DoubleVerify Reports Third Quarter 2025 Financial Results
DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data, and analytics, today announced financial results for the third quarter ended September 30, 2025. ...
Delivered 11% Year-over-Year Revenue Growth to $188.6 Million and 35% Adjusted EBITDA Margins reaching $65.9 Million
Raised Full-Year 2025 Adjusted EBITDA margin guidance to approximately 33%
NEW YORK: DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data, and analytics, today announced financial results for the third quarter ended September 30, 2025.
“We delivered 11% year-over-year growth in the third quarter, reflecting disciplined execution and continued progress across our key growth initiatives, while delivering stronger quarterly margins as we leverage AI to drive efficiencies in our model,” said Mark Zagorski, CEO of DoubleVerify. “We’re innovating at speed for the AI era, launching DV AI Verification to enhance transparency, performance, and protection for advertisers while also leveraging AI to make our core solutions even more powerful. In Social, our new DV Authentic Advantage solution is gaining early traction with leading global brands, underscoring demand for transparent, performance-driven tools in walled gardens. The launch of our Verified Streaming TV solution extends our leadership with new pre-bid and measurement capabilities that root out misaligned CTV placements, automated Do Not Air Lists that will drive greater efficiency in program-level exclusions, and our recently announced IMDb data integration that will deliver deeper, show-level transparency to improve campaign performance. Together, these innovations reinforce DV’s position as the independent standard for trust and transparency across all digital media. As AI reshapes how media is bought, measured, and optimized, and social and CTV take a commanding share of ad budgets, our trusted, independent platform remains essential to helping advertisers drive performance and accountability in an increasingly complex ecosystem.”
Third Quarter 2025 Financial Highlights:
(All comparisons are to the third quarter of 2024)
- Total revenue of $188.6 million, an increase of 11%.
- Activation revenue of $106.7 million, an increase of 10%.
- Measurement revenue of $63.8 million, an increase of 9%.
- Social measurement revenue increased by 9%.
- International measurement revenue increased by 2%.
- Media Transactions Measured (MTM) for CTV increased by 30%.
- Supply-side revenue of $18.1 million, an increase of 27%.
- Net income of $10.2 million and adjusted EBITDA of $65.9 million, which represented a 35% adjusted EBITDA margin.
Third Quarter and Recent Business Highlights:
- Grew Total Advertiser revenue by 10% year-over-year in the third quarter.
- MTM increased by 12% year-over-year, and Measured Transaction Fee (MTF) declined 4% year-over-year, excluding the impact of an introductory fixed fee deal for one large customer.
- Continued to achieve a Gross Revenue Retention rate of over 95% in the third quarter.
- Drove global market share growth through product upsells, international expansion, and new enterprise logo wins. Notable third-quarter new business wins include:
- New enterprise customer wins: Citigroup UK, Henkel, Red Bull, Under Armour, and Premier Inn
- Expansions: Vodafone, Papa John’s, Sonos
AI, Social Media & CTV Announcements
New Product Launches
- Launched DV AI Verification™ to help advertisers identify and manage AI agent interactions and avoid low-quality AI-generated content, advancing DV’s leadership in AI-driven transparency and media quality. The new suite includes Agent ID Measurement to detect and classify AI-powered chatbots and automated traffic, and AI SlopStopper to help advertisers avoid AI-generated content across open web and social environments.
- Launched DV Authentic Advantage into general availability, introducing an industry-first integrated activation, optimization, and measurement solution that delivers brand protection without performance trade-offs on social media, and closed several leading CPG advertisers within the first weeks of introduction.
- Introduced industry-first Streaming TV products to enhance transparency and elevate ad quality across Connected TV, including Verified Streaming TV™ pre-bid segments and measurement and “Do Not Air” Automation within DV Authentic Brand Suitability®. These innovations help advertisers ensure their campaigns run in premium, TV-like environments and automate brand-safety enforcement across streaming platforms.
Expanded Coverage and Partnerships
- Expanded AI-powered brand suitability measurement coverage across Meta Threads, bringing independent third-party verification to Meta’s newest platform and enabling advertisers to evaluate contextual relevance, safeguard brand equity, and improve campaign effectiveness.
- Significantly expanded content-level avoidance across Meta’s Facebook and Instagram Feeds and Reels, nearly doubling DV’s ability to filter content on behalf of advertisers' suitability preferences across categories and markets to better protect brand equity.
- Expanded TikTok’s Video Exclusion List Solution by 100x, significantly enhancing advertisers’ ability to exclude unsuitable content and reducing their rate of unsuitable content by one-third, delivering markedly stronger pre-screen brand protection.
- Expanded AI-powered brand suitability measurement across additional Snapchat placements, including Shows and Publisher Stories, while launching Viewability and Fraud measurement on sponsored Snaps within Snapchat’s Chat Feed, enhancing transparency and extending coverage across premium inventory.
- Leveraged authoritative metadata and popularity insights licensed from IMDb to enhance show-level transparency and classification for streaming TV. By integrating unique IMDb data, including Parents Guides, Meters, and Ratings, DoubleVerify will deliver more granular, precise suitability insights that help improve media quality and performance for global brands.
- Expanded collaboration with Roku to strengthen transparency and performance in streaming TV, blocking billions of fraudulent ad requests that mimicked Roku device traffic and delivered a substantial reduction in falsified impressions across the ecosystem. The partnership leverages Roku’s Advertising Watermark and DV’s Fraud Lab technology to authenticate inventory and combat device spoofing at scale, enhancing trust and accountability for advertisers.
Programmatic Expansions & Supply-Side Partnerships
- Expanded integration with Microsoft Advertising, integrating DV measurement to Microsoft’s owned and across Microsoft properties, such as MSN, Outlook, and Microsoft Casual Games, while launching DV Campaign Automator™ to streamline trafficking workflows and enhance campaign performance.
- Continued to drive supply-side growth with new platform and publisher partnerships, including AMC, Univision, Rumble, Wiley, and Rakuten’s Viber.
Share Repurchase Program
- Repurchased 3.3 million shares for $50.1 million in the third quarter, bringing total repurchases to 8.4 million shares for $132.3 million over the nine months ended September 30, 2025, inclusive of broker commissions. As of November 7, 2025, $90.0 million remained available and authorized for repurchase under the New Repurchase Program.
“Our third-quarter results reflect double-digit growth, strong profitability, and continued operating leverage,” said Nicola Allais, CFO of DoubleVerify. “We delivered adjusted EBITDA of $66 million, or a 35% margin, exceeding the high end of our guidance range as we continue to scale efficiently through AI-driven automation and disciplined cost management. For full-year 2025, we expect approximately 14% revenue growth and are raising our adjusted EBITDA margin guidance from 32% to 33%, highlighting the strength and scalability of our model.”
Fourth Quarter and Full-Year 2025 Guidance:
DoubleVerify anticipates Revenue and Adjusted EBITDA to be in the following ranges:
Fourth Quarter 2025:
- Revenue in the range of $207 and $211 million, a year-over-year increase of 10% at the midpoint.
- Adjusted EBITDA in the range of $77 and $81 million, representing a 38% margin at the midpoint.
Full Year 2025:
- Revenue growth of approximately 14%.
- Adjusted EBITDA margin of approximately 33%.
With respect to the Company’s expectations under "Fourth Quarter and Full Year 2025 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income in this press release because the Company does not provide guidance for depreciation and amortization expense, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income. In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.
Conference Call, Webcast, and Other Information
DoubleVerify will host a conference call and live webcast to discuss its third quarter 2025 financial results at 8:00 a.m. Eastern Time today, November 7, 2025. To access the conference call, dial (800) 715-9871 for the U.S. or Canada, or +1 (646) 307-1963 for international callers. The conference ID is 5064608. The webcast will be available live on the Investors section of the Company’s website at https://ir.doubleverify.com/. An archived webcast will be available approximately two hours after the conclusion of the live event.
In addition, DoubleVerify plans to post certain additional historical quarterly financial information on the investor relations portion of its website for easy access to investors.
Key Business Terms
Activation revenue is generated from the evaluation, verification, and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.
Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers, CTV, and social media platforms.
Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify, and measure their advertising inventory.
Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.
Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify’s software platform measures.
Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured.
International Revenue Growth Rates are inclusive of foreign currency fluctuations.
DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
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| As of |
| As of | ||||
(in thousands, except per share data) |
| September 30, 2025 |
| December 31, 2024 | ||||
Assets: |
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Current assets |
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Cash and cash equivalents |
| $ | 200,729 |
|
| $ | 292,820 |
|
Short-term investments |
|
| - |
|
|
| 17,805 |
|
Trade receivables, net of allowances for doubtful accounts of $7,876 and $9,003 as of September 30, 2025 and December 31, 2024, respectively |
|
| 217,586 |
|
|
| 226,225 |
|
Prepaid expenses and other current assets |
|
| 58,568 |
|
|
| 22,201 |
|
Total current assets |
|
| 476,883 |
|
|
| 559,051 |
|
Property, plant and equipment, net |
|
| 98,358 |
|
|
| 70,195 |
|
Operating lease right-of-use assets, net |
|
| 68,508 |
|
|
| 67,721 |
|
Goodwill |
|
| 516,960 |
|
|
| 427,621 |
|
Intangible assets, net |
|
| 108,195 |
|
|
| 110,356 |
|
Deferred tax assets |
|
| 14,233 |
|
|
| 35,488 |
|
Other non-current assets |
|
| 12,759 |
|
|
| 5,778 |
|
Total assets |
| $ | 1,295,896 |
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| $ | 1,276,210 |
|
Liabilities and Stockholders' Equity: |
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Current liabilities |
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Trade payables |
| $ | 13,343 |
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| $ | 11,598 |
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Accrued expenses |
|
| 70,400 |
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|
| 54,532 |
|
Operating lease liabilities, current |
|
| 9,821 |
|
|
| 11,048 |
|
Income tax liabilities |
|
| 549 |
|
|
| 15,592 |
|
Current portion of finance lease obligations |
|
| 7,410 |
|
|
| 2,512 |
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Other current liabilities |
|
| 18,351 |
|
|
| 8,200 |
|
Total current liabilities |
|
| 119,874 |
|
|
| 103,482 |
|
Operating lease liabilities, non-current |
|
| 79,108 |
|
|
| 77,297 |
|
Finance lease obligations |
|
| 6,775 |
|
|
| 812 |
|
Deferred tax liabilities |
|
| 8,322 |
|
|
| 8,509 |
|
Other non-current liabilities |
|
| 5,567 |
|
|
| 2,651 |
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Total liabilities |
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| 219,646 |
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| 192,751 |
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Commitments and contingencies (Note 15) |
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Stockholders’ equity |
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Common stock, $0.001 par value, 1,000,000 shares authorized, 176,300 shares issued and 161,094 outstanding as of September 30, 2025; 1,000,000 shares authorized, 174,003 shares issued and 167,069 outstanding as of December 31, 2024 |
|
| 176 |
|
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| 174 |
|
Additional paid-in capital |
|
| 1,046,527 |
|
|
| 974,383 |
|
Treasury stock, at cost, 15,206 shares and 6,934 shares as of September 30, 2025 and December 31, 2024, respectively |
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| (260,011 | ) |
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| (131,620 | ) |
Retained earnings |
|
| 276,535 |
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|
| 255,214 |
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Accumulated other comprehensive income (loss), net of income taxes |
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| 13,023 |
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| (14,692 | ) |
Total stockholders’ equity |
|
| 1,076,250 |
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|
| 1,083,459 |
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Total liabilities and stockholders' equity |
| $ | 1,295,896 |
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| $ | 1,276,210 |
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DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | ||||||||||||||||
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| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
(in thousands, except per share data) |
|
| 2025 |
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| 2024 |
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| 2025 |
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| 2024 |
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Revenue |
| $ | 188,621 |
| $ | 169,556 |
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| $ | 542,703 |
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