Criteo (CRTO) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with $1.94B revenue, $1.2B contribution ex-TAC (up 3.5%), and strong margins, despite industry headwinds and lower-than-expected growth in some segments.

• Adjusted EBITDA margin reached 35% for 2025, with net income up 30% to $149M and free cash flow up 16% to $211M, supporting significant share repurchases and robust liquidity.

• Strategic focus on commerce intelligence, agentic commerce, and AI-powered solutions, with new product launches and early traction in partnerships.

Financial highlights

• 2025 revenue was $1.94B, contribution ex-TAC $1.2B (up 3.5%), gross profit $1.05B (up 7%), and adjusted EBITDA $407M (up 4%).

• Adjusted EBITDA margin was 35%; free cash flow was $211M, up 16% year-over-year.

• Adjusted net income was $253M; adjusted diluted EPS rose to $4.62, up 1% year-over-year.

• Q4 2025 revenue was $541M; contribution ex-TAC $330M, down 4% at constant currency due to $25M headwind from two retail media clients.

• Q4 net income was $46M, diluted EPS $0.90, and free cash flow $134M.

Outlook and guidance

• 2026 contribution ex-TAC expected to be flat to up 2% at constant currency; excluding $75M retail media headwind, underlying growth expected in high single digits.

• Retail media contribution ex-TAC to decline mid to high teens due to client scope reductions; underlying growth expected to accelerate to high teens-20%.

• Performance media contribution ex-TAC to grow mid-single digits; adjusted EBITDA margin expected at 32%-34%.

• Q1 2026 guidance: contribution ex-TAC $245M-$250M, down 9%-11% at constant currency, with adjusted EBITDA of $50–$55M.

• No revenue from agentic commerce initiatives assumed in 2026 guidance.