# Magnite Q1 Guidance Puts CTV Above 50% for the First Time
> CFO David Day's retirement announcement on April 20 reaffirmed the guidance, with results due May 6.
- Publication: The State of Streaming
- Section: Advertising & Ad Tech
- Published: 2026-04-25T20:00:00.000Z
- Updated: 2026-04-26T00:00:00.000Z
- Byline: The State of Streaming Staff
- Canonical URL: https://thestateofstreaming.com/advertising-adtech/2026/04/magnite-q1-2026-ctv-crossover-preview/
- Read time: 2 min
## Summary
Magnite reports Q1 2026 results May 6, and the guidance issued in February requires CTV to clear half of total contribution ex-TAC at every corner of the range — the first quarter the largest independent SSP would be definitionally a CTV-first business.

## Key facts

- Magnite reports Q1 2026 results after market close on May 6, 2026, with a 4:30 p.m. ET conference call.
- Q1 2026 guidance, issued Feb. 25, calls for total contribution ex-TAC of $157 million to $161 million (up 8 to 10 percent), CTV of $81 million to $83 million (up 28 to 31 percent), and DV+ of $76 million to $78 million (down 6 to 8 percent).
- Per Magnite's Q4 2025 guidance release (Feb. 25, 2026), CTV contribution ex-TAC cleared 50 percent of the total at every corner of the Q1 guided range; the midpoint implies CTV at just over 50 percent, up from 47.97 percent in Q4 2025 actuals.
- Magnite reaffirmed Q1 and full-year 2026 guidance in its April 20 announcement of CFO David Day's retirement effective Sept. 30, 2026.
- Post-Q4 2025 print sell-side price targets for Magnite span $16 (Scotiabank) to $39 (Rosenblatt Securities, Buy), a $23 range on the same underlying CTV growth trajectory.
- AMC Networks on April 15 routed its unified linear and streaming inventory through Magnite's ClearLine, the most recent named addition to the streaming-supply roster.


## Why it matters

Magnite is the largest independent sell-side advertising platform; the May 6 print is the quarter its disclosed segment mix flips from hybrid open-web/CTV to majority CTV by management's own math. For supply-side buyers entering NewFronts, that changes the read on Magnite's revenue durability, on the SSP-economics narrative, and on how independent SSPs more broadly are valued against walled gardens and Comcast-owned FreeWheel.


## What to watch

- How far above the 50.31 percent floor and the 52.87 percent ceiling the actual CTV mix lands.
- DV+ contribution ex-TAC relative to the down 6 to 8 percent guide — a miss would reframe the CTV crossover as DV+-collapse rather than CTV-growth mechanics.
- Any quantification of ClearLine activation volume, which is reported inside CTV contribution ex-TAC and not disclosed as a separate segment.
- Naming or sequencing detail on the CFO succession process Magnite opened on April 20.
- Forward commentary on how Magnite expects to be valued against Comcast's FreeWheel and PubMatic's AgenticOS thesis as the CTV-first story compounds.

## Article
[Magnite, Inc. (NASDAQ: MGNI)](https://investor.magnite.com/news-releases/news-release-details/magnite-announce-first-quarter-2026-financial-results-may-6-2026) reports Q1 2026 results after market close on May 6, and management's own guidance puts CTV above half of total contribution ex-TAC at every corner of the range — the first quarter the largest independent sell-side platform would be definitionally a CTV-first business. [The Q4 release dated Feb. 25](https://www.globenewswire.com/news-release/2026/02/25/3244987/0/en/Magnite-Reports-Fourth-Quarter-and-Full-Year-2025-Results.html) guided Q1 total contribution ex-TAC to $157 million to $161 million (up 8 to 10 percent), CTV to $81 million to $83 million (up 28 to 31 percent), and DV+ to $76 million to $78 million (down 6 to 8 percent). At the midpoint, CTV lands just over 50 percent. The 47.97 percent reading in Q4 2025 fell short.

The May 6 print is therefore the quarter Magnite stops being a hybrid open-web and CTV business and becomes, by its own segment math, a CTV-first one with a managed-decline DV+ tail. The company's [April 20 announcement of CFO David Day's retirement](https://www.globenewswire.com/news-release/2026/04/20/3277488/0/en/Magnite-Announces-Retirement-of-CFO-David-Day.html) explicitly reaffirmed the Q1 and full-year 2026 guidance, locking the structural call into the print regardless of the executive turnover. Day stays through Sept. 30, 2026 and serves as a special advisor through May 31, 2027. The print also lands inside IAB NewFronts week, May 5–11, with supply-side buyers in the room as the structural read drops.

On the Q4 call, CEO Michael Barrett told analysts that "CTV is now larger than DV+, making streaming the majority of our business," and that "accelerated budget reallocation from DV+ into CTV across agencies, DSPs, and brands" had "intensified in Q1," [per the transcript](https://www.fool.com/earnings/call-transcripts/2026/02/25/magnite-mgni-q4-2025-earnings-call-transcript/). Barrett named [LG Ad Solutions](/advertising-adtech/2026/04/teads-lg-ad-solutions-ctv-renewal/), [Netflix (NASDAQ: NFLX)](/platforms/2026/04/netflix-q1-2026-buyback-ad-tier/), Paramount Skydance (NASDAQ: PSKY), Roku (NASDAQ: ROKU), [Vizio](/companies/vizio/), Walmart (NYSE: WMT), and [Warner Bros. Discovery (NASDAQ: WBD)](/business-deals/2026/04/wbd-paramount-shareholder-vote/) as growth contributors. [SpringServe](https://www.globenewswire.com/news-release/2025/04/23/3066336/0/en/Magnite-Unveils-Next-Generation-of-SpringServe-Combining-Its-Streaming-Ad-Server-and-SSP.html), which Magnite unified into a streaming SSP and ad server in April 2025, lists The Walt Disney Company (NYSE: DIS), LG Ad Solutions, Paramount, Roku, [Samsung Electronics](/companies/samsung-electronics/), and Warner Bros. Discovery as initial clients; [AMC Networks](https://www.stocktitan.net/news/MGNI/amc-global-media-s-unified-streaming-and-linear-programmatic-buying-qca057r2zhlw.html) routed unified linear and streaming inventory through ClearLine on April 15.

Sell-side reads the structural fact as undisputed and the multiple as contested. [Rosenblatt Securities reaffirmed Buy at $39](https://www.defenseworld.net/2026/02/27/magnite-nasdaqmgni-receives-buy-rating-from-rosenblatt-securities.html); [Benchmark trimmed to $30](https://www.investing.com/news/analyst-ratings/magnite-stock-price-target-lowered-to-30-by-benchmark-on-ctv-shift-93CH-4528867) with Daniel Kurnos writing that Magnite is growing CTV ex-TAC "over 30% organically through at least the first half of 2026." Evercore ISI cut to $20 and Scotiabank to $16. The conference call is at 4:30 p.m. ET on May 6.

## Entities

- Companies: Magnite, Inc., Netflix, Paramount Skydance, Roku, Inc., Walmart Inc., Warner Bros. Discovery, The Walt Disney Company, LG Ad Solutions, Samsung, Vizio, AMC Networks, Rosenblatt Securities, Benchmark, Evercore ISI, Scotiabank
- People: Michael Barrett, David Day, Daniel Kurnos
- Products: Magnite Streaming, ClearLine, SpringServe


## Tags

- magnite
- ctv-advertising
- independent-ssp
- q1-2026-earnings
- ctv-crossover
- clearline
- springserve
- newfronts-2026


## Sourced claims

- Magnite reports Q1 2026 results after market close on May 6, 2026, with a 4:30 p.m. ET conference call. — Magnite Investor Relations, April 6, 2026: https://investor.magnite.com/news-releases/news-release-details/magnite-announce-first-quarter-2026-financial-results-may-6-2026
- Magnite's Q4 2025 release issued Feb. 25 guided to Q1 2026 total contribution ex-TAC of $157 million to $161 million, up 8 to 10 percent year-over-year. — Magnite Q4 2025 results release, Feb. 25, 2026: https://www.globenewswire.com/news-release/2026/02/25/3244987/0/en/Magnite-Reports-Fourth-Quarter-and-Full-Year-2025-Results.html
- Magnite guided Q1 2026 CTV contribution ex-TAC to $81 million to $83 million, up 28 to 31 percent year-over-year. — Magnite Q4 2025 results release, Feb. 25, 2026: https://www.globenewswire.com/news-release/2026/02/25/3244987/0/en/Magnite-Reports-Fourth-Quarter-and-Full-Year-2025-Results.html
- Magnite guided Q1 2026 DV+ contribution ex-TAC to $76 million to $78 million, a year-over-year decline of 6 to 8 percent. — Magnite Q4 2025 results release, Feb. 25, 2026: https://www.globenewswire.com/news-release/2026/02/25/3244987/0/en/Magnite-Reports-Fourth-Quarter-and-Full-Year-2025-Results.html
- Q4 2025 actuals were CTV $93.6 million and total contribution ex-TAC $195.1 million, putting CTV at 47.97 percent of the segment total. — Magnite Q4 2025 results release, Feb. 25, 2026: https://www.globenewswire.com/news-release/2026/02/25/3244987/0/en/Magnite-Reports-Fourth-Quarter-and-Full-Year-2025-Results.html
- On the Q4 2025 earnings call, CEO Michael Barrett said 'CTV is now larger than DV+, making streaming the majority of our business. That is a defining moment for Magnite, Inc.' — Magnite Q4 2025 earnings call transcript (The Motley Fool): https://www.fool.com/earnings/call-transcripts/2026/02/25/magnite-mgni-q4-2025-earnings-call-transcript/
- Barrett told analysts on the Q4 call that the company 'observed accelerated budget reallocation from DV+ into CTV across agencies, DSPs, and brands. This trend has intensified in Q1.' — Magnite Q4 2025 earnings call transcript (The Motley Fool): https://www.fool.com/earnings/call-transcripts/2026/02/25/magnite-mgni-q4-2025-earnings-call-transcript/
- Barrett named LG Ads, Netflix, Paramount, Roku, Vizio, Walmart, and Warner Bros. Discovery among Magnite's growth contributors on the Q4 2025 call. — Magnite Q4 2025 earnings call transcript (The Motley Fool): https://www.fool.com/earnings/call-transcripts/2026/02/25/magnite-mgni-q4-2025-earnings-call-transcript/
- Magnite reaffirmed its previously disclosed Q1 and full-year 2026 financial expectations in its April 20, 2026 announcement of CFO David Day's retirement effective Sept. 30, 2026, with Day continuing as a special advisor through May 31, 2027. — Magnite CFO retirement release, April 20, 2026: https://www.globenewswire.com/news-release/2026/04/20/3277488/0/en/Magnite-Announces-Retirement-of-CFO-David-Day.html
- The April 23, 2025 SpringServe next-generation release named Disney Advertising, LG Ad Solutions, Paramount, Roku, Samsung, and Warner Bros. Discovery as initial clients of the unified streaming SSP and ad server. — Magnite SpringServe next-generation release, April 23, 2025: https://www.globenewswire.com/news-release/2025/04/23/3066336/0/en/Magnite-Unveils-Next-Generation-of-SpringServe-Combining-Its-Streaming-Ad-Server-and-SSP.html
- AMC Networks on April 15, 2026 routed its unified linear and streaming inventory programmatically through Magnite's ClearLine. — Magnite-issued release (April 15, 2026): https://www.stocktitan.net/news/MGNI/amc-global-media-s-unified-streaming-and-linear-programmatic-buying-qca057r2zhlw.html
- Rosenblatt Securities reaffirmed a Buy rating with a $39 price target after the Q4 print, the most bullish on the Street. — DefenseWorld, reporting on Rosenblatt Securities, Feb. 27, 2026: https://www.defenseworld.net/2026/02/27/magnite-nasdaqmgni-receives-buy-rating-from-rosenblatt-securities.html
- Benchmark cut its price target to $30 from $31 with a Buy rating; analyst Daniel Kurnos wrote that Magnite is growing CTV ex-TAC 'over 30 percent organically through at least the first half of 2026.' — Investing.com, reporting on Benchmark / Daniel Kurnos note: https://www.investing.com/news/analyst-ratings/magnite-stock-price-target-lowered-to-30-by-benchmark-on-ctv-shift-93CH-4528867

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