Summary
DoubleVerify closed fiscal 2025 with fourth-quarter revenue of $205.6 million, up 7.9% from the prior-year quarter, and full-year revenue of $748.3 million, up 13.9%. Management credited global growth in social, CTV measurement, and programmatic activation. Growth was broad: Activation revenue rose 6% in the quarter and 15% for the year, Measurement revenue rose 8% and 10%, and Supply-side revenue rose 17% and 25%. The quarter's top-line gain trailed the full-year rate, a pattern the company attributes in part to the timing of advertiser budgets.
Profitability was mixed. Fourth-quarter operating income was $37.8 million, down 2.5% from a year earlier, while full-year operating income was $79.2 million, down 3.9%. Net income rose 25.3% to $29.3 million in the quarter, but fell 9.9% to $50.7 million for the full year. Diluted EPS was $0.30 for the full year, down $0.02 year over year. Operating margin was 18.4% in the quarter, down 2.0 percentage points from a year earlier, and 10.6% for the full year, down 2.0 percentage points. The gap between the quarter's net income gain and its operating income decline reflects a lower income tax expense and other income swings. On a non-GAAP basis, adjusted EBITDA was $77.8 million in the fourth quarter, a 38% margin, and $245.6 million for the full year, a 33% margin.
The volume metrics show continued platform expansion. DoubleVerify measured a record 9.5 trillion billable media transactions for the full year, up 15%, while the measured transaction fee was $0.07, down 3% excluding an introductory fixed fee deal for one large customer. Net revenue retention was 109%, and gross revenue retention stayed above 95%. The company also added large enterprise customers, including Financial Times, Lionsgate UK, and McCormick. Cash generation was strong. Operating cash flow was $72.7 million in the fourth quarter, up 94.5%, and $211.2 million for the full year, up 32.3%. Capital expenditures were $10.6 million in the quarter, up 43.8%, and $38.5 million for the full year, up 41.9%. Deferred revenue was $5.5 million at year-end, up 1275.0% from a year earlier, and remaining performance obligations were $42.3 million, up 35.1%.
Guidance points to another year of growth, though slower than 2025. First-quarter 2026 revenue is expected in a range of $177 million to $183 million, roughly 9% growth at the midpoint, with adjusted EBITDA of $48 million to $52 million and a margin of about 28% at the midpoint. Full-year 2026 revenue is guided to $810 million to $826 million, an 8% to 10% increase, with an adjusted EBITDA margin of about 34%. DoubleVerify also projected that 2026 equity grant value will fall by over 40% compared with 2025, which should reduce stock-based compensation. The company ended 2025 with about $260 million in cash and cash equivalents and no debt outstanding. It repurchased 8.4 million shares for $132.3 million in 2025 and had $300.0 million authorized for share repurchases as of February 26, 2026, the largest amount in its history.
The risks remain familiar. The 10-K cites competition and rapid technological change, system failures, security breaches, cyberattacks, and natural disasters. It also points to economic downturns, unstable market conditions, the ability to collect payments, data privacy legislation and regulation, public criticism of digital advertising technology, international operations, and the use of open source software. Litigation and regulatory matters outside the ordinary course added $3.5 million of third-party legal fees in general and administrative expenses for 2025. The Rockerbox acquisition lifted Measurement revenue and raised amortization of acquired intangibles. Revenue is seasonal, with the fourth quarter typically the strongest and the first quarter the weakest. The introductory fixed fee deal for one large customer weighed on the measured transaction fee. Execution in social, CTV, programmatic activation, and AI-related ad formats will shape whether the 2026 plan holds.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $205.6M | $188.6M | +9.0% | $190.6M | +7.9% |
| Gross profit | $169.6M | $155.2M | +9.3% | $156.3M | +8.5% |
| Gross margin | 82.5% | 82.3% | +0.3 pp | 82.0% | +0.5 pp |
| Research & development | $41.7M | $44.8M | -7.0% | $37.5M | +11.0% |
| Sales & marketing | $49.2M | $47.0M | +4.7% | $44.2M | +11.3% |
| General & administrative | $26.6M | $27.0M | -1.3% | $24.0M | +11.2% |
| Operating income (loss) | $37.8M | $21.1M | +79.0% | $38.8M | -2.5% |
| Operating margin | 18.4% | 11.2% | +7.2 pp | 20.3% | -1.9 pp |
| Net income (loss) | $29.3M | $10.2M | +187.5% | $23.4M | +25.3% |
| Net margin | 14.3% | 5.4% | +8.9 pp | 12.3% | +2.0 pp |
| Diluted EPS | $0.18 | $0.06 | +$0.12 | $0.13 | +$0.05 |
| Customers | 2,500 | — | — | 2,000 | +25.0% |
Risks
DoubleVerify has made and expects to continue to make investments in AI initiatives, including generative AI and Scibids, but competitors may incorporate AI into offerings more quickly or cost-effectively. The EU AI Act and evolving AI rules increase compliance and governance costs.
Two programmatic partner platforms collected approximately 24% and 12% each of total revenue in 2025 on behalf of advertiser customers using their platforms. Reliance on demand-side, social and other integration partners gives those partners significant control over how DV solutions are provided and exposes DV to partner product competition and revenue reporting risk.
Data privacy and AI regulation continue to expand, including EU AI Act, EU GDPR, UK GDPR, CCPA/CPRA, FTC's amended COPPA Rule in 2025, and challenges to the Data Privacy Framework. Noncompliance could result in significant fines, class action lawsuits, and increased compliance costs.
Revenue increased 13.9% year to date while operating income decreased 3.9% year to date and net income decreased 9.9% year to date. Operating margin decreased 2.0 percentage points year to date, indicating profitability pressure despite top-line growth.
Economic downturns, high inflation, high interest rates, recessionary fears, tariffs, and unstable market conditions could cause customers to decrease advertising budgets or slow digital ad spend. This may make it difficult for DV and its customers to forecast and plan future business activities.
Long sales cycles and usage-based pricing make it difficult to predict when new customers will generate revenue, as customers control when and to what extent they use the platform. Net revenue retention decreased to 109% for the year ended December 31, 2025 from 112% for the year ended December 31, 2024.
DV increased its workforce by more than 11% since the beginning of 2024 to 1,231 employees, with 512 employees based outside the Americas as of December 31, 2025. Competition for technical and professional personnel is intense, and volatility in stock price or new regulations on equity compensation may harm retention.
DV completed the Rockerbox acquisition in 2025 and may pursue additional acquisitions. Integration may be difficult, disrupt operations, expose DV to unanticipated liabilities, dilute stockholders, or divert management attention; cash used for the Rockerbox acquisition was $82.6 million in 2025.
SaaS KPIs
All quarters →Adjusted EBITDA
Adjusted EBITDA Margin
Gross Revenue Retention
Media Transactions Measured (MTM) for CTV
Media Transactions Measured (MTM)
Measured Transaction Fee (MTF)
Free Cash Flow
Summary, forecast, risks and KPIs are extracted from DoubleVerify Holdings, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.