Criteo (CRTO) FY2025 results: revenue $1.9 billion, up 0.6% on the year
Criteo S.A. (CRTO) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 0.6% on the year before. Net income was $145 million, up 29.6%, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.9 billion
+0.6% on the year
FY2018FY2025
Operating margin
10.4%
7.8% a year earlier
FY2018FY2025
Net income
$145 million
+29.6% on the year
FY2018FY2025
Diluted EPS
$2.64
+38.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
Agentic AI products introduced: Criteo introduced Agentic Commerce Recommendation Service for AI shopping assistants and launched Audience Agent and Insights Agent for planning and decisions.
Q4 Adjusted EBITDA margin fell: Q4 Adjusted EBITDA was $120 million, down 17%, and its margin was 36% against 43%. Management tied this to planned growth investments and lower Contribution ex-TAC.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
311
258
224
+20.6%
Capital expenditure
103
78.1
116
+31.5%
Free cash flow
208
180
108
+15.8%
Free cash flow margin
10.7%
9.3%
5.5%
Cash from investing
-101
-97.9
-109
Cash from financing
-151
-270
-147
Depreciation and amortisation
122
89.4
84.8
+36.8%
Share-based compensation
57.8
103
97.2
-43.6%
Buybacks
152
225
125
-32.3%
Diluted shares, weighted
55m
59m
60m
-6.5%
Shares outstanding at period end
51m
58m
61m
-11.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,149
1,049
1,080
+9.5%
Non-controlling interest
36.5
31.9
31.8
+14.5%
Operating lease liabilities
105
77.6
83.1
+35.7%
Other liabilities
910
1,108
1,197
-17.8%
Total liabilities and equity
2,201
2,266
2,392
-2.9%
Fixed assets
139
107
126
+29.9%
Goodwill
536
515
524
+4.0%
Intangible assets
152
158
181
-4.1%
Investments
46.7
41.8
22.5
+11.8%
Cash and equivalents
342
291
336
+17.7%
Receivables
582
801
776
-27.3%
Other assets
403
352
425
+14.5%
Total assets
2,201
2,266
2,392
-2.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.