Magnite, Inc. (NASDAQ: MGNI) 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 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 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. Barrett named LG Ad Solutions, Netflix (NASDAQ: NFLX), Paramount Skydance (NASDAQ: PSKY), Roku (NASDAQ: ROKU), Vizio, Walmart (NYSE: WMT), and Warner Bros. Discovery (NASDAQ: WBD) as growth contributors. SpringServe, 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, and Warner Bros. Discovery as initial clients; AMC Networks 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; Benchmark trimmed to $30 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.
