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–(BUSINESS WIRE)–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)

	As of			As of
*(in thousands, except per share data)*	September 30, 2025			December 31, 2024
Assets:
Current assets
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		$	1,276,210
Liabilities and Stockholders’ Equity:
Current liabilities
Trade payables	$	13,343		$	11,598
Accrued expenses		70,400			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
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
Total liabilities		219,646			192,751
Commitments and contingencies (Note 15)
Stockholders’ equity
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			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		(260,011	)		(131,620	)
Retained earnings		276,535			255,214
Accumulated other comprehensive income (loss), net of income taxes		13,023			(14,692	)
Total stockholders’ equity		1,076,250			1,083,459
Total liabilities and stockholders’ equity	$	1,295,896		$	1,276,210

DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended September 30,					Nine Months Ended September 30,
*(in thousands, except per share data)*		2025		2024			2025			2024
Revenue	$	188,621	$	169,556		$	542,703		$	466,228
Cost of revenue (exclusive of depreciation and amortization shown separately below)		33,465		29,479			97,557			82,199
Product development		44,842		39,306			136,762			115,506
Sales, marketing and customer support		47,022		40,525			141,594			123,260
General and administrative		26,997		23,039			83,100			68,180
Depreciation and amortization		15,191		11,483			42,275			33,415
Income from operations		21,104		25,724			41,415			43,668
Interest expense		467		353			1,330			818
Other expense (income), net		99		(4,225	)		(5,185	)		(8,561	)
Income before income taxes		20,538		29,596			45,270			51,411
Income tax expense		10,336		11,395			23,949			18,580
Net income	$	10,202	$	18,201		$	21,321		$	32,831
Earnings per share:
Basic	$	0.06	$	0.11		$	0.13		$	0.19
Diluted	$	0.06	$	0.10		$	0.13		$	0.19
Weighted-average common stock outstanding:
Basic		162,031		170,254			163,285			171,060
Diluted		166,497		173,911			167,368			175,868
Comprehensive income:
Net income	$	10,202	$	18,201		$	21,321		$	32,831
Other comprehensive income:
Foreign currency cumulative translation adjustment		839		9,079			27,715			2,640
Total comprehensive income	$	11,041	$	27,280		$	49,036		$	35,471

DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

														Accumulated Other
									Additional					Comprehensive			Total
	Common Stock			Treasury Stock					Paid-in			Retained		Income (Loss)			Stockholders’
*(in thousands)*	Shares	Amount		Shares		Amount			Capital			Earnings		Net of Income Taxes			Equity
Balance as of January 1, 2025	174,003	$	174	6,934		$	(131,620	)	$	974,383		$	255,214	$	(14,692	)	$	1,083,459
Foreign currency translation adjustment	—		—	—			—			—			—		7,493			7,493
Shares repurchased for settlement of employee tax withholdings	—		—	210			(3,210	)		—			—		—			(3,210	)
Stock-based compensation expense	—		—	—			—			25,080			—		—			25,080
Common stock issued upon exercise of stock options	58		—	—			—			222			—		—			222
Common stock issued upon vesting of restricted stock units	641		1	—			—			(1	)		—		—			—
Common stock issued upon vesting of performance stock units	71		—	—			—			—			—		—			—
Shares repurchased under the Repurchase Program and New Repurchase Program	—		—	5,169			(82,240	)		—			—		—			(82,240	)
Excise tax on shares repurchased	—		—	—			(64	)		(668	)		—		—			(732	)
Treasury stock reissued upon settlement of equity awards	—		—	(18	)		350			(350	)		—		—			—
Net income	—		—	—			—			—			2,361		—			2,361
Balance as of March 31, 2025	174,773		175	12,295			(216,784	)		998,666			257,575		(7,199	)		1,032,433
Foreign currency translation adjustment	—		—	—			—			—			—		19,383			19,383
Shares repurchased for settlement of employee tax withholdings	—		—	35			(494	)		—			—		—			(494	)
Stock-based compensation expense	—		—	—			—			28,053			—		—			28,053
Common stock issued under employee purchase plan	135		—	—			—			1,577			—		—			1,577
Common stock issued upon exercise of stock options	29		—	—			—			148			—		—			148
Common stock issued upon vesting of restricted stock units	954		1	—			—			(1	)		—		—			—
Common stock issued upon vesting of performance stock units	14		—	—			—			—			—		—			—
Excise tax on shares repurchased	—		—	—			157			—			—		—			157
Net income	—		—	—			—			—			8,758		—			8,758
Balance as of June 30, 2025	175,905		176	12,330			(217,121	)		1,028,443			266,333		12,184			1,090,015
Foreign currency translation adjustment	—		—	—			—			—			—		839			839
Shares repurchased for settlement of employee tax withholdings	—		—	259			(3,391	)		—			—		—			(3,391	)
Stock-based compensation expense	—		—	—			—			28,786			—		—			28,786
Common stock issued upon exercise of stock options	76		—	—			—			260			—		—			260
Common stock issued upon vesting of restricted stock units	313		—	—			—			—			—		—			—
Common stock issued upon vesting of performance stock units	6		—	—			—			—			—		—			—
Shares repurchased under the New Repurchase Program	—		—	3,258			(50,065	)		—			—		—			(50,065	)
Excise tax on shares repurchased	—		—	—			(396	)		—			—		—			(396	)
Treasury stock reissued upon settlement of equity awards	—		—	(641	)		10,962			(10,962	)		—		—			—
Net income	—		—	—			—			—			10,202		—			10,202
Balance as of September 30, 2025	176,300	$	176	15,206		$	(260,011	)	$	1,046,527		$	276,535	$	13,023		$	1,076,250

DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

														Accumulated Other
									Additional					Comprehensive			Total
	Common Stock			Treasury Stock					Paid-in			Retained		Income (Loss)			Stockholders’
*(in thousands)*	Shares	Amount		Shares		Amount			Capital			Earnings		Net of Income Taxes			Equity
Balance as of January 1, 2024	171,168	$	171	22		$	(743	)	$	878,331		$	198,983	$	(2,803	)	$	1,073,939
Foreign currency translation adjustment	—		—	—			—			—			—		(4,625	)		(4,625	)
Shares repurchased for settlement of employee tax withholdings	—		—	48			(1,792	)		—			—		—			(1,792	)
Stock-based compensation expense	—		—	—			—			20,718			—		—			20,718
Common stock issued upon exercise of stock options	153		—	—			—			1,695			—		—			1,695
Common stock issued upon vesting of restricted stock units	435		1	—			—			(1	)		—		—			—
Treasury stock reissued upon settlement of equity awards	—		—	(38	)		1,389			(1,389	)		—		—			—
Net income	—		—	—			—			—			7,156		—			7,156
Balance as of March 31, 2024	171,756		172	32			(1,146	)		899,354			206,139		(7,428	)		1,097,091
Foreign currency translation adjustment	—		—	—			—			—			—		(1,814	)		(1,814	)
Shares repurchased for settlement of employee tax withholdings	—		—	30			(660	)		—			—		—			(660	)
Stock-based compensation expense	—		—	—			—			25,315			—		—			25,315
Common stock issued under employee purchase plan	124		—	—			—			1,914			—		—			1,914
Common stock issued upon exercise of stock options	126		—	—			—			870			—		—			870
Common stock issued upon vesting of restricted stock units	628		1	—			—			(1	)		—		—			—
Shares repurchased under the Repurchase Program	—		—	1,369			(25,027	)		—			—		—			(25,027	)
Treasury stock reissued upon settlement of equity awards	—		—	(41	)		1,390			(1,390	)		—		—			—
Net income	—		—	—			—			—			7,474		—			7,474
Balance as of June 30, 2024	172,634		173	1,390			(25,443	)		926,062			213,613		(9,242	)		1,105,163
Foreign currency translation adjustment	—		—	—			—			—			—		9,079			9,079
Shares repurchased for settlement of employee tax withholdings	—		—	34			(636	)		—			—		—			(636	)
Stock-based compensation expense	—		—	—			—			23,474			—		—			23,474
Common stock issued upon exercise of stock options	53		—	—			—			324			—		—			324
Common stock issued upon vesting of restricted stock units	601		—	—			—			—			—		—			—
Shares repurchased under the Repurchase Program	—		—	1,254			(25,025	)		—			—		—			(25,025	)
Treasury stock reissued upon settlement of equity awards	—		—	(21	)		404			(404	)		—		—			—
Net income	—		—	—			—			—			18,201		—			18,201
Balance as of September 30, 2024	173,288	$	173	2,657		$	(50,700	)	$	949,456		$	231,814	$	(163	)	$	1,130,580

DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended
	September 30,
*(in thousands)*		2025			2024
Operating activities:
Net income	$	21,321		$	32,831
Adjustments to reconcile net income to net cash provided by operating activities
Bad debt expense		1,897			3,546
Depreciation and amortization expense		42,275			33,415
Amortization of debt issuance costs		326			334
Non-cash lease expense		5,903			5,329
Deferred taxes		17,055			(17,253	)
Stock-based compensation expense		78,728			67,906
Interest expense (income), net		321			(854	)
Loss on disposal of fixed assets		101			—
Other		771			1,360
Changes in operating assets and liabilities, net of effects of business combinations
Trade receivables		11,596			10,333
Prepaid expenses and other assets		(36,824	)		(12,592	)
Trade payables		1,057			617
Accrued expenses and other liabilities		(6,070	)		(2,692	)
Net cash provided by operating activities		138,457			122,280
Investing activities:
Purchase of property, plant and equipment		(27,952	)		(19,792	)
Acquisition of businesses, net of cash acquired		(82,578	)		—
Purchase of short-term investments		—			(81,937	)
Proceeds from maturity of short-term investments		17,753			32,210
Other investing activities		(1,000	)		—
Net cash used in investing activities		(93,777	)		(69,519	)
Financing activities:
Proceeds from common stock issued upon exercise of stock options		630			2,889
Proceeds from common stock issued under employee purchase plan		1,577			1,914
Finance lease payments		(2,944	)		(1,940	)
Shares repurchased under the Repurchase Program and New Repurchase Program		(132,305	)		(50,052	)
Payment of excise tax on shares repurchased		(668	)		—
Shares repurchased for settlement of employee tax withholdings		(7,095	)		(3,088	)
Net cash used in financing activities		(140,805	)		(50,277	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		4,109			150
Net (decrease) increase in cash, cash equivalents, and restricted cash		(92,016	)		2,634
Cash, cash equivalents, and restricted cash – Beginning of period		293,741			310,257
Cash, cash equivalents, and restricted cash – End of period	$	201,725		$	312,891

Cash and cash equivalents	$	200,729		$	311,910
Restricted cash – current (included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)		—			128
Restricted cash – non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets)		996			853
Total cash and cash equivalents and restricted cash	$	201,725		$	312,891
Supplemental cash flow information:
Cash paid for taxes	$	57,717		$	36,141
Cash paid for interest	$	878		$	430
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances	$	5,139		$	14,553
Acquisition of equipment under finance lease	$	13,805		$	—
Capital assets financed by accounts payable and accrued expenses	$	35		$	82
Stock-based compensation included in capitalized software development costs	$	3,190		$	1,585
Accrued excise tax on net share repurchases	$	971		$	—

Contacts

Investor Relations
Tejal Engman

DoubleVerify

[email protected]

Media Contact
Chris Harihar

Crenshaw Communications

646-535-9475

[email protected]

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