Gross Retention excludes expansion - it shows pure churn / contraction loss. The gap between NRR and GRR is the expansion lift.
Peak NRR of 112% in FY2024-Q3. Latest is 96% - that's -16pp from peak.
PubMatic is below the Sales & Marketing Tech Public median by -5pp (cell median: 101%)
PubMatic (PUBM) is a sales & marketing tech company at the public stage. As of its most recent disclosure (FY-2025), PubMatic reported a Net Revenue Retention rate of 96% - a below-average result for B2B SaaS at this segment.
PubMatic's NRR peaked at 112% in FY2024-Q3, 16pp above today's level. The most recent quarter lost 2pp QoQ.
Within its peer set (sales & marketing tech companies at public stage in the $100k-$500k acv band), PubMatic's NRR is below the cell median of 101%. Compare against the full peer cell aggregate for distribution and top performers.
Contract shape and forward-booked revenue.
Logo flow per period (count-side complement to dollar-based NRR).
Revenue, ARR, and team-size denominators for the productivity ratios.
CS team segments: independent agencies · direct brand relationships · mid-market · SMB
CSM model: hybrid
CCO comp tied to retention: Yes - Executive Bonus Plan based on revenue and adjusted pre-tax net income achievement.
Named CS initiatives across recent disclosures (newest first).
Operating system for orchestrating autonomous, agent-to-agent advertising campaigns.
"including the launch of AgenticOS, PubMatic’s operating system for orchestrating autonomous, agent-to-agent advertising campaigns"
Generative AI media buying solution enabling advertisers to build optimized campaigns using natural language prompts.
"launched earlier this year AI-powered curation... PubMatic for Buyers, our generative AI media buying solution"
AI-powered analytics engine for publishers and buyers to access insights and troubleshoot issues via chat.
"PubMatic Assistant, an AI-powered analytics engine, allows publishers and buyers to access insights"
Challenges acknowledged by management. Useful peer signals - your team is probably not alone.
Headwinds from a large DSP favoring an internal offering and a legacy DSP issue.
"unanticipated headwinds from another large DSP that began to favor an internal offering during 2025."
A top DSP partner changed its inventory valuation parameters, leading to a significant drop in spend in July.
"beginning in July, we saw a headwind emerge from another top DSP buyer, which recently made platform changes."
Potential market shifts resulting from the Google ad tech antitrust trial ruling.
"The recent ruling in the Google ad tech antitrust trial confirmed what we've long known."
Curated quotes about customer outcomes, retention, renewals.
"Our end-to-end platform provides scalable programmatic infrastructure that complements their direct sales efforts."
"We increased our buyer-focused sales team members by over 20% compared to Q2 last year, which helped diversify revenue."
"Mr. Mehta is widely recognized as the architect of the Customer Success software category and brings deep expertise in subscription business models, SaaS metrics, and technology company scaling."
Side-by-side NRR, customer cohorts, commercial structure, and CS motion.
PubMatic appears on 1 of our retention leaderboards.
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