per share attributable to common stockholders:
Basic (in usd per share)	$ (0.31)	$ 0.25	$ 0.17
Diluted (in usd per share)	$ (0.31)	$ 0.23	$ 0.16
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	47,008,000	49,213,000	51,760,000
Diluted (in shares)	47,008,000	54,294,000	56,027,000

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease, Cost

The components of operating and finance lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	10,027	$	8,536
Finance lease cost	183		186
Total lease cost	$	10,210	$	8,722

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	2,616	$	6,531
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	2,922	$	29,909

Schedule of Assets and Liabilities, Lessee

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	38,149	$	44,402
Operating lease liabilities, current	$	6,953	$	5,843
Operating lease liabilities, non-current	36,910		39,538
Total operating lease liabilities	$	43,863	$	45,381
Finance leases
Furniture and fixtures	$	869	$	869
Accumulated depreciation	(710)		(536)
Furniture and fixtures, net	$	159	$	333
Accrued liabilities	$	148	$	139
Other liabilities, non-current	196		344
Total finance lease liabilities	$	344	$	483

Other information related to leases was as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term:
Operating leases	7.4 years		7.8 years
Finance leases	2.3 years		3.3 years
Weighted-average discount rate:
Operating leases	5.30	%	4.90	%
Finance leases	2.24	%	2.24	%

Schedule of Lessee, Operating Lease, Liability, Maturity

As of December 31, 2025, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Year ending December 31,
2026	$	9,019	$	153	$	9,172
2027	9,949		158		10,107
2028	6,517		41		6,558
2029	4,907		—		4,907
2030	4,083		—		4,083
Thereafter	20,408		—		20,408
Total minimum lease payments	54,883		352		55,235
Less: imputed interest	(11,020)		(8)		(11,028)
Total present value of lease liabilities	$	43,863	$	344	$	44,207

Schedule of Finance Lease, Liability, Fiscal Year Maturity

As of December 31, 2025, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Year ending December 31,
2026	$	9,019	$	153	$	9,172
2027	9,949		158		10,107
2028	6,517		41		6,558
2029	4,907		—		4,907
2030	4,083		—		4,083
Thereafter	20,408		—		20,408
Total minimum lease payments	54,883		352		55,235
Less: imputed interest	(11,020)		(8)		(11,028)
Total present value of lease liabilities	$	43,863	$	344	$	44,207

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined contribution plan, maximum annual contributions per employee, percent	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 1.8	$ 1.7

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Obligations

The Company’s purchase obligations primarily relate to minimum contractual payments due to data center providers.

As of December 31, 2025, future minimum commitments for purchase obligations with a remaining term in excess of one year were as follows (in thousands):


Years ending December 31,
2026	$	40,241
2027	34,927
2028	227
2029	125
Total future minimum commitments, net	$	75,520

Letters of Credit

As of December 31, 2025, the Company had three irrevocable letters of credit outstanding related to non-cancelable facilities leases in the amounts of $3.5 million, $1.5 million, and $0.2 million, with annual automatic renewal and final expiration dates in July 2028, April 2036, and September 2031, respectively. As of December 31, 2024 the Company had two irrevocable letters of credit outstanding related to noncancelable facilities leases in the amounts of $3.5 million and $1.5 million, with annual automatic renewal and final expiration dates in July 2028 and April 2036, respectively.

Legal Matters

From time to time, the Company is or may be involved in various claims and other legal matters arising in the normal course of business. The Company records an accrual for a liability relating to claims and other legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Any such accruals are reviewed at least quarterly and adjusted for the impacts of negotiations, rulings, settlements, and other information or events pertaining to a particular matter, or on the advice of legal counsel. To date, the Company has not incurred a material loss, or a material loss in excess of a recorded accrual, with respect to any claims and other legal matters arising in the normal course of business. However, the outcomes of claims and other legal matters are inherently unpredictable and subject to significant uncertainties. If the Company subsequently concludes that there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred, and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company, but have not yet been made. To date, the Company has not paid any material claims or been required to defend any actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In addition, the Company has indemnification agreements with certain of its directors and executive officers that require it, among other things, to indemnify them against certain liabilities that may arise due to their status or service as directors or officers of the Company. The terms of such obligations may vary.

Stockholders’ Equity and Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 38,378	$ 37,676	$ 28,862
Tax benefit from stock-based compensation	(8,117)	(7,728)	(5,695)
Total stock-based compensation expense, net of tax effect	30,261	29,948	23,167
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,854	1,855	1,472
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6,088	6,313	4,346
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	13,703	13,407	10,462
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,733	$ 16,101	$ 12,582

Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 250,524	$ 234,065
Less: accumulated depreciation and amortization	(197,867)	(175,543)
Total property, equipment and software, net	52,657	58,522
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	89,161	72,372
Network hardware, computer equipment and software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	151,276	153,838
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	7,553	5,526
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 2,534	$ 2,329

Balance Sheet Components - Schedule of Marketable Securities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 40,112,000
Unrealized Gains		26,000
Unrealized Loss		(3,000)
Fair Value	$ 0	40,135,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		27,823,000
Unrealized Gains		17,000
Unrealized Loss		(3,000)
Fair Value		27,837,000
U.S. Treasury and government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		12,289,000
Unrealized Gains		9,000
Unrealized Loss		0
Fair Value		$ 12,298,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 145,518,000	$ 100,452,000
Marketable securities	0	40,135,000
Accounts receivable, net	358,240,000	424,814,000
Prepaid expenses and other current assets	18,889,000	10,145,000
Total current assets	522,647,000	575,546,000
Property, equipment and software - net	52,657,000	58,522,000
Operating lease right-of-use assets	38,149,000	44,402,000
Acquisition-related intangible assets, net	2,704,000	4,284,000
Goodwill	29,577,000	29,577,000
Deferred income tax asset	30,986,000	24,864,000
Other assets, non-current	3,475,000	2,324,000
TOTAL ASSETS	680,195,000	739,519,000
Current liabilities
Accounts payable	343,619,000	386,602,000
Accrued liabilities	25,278,000	26,365,000
Operating lease liabilities, current	6,953,000	5,843,000
Total current liabilities	375,850,000	418,810,000
Operating lease liabilities, non-current	36,910,000	39,538,000
Other liabilities, non-current	4,846,000	3,908,000
TOTAL LIABILITIES	417,606,000	462,256,000
Commitments and contingencies (Note 8)
Stockholders' Equity
Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of December 31, 2025 and 2024; No shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, par value $0.0001 per share; 1,000,000 Class A shares authorized as of December 31, 2025 and 2024; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 48,177 shares issued and 39,860 shares outstanding as of December 31, 2024; 1,000,000 Class B shares authorized as of December 31, 2025 and 2024; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025; 11,382 shares issued and 8,241 outstanding as of December 31, 2024	7,000	6,000
Treasury stock, at cost; 15,546 and 11,458 shares as of December 31, 2025 and 2024, respectively	(193,471,000)	(146,796,000)
Additional paid-in capital	321,062,000	275,304,000
Accumulated other comprehensive income (loss)	68,000	(636,000)
Retained earnings	134,923,000	149,385,000
TOTAL STOCKHOLDERS’ EQUITY	262,589,000	277,263,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 680,195,000	$ 739,519,000

Stockholders’ Equity and Equity Incentive Plans

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity and Equity Incentive Plans

Common Stock

The Company’s board of directors has authorized 1,000,000,000 shares of Class A common stock, $0.0001 par value per share, and 1,000,000,000 shares of Class B common stock, $0.0001 par value per share. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Holders of Class A common stock are entitled to one vote and holders of Class B common stock are entitled to ten votes and is convertible into one share of Class A common stock. Each share of Class B is convertible anytime at the option of the holder into one share of Class A common stock. Once converted or transferred and converted into Class A common stock, the Class B common stock will not be reissued.

Share Repurchases

In February 2023, the Company’s board of directors authorized the Company to repurchase up to $75 million of its Class A common stock (as amended, the “2023 Repurchase Program”). In February 2024, the Company’s board of directors authorized the Company to repurchase up to an additional $100 million of its Class A common stock under the 2023 Repurchase Program (the “2024 Repurchase Program Extension”) in addition to the $75 million previously authorized under the 2023 Repurchase Program, and extended the expiration of the 2023 Repurchase Program to December 31, 2025. In May 2025, the Company’s board of directors authorized the Company to repurchase up to an additional $100 million of its Class A common stock under the 2023 Repurchase Program (the “2025 Repurchase Program Extension”) in addition to the aggregate $175 million previously authorized under the 2023 Repurchase Program, and extended the expiration of the 2023 Repurchase Program to December 31, 2026.

Shares are repurchased in a manner deemed in the best interest of the Company and its stockholders, dependent upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. Repurchases are executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Exchange Act. The 2023 Repurchase Program is scheduled to terminate on December 31, 2026.

During the year ended December 31, 2025, the Company repurchased 4,087,633 aggregate shares of Class A common stock for $46.5 million. The Company recorded an additional $0.2 million related to the 1% excise tax on net share repurchases as a result of the Inflation Reduction Act of 2022 (“IRA”). As of December 31, 2025, $93.9 million remains available for repurchases.

Equity Incentive Plans

The Company maintains the 2020 Equity Incentive Plan (“2020 Plan”), pursuant to which the Company may grant stock options, restricted stock awards, stock appreciation rights, restricted stock units (“RSUs”), deferred stock units (“DSUs”) performance awards, and stock bonus awards. As of December 31, 2025, the Company has reserved 5,377,044 shares of Class A common stock for the issuance of awards under the 2020 Plan. These available shares will increase automatically on January 1 for each of the first ten calendar years during the term of the 2020 Plan by the number of shares equal to the lesser of five percent (5%) of the aggregate number of outstanding shares of all classes of the Company’s common stock outstanding as of the immediately preceding December 31, or a number as may be determined by the Company’s board of directors or compensation committee. No new awards were issued under the Company’s prior 2006 Plan or 2017 Plan (“Prior Plans”) after the effective date of the 2020 Plan. To the extent outstanding awards under the 2006 Plan and the 2017 Plan are forfeited, expire unexercised, or would otherwise have been returned to the share reserve under the Prior Plans, the shares of Class B common stock subject to such awards instead will be available for future issuance as Class A common stock under the 2020 Plan.

Stock Options

Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than ten years from the date of grant.

The following table summarizes stock option activity and related information under the Company’s equity incentive plans (shares and aggregate intrinsic value in thousands):


	Options Outstanding
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding — December 31, 2024	7,893	$	10.68	5.71	$	50,372
Options granted	986	15.65
Options exercised	(953)	1.84
Options canceled	(97)	16.39
Options expired	(41)	21.79
Outstanding — December 31, 2025	7,788	$	12.26	5.67	$	19,475
Vested and exercisable — December 31, 2025	5,949	$	11.25	4.86	$	19,475

The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of the Company’s common stock on the date of exercise. The intrinsic value of options exercised was $8.2 million, $9.9 million and $7.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, unrecognized stock-based compensation of $15.6 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 2.18 years.

The fair value of stock options granted under the Company’s equity incentive plans was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024	2023
Fair market value of common stock	$15.65-$15.65	$15.38-$16.34	$12.56-$16.94
Expected term (in years)	5.0-7.0	5.0-7.0	5.0-7.0
Risk-free interest rate	4.4%-4.4%	4.0%-4.2%	3.5%-4.0%
Expected volatility	54%-57%	55%-58%	55%-59%
Dividend rate	—%	—%	—%
Weighted-average grant date fair value of options granted	$8.83	$8.78	$8.58

These assumptions and estimates were determined as follows:

Fair Value of Common Stock - The fair value of each share of underlying common stock was based on the closing price of the Company’s Class A common stock as reported on the date of the grant.

Expected Term - The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For other option grants, the Company estimates expected term using historical data on employee exercises and post-vesting employment termination behavior taking into account the contractual life of the award.

Risk-Free Interest Rate - The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term.

Expected Volatility - Since the Company has a short trading history of its common stock, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its business over a period equivalent to the expected term of the stock option grants.

Dividend Rate - The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Restricted Stock Units

RSU awards generally vest over four years, subject to the holder’s continued service through the vesting date.

The following table summarizes RSU activity and related information under the Company’s 2020 Plan:


	RSUs
	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share		Aggregate Intrinsic Value (in thousands)
Unvested — December 31, 2024	3,687	$	17.68	$	54,167
Granted	2,047	14.39
Vested	(1,681)	17.96
Canceled/Forfeited	(376)	16.49
Unvested — December 31, 2025	3,677	$	15.85	$	32,618

As of December 31, 2025, unrecognized stock-based compensation of $48.8 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 2.37 years.

2020 Employee Stock Purchase Plan

In November 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the Company’s IPO. A total of 500,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP. The aggregate number of shares reserved for issuance under the ESPP will increase automatically on January 1st of each of the first ten calendar years during the term of the ESPP by the number of shares equal to the lesser of (a) 1% of the total outstanding shares of all classes of the Company’s common stock as of the immediately preceding December 31 and (b) such number of shares of common stock as determined by the Company’s board of directors. The aggregate number of shares issued over the term of the ESPP may not exceed 7,500,000 shares of Class A common stock. As of December 31, 2025, the Company has reserved 2,020,964 shares of its common stock for issuance under the ESPP.

As of December 31, 2025, $0.2 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions and is included in accrued liabilities. For the twelve months ended December 31, 2025, 239,791 shares of Class A common stock have been purchased under the ESPP.

As of December 31, 2025, unrecognized stock-based compensation expense related to the ESPP was $0.6 million, which is expected to be recognized over a weighted-average period of 0.57 years.

The fair value of purchase right granted the under the Company’s 2020 Employee Stock Purchase Plan was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024	2023
Expected term (in years)	0.5-1.0	0.5-1.0	0.5-1.0
Risk-free interest rate	3.6%-3.7%	4.3%-5.4%	5.4%-5.1%
Expected volatility	74%-81%	53%-65%	48%-59%
Dividend rate	—%	—%	—%

Expected Term - The expected term of the ESPP represents the period of time that purchase rights are expected to be outstanding.

Risk-Free Interest Rate - The risk-free interest rate for the expected term of the awards was based on the U.S. Treasury yield curve in effect at the time of the grant.

Expected Volatility - The expected volatility is based on the historical volatility of the Company’s Class A common stock over a period equivalent to the expected term of the ESPP purchase rights.

Dividend rate - The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Stock-Based Compensation

Total stock-based compensation expense recognized in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	1,854	$	1,855	$	1,472
Technology and development	6,088		6,313		4,346
Sales and marketing	13,703		13,407		10,462
General and administrative	16,733		16,101		12,582
Total stock-based compensation expense	38,378		37,676		28,862
Tax benefit from stock-based compensation	(8,117)		(7,728)		(5,695)
Total stock-based compensation expense, net of tax effect	$	30,261	$	29,948	$	23,167

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (h)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table presents the changes in the allowance for credit losses (in thousands):


	December 31,
	2025		2024		2023
Allowance for credit losses, beginning balance	$	1,018	$	770	$	1,765
Provision	—		248		14,547
Write-offs	—		—		(15,542)
Allowance for credit losses, ending balance	$	1,018	$	1,018	$	770

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Marketable Securities

The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):









	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Loss		Fair Value
Commercial paper	$	27,823	$	17	$	(3)	$	27,837

U.S. Treasury and government debt securities	12,289		9		—		12,298
Total	$	40,112	$	26	$	(3)	$	40,135

The Company had no marketable securities as of December 31, 2025. The remaining contractual maturity of all marketable securities was within one year as of December 31, 2024. Realized gains and losses were not material for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2024 there were no securities that were in an unrealized loss position for more than twelve months.

Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	December 31,
	2025		2024
Internal-use software	$	89,161	$	72,372
Network hardware, computer equipment and software	151,276		153,838
Leasehold improvements	7,553		5,526
Furniture and fixtures	2,534		2,329
Property, equipment and software, gross	250,524		234,065
Less: accumulated depreciation and amortization	(197,867)		(175,543)
Total property, equipment and software, net	$	52,657	$	58,522

Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal use software) was $19.0 million, $24.8 million, and $28.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company capitalized $24.0 million, $23.4 million, and $21.3 million in software development costs during the years ended December 31, 2025, 2024 and 2023, respectively. Fully-amortized software development costs of $7.3 million have been removed from internal-use software and accumulated depreciation and amortization for each of the years ended December 31, 2025 and 2024. Amortization expense of internal use software was $23.2 million, $18.9 million, and $13.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. These costs are included within cost of revenue in the consolidated statements of operations.

The Company did not recognize any impairment charges on its long-lived assets during the years ended December 31, 2025, 2024 and 2023.

Accounts Payable

Accounts payable consisted of the following (in thousands):


	December 31,
	2025		2024
Payable to publishers	$	319,482	$	366,009
Trade and other payables	24,137		20,593
Total accounts payable	$	343,619	$	386,602

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued compensation	$	19,583	$	19,977
Accrued and other current liabilities	5,695		6,388
Total accrued liabilities	$	25,278	$	26,365

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographical Information

Segment Information

Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

The primary measure of segment profit or loss is consolidated net income (loss) as presented below and is used by the CODM for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers accountable for operations, operating results beyond revenue or gross profit, or plans for levels or components below the consolidated unit level. Accordingly, the Company has one single reporting segment.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenues	$	282,926	$	291,256	$	267,014
Less:
Employee compensation1	190,613		183,022		156,052
Depreciation and amortization expense	43,769		45,352		44,770
Other segment items2	65,803		58,955		64,156
Operating income (loss)	(17,259)		3,927		2,036

Other income (expense)
Interest income	5,455		8,477		8,828

Other income (expense), net	(4,150)		5,370		(359)
Income before income taxes	(15,954)		17,774		10,505
Provision for (benefit from) income taxes	(1,492)		5,270		1,624
Segment income (loss)	$	(14,462)	$	12,504	$	8,881

_______________

(1)Employee compensation includes employee payroll, share-based compensation, bonus, and employee benefits for medical care, retirement, insurances, and other related expenses.

(2)Other segment items includes costs and expenses from operation of the Company’s data centers, professional services, facilities, marketing, and other related expenses.

Geographical Information

The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	158,074	$	176,208	$	158,110
EMEA	90,549		83,385		84,919
APAC	28,436		25,002		19,287
Rest of the world	5,867		6,661		4,698
Total	$	282,926	$	291,256	$	267,014

No other country besides the United States represented more than ten percent of total revenue during the years ended December 31, 2025, 2024, and 2023.

The following table presents long-lived assets by geographic area, which includes property and equipment, net, and operating lease right-of-use assets (in thousands):


	December 31,
	2025		2024
United States	$	78,203	$	88,998
Rest of the world	12,603		13,926
Total	$	90,806	$	102,924

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Operating lease right-of-use assets	$ 38,149	$ 44,402
Operating lease liabilities, current	6,953	5,843
Operating lease liabilities, non-current	36,910	39,538
Total operating lease liabilities	43,863	45,381
Finance leases
Furniture and fixtures	869	869
Accumulated depreciation	(710)	(536)
Furniture and fixtures, net	159	333
Accrued liabilities	$ 148	$ 139
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Other liabilities, non-current	$ 196	$ 344
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other liabilities, non-current	Other liabilities, non-current
Total finance lease liabilities	$ 344	$ 483
Weighted-average remaining lease term:
Operating leases	7 years 4 months 24 days	7 years 9 months 18 days
Finance leases	2 years 3 months 18 days	3 years 3 months 18 days
Weighted-average discount rate:
Operating leases	5.30%	4.90%
Finance leases	2.24%	2.24%

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combination	On September 16, 2022, the Company acquired all outstanding stock of ConsultMates, Inc. (dba “Martin”), a media measurement and reporting platform, for $30.8 million. The purchase price was attributed to $7.9 million of developed technology intangible assets, $1.0 million of customer relationship intangible assets, $23.3 million of goodwill, $1.1 million of deferred tax liabilities, and $0.3 million of net liabilities assumed. The fair value of the acquired developed technology intangible asset was estimated using the excess earnings method. The goodwill recognized was primarily attributable to the assembled workforce and the expected synergies from integrating Martin’s technology into the Company’s platform. Goodwill is not deductible for tax purposes. The financial results of Martin are included in the Company’s consolidated financial statements from the date of acquisition. Acquisition-related costs were $0.9 million and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2022.

- Definition

The entire disclosure for business combination.

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+ Details

Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (21,895)	$ 9,737	$ 5,371
Foreign	5,941	8,037	5,134
Income before provision for (benefit from) income taxes	$ (15,954)	$ 17,774	$ 10,505

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 31, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Operating lease, lease area \| ft²			30,000
Irrevocable Letters of Credit due April 2036
Lessee, Lease, Description [Line Items]
Letters of credit outstanding, amount \| $	$ 1.5	$ 3.5	$ 1.5
Office Equipment
Lessee, Lease, Description [Line Items]
Lease term	7 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	7 years

Goodwill and Acquisition-related Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-related Intangible Assets, Net

Goodwill

Goodwill as of December 31, 2025 and 2024 was $29.6 million. There were no accumulated impairment losses as of December 31, 2025.

Acquisition-related Intangible Assets, Net

Acquisition-related intangible assets, net consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (in years)
Developed technology	$	7,900	$	5,196	$	2,704	1.75
Customer relationships	1,000		1,000		—		—
Total acquisition-related intangible assets	$	8,900	$	6,196	$	2,704	1.75


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (in years)
Developed technology	$	7,900	$	3,616	$	4,284	2.75
Customer relationships	1,000		1,000		—		—
Total acquisition-related intangible assets	$	8,900	$	4,616	$	4,284	2.75

Amortization expense related to acquisition-related intangibles was $1.6 million for each of the years ended December 31, 2025 and 2024.

As of December 31, 2025, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands):


2026	$	1,580
2027	1,124


Total estimated future amortization expense for acquisition-related intangible assets	$	2,704

Basis of Presentation and Summary of Significant Accounting Policies - Leases (Details)	Dec. 31, 2025
Office Equipment
Property, Plant and Equipment [Line Items]
Lease term, extension period	5 years

Income Taxes - Schedule of Effective Income After-Tax Rate (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State after-tax rate	1.80%	3.60%	2.82%
Stock options	(11.90%)	1.23%	19.25%
Research credit		(6.33%)	(10.20%)
Transfer pricing reserve		(0.77%)	1.54%
Foreign rate differential		1.32%	4.64%
GILTI		0.00%	(11.62%)
Foreign derived intangible income	2.50%	(11.52%)	(22.57%)
Section 162(m) limitation		14.15%	7.18%
Acquisition-related costs		0.0556	0.0122
Change in valuation allowance		0.61%	0.00%
Other		0.79%	2.18%
Effective Tax Rate	9.40%	29.64%	15.44%

Net Income (Loss) Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share (“EPS”) attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights.

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except per share data)
Numerator:


Net income (loss) attributable to common stockholders – basic	$	(14,462)	$	12,504	$	8,881
Denominator:





Weighted average shares outstanding – basic	47,008		49,213		51,760
Options to purchase common stock	—		3,722		4,037
Restricted stock	—		1,272		178
Employee stock purchase plan shares	—		87		52
Weighted average shares outstanding – diluted	47,008		54,294		56,027
Net income (loss) per share attributable to common stockholders – diluted	$	(0.31)	$	0.23	$	0.16


	Year Ended December 31,
	2025	2024	2023
Options to purchase common stock	4,488	3,354	2,167
Unvested restricted stock units	1,979	100	1,106
ESPP	—	—	37
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	6,467	3,454	3,310

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Significant items subject to such estimates include: revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, internal use software development costs, and income taxes, including the valuation reserve on deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after December 31, 2025, including macroeconomic factors, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions in amounts which exceed Federal Deposit Insurance Corporation limits. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government and its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The primary objective of its investment activities is to preserve principal while maximizing income without significantly increasing risk. The Company defines its revenue concentration based on revenue recognized from individual publishers. For the years ended December 31, 2025, 2024, and 2023, no publisher represented more than 10% of the Company’s revenue. As of December 31, 2025, three buyers accounted for 24%, 16%, and 14% respectively, of accounts receivable. As of December 31, 2024, two buyers accounted for 44% and 11%, respectively, of accounts receivable.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents.
Marketable Securities	Marketable Securities The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. These marketable securities are carried at fair value and unrealized gains and losses are recorded in other comprehensive income, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. As of December 31, 2025, the Company does not have marketable securities. Realized gains and losses from the sale of marketable securities and declines in value deemed to be other than temporary are determined based on the specific identification method. Realized gains and losses, and any expected credit losses, are reported in other income (expense), net in the consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable, and accrued liabilities. Cash equivalents and marketable securities are remeasured at fair value at the end of every period. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment.
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into foreign currency derivative contracts to reduce foreign exchange risk associated with monetary assets or liabilities denominated in currencies other than the functional currency. The Company uses forward currency derivative contracts, which are not designated as hedging instruments, to minimize the Company’s exposure to balances primarily denominated in the Euro and British Pound Sterling. Currently, the Company settles its forward contracts with the full value of the contract. The Company’s derivative financial instruments program is not designated for trading or speculative purposes. While the contract or notional amount is often used to express the volume of foreign currency derivative contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties’ obligations under the agreements exceed the obligations of the Company to the counterparties. Outstanding foreign currency derivative contracts are recorded at fair value on the consolidated balance sheets. Unrealized gains or losses due to changes in the fair value of these derivative contracts, as well as realized gains or losses from their net settlement, are recognized as other income (expense) in the consolidated statements of operations consistent with the offsetting gains or losses resulting from the remeasurement or settlement of the underlying foreign currency denominated receivables and payables.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for credit losses is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for credit losses is determined based on historical collection experience and the review in each period of the status of the then outstanding accounts receivable, while taking into consideration current customer information, collection history, and other relevant data. Account balances are written off against the allowance when the Company believes it is probable the receivable will not be recovered.
Property and Equipment	Property and Equipment Property and equipment, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term.
Internal Use Software Development Costs	Internal Use Software Development Costs The Company capitalizes certain internal use software development costs associated with creating and enhancing internal use software related to its platform and technology infrastructure. These costs include personnel and related employee benefits expenses for employees who are directly associated with and who devote time to software projects, and external direct costs of materials and services consumed in developing or obtaining the software. Software development costs that do not meet the criteria for capitalization are expensed as incurred and recorded in technology and development expenses in the consolidated statements of operations and comprehensive income. Software development activities generally consist of three stages, (i) the planning stage, (ii) the application and infrastructure development stage, and (iii) the post implementation stage. Costs incurred in the planning and post implementation stages of software development, including costs associated with the post configuration training and repairs and maintenance of the developed technologies, are expensed as incurred. The Company capitalizes costs associated with software developed for internal use when both the preliminary project stage is completed and management has authorized further funding for the completion of the project. Costs incurred in the application and infrastructure development stages, including significant enhancements and upgrades, are capitalized. Capitalization ends once a project is substantially complete and the software and technologies are ready for their intended purpose. Internal use software development costs are amortized using a straight-line method over the estimated useful life of two to five years, commencing when the software is ready for its intended use.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under Topic 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. The Company’s leases may include a non-lease component representing additional services transferred to the Company, such as common area maintenance for real estate. The Company accounts for each separate lease component and the non-lease components associated with that lease component as a single lease component. As such, minimum lease payments include fixed payments for non-lease components within a lease agreement but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period. Non-lease components that are variable in nature are recorded as variable lease expense in the period incurred. The allocation of lease payments is determined based on the relative standalone price of the separate office and furniture components. Some leases include an option to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term up to five additional years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are not included in the lease terms as the Company is not reasonably certain that they will exercise that option. The Company’s leases generally do not contain any material restrictive covenants. The Company recognizes its lease right of use assets (“ROU assets”) and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. The Company uses its incremental borrowing rate to determine the present value of lease payments, as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgment is applied in assessing factors such as Company-specific credit risk, lease term, nature and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease. Operating ROU assets and liabilities are included on the Company’s consolidated balance sheets. Finance lease assets are included in property, equipment and software, net. Finance lease liabilities are included in accrued liabilities and other liabilities, non-current. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less for any asset classes. Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s consolidated financial statements.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of its long-lived assets, including property and equipment and intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying value of these assets, the Company recognizes an impairment loss based on the excess of the carrying value over the fair value of the assets.
Business Combinations	Business Combinations The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations.
Acquisition-related Intangible Assets and Goodwill	Acquisition-related Intangible Assets and Goodwill Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Goodwill amounts are not amortized. Acquisition-related intangible assets and goodwill are tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the acquisition-related intangible assets or goodwill may be impaired. Events or changes in circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets, or the strategy for the Company’s overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has not recorded any acquisition-related intangible assets or goodwill impairment to date.
Revenue Recognition and Cost of Revenue	Revenue Recognition The Company recognizes revenue through the following steps: •Identification of a contract with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when or as the performance obligations are satisfied. The Company refers to its publishers, app developers, and channel partners collectively as its publishers. The Company generates revenue through the monetization of publisher ad impressions on its platform. The Company’s platform allows publishers to sell, in real time, ad impressions to buyers and provides automated inventory management and monetization tools to publishers across various device types and digital ad formats. The Company charges publishers a fee, which is typically a percentage of the value of the ad impressions monetized through the Company’s platform. The Company maintains agreements with each publisher and buyer in the form of written service agreements, which set out the terms of the relationship, including payment terms (typically ninety days or less) and access to its platform. The Company invoices buyers for publisher digital advertising inventory purchased through its platform. The Company recognizes revenue when a bid is won and a buyer purchases inventory on its platform. The Company records revenue reductions for rebates associated with SPO agreements with buyers. These rebates may be fixed or tiered based on the volume of spend over the incentive period. For volume-based rebate rates, the Company estimates and records revenue reductions based on the expected volumes during the incentive term. The determination as to whether revenue should be reported gross of amounts billed to buyers (gross basis) or net of payments to publishers (net basis) requires significant judgment, and is based on the Company’s assessment of whether it is acting as the principal or an agent in the transaction. The Company has determined that it does not act as the principal in the purchase and sale of digital advertising inventory because it does not control the advertising inventory and it does not set the price which is the result of an auction within the marketplace. Based on these and other factors, the Company reports revenue on a net basis. The Company invoices buyers at the end of each month for the full purchase price of ad impressions monetized in that month. Accounts receivable are recorded at the amount of gross billings for the amounts the Company is responsible to collect, and accounts payable are recorded at the net amount payable to publishers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis. Cost of Revenue Cost of revenue consists primarily of data center co-location costs, depreciation expense related to hardware supporting the Company’s platform, amortization expense related to capitalized internal use software development costs and acquired developed technology, personnel costs, and allocated facilities costs. Personnel costs include salaries, bonuses, stock-based compensation, and employee benefit costs, and are primarily attributable to the Company’s network operations group which maintains the Company’s servers and the Company’s client operations group, which is responsible for integration of new publishers and buyers and providing customer support for existing customers.
Technology and Development Costs	Technology and Development Costs Technology and development expenses consist primarily of personnel costs, including salaries, bonuses, stock-based compensation, and employee benefits costs, allocated facilities costs, and professional services. These expenses include costs incurred in the development, implementation and maintenance of internal use software, including platform and related infrastructure. Technology and development costs are expensed as incurred, except to the extent that such costs are associated with internal use software development that meets the criteria for capitalization. The Company amortizes internal use software development costs that relate to its revenue producing activities on its platform to cost of revenue.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are included in sales and marketing expenses.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense related to stock awards, including stock options and restricted stock units (“RSUs”), is measured based on the fair value of the awards granted and recognized as an expense on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four years. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The fair value of each RSU award is based on the fair value of the underlying common stock as of the grant date. Stock-based compensation expense related to the Company’s Employee Stock Purchase Plan (“ESPP”) is measured at fair value on the grant date using the Black-Scholes option pricing model. The Company recognizes stock-based compensation expense related to shares issued pursuant to the ESPP on a straight-line basis over the offering period, which is 12 months. The ESPP allows employees to purchase shares of the Company's common stock at a 15% percent discount from the lower of the Company’s stock price on (i) the first day of the offering period or on (ii) the last day of each of the two six-month purchase periods. The ESPP also allows employees to reduce their percentage election but not to increase that election until the next one-year offering period. The ESPP includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company accounts for forfeitures as they occur.
Foreign Currency Translation	Foreign Currency Translation Transactions in foreign currencies are translated into the functional currency of the applicable entity at the rates of exchange in effect at the date of the transaction. Accordingly, all monetary assets and liabilities of these subsidiaries are remeasured at the current exchange rate at each balance sheet date, nonmonetary assets and liabilities are measured at historical rates, and revenue and expenses are remeasured at average exchange rates during the period. Transaction gains and losses are included in other income (expense), net in the accompanying consolidated statements of operations.
Income Taxes	Income Taxes The Company utilizes the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements, as well as from net operating loss and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will actually be paid or refunds received, as provided for under currently enacted tax law. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized. The Company recognizes interest and penalties related to income tax matters as income tax expense.
Net Income (Loss) Per Share Attributable to Common Stockholders	Net Income (Loss) Per Share Attributable to Common Stockholders Basic and diluted net income (loss) per share attributable to Class A and Class B common stock is computed in conformity with the two-class method required for participating securities. The Company applies the two-class method to allocate earnings between common and other participating securities based on their participation rights. Distributed and undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income (loss) attributable to common stockholders. Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s Class A and Class B common stock outstanding. The diluted net income per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. During the periods when there is a net loss attributable to common stockholders, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31,2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11—Income Taxes in the accompanying notes to the consolidated financial statements for further detail. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact adopting ASU 2024-03 will have on its financial statement disclosures. In July 2025, the FASB issued ASU 2025-05 “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets” ("ASU 2025-05"), which provides a practical expedient to measure credit losses on current accounts receivable. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (the “ASU 2025-06”), simplifies the capitalization guidance by removing all references to prescriptive and sequential software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (the “ASU 2025-11”), which clarifies interim disclosure requirements and the applicability of Topic 270. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements

Balance Sheet Components - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payable to publishers	$ 319,482	$ 366,009
Trade and other payables	24,137	20,593
Total accounts payable	$ 343,619	$ 386,602

Stockholders’ Equity and Equity Incentive Plans - Schedule of Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate minimum	4.40%	4.00%	3.50%
Risk-free interest rate maximum	4.40%	4.20%	4.00%
Expected volatility minimum	54.00%	55.00%	55.00%
Expected volatility maximum	57.00%	58.00%	59.00%
Dividend rate	0.00%	0.00%	0.00%
Weighted-average grant date fair value of options granted (in usd per share)	$ 8.83	$ 8.78	$ 8.58
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate minimum	3.60%	4.30%	5.40%
Risk-free interest rate maximum	3.70%	5.40%	5.10%
Expected volatility minimum	74.00%	53.00%	48.00%
Expected volatility maximum	81.00%	65.00%	59.00%
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair market value of common stock (in usd per share)	$ 15.65	$ 15.38	$ 12.56
Expected term (in years)	5 years	5 years	5 years
Minimum \| ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 months	6 months	6 months
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair market value of common stock (in usd per share)	$ 15.65	$ 16.34	$ 16.94
Expected term (in years)	7 years	7 years	7 years
Maximum \| ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	1 year	1 year	1 year

Stockholders’ Equity and Equity Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) calendarYear $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	May 31, 2025 USD ($)	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Nov. 30, 2020 shares
Class of Stock [Line Items]
Share-based compensation arrangement, automatic annual increase term \| calendarYear	10
Discount from market price, purchase date	5.00%
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value	$ 8.2	$ 9.9	$ 7.5
Dividend rate	0.00%	0.00%	0.00%
Amount withheld for employee stock purchase plan	$ 0.2
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Award vesting period	4 years
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 15.6
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 2 months 4 days
Dividend rate	0.00%
Unvested restricted stock units
Class of Stock [Line Items]
Award vesting period	4 years
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 4 months 13 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 48.8
ESPP
Class of Stock [Line Items]
Common shares reserved for issuance \| shares	2,020,964
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	6 months 25 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 0.6
2023 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 175.0		$ 75.0
Stock repurchased (in shares) \| shares	4,087,633
Stock repurchased and retired during period, value	$ 46.5
Stock repurchase program, net share repurchases charge, inflation reduction act	0.2
Stock repurchase program, remaining authorized repurchase amount	$ 93.9
2024 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 100.0
2025 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, additional authorized amount				$ 100.0
Common Class A
Class of Stock [Line Items]
Common stock shares authorized (in shares) \| shares	1,000,000,000	1,000,000,000
Common stock par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares	1
Common shares reserved for issuance \| shares	5,377,044
Issuance of common stock related to employee stock purchase plan (in shares) \| shares	239,791
Common Class A \| ESPP
Class of Stock [Line Items]
Common shares reserved for issuance \| shares							500,000
Number of shares authorized \| shares	7,500,000
Common Class B
Class of Stock [Line Items]
Common stock shares authorized (in shares) \| shares	1,000,000,000	1,000,000,000
Common stock par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares	10

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	6,467	3,454	3,310
Options to purchase common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	4,488	3,354	2,167
Unvested restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	1,979	100	1,106
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted	0	0	37

Goodwill and Acquisition-related Intangible Assets, Net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 29,577,000	$ 29,577,000
Goodwill, accumulated impairment losses	0
Amortization of intangible assets	$ 1,600,000	$ 1,600,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Marketable Securities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Marketable securities	$ 0	$ 40,135,000

Stockholders’ Equity and Equity Incentive Plans - Schedule of Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares Underlying Outstanding Options
Beginning balance (in shares)	7,893
Options granted (in shares)	986
Options exercised (in shares)	(953)
Options canceled (in shares)	(97)
Options expired (in shares)	(41)
Ending balance (in shares)	7,788	7,893
Vested and exercisable (in shares)	5,949
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 10.68
Options granted (in usd per share)	15.65
Options exercised (in usd per share)	1.84
Options canceled (in usd per share)	16.39
Options expired (in usd per share)	21.79
Ending balance (in usd per share)	12.26	$ 10.68
Vested and exercisable (in usd per share)	$ 11.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years)	5 years 8 months 1 day	5 years 8 months 15 days
Weighted average remaining contractual term vested and exercisable (in years)	4 years 10 months 9 days
Aggregate intrinsic value, awards outstanding	$ 19,475	$ 50,372
Aggregate intrinsic value, vested and exercisable	$ 19,475

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Jose, California

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Debt Securities, Available-for-sale

The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):









	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Loss		Fair Value
Commercial paper	$	27,823	$	17	$	(3)	$	27,837

U.S. Treasury and government debt securities	12,289		9		—		12,298
Total	$	40,112	$	26	$	(3)	$	40,135

Schedule of Property, Plant and Equipment

Property, equipment and software, net consisted of the following (in thousands):


	December 31,
	2025		2024
Internal-use software	$	89,161	$	72,372
Network hardware, computer equipment and software	151,276		153,838
Leasehold improvements	7,553		5,526
Furniture and fixtures	2,534		2,329
Property, equipment and software, gross	250,524		234,065
Less: accumulated depreciation and amortization	(197,867)		(175,543)
Total property, equipment and software, net	$	52,657	$	58,522

Schedule of Accounts Payable

Accounts payable consisted of the following (in thousands):


	December 31,
	2025		2024
Payable to publishers	$	319,482	$	366,009
Trade and other payables	24,137		20,593
Total accounts payable	$	343,619	$	386,602

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued compensation	$	19,583	$	19,977
Accrued and other current liabilities	5,695		6,388
Total accrued liabilities	$	25,278	$	26,365

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Fiscal Year

The Company’s fiscal year ends on December 31. References to fiscal year 2025, for example, refer to the fiscal year ended December 31, 2025.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses.

Significant items subject to such estimates include: revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, internal use software development costs, and income taxes, including the valuation reserve on deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions.

Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after December 31, 2025, including macroeconomic factors, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions in amounts which exceed Federal Deposit Insurance Corporation limits.

The Company’s investment policy limits investments to certain types of securities issued by the U.S. government and its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The primary objective of its investment activities is to preserve principal while maximizing income without significantly increasing risk.

The Company defines its revenue concentration based on revenue recognized from individual publishers. For the years ended December 31, 2025, 2024, and 2023, no publisher represented more than 10% of the Company’s revenue. As of December 31, 2025, three buyers accounted for 24%, 16%, and 14% respectively, of accounts receivable. As of December 31, 2024, two buyers accounted for 44% and 11%, respectively, of accounts receivable.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents.

Marketable Securities

The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. These marketable securities are carried at fair value and unrealized gains and losses are recorded in other comprehensive income, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. As of December 31, 2025, the Company does not have marketable securities. Realized gains and losses from the sale of marketable securities and declines in value deemed to be other than temporary are determined based on the specific identification method. Realized gains and losses, and any expected credit losses, are reported in other income (expense), net in the consolidated statements of operations and comprehensive income.

Fair Value of Financial Instruments

Financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable, and accrued liabilities. Cash equivalents and marketable securities are remeasured at fair value at the end of every period. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment.

Derivative Financial Instruments

The Company enters into foreign currency derivative contracts to reduce foreign exchange risk associated with monetary assets or liabilities denominated in currencies other than the functional currency. The Company uses forward currency derivative contracts, which are not designated as hedging instruments, to minimize the Company’s exposure to balances primarily denominated in the Euro and British Pound Sterling. Currently, the Company settles its forward contracts with the full value of the contract. The Company’s derivative financial instruments program is not designated for trading or speculative purposes. While the contract or notional amount is often used to express the volume of foreign currency derivative contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties’ obligations under the agreements exceed the obligations of the Company to the counterparties.

Outstanding foreign currency derivative contracts are recorded at fair value on the consolidated balance sheets. Unrealized gains or losses due to changes in the fair value of these derivative contracts, as well as realized gains or losses from their net settlement, are recognized as other income (expense) in the consolidated statements of operations consistent with the offsetting gains or losses resulting from the remeasurement or settlement of the underlying foreign currency denominated receivables and payables.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for credit losses is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for credit losses is determined based on historical collection experience and the review in each period of the status of the then outstanding accounts receivable, while taking into consideration current customer information, collection history, and other relevant data. Account balances are written off against the allowance when the Company believes it is probable the receivable will not be recovered.

The following table presents the changes in the allowance for credit losses (in thousands):


	December 31,
	2025		2024		2023
Allowance for credit losses, beginning balance	$	1,018	$	770	$	1,765
Provision	—		248		14,547
Write-offs	—		—		(15,542)
Allowance for credit losses, ending balance	$	1,018	$	1,018	$	770

During the year ended December 31, 2023, the provision for expected credit losses associated with accounts receivable increased by $14.5 million relating to uncollectible receivables for a DSP buyer of the Company’s platform that filed for Chapter 11 bankruptcy on June 30, 2023. Of the total uncollectible receivables from the DSP buyer of $14.5 million, $8.8 million was subject to chargeback to publishers of the Company and recorded as contra payable to publishers related to expected recoveries. The result was $5.7 million of bad debt expense for the year ended December 31, 2023.

Property and Equipment

Property and equipment, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term.

Internal Use Software Development Costs

The Company capitalizes certain internal use software development costs associated with creating and enhancing internal use software related to its platform and technology infrastructure. These costs include personnel and related employee benefits expenses for employees who are directly associated with and who devote time to software projects, and external direct costs of materials and services consumed in developing or obtaining the software. Software development costs that do not meet the criteria for capitalization are expensed as incurred and recorded in technology and development expenses in the consolidated statements of operations and comprehensive income.

Software development activities generally consist of three stages, (i) the planning stage, (ii) the application and infrastructure development stage, and (iii) the post implementation stage. Costs incurred in the planning and post implementation stages of software development, including costs associated with the post configuration training and repairs and maintenance of the developed technologies, are expensed as incurred.

The Company capitalizes costs associated with software developed for internal use when both the preliminary project stage is completed and management has authorized further funding for the completion of the project. Costs incurred in the application and infrastructure development stages, including significant enhancements and upgrades, are capitalized. Capitalization ends once a project is substantially complete and the software and technologies are ready for their intended purpose. Internal use software development costs are amortized using a straight-line method over the estimated useful life of two to five years, commencing when the software is ready for its intended use.

Leases

The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under Topic 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company’s leases may include a non-lease component representing additional services transferred to the Company, such as common area maintenance for real estate. The Company accounts for each separate lease component and the non-lease components associated with that lease component as a single lease component. As such, minimum lease payments include fixed payments for non-lease components within a lease agreement but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period. Non-lease components that are variable in nature are recorded as variable lease expense in the period incurred.

The allocation of lease payments is determined based on the relative standalone price of the separate office and furniture components. Some leases include an option to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term up to five additional years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are not included in the lease terms as the Company is not reasonably certain that they will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.

The Company recognizes its lease right of use assets (“ROU assets”) and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives.

The Company uses its incremental borrowing rate to determine the present value of lease payments, as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgment is applied in assessing factors such as Company-specific credit risk, lease term, nature and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease.

Operating ROU assets and liabilities are included on the Company’s consolidated balance sheets. Finance lease assets are included in property, equipment and software, net. Finance lease liabilities are included in accrued liabilities and other liabilities, non-current. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less for any asset classes.

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s consolidated financial statements.

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of its long-lived assets, including property and equipment and intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying value of these assets, the Company recognizes an impairment loss based on the excess of the carrying value over the fair value of the assets.

Business Combinations

The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations.

Acquisition-related Intangible Assets and Goodwill

Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Goodwill amounts are not amortized. Acquisition-related intangible assets and goodwill are tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the acquisition-related intangible assets or goodwill may be impaired.

Events or changes in circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets, or the strategy for the Company’s overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has not recorded any acquisition-related intangible assets or goodwill impairment to date.

Revenue Recognition

The Company recognizes revenue through the following steps:

•Identification of a contract with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when or as the performance obligations are satisfied.

The Company refers to its publishers, app developers, and channel partners collectively as its publishers. The Company generates revenue through the monetization of publisher ad impressions on its platform. The Company’s platform allows publishers to sell, in real time, ad impressions to buyers and provides automated inventory management and monetization tools to publishers across various device types and digital ad formats. The Company charges publishers a fee, which is typically a percentage of the value of the ad impressions monetized through the Company’s platform.

The Company maintains agreements with each publisher and buyer in the form of written service agreements, which set out the terms of the relationship, including payment terms (typically ninety days or less) and access to its platform.

The Company invoices buyers for publisher digital advertising inventory purchased through its platform. The Company recognizes revenue when a bid is won and a buyer purchases inventory on its platform. The Company records revenue reductions for rebates associated with SPO agreements with buyers. These rebates may be fixed or tiered based on the volume of spend over the incentive period. For volume-based rebate rates, the Company estimates and records revenue reductions based on the expected volumes during the incentive term.

The determination as to whether revenue should be reported gross of amounts billed to buyers (gross basis) or net of payments to publishers (net basis) requires significant judgment, and is based on the Company’s assessment of whether it is acting as the principal or an agent in the transaction. The Company has determined that it does not act as the principal in the purchase and sale of digital advertising inventory because it does not control the advertising inventory and it does not set the price which is the result of an auction within the marketplace. Based on these and other factors, the Company reports revenue on a net basis.

The Company invoices buyers at the end of each month for the full purchase price of ad impressions monetized in that month. Accounts receivable are recorded at the amount of gross billings for the amounts the Company is responsible to collect, and accounts payable are recorded at the net amount payable to publishers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis.

Cost of Revenue

Cost of revenue consists primarily of data center co-location costs, depreciation expense related to hardware supporting the Company’s platform, amortization expense related to capitalized internal use software development costs and acquired developed technology, personnel costs, and allocated facilities costs. Personnel costs include salaries, bonuses, stock-based compensation, and employee benefit costs, and are primarily attributable to the Company’s network operations group which maintains the Company’s servers and the Company’s client operations group, which is responsible for integration of new publishers and buyers and providing customer support for existing customers.

Technology and Development Costs

Technology and development expenses consist primarily of personnel costs, including salaries, bonuses, stock-based compensation, and employee benefits costs, allocated facilities costs, and professional services. These expenses include costs incurred in the development, implementation and maintenance of internal use software, including platform and related infrastructure. Technology and development costs are expensed as incurred, except to the extent that such costs are associated with internal use software development that meets the criteria for capitalization. The Company amortizes internal use software development costs that relate to its revenue producing activities on its platform to cost of revenue.

Advertising Costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses. The Company’s advertising costs recorded during the years ended December 31, 2025, 2024 and 2023 were not material.

Stock-Based Compensation

Stock-based compensation expense related to stock awards, including stock options and restricted stock units (“RSUs”), is measured based on the fair value of the awards granted and recognized as an expense on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four years.

The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model.

The fair value of each RSU award is based on the fair value of the underlying common stock as of the grant date.

Stock-based compensation expense related to the Company’s Employee Stock Purchase Plan (“ESPP”) is measured at fair value on the grant date using the Black-Scholes option pricing model. The Company recognizes stock-based compensation expense related to shares issued pursuant to the ESPP on a straight-line basis over the offering period, which is 12 months. The ESPP allows employees to purchase shares of the Company's common stock at a 15% percent discount from the lower of the Company’s stock price on (i) the first day of the offering period or on (ii) the last day of each of the two six-month purchase periods. The ESPP also allows employees to reduce their percentage election but not to increase that election until the next one-year offering period. The ESPP includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date.

The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company accounts for forfeitures as they occur. For additional information regarding stock-based compensation and the assumptions used for determining the fair value of stock options and ESPP awards, refer to Note 9—Stockholders’ Equity and Equity Incentive Plans.

Foreign Currency Translation

Transactions in foreign currencies are translated into the functional currency of the applicable entity at the rates of exchange in effect at the date of the transaction. Accordingly, all monetary assets and liabilities of these subsidiaries are remeasured at the current exchange rate at each balance sheet date, nonmonetary assets and liabilities are measured at historical rates, and revenue and expenses are remeasured at average exchange rates during the period. Transaction gains and losses are included in other income (expense), net in the accompanying consolidated statements of operations. The Company’s net foreign currency gain (losses) recorded during the years ended December 31, 2025, 2024 and 2023 were $(4.6) million, $1.1 million, and $(1.5) million respectively.

Income Taxes

The Company utilizes the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements, as well as from net operating loss and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will actually be paid or refunds received, as provided for under currently enacted tax law. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized. The Company recognizes interest and penalties related to income tax matters as income tax expense.

Net Income (Loss) Per Share Attributable to Common Stockholders

Basic and diluted net income (loss) per share attributable to Class A and Class B common stock is computed in conformity with the two-class method required for participating securities. The Company applies the two-class method to allocate earnings between common and other participating securities based on their participation rights.

Distributed and undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income (loss) attributable to common stockholders. Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s Class A and Class B common stock outstanding.

The diluted net income per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. During the periods when there is a net loss attributable to common stockholders, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31,2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11—Income Taxes in the accompanying notes to the consolidated financial statements for further detail.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03 “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact adopting ASU 2024-03 will have on its financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05 “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets” ("ASU 2025-05"), which provides a practical expedient to measure credit losses on current accounts receivable. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (the “ASU 2025-06”), simplifies the capitalization guidance by removing all references to prescriptive and sequential software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (the “ASU 2025-11”), which clarifies interim disclosure requirements and the applicability of Topic 270. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits, interest on income taxes accrued	$ 500	$ 300
Unrecognized tax benefits	5,711	$ 4,695	$ 4,381	$ 4,303
Unrecognized tax benefits that would impact effective tax rate	3,200
Federal Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	200
Research Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 5,700

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The domestic and foreign components of income before provision for (benefit from) income taxes were as follows (in thousands):


	December 31,
	2025		2024		2023
Domestic	$	(21,895)	$	9,737	$	5,371
Foreign	5,941		8,037		5,134
Income before provision for (benefit from) income taxes	$	(15,954)	$	17,774	$	10,505

The provision for (benefit from) income taxes consisted of the following (in thousands):


	December 31,
	2025		2024		2023
Current provisions for income taxes:
Federal	$	730	$	10,561	$	11,059
State	1,292		3,199		2,026
Foreign	2,608		2,494		1,947
Total current tax expense	4,630		16,254		15,032

Deferred tax expense (benefit):
Federal	(4,693)		(8,731)		(11,825)
State	(1,300)		(1,960)		(1,391)
Foreign	(129)		(293)		(192)
Total deferred tax benefit	(6,122)		(10,984)		(13,408)
Total provision for (benefit from) income taxes	$	(1,492)	$	5,270	$	1,624

Beginning in 2025 annual reporting, we adopted ASU 2023-09 prospectively. See Note 1 — Summary of Significant Accounting Policies – Recently Adopted Accounting Pronouncements for additional details on the adoption of ASU 2023-09. The following table presents a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands, except percentages):


	Year Ended December 31, 2025
	Amount		Percentage
U.S. federal statutory rate	$	(3,340)	21.0	%
State and local income taxes, net of federal effect1	(279)		1.8
Foreign tax effects
India	562		(3.5)
Singapore	445		(2.8)
Other foreign jurisdictions	115		(0.7)
Changes in tax laws or rates in the current period	—		—
Cross border tax laws
Foreign derived intangible income	(404)		2.5
Tax credits
Research and development credits	(2,993)		18.8
Changes in valuation allowance	—		—
Nontaxable or nondeductible Items
Tax effects of share-based compensation2	1,896		(11.9)
Non-deductible officer compensation	705		(4.4)
Acquisition related cost	826		(5.2)
Other	282		(1.8)
Changes in unrecognized tax benefits	693		(4.4)

Effective Tax Rate	$	(1,492)	9.4	%

_______________

(1)During the year ended December 31, 2025, New York state and city made up the majority (greater than 50 percent) of the tax effect in this category.


	December 31,
	2024		2023
Federal statutory income tax rate	21.00	%	21.00	%
State after-tax rate	3.60		2.82
Stock options	1.23		19.25
Research credit	(6.33)		(10.20)
Transfer pricing reserve	(0.77)		1.54
Foreign rate differential	1.32		4.64
GILTI	—		(11.62)
Foreign derived intangible income	(11.52)		(22.57)
Section 162(m) limitation	14.15		7.18
Acquisition-related costs	5.56		1.22
Change in valuation allowance	0.61		—
Other	0.79		2.18
Effective tax rate	29.64	%	15.44	%

Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:

Accruals and allowances	6,740		3,244
Tax credits	2,664		1,987
Stock-based compensation	11,441		9,155

Intangibles assets	451		583
Lease obligation	9,039		9,658
R&D capitalization	22,502		21,950
Other	1,203		1,283
Total deferred tax assets	54,040		47,860
Valuation allowance	(2,675)		(2,118)
Total deferred tax assets, net of valuation allowance	51,365		45,742
Deferred tax liabilities:
Property, equipment, and software	(8,988)		(8,569)
Goodwill	(1,037)		(945)
Prepaid expense	(1,508)		(832)
Right-of-use asset	(8,160)		(9,445)
Acquired intangibles	(686)		(1,087)

Total deferred tax liabilities	(20,379)		(20,878)
Net deferred income tax asset (liabilities)	$	30,986	$	24,864

As of December 31, 2025, the Company had federal and state research and development credit carryforwards of $0.2 million and $5.7 million, respectively. If not utilized, the federal credits will begin to expire in 2045. The state credits can be carried forward indefinitely.

Pursuant to Section 382 of the Internal Revenue Code of 1986, as amended (“Code”), the Company’s ability to utilize net operating loss carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if the Company experiences an “ownership change.” A Section 382 “ownership change” generally occurs if one or more stockholders or groups of stockholders who own at least 5% of the Company’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three year period. Similar rules may apply under state tax laws. Net operating loss carryforwards and other tax attributes generated are currently not subject to limitation by Section 382, but subsequent changes in the Company’s stock ownership as well as other changes that may be outside of the Company’s control, could result in additional ownership changes under Section 382 of the Code.

On July 4, 2025, the U.S. enacted a budget reconciliation package commonly referred to as the One Big Beautiful Bill Act of 2025 (“OBBBA”), which contains a broad range of tax reform provisions affecting businesses from 2025 through 2027, including the permanent reinstatement of bonus depreciation on qualified property and full expensing of domestic research and experimental expenditures. The Company has recognized the effects of the OBBBA provisions in its consolidated financial statements to the extent they are applicable for the year ended December 31, 2025. The Company will continue to evaluate the impact of these legislative changes on its future consolidated financial statements as additional guidance becomes available.

Deferred Tax Valuation Allowance

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Management has determined that there is sufficient positive evidence that a valuation allowance against deferred tax assets is not required as of December 31, 2025 and 2024, except for unrealized losses on equity investment and state research credit carryforwards, starting in 2021, for which realization is not deemed more likely than not given insufficient future capital gains to offset the investment’s worth and the Company expects to generate more credits in future than can be utilized against projected taxable income.

The Company has not provided for U.S. deferred taxes on the cumulative earnings of non-U.S. affiliates that have been reinvested indefinitely. The Company will continue to maintain its policy of indefinite reinvestment to the extent that the repatriation of foreign earnings is restricted by local laws, accounting rules, substantial incremental costs associated with repatriating the foreign earnings, or other business requirements.

Uncertain Tax Positions

The activity related to the unrecognized income tax benefits is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized income tax benefits — beginning balance	$	4,695	$	4,381	$	4,303
Increases related to tax positions taken during the current year	1,475		1,091		1,104

Increases related to tax positions taken during the prior years	324		10		—
Decreases related to tax positions taken during the prior years	(783)		(787)		(1,026)
Gross unrecognized income tax benefits — ending balance	$	5,711	$	4,695	$	4,381

The Company recognizes interest and penalties, if any, related to uncertain tax positions in its income tax provision. As of December 31, 2025 and 2024, the Company had approximately $0.5 million and $0.3 million, respectively, of accrued interest related to uncertain tax positions.

As of December 31, 2025, the Company had gross unrecognized tax benefits of approximately $5.7 million, of which $3.2 million would impact the effective tax rate, if recognized.

The Company files U.S., state and foreign income tax returns with varying statutes of limitations. The federal, state, and foreign returns statute of limitations remains open for tax years from 2015 and thereafter. There are currently no income tax audits involving the IRS, any U.S. states or foreign tax jurisdictions.

Income Taxes Paid

Income taxes paid (net of refunds) are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Federal	$	4,554
State and Local
New York state	710
New York City	905
Other	417
Foreign
India	1,391
Other	633
Total income taxes paid (net of refunds)	$	8,610
Total cash paid for income taxes (prior to ASU 2023-09 adoption)			$	14,176	$15,631

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,018	$ 770	$ 1,765
Provision	0	248	14,547
Write-offs	0	0	(15,542)
Allowance for credit losses, ending balance	$ 1,018	$ 1,018	$ 770

Senior Secured Credit Facilities Agreement (Details) - Revolving Credit Facility - Credit Agreement - USD ($) $ in Millions	Sep. 30, 2025	Oct. 17, 2022
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 110.0
Line of credit facility, accordion feature, increase limit		$ 90.0
Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		0.25%
Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		0.35%
Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.75%
Line of Credit \| Alternate Base Rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Line of Credit \| Alternate Base Rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Line of Credit \| Applicable Interest Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	7.75%
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25.0
Swingline Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25.0

Stockholders’ Equity and Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes stock option activity and related information under the Company’s equity incentive plans (shares and aggregate intrinsic value in thousands):


	Options Outstanding
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding — December 31, 2024	7,893	$	10.68	5.71	$	50,372
Options granted	986	15.65
Options exercised	(953)	1.84
Options canceled	(97)	16.39
Options expired	(41)	21.79
Outstanding — December 31, 2025	7,788	$	12.26	5.67	$	19,475
Vested and exercisable — December 31, 2025	5,949	$	11.25	4.86	$	19,475

The following table summarizes RSU activity and related information under the Company’s 2020 Plan:


	RSUs
	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share		Aggregate Intrinsic Value (in thousands)
Unvested — December 31, 2024	3,687	$	17.68	$	54,167
Granted	2,047	14.39
Vested	(1,681)	17.96
Canceled/Forfeited	(376)	16.49
Unvested — December 31, 2025	3,677	$	15.85	$	32,618

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted under the Company’s equity incentive plans was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024	2023
Fair market value of common stock	$15.65-$15.65	$15.38-$16.34	$12.56-$16.94
Expected term (in years)	5.0-7.0	5.0-7.0	5.0-7.0
Risk-free interest rate	4.4%-4.4%	4.0%-4.2%	3.5%-4.0%
Expected volatility	54%-57%	55%-58%	55%-59%
Dividend rate	—%	—%	—%
Weighted-average grant date fair value of options granted	$8.83	$8.78	$8.58

The fair value of purchase right granted the under the Company’s 2020 Employee Stock Purchase Plan was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024	2023
Expected term (in years)	0.5-1.0	0.5-1.0	0.5-1.0
Risk-free interest rate	3.6%-3.7%	4.3%-5.4%	5.4%-5.1%
Expected volatility	74%-81%	53%-65%	48%-59%
Dividend rate	—%	—%	—%

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation expense recognized in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	1,854	$	1,855	$	1,472
Technology and development	6,088		6,313		4,346
Sales and marketing	13,703		13,407		10,462
General and administrative	16,733		16,101		12,582
Total stock-based compensation expense	38,378		37,676		28,862
Tax benefit from stock-based compensation	(8,117)		(7,728)		(5,695)
Total stock-based compensation expense, net of tax effect	$	30,261	$	29,948	$	23,167

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

6 – Leases

The Company leases office facilities from unrelated parties under operating lease agreements that have initial terms ranging from two to seven years. Included in an office lease the Company also leases furniture and fixtures under a finance lease with a seven year term with a purchase option at the end of the term.

The components of operating and finance lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	10,027	$	8,536
Finance lease cost	183		186
Total lease cost	$	10,210	$	8,722

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	2,616	$	6,531
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	2,922	$	29,909

In July 2024, the Company entered into an agreement to continue to lease approximately 30,000 square feet of office space located in New York City, New York (“July 2024 Lease”), which was previously subleased. The original sublease agreement for the space was set to expire in January 2025. The July 2024 Lease extends the lease term through January 2036 and grants the Company the right to use an additional floor in the building, also comprised of approximately 30,000 square feet, which has yet to commence. The Company will use the aggregate space to support its general and administrative functions, sales and marketing, technology and development, engineering and customer support. The Company has the option to exercise an early termination at either of two different points during the lease term, neither of which has been reflected in the lease term. The Company has provided an irrevocable letter of credit in the amount of approximately $1.5 million, pursuant to the terms of the July 2024 Lease.

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	38,149	$	44,402
Operating lease liabilities, current	$	6,953	$	5,843
Operating lease liabilities, non-current	36,910		39,538
Total operating lease liabilities	$	43,863	$	45,381
Finance leases
Furniture and fixtures	$	869	$	869
Accumulated depreciation	(710)		(536)
Furniture and fixtures, net	$	159	$	333
Accrued liabilities	$	148	$	139
Other liabilities, non-current	196		344
Total finance lease liabilities	$	344	$	483

Other information related to leases was as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term:
Operating leases	7.4 years		7.8 years
Finance leases	2.3 years		3.3 years
Weighted-average discount rate:
Operating leases	5.30	%	4.90	%
Finance leases	2.24	%	2.24	%

As of December 31, 2025, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Year ending December 31,
2026	$	9,019	$	153	$	9,172
2027	9,949		158		10,107
2028	6,517		41		6,558
2029	4,907		—		4,907
2030	4,083		—		4,083
Thereafter	20,408		—		20,408
Total minimum lease payments	54,883		352		55,235
Less: imputed interest	(11,020)		(8)		(11,028)
Total present value of lease liabilities	$	43,863	$	344	$	44,207

Leases

6 – Leases

The components of operating and finance lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	10,027	$	8,536
Finance lease cost	183		186
Total lease cost	$	10,210	$	8,722

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	2,616	$	6,531
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	2,922	$	29,909

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	38,149	$	44,402
Operating lease liabilities, current	$	6,953	$	5,843
Operating lease liabilities, non-current	36,910		39,538
Total operating lease liabilities	$	43,863	$	45,381
Finance leases
Furniture and fixtures	$	869	$	869
Accumulated depreciation	(710)		(536)
Furniture and fixtures, net	$	159	$	333
Accrued liabilities	$	148	$	139
Other liabilities, non-current	196		344
Total finance lease liabilities	$	344	$	483

Other information related to leases was as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term:
Operating leases	7.4 years		7.8 years
Finance leases	2.3 years		3.3 years
Weighted-average discount rate:
Operating leases	5.30	%	4.90	%
Finance leases	2.24	%	2.24	%

As of December 31, 2025, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Year ending December 31,
2026	$	9,019	$	153	$	9,172
2027	9,949		158		10,107
2028	6,517		41		6,558
2029	4,907		—		4,907
2030	4,083		—		4,083
Thereafter	20,408		—		20,408
Total minimum lease payments	54,883		352		55,235
Less: imputed interest	(11,020)		(8)		(11,028)
Total present value of lease liabilities	$	43,863	$	344	$	44,207

Goodwill and Acquisition-related Intangible Assets, Net - Schedule of Acquisition-Related Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Amount	$ 8,900	$ 8,900
Accumulated Amortization	6,196	4,616
Net Carrying Amount	$ 2,704	$ 4,284
Weighted Average Remaining Useful Life (in years)	1 year 9 months	2 years 9 months
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Amount	$ 7,900	$ 7,900
Accumulated Amortization	5,196	3,616
Net Carrying Amount	$ 2,704	$ 4,284
Weighted Average Remaining Useful Life (in years)	1 year 9 months	2 years 9 months
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Amount	$ 1,000	$ 1,000
Accumulated Amortization	1,000	1,000
Net Carrying Amount	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign currency transaction (gain) loss, unrealized	$ (4.6)	$ 1.1	$ (1.5)

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provisions for income taxes:
Federal	$ 730	$ 10,561	$ 11,059
State	1,292	3,199	2,026
Foreign	2,608	2,494	1,947
Total current tax expense	4,630	16,254	15,032
Deferred tax expense (benefit):
Federal	(4,693)	(8,731)	(11,825)
State	(1,300)	(1,960)	(1,391)
Foreign	(129)	(293)	(192)
Total deferred tax benefit	(6,122)	(10,984)	(13,408)
Total provision for (benefit from) income taxes	$ (1,492)	$ 5,270	$ 1,624

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Treasury stock shares (in shares)	15,546,000	11,458,000
Common Class A
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock shares issued (in shares)	51,029,000	48,177,000
Common stock shares outstanding (in shares)	38,624,000	39,860,000
Common Class B
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock shares issued (in shares)	11,404,000	11,382,000
Common stock shares outstanding (in shares)	8,263,000	8,241,000

Segment and Geographical Information - Schedule of Geographical Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 282,926	$ 291,256	$ 267,014
Long-lived assets	90,806	102,924
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	158,074	176,208	158,110
Long-lived assets	78,203	88,998
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	90,549	83,385	84,919
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	28,436	25,002	19,287
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5,867	6,661	$ 4,698
Long-lived assets	$ 12,603	$ 13,926

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Goodwill and Acquisition-related Intangible Assets, Net - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,580
2027	1,124
Net Carrying Amount	$ 2,704	$ 4,284

Income Taxes - Schedule of Income Taxes Paid Net Of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Federal	$ 4,554
Total income taxes paid (net of refunds)	8,610
Total cash paid for income taxes (prior to ASU 2023-09 adoption)		$ 14,176	$ 15,631
New York state
Tax Credit Carryforward [Line Items]
State and Local	710
New York City
Tax Credit Carryforward [Line Items]
State and Local	905
Other
Tax Credit Carryforward [Line Items]
State and Local	417
India
Tax Credit Carryforward [Line Items]
Foreign	1,391
Other
Tax Credit Carryforward [Line Items]
Foreign	$ 633

Basis of Presentation and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount for ESPP	15.00%
Purchase period	6 months
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Offering period	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2025
Accounting Policies [Abstract]
Property, plant and equipment, estimated useful life	3 years

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 19,583	$ 19,977
Accrued and other current liabilities	5,695	6,388
Total accrued liabilities	$ 25,278	$ 26,365

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk Percentage (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Buyer One
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	44.00%
Buyer Two
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	11.00%
Buyer Three
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	104,294	$	—	$	—	$	104,294

Certificates of deposit	—		16,865		—		16,865
Cash equivalents	104,294		16,865		—		121,159




Total financial assets	$	104,294	$	16,865	$	—	$	121,159

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	57,998	$	—	$	—	$	57,998
Commercial paper	—		2,296		—		2,296
Certificates of deposit	—		14,821		—		14,821
Cash equivalents	57,998		17,117		—		75,115
Commercial paper	—		27,837		—		27,837

U.S. Treasury and government debt securities	—		12,298		—		12,298
Marketable securities	—		40,135		—		40,135
Total financial assets	$	57,998	$	57,252	$	—	$	115,250

Income Taxes - Schedule of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accruals and allowances	$ 6,740	$ 3,244
Tax credits	2,664	1,987
Stock-based compensation	11,441	9,155
Intangibles assets	451	583
Lease obligation	9,039	9,658
R&D capitalization	22,502	21,950
Other	1,203	1,283
Total deferred tax assets	54,040	47,860
Valuation allowance	(2,675)	(2,118)
Total deferred tax assets, net of valuation allowance	51,365	45,742
Deferred tax liabilities:
Property, equipment, and software	(8,988)	(8,569)
Goodwill	(1,037)	(945)
Prepaid expense	(1,508)	(832)
Right-of-use asset	(8,160)	(9,445)
Acquired intangibles	(686)	(1,087)
Total deferred tax liabilities	(20,379)	(20,878)
Net deferred income tax asset (liabilities)	$ 30,986	$ 24,864

Segment and Geographical Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reporting segment	1

Commitments and Contingencies - Schedule of Future Minimum Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
2026	$ 40,241
2027	34,927
2028	227
2029	125
Total future minimum commitments, net	$ 75,520

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of maintaining the trust and confidence of our publishers, buyers, partners, customers, and employees. The Audit Committee of our Board (“Audit Committee”) is responsible for oversight of the Company’s cybersecurity function and efforts, and receives quarterly updates from management regarding the Company’s cybersecurity policies, standards, processes, and practices. We address cybersecurity risks, including internal and external cybersecurity risks as a result of the use of AI, through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity, and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. Our cybersecurity risk management program is overseen by our Senior Vice President, Infrastructure and Security (“SVP Security”), who also serves as our Information Security Officer, our executive management team, and our Board through the Audit Committee. Risk Management and Strategy We maintain a cross-functional cybersecurity program to identify, prevent, and mitigate cybersecurity threats and incidents. The program also includes implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. Policies and Framework Our cybersecurity efforts are governed by a set of policies to address data protection and security incident management, and overseen by our Security Incident Management Team (“SIMT”). Our policies are closely based on recognized frameworks established by the National Institute of Standards and Technology (“NIST”), the International Organization for Standardization (“ISO”) and other applicable industry standards, and we expect to review them at least annually. Our information technology standards and infrastructure safeguards include information security standards prescribed for use by NIST, security measures aligned with the ISO/IEC 27000 series of standards, the Sarbanes-Oxley Act and SSAE 18/ISAE 3402, privacy regulations compliance, and other generally recognized industry standards, in each case, designed to safeguard the confidentiality, integrity and availability of our infrastructure and data and the resiliency of our operations. In connection with these policies, we deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, endpoint detection and response, endpoint security, email security, identity and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. We also maintain a risk-based approach to identify and oversee cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Incident Response and Recovery Planning We have established and maintain incident response and recovery plans and procedures that address our response to a known or potential cybersecurity incident, including in our systems and those that occur on third-party systems that we use. These plans and procedures include the notification and escalation processes, the investigation and containment process, the evaluation, review, and remediation process for a known or potential cybersecurity incident, and a process to assess the materiality of an incident. Our incident response and recovery planning are overseen by the SIMT and Company personnel who become aware of an incident or potential incident are required to notify the SIMT. The SIMT is comprised of senior members of management and subject matter experts and is responsible for overseeing our cybersecurity program and our response to any cybersecurity incidents. Periodic Review, Testing and Training In accordance with our policies, we perform periodic assessments and tests of the application of our policies, standards, processes, and practices that are designed to address cybersecurity threats and incidents. These efforts include a range of activities, including internal audits, assessments, threat modeling, vulnerability and penetration testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We engage third parties to perform assessments on our cybersecurity measures as a component of our SOX compliance program. We also provide regular, mandatory training for employees and contractors regarding cybersecurity threats as a means to equip our personnel with effective knowledge and tools to address cybersecurity threats, including the detection and prevention of “phishing” and other attacks using social engineering, and to communicate our evolving information security policies, standards, processes, and practices.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the importance of maintaining the trust and confidence of our publishers, buyers, partners, customers, and employees. The Audit Committee of our Board (“Audit Committee”) is responsible for oversight of the Company’s cybersecurity function and efforts, and receives quarterly updates from management regarding the Company’s cybersecurity policies, standards, processes, and practices. We address cybersecurity risks, including internal and external cybersecurity risks as a result of the use of AI, through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity, and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. Our cybersecurity risk management program is overseen by our Senior Vice President, Infrastructure and Security (“SVP Security”), who also serves as our Information Security Officer, our executive management team, and our Board through the Audit Committee.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board, in coordination with the Audit Committee, oversees our overall enterprise risk management (“ERM”) program, including the management of risks arising from cybersecurity threats and information security. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, the threat environment, technological trends, and information security considerations arising with respect to our peers and third parties. Since 2024, the Audit Committee has been provided with updates on our process, procedures, policies and any cybersecurity incidents at least quarterly. In the event of a material incident, or incident that may be determined to be material, the Audit Committee is informed as soon as reasonably practical and provided regular updates by the SIMT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee have the opportunity to discuss our approach to cybersecurity risk management with the SIMT. In 2025, we additionally retained a third-party to conduct a cybersecurity tabletop exercise where members of the SIMT and other senior leadership were presented with a cybersecurity breach scenario, and had to respond in real time. As part of our ERM program, we intend to hold annual tabletop exercises across a range of scenarios. Our SIMT is responsible for preventing, detecting and responding to cybersecurity threats and incidents to the Company, and includes our Chief Executive Officer (“CEO”), SVP Security, Chief Financial Officer (“CFO”), Chief Marketing Officer, Chief Technology Officer (“CTO”), General Counsel, and other subject matter experts. The SIMT works collaboratively across the Company to implement a program designed to protect our information systems and offerings from cybersecurity threats and to promptly identify and respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the SVP, Security and the SIMT monitor the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents, and report such threats and incidents to our Board and Audit Committee when appropriate. The SIMT, together with other internal and external advisors, has developed a Security Incident Management Policy (“Security Policy”) and Cybersecurity Incident Management Process (“CIM Process”) to help guide our response to any potential cybersecurity incidents or threats. These documents are reviewed on a periodic basis by the SIMT, and the Audit Committee is apprised of the SIMT’s actions and potential improvements to the Security Policy and CIM process. Our SVP Security has a strong background in engineering with over 30 years’ of industry experience in technology and security, and previously operated one of the world’s largest retail websites instituting and undergoing PCI and HIPAA certifications. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us, including our business strategy, results of operations or financial condition. Cybersecurity threats, and their evolving nature, may pose a risk to us and our strategy, results of operations, and financial condition in the future.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board, in coordination with the Audit Committee, oversees our overall enterprise risk management (“ERM”) program, including the management of risks arising from cybersecurity threats and information security. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, the threat environment, technological trends, and information security considerations arising with respect to our peers and third parties. Since 2024, the Audit Committee has been provided with updates on our process, procedures, policies and any cybersecurity incidents at least quarterly. In the event of a material incident, or incident that may be determined to be material, the Audit Committee is informed as soon as reasonably practical and provided regular updates by the SIMT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee have the opportunity to discuss our approach to cybersecurity risk management with the SIMT. In 2025, we additionally retained a third-party to conduct a cybersecurity tabletop exercise where members of the SIMT and other senior leadership were presented with a cybersecurity breach scenario, and had to respond in real time. As part of our ERM program, we intend to hold annual tabletop exercises across a range of scenarios.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The SIMT, together with other internal and external advisors, has developed a Security Incident Management Policy (“Security Policy”) and Cybersecurity Incident Management Process (“CIM Process”) to help guide our response to any potential cybersecurity incidents or threats. These documents are reviewed on a periodic basis by the SIMT, and the Audit Committee is apprised of the SIMT’s actions and potential improvements to the Security Policy and CIM process.
Cybersecurity Risk Role of Management [Text Block]	The Board, in coordination with the Audit Committee, oversees our overall enterprise risk management (“ERM”) program, including the management of risks arising from cybersecurity threats and information security. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, the threat environment, technological trends, and information security considerations arising with respect to our peers and third parties. Since 2024, the Audit Committee has been provided with updates on our process, procedures, policies and any cybersecurity incidents at least quarterly. In the event of a material incident, or incident that may be determined to be material, the Audit Committee is informed as soon as reasonably practical and provided regular updates by the SIMT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee have the opportunity to discuss our approach to cybersecurity risk management with the SIMT. In 2025, we additionally retained a third-party to conduct a cybersecurity tabletop exercise where members of the SIMT and other senior leadership were presented with a cybersecurity breach scenario, and had to respond in real time. As part of our ERM program, we intend to hold annual tabletop exercises across a range of scenarios. Our SIMT is responsible for preventing, detecting and responding to cybersecurity threats and incidents to the Company, and includes our Chief Executive Officer (“CEO”), SVP Security, Chief Financial Officer (“CFO”), Chief Marketing Officer, Chief Technology Officer (“CTO”), General Counsel, and other subject matter experts. The SIMT works collaboratively across the Company to implement a program designed to protect our information systems and offerings from cybersecurity threats and to promptly identify and respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the SVP, Security and the SIMT monitor the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents, and report such threats and incidents to our Board and Audit Committee when appropriate. The SIMT, together with other internal and external advisors, has developed a Security Incident Management Policy (“Security Policy”) and Cybersecurity Incident Management Process (“CIM Process”) to help guide our response to any potential cybersecurity incidents or threats. These documents are reviewed on a periodic basis by the SIMT, and the Audit Committee is apprised of the SIMT’s actions and potential improvements to the Security Policy and CIM process. Our SVP Security has a strong background in engineering with over 30 years’ of industry experience in technology and security, and previously operated one of the world’s largest retail websites instituting and undergoing PCI and HIPAA certifications. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us, including our business strategy, results of operations or financial condition. Cybersecurity threats, and their evolving nature, may pose a risk to us and our strategy, results of operations, and financial condition in the future.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our SIMT is responsible for preventing, detecting and responding to cybersecurity threats and incidents to the Company, and includes our Chief Executive Officer (“CEO”), SVP Security, Chief Financial Officer (“CFO”), Chief Marketing Officer, Chief Technology Officer (“CTO”), General Counsel, and other subject matter experts. The SIMT works collaboratively across the Company to implement a program designed to protect our information systems and offerings from cybersecurity threats and to promptly identify and respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the SVP, Security and the SIMT monitor the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents, and report such threats and incidents to our Board and Audit Committee when appropriate.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our SVP Security has a strong background in engineering with over 30 years’ of industry experience in technology and security, and previously operated one of the world’s largest retail websites instituting and undergoing PCI and HIPAA certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The SIMT, together with other internal and external advisors, has developed a Security Incident Management Policy (“Security Policy”) and Cybersecurity Incident Management Process (“CIM Process”) to help guide our response to any potential cybersecurity incidents or threats. These documents are reviewed on a periodic basis by the SIMT, and the Audit Committee is apprised of the SIMT’s actions and potential improvements to the Security Policy and CIM process.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ (14,462)	$ 12,504	$ 8,881
Other comprehensive income (loss):
Unrealized gain on marketable securities, net of tax	23	25	5
Net change in foreign currency translation adjustment	681	(657)	0
Comprehensive income (loss)	$ (13,758)	$ 11,872	$ 8,886

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$ 2,616	$ 6,531
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$ 2,922	$ 29,909

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation, Fiscal Year Maturity

As of December 31, 2025, future minimum commitments for purchase obligations with a remaining term in excess of one year were as follows (in thousands):


Years ending December 31,
2026	$	40,241
2027	34,927
2028	227
2029	125
Total future minimum commitments, net	$	75,520

Business Combination (Details) - Martin - USD ($) $ in Millions		12 Months Ended
	Sep. 16, 2022	Dec. 31, 2023
Business Combination [Line Items]
Business combination, consideration transferred	$ 30.8
Goodwill, acquired during period	23.3
Business combination, recognized identifiable assets acquired and liabilities assumed, deferred tax liabilities	1.1
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities	0.3
General and administrative
Business Combination [Line Items]
Business combination, acquisition related costs		$ 0.9
Developed Technology Rights
Business Combination [Line Items]
Finite-lived intangible assets acquired	7.9
Customer relationships
Business Combination [Line Items]
Finite-lived intangible assets acquired	$ 1.0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39748
Entity Registrant Name	PUBMATIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5863224
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	PUBM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 458.3
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for its 2025 annual meeting of stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Entity Central Index Key	0001422930
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,142,185
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,263,239

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business PubMatic, Inc. (together with its subsidiaries, the “Company” or “PubMatic”) was founded in 2006. The Company has offices in California, New York, Europe, Asia, and Australia. The Company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The purpose-built technology and infrastructure provides superior outcomes for both publishers and advertisers leveraging an efficient design, machine learning, and data processing capabilities, with customer alignment and global omnichannel reach.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false