LiveRamp announced its financial results for the fourth quarter and full fiscal year ended March 31, 2025, reporting a strong finish to the year. Fourth-quarter revenue increased by 10% year-over-year to $189 million, while full fiscal year 2025 revenue reached $746 million, up 13%, successfully meeting its 10% to 15% growth target for the third consecutive year.
For the full fiscal year, subscription revenue grew 11% to $569 million, and Marketplace & Other revenue surged 21% to $177 million. The company achieved significant bottom-line improvement, with its non-GAAP operating margin expanding by two percentage points to 18%, marking the sixth consecutive year of margin expansion.
LiveRamp generated a record $153 million in free cash flow for the year, a 51% increase year-over-year, and returned $101 million to shareholders through its share repurchase program. These results culminated in LiveRamp joining the Rule of 30 club, achieving a Rule of 31 score for FY25, driven by 13% revenue growth and an 18% operating margin.
The company added 13 new $1 million+ subscription customers during FY25, bringing the total to 128, with this cohort's aggregate revenue increasing by 13%. LiveRamp also achieved its lowest-ever contraction rate, reflecting enhanced service capabilities and platform modernization efforts.
Looking ahead to fiscal year 2026, LiveRamp provided revenue guidance between $787 million and $817 million, representing growth of 6% to 10%. Despite potential top-line sensitivity to macroeconomic uncertainty, the company is guiding for significant operating margin expansion, targeting between 20% and 25% for FY26, and remains confident in its long-term ambition to achieve the Rule of 40 by FY28.
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