Criteo (CRTO) Q3 2026 earnings summary

Executive summary

• Q3 media spend was $1.157B, up 9% YoY; revenue was $416.5M, down 10% at constant currency, and Contribution ex-TAC was $240.4M, down 15% at constant currency.

• Large-client Performance Media spending pressure and $20M of Retail Media scope reductions weighed on results; priorities include stronger sales execution, new-client ramps, channel expansion and cost discipline.

Financial highlights

• Gross profit was $207.7M, down 19% YoY; gross margin was 50%, versus 55% a year earlier.

• Adjusted EBITDA was $64.5M, down 39% YoY, with a 27% margin; it exceeded outlook, partly due to lower hiring and a reversal of accrued employee bonuses.

• Operating income was $21M, net income was $6.1M, diluted EPS was $0.11 and adjusted diluted EPS was $0.43.

• Operating cash flow was $56.9M and free cash flow was $21M; trailing 12-month free cash flow was $134M.

Outlook and guidance

• FY26 Contribution ex-TAC is expected to decline 10%–12% at constant currency; Performance Media is expected down high single digits and Retail Media down high teens to 20%.

• Excluding the expected $75M Retail Media scope-reduction headwind, underlying FY26 Retail Media Contribution ex-TAC is expected to grow low teens.

• FY26 Adjusted EBITDA margin is expected at ~30%; operating cash flow conversion at ~85% and free cash flow conversion at ~35% of Adjusted EBITDA before non-recurring items. Capex is expected at ~$180M.

• Q4 Contribution ex-TAC guidance is $292M–$298M, down 9%–11% at constant currency; Adjusted EBITDA guidance is $105M–$111M.

• Q4 outlook includes up to $4M of FX headwind and ~$7M of Retail Media scope impact; new Performance Media clients are expected to ramp in Q4 and reach full run rate in H1 2027.