Perion Network (PERI) Q4 2025 earnings summary

Executive summary

• 2025 marked a strategic transformation, unifying solutions under the Perion One AI-native platform, launching Outmax, and focusing on execution and scale.

• Growth engines in CTV, DOOH, and Retail Media delivered high double-digit growth, outpacing the market by more than 2x.

• Expanded partnerships with Amazon DSP, Walmart Connect, and Mastercard, and acquired Greenbids to enhance AI capabilities.

• Strengthened executive team and organizational restructuring for efficiency and scalability.

• $200M share repurchase plan authorized, with $118M executed by year-end.

Financial highlights

• Q4 2025 revenue grew 6% YoY to $137.1M; Contribution ex-TAC up 19% to $65.2M; Adjusted EBITDA rose 53% to $24.3M.

• Full-year 2025 revenue was $439.9M, down 12% YoY; Contribution ex-TAC $203.4M, down 4% YoY; Adjusted EBITDA $45.2M, down 12% YoY.

• GAAP net income for Q4 was $8M ($0.19/diluted share), up 61% YoY; non-GAAP net income $21.4M ($0.49/diluted share), up 30%.

• Operating cash flow for Q4 was $21.8M, up 403% YoY; full-year operating cash flow was $41.9M.

• Ended 2025 with $312.9M in net cash.

Outlook and guidance

• 2026 guidance: Contribution ex-TAC of $215M–$235M and Adjusted EBITDA of $50M–$54M.

• By 2028, targets include Perion One performance spend CAGR of at least 25%, Contribution ex-TAC CAGR of at least 20%, and Adjusted EBITDA margin of 28% of Contribution ex-TAC.

• Perion One expected to comprise 85–90% of consolidated Contribution ex-TAC by 2026.