Magnite this month reported its first-quarter 2026 financial results, recording a net income of $4.4 million for the three months ended March 31, 2026 – a sharp reversal from a net loss of $9.6 million in the same period of 2025. The results, announced on May 6, 2026, mark a structural milestone for the independent sell-side advertising company:connected televisionย advertising has crossed 51% of total contribution ex-TAC for the first time, up from 43% a year earlier.
Total revenue reached $164.4 million in Q1 2026, up 6% from $155.8 million in Q1 2025. The headline revenue figure, however, understates the momentum in the company's core business. Contribution ex-TAC – the non-GAAP measure that strips out traffic acquisition costs paid to sellers for gross-basis transactions – grew 10% year-over-year to $160.9 million, landing at the high end of the company's own guidance range of $157 million to $161 million.
Adjusted EBITDAย grew 16% to $42.9 million, representing a margin of 26.6% as a percentage of contribution ex-TAC, compared with 25.2% in Q1 2025. Non-GAAP earnings per share came in at $0.13, compared with $0.12 in the prior year quarter. On a diluted GAAP basis, Magnite reported earnings of $0.03 per share versus a loss of $0.07 per share in Q1 2025.
CTV performance and channel breakdown
The CTV line carried the quarter. Contribution ex-TAC attributable toย connected televisionย rose 30% year-over-year to $82.3 million, within the guidance range of $81 million to $83 million. That figure represents 51% of total contribution ex-TAC, up from 43% in Q1 2025. The remaining contribution came from mobile at 34% ($55.4 million, down 5% year-over-year) and desktop at 15% ($23.3 million, down 5%).
CTV revenue reported on a GAAP basis also reflects the channel's growing weight: CTV generated $85.4 million in revenue in Q1 2026, compared with $72.5 million in Q1 2025, representing 52% of total revenue. Mobile contributed $55.6 million (34%) and desktop…