Taboola.com (TBLA) Q4 2025 earnings summary

Executive summary

• Q4 and full year 2025 exceeded guidance, with Q4 revenue up 6.4% to $522.3M and full year revenue up 8.3% to $1.91B, driven by disciplined execution and the Realize platform.

• Net income turned positive, reaching $50.1M in Q4 and $42.3M for the year, compared to losses in 2024.

• Realize platform drove growth in scaled advertisers and average revenue per advertiser, with strong adoption in personal finance and e-commerce.

• Reduced share count by 18% in 2025 through repurchasing 77M shares for $254M, while maintaining R&D investment.

• Proprietary intent data and deep publisher integrations provide structural advantages in an AI-driven market.

Financial highlights

• Q4 2025 revenue: $522.3M (+6.4% YoY); full year: $1.91B (+8.3% YoY).

• Q4 ex-TAC gross profit: $212.8M (41% margin), flat YoY; full year ex-TAC gross profit: $713.5M (+7% YoY).

• Q4 net income: $50.1M; full year net income: $42.3M; non-GAAP net income: $168.6M.

• Adjusted EBITDA for Q4: $86.1M (30.2% margin); full year: $215.5M (+7.2% YoY).

• Free cash flow for the year: $163.4M (+9.6% YoY), representing 76% conversion from adjusted EBITDA.

Outlook and guidance

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

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

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

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

• First half of FY 2026 expected to contribute ~47% of revenue and ~32% of adjusted EBITDA.