Magnite: 3 Key Takeaways for Long-Term Investors

Magnite reported strong Q3 2026 earnings with contribution ex-TAC of $201 million, beating expectations by over $10 million. Connected TV now represents 53% of business with 39% year-over-year growth. The company's infrastructure overhaul reduced streaming processing costs by over 50%, widening adjusted EBITDA margins to 42%. Management raised full-year guidance with expected free cash flow growth exceeding 60%, while political advertising surged to $40 million for the full year versus prior $15 million projection.