Taboola.com (TBLA) Q4 2025 earnings summary

Executive summary

• Exceeded high end of guidance for Q4 and full year 2025 across key metrics, driven by disciplined execution and early acceleration from the Realize advertising platform.

• Realize platform adoption accelerated growth in scaled advertisers and average revenue per advertiser, especially in personal finance and e-commerce segments.

• Significant capital returned to shareholders through aggressive share repurchases, reducing share count by 18%.

• Continued investment in R&D and technology, sales organization restructuring, and brand perception to support long-term growth and platform innovation.

• Proprietary intent data and deep publisher integrations provide structural advantages in an AI-driven, highly competitive digital advertising market.

Financial highlights

• Q4 2025 revenue grew 6% to $522.3 million; full year revenue up 8% to $1.91 billion year-over-year.

• Q4 ex-TAC gross profit was $212.8 million (41% margin); full year ex-TAC gross profit up 7% to $713.5 million.

• Q4 net income was $50.1 million; full year net income $42.3 million; non-GAAP net income $168.6 million.

• Adjusted EBITDA for Q4 was $86.1 million; full year $215.5 million (30% margin), up 7% year-over-year.

• Free cash flow for the year was $163.4 million, representing 76% conversion from adjusted EBITDA.

Outlook and guidance

• Q1 2026 guidance: revenue $444–$462 million, gross profit $119–$125 million, ex-TAC gross profit $158–$164 million, adjusted EBITDA $20–$26 million.

• Full year 2026 guidance: revenue $1.99–$2.05 billion, gross profit $601–$621 million, ex-TAC gross profit $753–$774 million, adjusted EBITDA $222–$236 million.

• Guidance reflects an $11 million FX headwind; without it, adjusted EBITDA margin would exceed 31%.

• FY 2026 Non-GAAP net income guidance: $165–$191 million.