LiveRamp reported a solid QQ3 2026 performance with revenue of $212.2 million, up 9% year over year, and a record operating margin of 29% driven by disciplined cost management and platform upgrade benefits. The quarter featured meaningful ARR momentum, net new ARR of $11 million, and expanding customer activity, underscored by eight additional million-dollar-plus subscriptions and a total subscriber base that grew the most in over three years. Management highlighted AI as a tailwind that amplifies LiveRamp’s data connectivity network, reinforcing its four strategic moats (identity, interoperability, data governance, and network scale) and supporting a growth runway toward the Rule of 40 target by FY28. In addition, LiveRamp advanced its pricing model toward usage-based structures for both brand direct and reseller channels, with early evidence of improved land-and-expand dynamics and a strengthened partner ecosystem (Publicis, Uber, Netflix/CCTV, etc.). The company maintained a robust balance sheet with about $403 million of cash and zero debt and continued to allocate capital to share repurchases, signaling ample financial flexibility. Looking ahead, management guided FY26 revenue of $810–$814 million (roughly 9% growth), a 72–73% gross margin, and a non-GAAP operating income of about $180 million (about 22% operating margin), with Q4 revenue guidance of $203–$207 million and ~18% operating margin. While near-term macro noise remains, LiveRamp’s AI-enabled data network, enterprise-grade governance, and scalable revenue model position it to achieve mid-to-high single-digit revenue growth into FY27 and progress toward the Rule of 40 target.