Revenue growth has turned negative with a 5.9% year-over-year decline in 2026Q1, while operating margins have compressed significantly to 2.4% from a 17.1% peak in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 1.92B | 1.94B | 1.93B | 1.95B | 2.02B | 2.25B | 2.07B | 2.26B | 2.3B | 2.3B | 1.8B | 1.19B | 906.03M | 613.05M | 359.53M | 186.07M | 87.28M |
| Revenue Growth % | -0.86% | 0.6% | -0.83% | -3.35% | -10.52% | 8.76% | -8.35% | -1.69% | 0.16% | 27.65% | 50.76% | 31.72% | 47.79% | 70.51% | 93.22% | 113.19% | - |
| Cost of Goods Sold | 882.96M | 895.52M | 950.32M | 1.09B | 1.22B | 1.47B | 1.38B | 1.43B | 1.47B | 1.48B | 1.15B | 767.86M | 580.74M | 396.18M | 225.31M | 109.84M | 50.95M |
| COGS % of Revenue | - | 46.04% | 49.16% | 55.73% | 60.58% | 65.31% | 66.8% | 63.34% | 63.73% | 64.32% | 64.15% | 64.34% | 64.1% | 64.62% | 62.67% | 59.03% | 58.38% |
| Gross Profit | 1.04B | 1.05B | 982.97M | 863.04M | 795.2M | 781.94M | 688.02M | 829.04M | 834.24M | 819.5M | 644.98M | 425.56M | 325.29M | 216.87M | 134.22M | 76.23M | 36.33M |
| Gross Margin % | 53.97% | 53.96% | 50.84% | 44.27% | 39.42% | 34.69% | 33.2% | 36.66% | 36.27% | 35.68% | 35.85% | 35.66% | 35.9% | 35.38% | 37.33% | 40.97% | 41.62% |
| Gross Profit Growth % | - | 6.76% | 13.9% | 8.53% | 1.7% | 13.65% | -17.01% | -0.62% | 1.8% | 27.06% | 51.56% | 30.83% | 49.99% | 61.58% | 76.08% | 109.84% | - |
| Operating Expenses | 772.65M | 846.62M | 831.57M | 785.83M | 770.92M | 630.07M | 579.19M | 687.82M | 687.13M | 681.65M | 523.97M | 356.02M | 276.61M | 202.13M | 122.38M | 63.41M | 26.46M |
| OpEx % of Revenue | - | 43.53% | 43.01% | 40.31% | 38.22% | 27.95% | 27.94% | 30.41% | 29.87% | 29.68% | 29.12% | 29.83% | 30.53% | 32.97% | 34.04% | 34.08% | 30.32% |
| Selling, General & Admin | 478.14M | 561.04M | 552.23M | 543.54M | 583.33M | 478.25M | 446.68M | 503.35M | 507.87M | 507.73M | 400.32M | 277.71M | 221.53M | 157.7M | 103.49M | 52.02M | 23.23M |
| SG&A % of Revenue | - | 28.85% | 28.56% | 27.88% | 28.92% | 21.22% | 21.55% | 22.26% | 22.08% | 22.11% | 22.25% | 23.27% | 24.45% | 25.72% | 28.79% | 27.96% | 26.61% |
| Research & Development | 292.24M | 283.3M | 279.34M | 242.29M | 187.6M | 151.82M | 132.51M | 172.59M | 179.26M | 173.93M | 123.65M | 78.31M | 55.08M | 44.43M | 18.89M | 11.39M | 3.24M |
| R&D % of Revenue | - | 14.57% | 14.45% | 12.43% | 9.3% | 6.73% | 6.39% | 7.63% | 7.79% | 7.57% | 6.87% | 6.56% | 6.08% | 7.25% | 5.25% | 6.12% | 3.71% |
| Other Operating Expenses | 1000K | 2.27M | 0 | 0 | 0 | 0 | 0 | 11.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 164.94M | 202.71M | 151.4M | 77.22M | 24.28M | 151.88M | 108.83M | 141.21M | 147.11M | 137.84M | 121M | 69.53M | 48.68M | 14.74M | 11.83M | 12.81M | 9.86M |
| Operating Margin % | 8.6% | 10.42% | 7.83% | 3.96% | 1.2% | 6.74% | 5.25% | 6.24% | 6.4% | 6% | 6.73% | 5.83% | 5.37% | 2.4% | 3.29% | 6.89% | 11.3% |
| Operating Income Growth % | - | 33.89% | 96.07% | 218.06% | -84.01% | 39.56% | -22.94% | -4.01% | 6.72% | 13.92% | 74.02% | 42.85% | 230.25% | 24.58% | -7.67% | 29.92% | - |
| EBITDA | 269.55M | 330.9M | 239.16M | 149.55M | 174.54M | 242.81M | 215.42M | 238.32M | 250.5M | 231.84M | 177.62M | 112M | 79.26M | 31.58M | 19.44M | 17.17M | 10.82M |
| EBITDA Margin % | 14.05% | 17.01% | 12.37% | 7.67% | 8.65% | 10.77% | 10.39% | 10.54% | 10.89% | 10.09% | 9.87% | 9.39% | 8.75% | 5.15% | 5.41% | 9.23% | 12.4% |
| EBITDA Growth % | -2.09% | 38.36% | 59.91% | -14.31% | -28.12% | 12.72% | -9.61% | -4.86% | 8.05% | 30.53% | 58.58% | 41.32% | 150.98% | 62.47% | 13.21% | 58.65% | - |
| D&A (Non-Cash Add-back) | 104.6M | 128.19M | 87.75M | 72.34M | 150.26M | 90.93M | 106.59M | 97.11M | 103.39M | 93.99M | 56.61M | 42.47M | 30.58M | 16.84M | 7.61M | 4.35M | 958.9K |
| EBIT | 154.42M | 205.26M | 158.09M | 82.26M | 48.79M | 156.09M | 109.27M | 137.22M | 133.39M | 132.32M | 121.59M | 72.35M | 65.06M | 5.5M | 9.85M | 12.81M | 9.86M |
| Net Interest Income | 1.39M | 2.65M | 6.63M | 2.18M | 412.23K | -1.35M | -1.37M | -1.32M | -1.14M | -2.06M | -1.05M | 1.43M | 1.27M | 343.85K | 251.75K | 98.5K | 82.46K |
| Interest Income | 2.71M | 4.39M | 10.05M | 4.69M | 1.93M | 633.01K | 1.12M | 1.53M | 1.05M | 890.31K | 1.35M | 2.11M | 1.88M | 823.12K | 262.03K | 103.69K | 89.11K |
| Interest Expense | 1.31M | 1.74M | 3.44M | 2.5M | 1.52M | 1.98M | 2.49M | 2.85M | 2.19M | 2.95M | 2.4M | 675K | 606.63K | 479.27K | 10.28K | 98.5K | 82.46K |
| Other Income/Expense | 379.76K | 808.76K | 3.1M | -2.49M | 17.78M | 1.94M | -1.94M | -5.75M | -5.08M | -9.53M | -546K | -4.54M | 11.39M | -9.12M | -2.06M | 813.95K | -45.22K |
| Pretax Income | 165.32M | 203.52M | 154.5M | 74.73M | 42.06M | 153.82M | 106.89M | 135.47M | 142.02M | 128.31M | 120.46M | 65.44M | 59.12M | 5.26M | 9.77M | 13.63M | 9.82M |
| Pretax Margin % | 8.62% | 10.46% | 7.99% | 3.83% | 2.09% | 6.82% | 5.16% | 5.99% | 6.17% | 5.59% | 6.7% | 5.48% | 6.53% | 0.86% | 2.72% | 7.32% | 11.25% |
| Income Tax | 47.41M | 54.18M | 39.78M | 20.08M | 31.19M | 16.17M | 32.2M | 39.5M | 46.14M | 31.65M | 33.13M | 8.69M | 16.12M | 3.33M | 8.67M | 5.69M | 3.55M |
| Effective Tax Rate % | 28.68% | 26.62% | 25.75% | 26.88% | 74.14% | 10.51% | 30.12% | 29.16% | 32.49% | 24.67% | 27.5% | 13.28% | 27.26% | 63.4% | 88.75% | 41.76% | 36.14% |
| Net Income | 115.22M | 144.57M | 111.57M | 53.26M | 8.95M | 134.46M | 71.68M | 90.75M | 88.64M | 91.21M | 82.27M | 54.3M | 41.77M | 1.47M | 1.3M | 7.94M | 6.27M |
| Net Margin % | 6.01% | 7.43% | 5.77% | 2.73% | 0.44% | 5.96% | 3.46% | 4.01% | 3.85% | 3.97% | 4.57% | 4.55% | 4.61% | 0.24% | 0.36% | 4.27% | 7.18% |
| Net Income Growth % | -19.01% | 29.57% | 109.49% | 494.94% | -93.34% | 87.58% | -21.01% | 2.37% | -2.82% | 10.87% | 51.52% | 29.97% | 2740.62% | 13.35% | -83.65% | 26.6% | - |
| Net Income (Continuing) | 117.91M | 149.34M | 114.71M | 54.64M | 10.88M | 137.65M | 74.69M | 95.97M | 95.88M | 96.66M | 87.33M | 62.28M | 46.9M | 1.84M | 1.1M | 7.94M | 6.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 36.62M | 36.52M | 31.91M | 31.79M | 33.06M | 35.19M | 35.54M | 30.72M | 24.22M | 16.17M | 9.74M | 4.32M | 1.74M | 294.13K | -324.01K | 0 | 0 |
| EPS (Diluted) | 2.26 | 2.65 | 1.90 | 0.88 | 0.14 | 2.09 | 1.17 | 1.38 | 1.31 | 1.34 | 1.25 | 0.91 | 0.72 | 0.03 | 0.02 | 0.14 | 0.11 |
| EPS Growth % | -13.01% | 39.47% | 115.91% | 528.57% | -93.3% | 78.63% | -15.22% | 5.34% | -2.24% | 7.2% | 37.36% | 26.39% | 2300% | 27.66% | -83.21% | 27.27% | - |
| EPS (Basic) | - | 2.73 | 2.04 | 0.95 | 0.15 | 2.21 | 1.19 | 1.41 | 1.33 | 1.40 | 1.30 | 0.96 | 0.77 | 0.03 | 0.03 | 0.17 | 0.11 |
| Diluted Shares Outstanding | 50.97M | 53.11M | 58.61M | 60.23M | 62.76M | 64.23M | 61.82M | 65.6M | 67.66M | 67.85M | 65.63M | 65.1M | 63.49M | 53.75M | 55.3M | 55.3M | 55.3M |
| Basic Shares Outstanding | 50.35M | 52.23M | 54.82M | 56.17M | 60M | 60.72M | 60.88M | 64.31M | 66.46M | 65.14M | 63.34M | 61.84M | 58.93M | 48.69M | 47.16M | 47.16M | 55.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Privacy-driven revenue volatility
According to recent financial disclosures, Criteo's revenue growth has trended into negative territory, with the company reporting a 5.9% year-over-year decline in 2026Q1, highlighting the persistent difficulty in scaling legacy retargeting solutions amidst a rapidly evolving digital advertising landscape and shifting consumer privacy standards.
The contraction in revenue suggests that the transition toward Retail Media has yet to fully offset the structural decay of the legacy third-party cookie-dependent business. Investors should monitor whether the recent pivot in Google's cookie deprecation strategy provides a temporary floor for these declining top-line figures.
As reported in quarterly filings, Criteo has successfully expanded its gross margin from 48.3% in 2024Q1 to 52.5% in 2026Q1, reflecting a strategic shift toward higher-margin platform services that require less reliance on the high-variable traffic acquisition costs inherent in the legacy retargeting model.
This improvement in gross margin appears to validate the company's pivot toward Retail Media, which typically carries a more favorable take-rate. However, the sustainability of these gains remains uncertain as competition for premium retail inventory intensifies and potentially forces higher revenue-sharing agreements with retail partners.
Based on the provided income statement data, Criteo's operating margin has exhibited significant volatility, swinging from a peak of 17.1% in 2024Q4 down to 2.4% in 2026Q1, indicating that the company has struggled to maintain consistent operating efficiency during its ongoing technological and strategic transition.
The sharp compression in operating margins suggests that fixed costs, particularly R&D and headcount, are not scaling efficiently against the current revenue base. This lack of operating leverage warrants further investigation into whether the company's cost structure is too rigid for its current performance-based revenue model.
Analysis of recent financial statements reveals that stock-based compensation remains a material component of the cost structure, with quarterly figures reaching as high as $27.3 million in 2024Q1, which significantly distorts the reported net income and complicates the assessment of true underlying cash generation.
The variability in stock-based compensation suggests that investors should focus on normalized earnings metrics to gauge the company's actual profitability. The inconsistency in these charges may mask the true operational performance, making it difficult to determine if the business is generating sustainable value for shareholders.
While management emphasizes the growth of Retail Media, the broader income statement trends suggest that the company remains vulnerable to margin compression, as evidenced by the 2026Q1 operating margin of only 2.4%, which may indicate that the new platform is not yet a high-margin panacea.
Short-sellers might focus on the fact that the company's core profitability remains highly sensitive to external privacy changes and competitive pressures from larger retail ecosystems. The current transition discount appears justified if the company cannot demonstrate a clear path to consistent, high-margin growth in its new business segments.
Quick answers to the most common questions about buying CRTO stock.
For fiscal year 2025, Criteo S.A. (CRTO) reported total revenue of $1.94B. This represents a 2128.3% increase compared to $87.3M in 2010.
Criteo S.A. (CRTO) is profitable, generating $144.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Criteo S.A. (CRTO) reported an operating income of $202.7M, resulting in an operating profit margin of 10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Criteo S.A. (CRTO) generated $1.05B in gross profit for the year, representing a gross profit margin of 54.0%. This demonstrates the company's core pricing power and production efficiency.