Criteo (CRTO) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with $1.94 billion revenue, $1.2 billion contribution ex-TAC (up 3.5%), and strong margins, despite industry headwinds and client scope changes.

• Adjusted EBITDA margin reached 35% for 2025, with net income up 30% to $149 million and free cash flow up 16% to $211 million.

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

• Q4 2025 saw $1,355 million in media spend (+6% YoY), but revenue and contribution ex-TAC declined 4% YoY due to client scope changes.

Financial highlights

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

• Adjusted net income was $253 million; adjusted diluted EPS rose to $4.62, and free cash flow was $211 million (+16%).

• Q4 2025 revenue was $541 million; contribution ex-TAC was $330 million, down 4% at constant currency.

• Q4 adjusted EBITDA was $120 million; net income was $46 million; diluted EPS was $0.90.

• Full-year gross margin improved to 54% from 51% in 2024.

Outlook and guidance

• 2026 guidance targets flat to 2% contribution ex-TAC growth at constant currency, with underlying high single-digit growth excluding a $75 million retail media headwind.

• Adjusted EBITDA margin for 2026 projected at 32–34%, with over 40% conversion to free cash flow.

• Q1 2026 contribution ex-TAC expected at $245–$250 million, down 9–11% YoY, with adjusted EBITDA of $50–$55 million.

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

• CapEx for 2026 expected at $190 million, mainly for data center renewals and AI infrastructure.