PubMatic, Inc.PUBM

PubMatic, Inc. Segments Disclosure

10-KFiled Feb 26, 20262 min read
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,
202520242023
Revenues$282,926 $291,256 $267,014 
Less:
Employee compensation1
190,613 183,022 156,052 
Depreciation and amortization expense43,769 45,352 44,770 
Other segment items2
65,803 58,955 64,156 
Operating income (loss)(17,259)3,927 2,036 
Other income (expense)
Interest income5,455 8,477 8,828 
Other income (expense), net(4,150)5,370 (359)
Income before income taxes(15,954)17,774 10,505 
Provision for (benefit from) income taxes(1,492)5,270 1,624 
Segment income (loss)$(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,
202520242023
United States$158,074 $176,208 $158,110 
EMEA90,549 83,385 84,919 
APAC28,436 25,002 19,287 
Rest of the world5,867 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,
20252024
United States$78,203 $88,998 
Rest of the world12,603 13,926 
Total$90,806 $102,924 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 28, 2023
2021Mar 1, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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