PubMatic (PUBM) Cash Flow: Operating & Free Cash Flow

PubMatic Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for PubMatic, Inc. (PUBM) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-14.46	12.50	8.88	28.71	56.60	26.61	6.64	4.43
Depreciation & Amortization	43.77	45.35	44.77	34.25	23.07	15.74	12.67	12.29
Deferred Income Tax	-14.49	-10.98	-13.41	-7.17	4.75	2.93	0.19	0.00
Stock Based Compensation	38.38	37.68	28.86	20.65	14.11	3.56	2.00	3.18
Change in Working Capital	22.38	-13.78	4.24	-0.51	-6.47	-24.89	9.56	-4.72
Change in Accounts Receivable	66.57	-49.35	-75.72	-24.41	-67.41	-102.18	-11.92	-24.18
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	2.63	44.29
Change in Accounts Payable	-42.40	38.10	79.69	29.76	68.30	77.36	18.47	17.56
Change in Other Working Capital	-17.98	-12.16	6.19	-4.85	-10.89	-0.07	0.38	-42.38
Other Operating Activities	-9.01	-8.33	6.19	4.13	1.36	0.36	4.06	0.44
Net Cash from Operating Activities	81.06	73.43	81.12	87.21	88.68	24.33	35.13	15.60
Investing Activities
Capital Expenditures	-14.35	-17.59	-28.29	-35.87	-30.43	-31.40	-15.00	-9.66
Acquisitions	0.00	0.00	0.00	-28.09	0.00	0.00	-0.50	4.47
Purchases of Investments	-26.03	-142.02	-140.60	-137.79	-90.56	-36.72	-38.05	-26.99
Sales/Maturities of Investments	66.95	202.86	129.87	133.40	33.20	38.25	30.95	23.90
Other Investing Activities	-20.51	-20.94	-17.69	0.00	-8.93	-7.23	0.50	-4.47
Net Cash from Investing Activities	6.07	22.31	-39.02	-81.37	-96.72	-29.88	-22.09	-12.75
Financing Activities
Debt Repayment	-0.14	-0.13	-0.13	-0.12	-0.01	0.00	0.00	-3.00
Common Stock Issued	3.91	4.13	3.42	4.16	9.42	45.81	0.00	0.01
Common Stock Repurchased	-46.50	-75.33	-59.27	2.96	-0.05	0.00	0.00	-0.30
Other Financing Activities	-0.14	-2.15	-0.13	-0.12	-0.81	6.68	0.00	-4.69
Net Cash from Financing Activities	-42.73	-73.48	-55.98	4.04	9.36	52.49	0.00	-7.99
Summary
Effect of Forex Changes on Cash	0.67	-0.32	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	45.07	21.94	-13.87	9.88	1.32	46.94	13.04	-5.15
Cash at Beginning of Period	100.45	78.51	92.38	82.51	81.19	34.25	21.22	26.36
Cash at End of Period	145.52	100.45	78.51	92.38	82.51	81.19	34.25	21.22
Free Cash Flow	66.71	55.83	52.83	51.34	58.25	-7.07	20.13	5.94
Supplemental Disclosures
Income Taxes Paid	-	14.18	15.63	9.19	6.79	2.69	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About PubMatic Cash Flow

What is PubMatic's free cash flow?

PubMatic generated free cash flow of $66.71M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $81.06M minus $14.35M of capital expenditures. That was up 19.5% from $55.83M a year earlier. Free cash flow equaled 23.6% of revenue.

How much does PubMatic spend on capital expenditures?

PubMatic spent $14.35M on capital expenditures in fiscal 2025, compared with $17.59M a year earlier. That equals 17.7% of operating cash flow.

Does PubMatic pay dividends or buy back shares?

Yes. In fiscal 2025 PubMatic returned $46.50M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition