DoubleVerify (DV) financial statements
DoubleVerify reported revenue of $748M in fiscal 2025, up 26.5% a year over 6 years.
Net income was $51M and the operating margin 10.6%, against 21.4% in 2019.
Free cash flow was $173M, and the company returned $132M in net buybacks.
The diluted share count rose 17% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DoubleVerify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $183M | $244M | $333M | $452M | $573M | $657M | $748M |
| Cost of revenue | $25M | $36M | $54M | $78M | $107M | $117M | $133M |
| Gross profit | $158M | $208M | $278M | $375M | $466M | $540M | $615M |
| Research and development | $32M | $47M | $63M | $95M | $125M | $153M | $178M |
| Selling, general and admin | $65M | $115M | $159M | $186M | $214M | $260M | $301M |
| Operating income | $39M | $21M | $27M | $59M | $86M | $82M | $79M |
| Interest expense | $5M | $5M | $1M | $905,000 | $1M | $1M | $2M |
| Pre-tax income | $35M | $17M | $26M | $59M | $96M | $89M | $83M |
| Income tax | $12M | -$3M | -$3M | $16M | $24M | $33M | $32M |
| Net income | $23M | $20M | $29M | $43M | $71M | $56M | $51M |
| EPS (diluted) | $0.16 | $0.14 | $0.18 | $0.25 | $0.41 | $0.32 | $0.30 |
| Diluted shares | 143M | 145M | 160M | 171M | 173M | 175M | 167M |
| Gross margin | 86.4% | 85.3% | 83.7% | 82.8% | 81.4% | 82.3% | 82.2% |
| Operating margin | 21.4% | 8.8% | 8.0% | 13.0% | 15.0% | 12.5% | 10.6% |
| Net margin | 12.8% | 8.4% | 8.8% | 9.6% | 12.5% | 8.6% | 6.8% |
Balance sheet
Fiscal years, from DoubleVerify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $33M | $222M | $268M | $310M | $311M | $259M |
| Receivables | — | $95M | $123M | $167M | $207M | $226M | $221M |
| Total current assets | — | $142M | $368M | $445M | $533M | $559M | $519M |
| Property, plant and equipment | — | $18M | $18M | $47M | $58M | $70M | $103M |
| Goodwill | — | $227M | $351M | $343M | $436M | $428M | $516M |
| Total assets | — | $511M | $892M | $1.0B | $1.2B | $1.3B | $1.4B |
| Total current liabilities | — | $34M | $57M | $69M | $84M | $103M | $122M |
| Long-term debt | — | $22M | — | — | — | — | — |
| Total liabilities | — | $95M | $93M | $160M | $169M | $193M | $223M |
| Shareholders' equity | $318M | $417M | $799M | $877M | $1.1B | $1.1B | $1.1B |
| Net debt | -$11M | -$11M | -$222M | -$268M | -$310M | -$293M | -$259M |
Cash flow
Fiscal years, from DoubleVerify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $29M | $21M | $83M | $95M | $120M | $160M | $211M |
| Capital spending | $6M | $10M | $9M | $40M | $17M | $27M | $39M |
| Free cash flow | $23M | $11M | $73M | $55M | $103M | $133M | $173M |
| Stock-based compensation | $2M | $6M | $22M | $42M | $59M | $91M | $104M |
| Share buybacks (net) | — | — | -$2M | -$10M | -$5M | -$128M | -$132M |
| Net borrowing | $19M | -$52M | -$22M | — | — | — | — |
| Free cash flow margin | 12.9% | 4.7% | 22.0% | 12.1% | 17.9% | 20.2% | 23.1% |
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Open DV in InvestinglyQuestions
What was DoubleVerify's revenue in 2025?
$748M in fiscal 2025, from its 10-K filing.
How much free cash flow does DoubleVerify generate?
$173M in fiscal 2025 (operating cash flow minus capital spending).
From DoubleVerify's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.