Trustpilot Group (TRST) Q4 2025 TU earnings summary

Executive summary

• FY25 bookings expected at $291m, up 22% year-over-year and 18% at constant currency, with revenue projected at $261m, a 24% increase year-over-year and 20% at constant currency.

• Adjusted EBITDA projected to exceed market expectations, with strong cash generation and a year-end cash balance of $48m after $72m in share buybacks.

• Growth accelerated in H2, driven by new business and enterprise customers, supported by AI-enabled product innovation and improved gross dollar retention.

Financial highlights

• Bookings grew 22% year-over-year to $291m, with ARR up 28% to $296m and revenue up 24% to $261m.

• Net dollar retention rate expected at 102%, with gross retention improving to 87%.

• Adjusted EBITDA margin consensus at 14.6%, with actual results projected ahead of expectations.

Outlook and guidance

• Intends to extend share buyback program by up to £10m ($13m) due to strong cash position and confidence in future cash generation.

• FY25 analyst consensus was for 18% constant currency revenue growth and $37m adjusted EBITDA.