Reconciliation to the most comparable GAAP measures are available in today's earnings press release, which is available on our investor relations website at ir.doubleverify.com. In Q4, we delivered a strong 38% adjusted EBITDA margin and 8% year-over-year growth in revenue, demonstrating the strength of our operating model even as revenue came in below expectations. Outside of mobile, both programmatic display and video measurement impressions grew at double-digit rates in 2025. Social activation accelerated meaningfully, growing at approximately 60% year-over-year in Q4 and starting 2026 at an even stronger year-over-year growth rate.

CTV measurement impression volumes also grew impressively, up 22% for the quarter, continuing their cadence of outsized growth. Together, the areas which are most important for a durable growth story in the future are setting us up for a strong 2026. DV's growth cycle and trajectory is foundationally shaped by the timing of product releases, platform enablement, and customer adoption. With social and CTV innovations now broadly available and AI capabilities continuing to expand, we've entered 2026 with a more diversified revenue mix driven by a broader product offering.

As a result, average revenue per top 100 customers grew by 7% for the year to $4.5 million. We grew total full-year revenue 14% year-over-year, well exceeding the 10% growth outlook we provided at the start of the year. This momentum delivered strong profitability and cash generation with a 33% adjusted full-year EBITDA margin and $211 million in net cash from operating activities. In all of these evolutionary cycles, what has never changed is why marketers buy ads, their need for measurement, and their demand for trust and transparency.

What went well
  • Adjusted EBITDA margin reached 38% in Q4 (about $78 million of adjusted EBITDA), demonstrating strong operating leverage even as revenue grew 8% year over year to $206 million.
  • Social activation accelerated dramatically to approximately 60% year-over-year growth in Q4, up from around 20% in Q3, with Meta activation reaching 68 live advertisers (up from 56), including 28 of the top 100 clients, exiting December at roughly an $8 million annualized run rate.
  • DV recorded a 90% greenfield win ratio in Q4, its highest ever, meaning nine out of ten new customer wins were in areas with no competitive incumbent to displace, and reported no new deactivations among its top 100 customers.
  • For full-year 2025, revenue grew 14% to $748 million with double-digit growth across all three revenue lines (activation up 15%, measurement up 10%, supply side up 25%), well exceeding the 10% growth outlook given at the start of the year, at a 33% adjusted EBITDA margin ($246 million).
  • Net revenue retention was 109% and gross revenue retention stayed above 95% for a fifth consecutive year, average revenue per top 100 customer rose 7% to $4.5 million, and DV ended 2025 with 344 advertisers generating over $200,000 annually.
  • DV generated about $211 million in operating cash flow and roughly $173 million of free cash flow (a 70% conversion rate, up from 61% in 2024), repurchased 8.4 million shares for about $132 million, ended the year with roughly $260 million in cash and no debt, and authorized $300 million for repurchases to be deployed at increased levels in 2026.
What went wrong
  • Q4 revenue of $206 million grew only 8% year over year and came in below expectations, as growth decelerated from prior quarters.
  • Results were hurt by further campaign spend pullbacks late in the quarter from a couple of large customers, primarily tied to agency-related changes, on top of the previously flagged retail softness.
  • Measured transaction fees (MTF) declined 3% (to $0.07, down from $0.09 at IPO), reflecting mix shift toward not-yet-fully-penetrated premium social products, and Q4 activation revenue grew just 6% while international revenue grew only 5%.
  • The Q1 2026 guidance of $177 million-$183 million implied only about 9% growth with adjusted EBITDA margin dropping to about 28% at the midpoint, and full-year 2026 revenue guidance of $810 million-$826 million (8%-10% growth) assumed a measured take on new-product adoption and no improvement in the macro ad environment.
  • Headcount ended 2025 slightly down year over year (excluding Rockerbox) at 1,231 employees, and management guided to growing with fewer employees in 2026.

More on DoubleVerify Holdings, Inc.

Reported 2026-02-26 · figures from the DoubleVerify Holdings, Inc. Q4 2025 earnings call.

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