DoubleVerify’s second quarter saw a positive market reaction, with management attributing the 21% revenue growth to broad-based expansion across its activation, measurement, and supply-side segments. CEO Mark Zagorski emphasized that existing advertisers drove the majority of growth through increased use of new DoubleVerify solutions and deeper product adoption across channels. The company’s attach, stack, and scale strategy, which focuses on selling more products to current clients and expanding relationships with new logos like Microsoft and Kenvue, was highlighted as a central growth engine. Zagorski noted, “Our business momentum is clear on the strength of our customer relationships,” with large enterprise clients deepening investments and new wins contributing to a more diversified revenue base.
Is now the time to buy DV? Find out in our full research report (it’s free).
DoubleVerify (DV) Q2 CY2025 Highlights:
- Revenue: $189 million vs analyst estimates of $180.9 million (21.3% year-on-year growth, 4.5% beat)
- Adjusted EPS: $0.15 vs analyst expectations of $0.22 (34.7% miss)
- Adjusted Operating Income: $42.58 million vs analyst estimates of $41.07 million (22.5% margin, 3.7% beat)
- Revenue Guidance for Q3 CY2025 is $190 million at the midpoint, above analyst estimates of $186.4 million
- EBITDA guidance for Q3 CY2025 is $62 million at the midpoint, above analyst estimates of $61.14 million
- Operating Margin: 7.2%, in line with the same quarter last year
- Market Capitalization: $2.45 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From DoubleVerify’s Q2 Earnings Call
- Matthew John Swanson (RBC Capital Markets) asked about the drivers behind the sharp acceleration in social measurement growth. CEO Mark Zagorski pointed to increased adoption from both existing and new clients, and the impact of Meta pre-bid solutions.
- Youssef Houssaini Squali (Truist Securities) pressed for details on the sustainability of revenue outperformance and the slight decline in measured transaction fees. CFO Nicola Allais attributed improved margins to favorable product mix and premium product upsell.
- Mark Ronald Murphy (JPMorgan) inquired about the durability of social products and improvements in pre-bid verification. Zagorski cited enhanced product granularity and expanded coverage as factors boosting client confidence.
- Maria Ripps (Canaccord) questioned the impact of expanded category filtering on Meta. Zagorski described increased granularity as a catalyst for deeper customer engagement and highlighted Meta’s cooperation in streamlining adoption.
- Brian Joseph Pitz (BMO Capital Markets) sought updates on Scibids adoption and capital allocation priorities. Zagorski reported over 50 of the top 100 clients now use Scibids, while Allais reinforced a balanced approach between investments, M&A, and buybacks.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be tracking (1) the pace of adoption and monetization for new social and CTV products, particularly Meta pre-screen and Authentic AdVantage; (2) progress in upselling premium solutions to existing large enterprise customers; and (3) the impact of ongoing product innovation and AI integration on client retention and expansion. Execution on these fronts will be critical to sustaining DoubleVerify’s growth trajectory in a competitive digital advertising landscape.
DoubleVerify currently trades at $14.97, down from $15.48 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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