Criteo (CRTO) Q4 FY2025 earnings: revenue $541 million, down 2.2% on the year

Criteo S.A. (CRTO) reported revenue of $541 million for Q4 FY2025, the quarter ended 31 December 2025, down 2.2% on the same quarter a year earlier. Net income was $48 million, down 33.0% on the year, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$541 million

-2.2% on the year · +15.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.4%

17.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$48 million

-33.0% on the year · +26.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.90

-26.8% on the year · +28.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 5 new, 1 kept.

Full-year Contribution ex-TAC rose 5%: Contribution ex-TAC for 2025 rose 5% to $1.2 billion, or 3% at constant currency, while Adjusted EBITDA rose 4% to $407 million.
Q4 revenue and Contribution ex-TAC fell: Q4 revenue was $541 million, down 2% (down 4% at constant currency). Q4 Contribution ex-TAC was $330 million, down 1% (down 4% at constant currency).
Retail Media fell in Q4 on client changes: Q4 Retail Media revenue fell 17% (18% at constant currency), reflecting scope changes with two clients. Full-year Retail Media Contribution ex-TAC rose 2%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	541	470	553	+15.2%	-2.2%
Cost of revenue	211	182	219	+16.3%	-3.4%
Gross profit	297	256	301	+16.0%	-1.2%
Gross margin	55.0%	54.6%	54.4%
Research and development	75.3	67.7	67.6	+11.2%	+11.4%
Operating income	72.5	51.6	94.5	+40.5%	-23.3%
Operating margin	13.4%	11.0%	17.1%
Interest expense	0.7	0.7	0.5	-7.8%	+35.3%
Pre-tax income	72.8	51.6	96.7	+41.1%	-24.7%
Income tax	26.5	11.5	24.8	+129.6%	+6.9%
Effective tax rate	36.3%	22.3%	25.6%
Net income	47.6	37.8	71.1	+26.1%	-33.0%
Net margin	8.8%	8.0%	12.9%
Diluted EPS	$0.90	$0.70	$1.23	+28.6%	-26.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	161	89.6	169	+79.3%	-5.2%
Capital expenditure	27.4	23.0	n/a	+19.4%
Free cash flow	133	66.6	n/a	+100.0%
Free cash flow margin	24.6%	14.2%	n/a
Cash from investing	-32.0	-27.4	-38.9
Cash from financing	-37.1	-11.2	-116
Share-based compensation	n/a	14.1	24.4
Buybacks	36.6	10.9	67.1	+234.5%	-45.4%
Diluted shares, weighted	53m	54m	59m	-1.2%	-9.4%
Shares outstanding at period end	51m	49m	58m	+3.9%	-11.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	1,149	1,171	1,049	-1.9%	+9.5%
Non-controlling interest	36.5	n/a	31.9		+14.5%
Operating lease liabilities	105	n/a	77.6		+35.7%
Other liabilities	910	n/a	1,108		-17.8%
Total liabilities and equity	2,201	n/a	2,266		-2.9%
Fixed assets	139	n/a	107		+29.9%
Goodwill	536	n/a	515		+4.0%
Intangible assets	152	n/a	158		-4.1%
Investments	46.7	n/a	41.8		+11.8%
Cash and equivalents	342	255	291	+34.1%	+17.7%
Receivables	582	n/a	801		-27.3%
Other assets	403	n/a	352		+14.5%
Total assets	2,201	n/a	2,266		-2.9%

Questions

What was Criteo's revenue in Q4 FY2025?

Criteo (CRTO) reported revenue of $541 million for Q4 FY2025, the quarter ended 31 December 2025, down 2.2% on the same quarter a year earlier.

How much did Criteo earn in Q4 FY2025?

Net income for Q4 FY2025 was $48 million, down 33.0% on the year, and diluted earnings per share $0.90.

When did Criteo report Q4 FY2025 results?

Criteo filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	653	511	495	447	564	445	469	469	566	450	471	459	553	451	483	470	541	425	428	416
Cost of revenue	377	294	281	234	281	224	229	224	250	196	204	193	219	187	191	182	211	174	173	176
Gross profit	244	184	185	180	247	182	200	205	277	217	233	232	301	237	259	256	297	223	222	208
Gross margin	37%	36%	37%	40%	44%	41%	43%	44%	49%	48%	49%	51%	54%	52%	54%	55%	55%	52%	52%	50%
R&D	44.9	34.0	41.5	42.7	69.3	63.6	67.8	62.5	48.4	66.9	59.6	85.3	67.6	60.7	79.6	67.7	75.3	69.7	71.9	57.2
Operating income	65.7	27.7	-56.5	4.5	48.6	-23.5	1.0	11.4	88.3	10.4	36.9	9.6	94.5	48.2	30.5	51.6	72.5	10.4	15.0	21.0
Operating margin	10%	5%	-11%	1%	9%	-5%	0%	2%	16%	2%	8%	2%	17%	11%	6%	11%	13%	2%	4%	5%
Interest expense	0.8	0.5	0.4	0.4	0.6	0.5	0.6	0.4	0.7	0.4	0.4	0.5	0.5	0.4	0.7	0.7	0.7	0.8	0.7	0.9
Pre-tax income	69.1	31.7	-40.1	8.0	42.5	-16.7	-0.9	8.5	83.8	11.5	36.7	9.6	96.7	50.5	28.7	51.6	72.8	12.3	15.3	22.0
Tax rate	-8%	33%	n/a	18%	62%	n/a	n/a	22%	26%	26%	23%	36%	26%	21%	20%	22%	36%	30%	23%	72%
Net income	73.8	20.6	-33.6	6.6	15.4	-11.8	-2.9	6.9	61.0	7.2	27.0	6.2	71.1	37.9	21.2	37.8	47.6	7.8	11.2	5.6
Net margin	11%	4%	-7%	1%	3%	-3%	-1%	1%	11%	2%	6%	1%	13%	8%	4%	8%	9%	2%	3%	1%
Diluted EPS	$1.14	$0.32	-$0.54	$0.10	$0.25	-$0.20	-$0.05	$0.12	$1.02	$0.12	$0.46	$0.11	$1.23	$0.66	$0.39	$0.70	$0.90	$0.15	$0.22	$0.11
Operating cash flow	66.0	74.9	14.0	41.6	125	42.0	1.3	19.6	161	14.0	17.2	57.5	169	62.3	-1.4	89.6	161	48.2	20.3	56.9
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	13.8	21.2	n/a	n/a	17.1	35.3	23.0	27.4	32.8	58.2	35.8
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.2	-4.0	n/a	n/a	45.2	-36.6	66.6	133	15.4	-37.9	21.1
Buybacks	27.4	8.3	21.0	29.8	76.5	51.0	23.8	28.5	22.1	62.1	40.4	55.0	67.1	56.2	48.3	10.9	36.6	31.0	30.4	4.1
Shares outstanding	66m	66m	66m	65m	63m	63m	63m	63m	61m	61m	59m	59m	58m	58m	58m	49m	51m	50m	49m	49m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.