DoubleVerify Holdings, Inc. (DV) Q3 2025 Earnings Call Transcript
Revenue Revenue grew 11% to $189 million year-over-year. The growth was driven by disciplined execution, resilient performance, and diversification into social and CTV sectors. However, retail budgets were softer, which slightly impacted the overall growth.
Adjusted EBITDA Margin Adjusted EBITDA margin reached 35%, exceeding expectations. This was achieved through cost discipline, operating leverage, and AI-driven efficiency gains.
Social Activation Revenue Social activation revenue grew 20% year-over-year, driven by strong demand for transparent performance-driven solutions in walled gardens like Meta and YouTube.
Supply Side Revenue Supply side revenue grew 27% year-over-year, driven by growth on existing platforms and new platform and publisher partnerships.
Media Transactions Measured (MTMs) MTMs increased 12% year-over-year, reflecting increased volumes and sustained advertiser demand for transparent, measurable, and brand-suitable media.
Measured Transaction Fees (MTFs) MTFs decreased 4% year-over-year due to product and geographic mix, excluding the impact of one introductory fixed fee deal.
Activation Revenue Activation revenue grew 10% year-over-year. ABS accounted for 54% of activation revenue and grew 12%, driven by new logo activations, upsell to existing customers, and expanded usage among current users.
Measurement Revenue Measurement revenue grew 9% year-over-year, with social measurement accounting for 48% of total measurement revenue. Growth was partly offset by weaker retail spend.
Cash from Operations Net cash from operations was approximately $51 million in the quarter, reflecting strong cash generation and disciplined capital allocation.
Capital Expenditures Capital expenditures were approximately $12 million in the quarter, up from $6 million in the same quarter last year, driven by investments in new solutions across social, streaming TV, and AI.
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DoubleVerify Expands Attention Measurement to TikTok Campaigns
- Ad Effectiveness Enhancement: DoubleVerify's launch of the DV Authentic Attention® product on TikTok marks the first attention measurement offering, utilizing direct impression-level signals to help brands optimize ad spend and enhance overall campaign effectiveness.
- Data-Driven Decision Making: Through its strong partnership with TikTok, DV delivers granular impression-level insights that reveal how ad exposure and audience engagement influence performance, enabling advertisers to better evaluate and optimize their advertising strategies.
- Creative Optimization Capability: Advertisers can leverage DV's Attention Index and Exposure Index to identify creative fatigue and optimize ad effectiveness, thereby achieving higher media efficiency and impact in high-attention campaigns.
- Cross-Platform Integration: This launch further extends DV's attention measurement coverage across major social platforms, reinforcing its mission to provide advertisers with a comprehensive cross-channel view of media effectiveness, helping brands stand out in a competitive market.
DoubleVerify Appoints Stuart Flint as EMEA Managing Director to Accelerate Global Growth
- Leadership Enhancement: DoubleVerify appoints former TikTok and Yahoo executive Stuart Flint as Managing Director for EMEA, leveraging his 20+ years of media and technology experience to drive growth in the region, which is expected to enhance client relationships and market strategy.
- Market Demand Response: Flint's arrival comes at a time when global advertisers are increasingly demanding transparency and performance, prompting DoubleVerify to attract senior talent to meet client expectations and achieve sustainable growth.
- Innovation-Driven Growth: DoubleVerify's momentum in EMEA is fueled by breakthrough products like DV Verification AI™ and DV Authentic AdVantage™, along with the acquisition of Rockerbox, further solidifying its leadership in media effectiveness.
- Global Expansion Strategy: Flint's appointment reflects DoubleVerify's strategy to strengthen its leadership team and expand its global footprint, indicating the company's commitment to enhancing transparency and trust in the digital advertising ecosystem to navigate a complex market landscape.