Revenue growth has slowed to 9.6% in 2026Q1, while operating margins have contracted to 8.6% due to elevated R&D and SG&A spending.
| Sales/Revenue | 764.05M | 748.29M | 656.85M | 572.54M | 452.42M | 332.74M | 243.92M | 182.66M | 104.3M |
| Revenue Growth % | 12.17% | 13.92% | 14.72% | 26.55% | 35.97% | 36.42% | 33.53% | 75.13% | - |
| Cost of Goods Sold | 135.69M | 133.5M | 116.52M | 106.63M | 77.87M | 54.38M | 35.75M | 24.85M | 18.52M |
| COGS % of Revenue | - | 17.84% | 17.74% | 18.62% | 17.21% | 16.34% | 14.66% | 13.6% | 17.76% |
| Gross Profit | 628.36M | 614.79M | 540.33M | 465.91M | 374.55M | 278.36M | 208.17M | 157.81M | 85.78M |
| Gross Margin % | 82.24% | 82.16% | 82.26% | 81.38% | 82.79% | 83.66% | 85.34% | 86.4% | 82.24% |
| Gross Profit Growth % | - | 13.78% | 15.97% | 24.39% | 34.56% | 33.72% | 31.91% | 83.98% | - |
| Operating Expenses | 524.95M | 535.59M | 457.91M | 380.19M | 315.53M | 251.68M | 186.81M | 118.71M | 80.72M |
| OpEx % of Revenue | - | 71.58% | 69.71% | 66.4% | 69.74% | 75.64% | 76.59% | 64.99% | 77.39% |
| Selling, General & Admin | 301.65M | 300.57M | 259.65M | 213.92M | 186.08M | 158.69M | 115.21M | 65.3M | 37.87M |
| SG&A % of Revenue | - | 40.17% | 39.53% | 37.36% | 41.13% | 47.69% | 47.23% | 35.75% | 36.3% |
| Research & Development | 179.11M | 178.44M | 153.05M | 125.38M | 95.12M | 62.7M | 47M | 31.6M | 24.22M |
| R&D % of Revenue | - | 23.85% | 23.3% | 21.9% | 21.02% | 18.84% | 19.27% | 17.3% | 23.22% |
| Other Operating Expenses | 3M | 56.58M | 45.22M | 40.88M | 34.33M | 30.29M | 24.59M | 21.81M | -25K |
| Operating Income | 88.07M | 79.2M | 82.42M | 85.73M | 59.02M | 26.68M | 21.36M | 39.1M | 5.06M |
| Operating Margin % | 11.53% | 10.58% | 12.55% | 14.97% | 13.05% | 8.02% | 8.76% | 21.41% | 4.85% |
| Operating Income Growth % | - | -3.91% | -3.86% | 45.24% | 121.2% | 24.95% | -45.39% | 672.35% | - |
| EBITDA | 147.6M | 135.78M | 127.64M | 126.61M | 93.35M | 56.97M | 45.95M | 60.92M | 23.69M |
| EBITDA Margin % | 19.32% | 18.14% | 19.43% | 22.11% | 20.63% | 17.12% | 18.84% | 33.35% | 22.71% |
| EBITDA Growth % | 14.45% | 6.38% | 0.81% | 35.63% | 63.86% | 23.98% | -24.57% | 157.15% | - |
| D&A (Non-Cash Add-back) | 59.53M | 56.58M | 45.22M | 40.88M | 34.33M | 30.29M | 24.59M | 21.81M | 18.63M |
| EBIT | 74.5M | 84.44M | 89.91M | 96.94M | 60.27M | 26.99M | 22.24M | 40.56M | 5.04M |
| Net Interest Income | 3.71M | -1.73M | 11.63M | -1.07M | 1.4M | -1.16M | -4.93M | -5.2M | -3.06M |
| Interest Income | 5.44M | 0 | 12.74M | 0 | 2.31M | 11K | 0 | 0 | 0 |
| Interest Expense | 1.73M | 1.73M | 1.12M | 1.07M | 905K | 1.17M | 4.93M | 5.2M | 3.06M |
| Other Income/Expense | -654K | 3.51M | 6.37M | 10.15M | 344K | -863K | -4.05M | -3.74M | -3.08M |
| Pretax Income | 87.42M | 82.71M | 88.79M | 95.88M | 59.37M | 25.82M | 17.31M | 35.36M | 1.98M |
| Pretax Margin % | 11.44% | 11.05% | 13.52% | 16.75% | 13.12% | 7.76% | 7.1% | 19.36% | 1.9% |
| Income Tax | 32.72M | 32.06M | 32.56M | 24.41M | 16.1M | -3.49M | -3.14M | 12.05M | -1.2M |
| Effective Tax Rate % | 37.43% | 38.76% | 36.67% | 25.46% | 27.12% | -13.5% | -18.16% | 34.09% | -60.45% |
| Net Income | 54.7M | 50.65M | 56.23M | 71.47M | 43.27M | 29.31M | 20.45M | 23.31M | 3.18M |
| Net Margin % | 7.16% | 6.77% | 8.56% | 12.48% | 9.56% | 8.81% | 8.39% | 12.76% | 3.05% |
| Net Income Growth % | 6.34% | -9.93% | -21.32% | 65.17% | 47.63% | 43.29% | -12.25% | 633.62% | - |
| Net Income (Continuing) | 54.7M | 50.65M | 56.23M | 71.47M | 43.27M | 29.31M | 20.45M | 23.31M | 3.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.33 | 0.30 | 0.32 | 0.41 | 0.25 | 0.18 | 0.13 | 0.15 | 0.02 |
| EPS Growth % | 13.68% | -6.25% | -21.95% | 64% | 38.89% | 38.46% | -13.33% | 631.71% | - |
| EPS (Basic) | - | 0.31 | 0.33 | 0.43 | 0.26 | 0.18 | 0.13 | 0.15 | 0.02 |
| Diluted Shares Outstanding | 164.11M | 166.68M | 175.08M | 173.44M | 170.75M | 162.3M | 156.68M | 156.68M | 155.33M |
| Basic Shares Outstanding | 160.77M | 162.78M | 170.51M | 167.8M | 163.88M | 162.3M | 156.68M | 156.68M | 155.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Revenue growth maturity risk
As reported in recent financial statements, DoubleVerify's year-over-year revenue growth has decelerated to 9.6% in 2026Q1, marking a significant departure from the double-digit expansion observed in previous periods and suggesting that the initial programmatic adoption tailwinds may be reaching a point of saturation.
The consistent decline in quarterly growth rates indicates that the company's core verification business is becoming increasingly sensitive to broader digital advertising cycles. Investors should monitor whether the shift toward newer performance-based products can offset the maturing volume of measured transactions in the core programmatic segment.
Based on reported figures, DoubleVerify maintains a robust gross margin profile consistently exceeding 81%, which, according to industry data, underscores the company's ability to preserve pricing power despite the competitive pressures inherent in the ad-tech verification landscape and the exit of legacy players like Oracle.
The stability of these margins suggests that the company's technical infrastructure remains highly efficient even as it scales into new environments like Connected TV. However, the lack of significant margin expansion despite this scale may imply that the company is reinvesting heavily to maintain its competitive moat.
According to recent SEC filings, DoubleVerify's GAAP net income remains highly volatile, with quarterly figures frequently pressured by substantial stock-based compensation expenses that reached $27.4 million in 2025Q3, significantly impacting the quality of reported earnings and complicating the assessment of true operational profitability.
The wide gap between operating income and net income suggests that management's reliance on equity-based incentives is a structural feature of the cost base. Analysts should be cautious in relying on GAAP EPS, as the dilution and expense profile may mask the underlying cash-generating capacity of the business.
As evidenced by the income statement, DoubleVerify's operating margins have fluctuated significantly, dropping to 8.6% in 2026Q1, which suggests that aggressive spending on R&D and SG&A is currently preventing the realization of the operating leverage typically expected from a high-margin software-as-a-service business model.
The persistent elevation of operating expenses relative to revenue growth indicates a strategic choice to prioritize market share and product development over immediate bottom-line expansion. This approach warrants further investigation into whether these investments are yielding the expected returns in new product categories like AI-driven optimization.
Quick answers to the most common questions about buying DV stock.
For fiscal year 2025, DoubleVerify Holdings, Inc. (DV) reported total revenue of $748.3M. This represents a 617.4% increase compared to $104.3M in 2018.
DoubleVerify Holdings, Inc. (DV) is profitable, generating $50.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
DoubleVerify Holdings, Inc. (DV) reported an operating income of $79.2M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
DoubleVerify Holdings, Inc. (DV) generated $614.8M in gross profit for the year, representing a gross profit margin of 82.2%. This demonstrates the company's core pricing power and production efficiency.