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NEW YORK, Aug. 06, 2026 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”) (NYSE: DV) today announced financial results for the second quarter ended June 30, 2026.
Recent Business Announcement:
On August 6, 2026, DV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Neptune BidCo US Inc., a Delaware corporation(“Parent”) and parent company of Nielsen Holdings (“Nielsen”), whereby Nielsen will acquire DV. Additional details regarding the transaction are included in a Current Report on Form 8-K filed today with the Securities and Exchange Commission.
Conference Call, Webcast, and Other Information
In light of the pending transaction, DV is suspending future earnings and investors calls for the duration of the transaction’s pendency, including the conference call previously scheduled for 4:30 p.m. Eastern time today, August 6, 2026. Additionally, DV is withdrawing all previously issued financial outlook and guidance for the duration of the transaction's pendency. Future updates regarding the transaction and DV’s strategic progress will be provided through official press releases and regulatory filings as appropriate.
Second Quarter 2026 Financial Highlights:
(All comparisons are to the second quarter of 2025)
Total revenue of $193.8 million, an increase of 3%. Activation revenue of $107.7 million, a decrease of 1%.Measurement revenue of $66.8 million, an increase of 6%.Supply-side revenue of $19.3 million, an increase of 13% Net income of $12.9 million and adjusted EBITDA of $65.3 million, which represented a 34% adjusted EBITDA margin.Cash balance of $210 million, with no debt outstanding. 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.
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of As of(in thousands, except per share data) June 30, 2026 December 31, 2025Assets: Current assets Cash and cash equivalents $210,174 $259,038 Trade receivables, net of allowances for doubtful accounts of $9,133 and $8,096 as of June 30, 2026 and December 31, 2025, respectively 214,926 221,158 Prepaid expenses and other current assets 46,325 39,132 Total current assets 471,425 519,328 Property, plant and equipment, net 129,053 103,284 Operating lease right-of-use assets, net 63,129 66,908 Goodwill 511,585 516,002 Intangible assets, net 87,872 101,616 Deferred tax assets 30,971 30,920 Other non-current assets 16,060 16,024 Total assets $1,310,095 $1,354,082 Liabilities and Stockholders' Equity: Current liabilities Trade payables $12,992 $14,662 Accrued expenses 52,426 73,552 Operating lease liabilities, current 7,932 9,057 Income tax liabilities 1,952 3,829 Current portion of finance lease obligations 12,850 6,982 Other current liabilities 16,664 13,481 Total current liabilities 104,816 121,563 Operating lease liabilities, non-current 74,652 77,917 Finance lease obligations 16,396 5,595 Deferred tax liabilities 13,066 11,467 Other non-current liabilities 6,715 6,208 Total liabilities 215,645 222,750 Commitments and contingencies (Note 15) Stockholders’ equity Common stock, $0.001 par value, 1,000,000 shares authorized, 177,110 shares issued and 154,935 outstanding as of June 30, 2026; 1,000,000 shares authorized, 176,546 shares issued and 161,900 outstanding as of December 31, 2025 177 177 Additional paid-in capital 1,073,680 1,059,938 Treasury stock, at cost, 22,175 shares and 14,646 shares as of June 30, 2026 and December 31, 2025, respectively (313,245) (247,982)Retained earnings 325,192 305,864 Accumulated other comprehensive income, net of income taxes 8,646 13,335 Total stockholders’ equity 1,094,450 1,131,332 Total liabilities and stockholders' equity $1,310,095 $1,354,082 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30,(in thousands, except per share data) 2026 2025 2026 2025 Revenue $193,789 $189,021 $374,614 $354,082 Cost of revenue (exclusive of depreciation and amortization shown separately below) 32,484 33,126 65,643 64,092 Product development 46,393 47,203 91,774 91,920 Sales, marketing and customer support 48,260 50,871 93,855 94,572 General and administrative 26,967 29,576 52,682 56,103 Depreciation and amortization 16,660 14,697 31,999 27,084 Income from operations 23,025 13,548 38,661 20,311 Interest expense 475 443 888 863 Other expense (income), net 644 (2,105) 1,637 (5,284)Income before income taxes 21,906 15,210 36,136 24,732 Income tax expense 8,988 6,452 16,808 13,613 Net income $12,918 $8,758 $19,328 $11,119 Earnings per share: Basic $0.08 $0.05 $0.12 $0.07 Diluted $0.08 $0.05 $0.12 $0.07 Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 Comprehensive income: Net income $12,918 $8,758 $19,328 $11,119 Other comprehensive income (loss): Foreign currency cumulative translation adjustment 242 19,383 (4,689) 26,876 Total comprehensive income $13,160 $28,141 $14,639 $37,995 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 EquityBalance as of January 1, 2026 176,546 $177 14,646 $(247,982) $1,059,938 $305,864 $13,335 1,131,332 Foreign currency translation adjustment — — — — — — (4,931) (4,931)Shares repurchased for settlement of employee tax withholdings — — 142 (1,437) — — — (1,437)Stock-based compensation expense — — — — 25,613 — — 25,613 Common stock issued upon exercise of stock options — — — — 43 — — 43 Common stock issued upon vesting of restricted stock units 90 — — — — — — — Common stock issued upon vesting of performance stock units 53 — — — — — — — Shares repurchased under authorized repurchase programs — — 7,270 (75,145) — — — (75,145)Excise tax on shares repurchased — — — (618) — — — (618)Treasury stock reissued upon settlement of equity awards — — (1,298) 20,239 (20,239) — — — Net income — — — — — 6,410 — 6,410 Balance as of March 31, 2026 176,689 $177 20,760 $(304,943) $1,065,355 $312,274 $8,404 $1,081,267 Foreign currency translation adjustment — — — — — — 242 242 Shares repurchased for settlement of employee tax withholdings — — 392 (4,025) — — — (4,025)Stock-based compensation expense — — — — 26,941 — — 26,941 Common stock issued under employee purchase plan — — — — 1,031 — — 1,031 Common stock issued upon exercise of stock options — — — — 1,223 — — 1,223 Common stock issued upon vesting of restricted stock units 392 — — — — — — — Common stock issued upon vesting of performance stock units 29 — — — — — — — Shares repurchased under authorized repurchase programs — — 2,497 (25,050) — — — (25,050)Excise tax on shares repurchased — — — (97) — — — (97)Treasury stock reissued upon settlement of equity awards — — (1,474) 20,870 (20,870) — — — Net income — — — — — 12,918 — 12,918 Balance as of June 30, 2026 177,110 $177 22,175 $(313,245) $1,073,680 $325,192 $8,646 $1,094,450 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 authorized repurchase programs — — 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 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30,(in thousands) 2026 2025 Operating activities: Net income $19,328 $11,119 Adjustments to reconcile net income to net cash provided by operating activities Bad debt expense 2,409 1,499 Depreciation and amortization expense 31,999 27,084 Amortization of debt issuance costs 217 217 Non-cash lease expense 4,199 3,905 Deferred taxes 1,586 298 Stock-based compensation expense 49,774 51,349 Interest expense, net 348 255 Loss on disposal of fixed assets — 89 Other 804 (419)Changes in operating assets and liabilities, net of effects of business combinations Trade receivables 3,016 40,951 Prepaid expenses and other assets (7,149) (32,762)Trade payables (1,638) 638 Accrued expenses and other liabilities (24,480) (16,947)Net cash provided by operating activities 80,413 87,276 Investing activities: Purchase of property, plant and equipment (21,056) (15,813)Acquisition of businesses, net of cash acquired — (82,578)Proceeds from maturity of short-term investments — 12,684 Other investing activities — (1,000)Net cash used in investing activities (21,056) (86,707)Financing activities: Proceeds from common stock issued upon exercise of stock options 1,266 370 Proceeds from common stock issued under employee purchase plan 1,031 1,577 Finance lease payments (3,179) (1,379)Shares repurchased under authorized repurchase programs (100,195) (82,240)Payment of excise tax on shares repurchased (884) (668)Shares repurchased for settlement of employee tax withholdings (5,462) (3,704)Net cash used in financing activities (107,423) (86,044)Effect of exchange rate changes on cash and cash equivalents and restricted cash (821) 4,547 Net decrease in cash, cash equivalents, and restricted cash (48,887) (80,928)Cash, cash equivalents, and restricted cash - Beginning of period 260,034 293,741 Cash, cash equivalents, and restricted cash - End of period $211,147 $212,813 Cash and cash equivalents $210,174 $211,784 Restricted cash - current (included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets) — 37 Restricted cash - non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets) 973 992 Total cash and cash equivalents and restricted cash $211,147 $212,813 Supplemental cash flow information: Cash paid for interest $573 $500 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 $245 $2,168 Acquisition of equipment under finance lease $19,847 $13,805 Capital assets financed by accounts payable and accrued expenses $66 $249 Stock-based compensation included in capitalized software development costs $2,785 $1,783 Accrued excise tax on net share repurchases $715 $575 Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025
Revenue
Three Months Ended June 30, Change Change Six Months Ended June 30, Change Change 2026 2025 $ % 2026 2025 $ % (In Thousands) (In Thousands) Revenue by customer type: Activation$107,683 $108,950 $(1,267) (1)% $208,230 $204,121 $4,109 2%Measurement 66,760 62,895 3,865 6 128,563 116,326 12,237 11 Supply-side 19,346 17,176 2,170 13 37,821 33,635 4,186 12 Total revenue$193,789 $189,021 $4,768 3% $374,614 $354,082 $20,532 6% Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Net income, Non-GAAP Earnings Per Share, Free Cash Flow and Free Cash Flow Conversion (collectively "Non-GAAP Financial Measures") are useful in evaluating our business.
We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We calculate Non-GAAP net income as GAAP net income adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as amortization of acquired intangibles assets, acquisition-related costs, other non-recurring costs, as well as the income tax effect of these adjustments. Basic non-GAAP earnings per share is calculated by dividing non-GAAP net income by the number of weighted-average common stock outstanding. Diluted Non-GAAP earnings per share adjusts the Basic Non-GAAP earnings per share for the potential dilutive impact of shares of common stock using the treasury stock method. We calculate free cash flow as net cash provided by operating activities determined in accordance with GAAP less purchases of property, plant, and equipment which includes capitalized software development costs. Free cash flow conversion is calculated as free cash flow divided by Adjusted EBITDA for the same period. We use the Non-GAAP Financial Measures as measures of operational efficiency to understand and evaluate our core business operations. We believe that these Non-GAAP Financial Measures are useful to investors for period-to-period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent basis by either excluding items that we do not believe are indicative of our core operating performance or by measuring cash generated by our operations that is available for various strategic initiatives.
The following tables show DV’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net income$12,918 $8,758 $19,328 $11,119 Net income margin 7% 5% 5% 3%Depreciation and amortization 16,660 14,697 31,999 27,084 Stock-based compensation 25,525 27,007 49,774 51,349 Interest expense 475 443 888 863 Income tax expense 8,988 6,452 16,808 13,613 M&A and restructuring costs (a) — 504 — 1,666 Other costs (b) 117 1,518 95 1,518 Other expense (income) (c) 644 (2,105) 1,637 (5,284)Adjusted EBITDA$65,327 $57,274 $120,529 $101,928 Adjusted EBITDA margin 34% 30% 32% 29% Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net Income$12,918 $8,758 $19,328 $11,119 Stock-based compensation 25,525 27,007 49,774 51,349 Amortization of acquired intangibles 6,536 8,068 13,091 15,307 M&A and restructuring costs (a) — 504 — 1,666 Other costs (b) 117 1,518 95 1,518 Income tax effect of non-GAAP adjustments (d) (9,975) (11,500) (19,518) (21,650)Non-GAAP net income$35,121 $34,355 $62,770 $59,309 GAAP earnings per share: Basic$0.08 $0.05 $0.12 $0.07 Diluted$0.08 $0.05 $0.12 $0.07 GAAP Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 Non-GAAP earnings per share: Basic$0.23 $0.21 $0.40 $0.36 Diluted$0.22 $0.21 $0.39 $0.35 Non-GAAP Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 (a) M&A and restructuring costs for the three and six months ended June 30, 2025 consist of transaction costs related to the acquisition of Rockerbox.(b) Other costs for the three and six months ended June 30, 2026 consist of expenses with respect to litigation and regulatory matters outside of the ordinary course. Other costs for the three and six months ended June 30, 2025 consist of expenses incurred with respect to litigation and regulatory matters outside of the ordinary course and costs related to the early termination of an office lease.(c) Other expense (income) for the three and six months ended June 30, 2026 and June 30, 2025 consist of interest income earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates.(d) We calculate the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three and six months ended June 30, 2026 and 2025 were calculated using assumed blended tax rates of 31%, respectively. These rates represent a blend of the statutory federal tax and state taxes rates associated with the most recent Annual Report on Form 10-K. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net cash provided by operating activities$76,242 $49,613 $80,413 $87,276 Purchase of property, plant and equipment (10,513) (9,527) (21,056) (15,813)Free cash flow$65,729 $40,086 $59,357 $71,463 Free cash flow conversion 101% 70% 49% 70% These Non-GAAP Financial Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:
they do not reflect changes in, or cash requirements for, working capital needs;they do not reflect our capital expenditures or future requirements for capital expenditures or contractual commitments;they do not reflect income tax expense or the cash requirements to pay income taxes;they do not reflect interest expense or the cash requirements necessary to service interest or principal debt payments; andalthough depreciation and amortization are non-cash charges related mainly to intangible assets, certain assets being depreciated and amortized will have to be replaced in the future, and they do not reflect any cash requirements for such replacements. In addition, other companies in our industry may calculate these Non-GAAP Financial Measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the Non-GAAP Financial Measures only supplementally.
Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:
Three Months Ended Six Months Ended June 30, June 30,(in thousands) 2026 2025 2026 2025Product development $10,109 $10,389 $19,519 $19,655Sales, marketing and customer support 7,588 8,826 14,712 16,455General and administrative 7,828 7,792 15,543 15,239Total stock-based compensation $25,525 $27,007 $49,774 $51,349 Forward-Looking Statements
This press release includes “forward-looking statements”. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any statements in this press release regarding the proposed transaction with Parent, future revenues, earnings, margins, financial performance or results of operations, and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. These risks, uncertainties, assumptions and other factors include, but are not limited to, the risk that disruptions from the proposed transaction with Parent (including the ability of certain counterparties to terminate or amend contracts upon a change of control) will harm DV’s business, including current plans and operations, including during the pendency of the transaction, the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect DV’s business and the price of its common stock, the competitiveness of our solutions amid technological developments or evolving industry standards, the competitiveness of our market, system failures, security breaches, cyberattacks or natural disasters, economic downturns and unstable market conditions, our ability to collect payments, data privacy legislation and regulation, public criticism of digital advertising technology, our international operations, our use of “open source” software, our limited operating history and the potential for our revenues and results of operations to fluctuate in the future. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make.
Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this press release are included under the caption “Risk Factors” in DV’s Annual Report on Form 10-K filed with the SEC on February 26, 2026, its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 once filed with the SEC and other filings and reports we make with the SEC from time to time.
We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. Any forward-looking information presented herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About DoubleVerify
DoubleVerify (NYSE: DV) is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.
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