Top-line performance has deteriorated sharply, with revenue contracting by 44.6% in 2026Q1 while operating margins remain deeply negative at -24.1%.
Cardlytics, Inc. (CDLX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 160.18M | 233.27M | 278.3M | 309.2M | 298.54M | 267.12M | 186.89M | 210.43M | 150.68M | 130.37M | 112.82M | 77.63M |
| Revenue Growth % | -36.23% | -16.18% | -10% | 3.57% | 11.76% | 42.93% | -11.19% | 39.65% | 15.59% | 15.55% | 45.32% | - |
| Cost of Goods Sold | 65.64M | 128.19M | 157.4M | 178.83M | 185.91M | 163.78M | 123.62M | 130.97M | 96M | 80.26M | 72.41M | 52.49M |
| COGS % of Revenue | - | 54.95% | 56.56% | 57.83% | 62.27% | 61.31% | 66.14% | 62.24% | 63.71% | 61.56% | 64.18% | 67.62% |
| Gross Profit | 61.65M | 105.08M | 120.89M | 130.38M | 112.63M | 103.34M | 63.27M | 79.46M | 54.68M | 50.11M | 40.41M | 25.14M |
| Gross Margin % | 38.49% | 45.05% | 43.44% | 42.17% | 37.73% | 38.69% | 33.86% | 37.76% | 36.29% | 38.44% | 35.82% | 32.38% |
| Gross Profit Growth % | - | -13.08% | -7.27% | 15.76% | 8.99% | 63.32% | -20.37% | 45.31% | 9.13% | 24% | 60.74% | - |
| Operating Expenses | 96.94M | 152.22M | 316.39M | 266.05M | 570.41M | 225.94M | 117.2M | 96.78M | 95.6M | 67.2M | 70.74M | 64.78M |
| OpEx % of Revenue | - | 65.25% | 113.69% | 86.04% | 191.07% | 84.58% | 62.71% | 45.99% | 63.44% | 51.55% | 62.7% | 83.44% |
| Selling, General & Admin | 59.09M | 86.75M | 109.13M | 116.24M | 156.19M | 132.22M | 91.84M | 80.55M | 76.11M | 52.03M | 52.62M | 50.98M |
| SG&A % of Revenue | - | 37.19% | 39.21% | 37.59% | 52.32% | 49.5% | 49.14% | 38.28% | 50.51% | 39.91% | 46.64% | 65.67% |
| Research & Development | 23.65M | 39.77M | 49.61M | 51.35M | 54.44M | 38.1M | 17.53M | 11.7M | 16.21M | 12.15M | 13.9M | 11.6M |
| R&D % of Revenue | - | 17.05% | 17.83% | 16.61% | 18.23% | 14.27% | 9.38% | 5.56% | 10.76% | 9.32% | 12.32% | 14.95% |
| Other Operating Expenses | 3M | 25.71M | 157.66M | 98.46M | 359.78M | 55.62M | 7.83M | 4.54M | -2.1M | 6.28M | -13.26M | -432K |
| Operating Income | -25.24M | -47.14M | -195.5M | -135.67M | -457.78M | -122.6M | -53.92M | -17.32M | -40.92M | -17.1M | -56.23M | -39.64M |
| Operating Margin % | -15.76% | -20.21% | -70.25% | -43.88% | -153.34% | -45.9% | -28.85% | -8.23% | -27.15% | -13.12% | -49.84% | -51.06% |
| Operating Income Growth % | - | 75.89% | -44.1% | 70.36% | -273.39% | -127.36% | -211.24% | 57.66% | -139.29% | 69.59% | -41.86% | - |
| EBITDA | -5.37M | -19.73M | -167.62M | -106.16M | -414.04M | -86.94M | -42.33M | -12.79M | -37.63M | -14.07M | -52.01M | -37.45M |
| EBITDA Margin % | -3.35% | -8.46% | -60.23% | -34.33% | -138.69% | -32.55% | -22.65% | -6.08% | -24.98% | -10.79% | -46.1% | -48.23% |
| EBITDA Growth % | 93% | 88.23% | -57.9% | 74.36% | -376.21% | -105.39% | -230.97% | 66.02% | -167.47% | 72.95% | -38.91% | - |
| D&A (Non-Cash Add-back) | 19.87M | 27.41M | 27.88M | 29.52M | 43.74M | 35.65M | 11.59M | 4.54M | 3.28M | 3.03M | 4.22M | 2.19M |
| EBIT | -22.66M | -92.86M | -180.4M | -128.52M | -464.15M | -123.87M | -52.37M | -16.6M | -49.78M | -11.31M | -30.33M | -39.64M |
| Net Interest Income | -6.95M | -7.92M | -5.55M | -2.34M | -2.56M | -12.56M | -3.05M | -548K | -3.26M | -8.24M | -6.17M | -1.48M |
| Interest Income | 1.09M | 2.71M | 3.35M | 3.85M | 1.44M | 297K | 440K | 829K | 0 | 0 | 0 | 0 |
| Interest Expense | 5.75M | 10.63M | 8.9M | 6.18M | 3.99M | 12.86M | 3.49M | 1.38M | 3.26M | 8.24M | 6.17M | 1.48M |
| Other Income/Expense | -12.89M | -56.35M | 6.2M | 968K | -8.93M | -13.83M | -1.5M | 181K | -12.13M | -2.54M | -19.46M | -1M |
| Pretax Income | -38.13M | -103.49M | -189.3M | -134.7M | -466.71M | -136.43M | -55.42M | -17.14M | -53.04M | -19.64M | -75.7M | -40.64M |
| Pretax Margin % | -23.81% | -44.36% | -68.02% | -43.56% | -156.33% | -51.07% | -29.65% | -8.15% | -35.2% | -15.07% | -67.09% | -52.35% |
| Income Tax | 1.52M | 0 | 0 | 0 | -1.45M | -7.86M | 0 | 0 | 0 | 0 | 0 | -16K |
| Effective Tax Rate % | -3.99% | 0% | 0% | 0% | 0.31% | 5.76% | 0% | 0% | 0% | 0% | 0% | 0.04% |
| Net Income | -36.55M | -103.49M | -189.3M | -134.7M | -465.26M | -128.56M | -55.42M | -17.14M | -53.04M | -19.64M | -75.7M | -40.63M |
| Net Margin % | -22.82% | -44.36% | -68.02% | -43.56% | -155.85% | -48.13% | -29.65% | -8.15% | -35.2% | -15.07% | -67.09% | -52.33% |
| Net Income Growth % | 67.02% | 45.33% | -40.54% | 71.05% | -261.89% | -131.97% | -223.27% | 67.68% | -170.06% | 74.05% | -86.33% | - |
| Net Income (Continuing) | -39.65M | -103.49M | -189.3M | -134.7M | -465.26M | -128.56M | -55.42M | -17.14M | -53.04M | -19.64M | -75.7M | -40.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.19 | -19.50 | -39.10 | -36.90 | -139.20 | -39.90 | -21.50 | -7.50 | -27.80 | -10.10 | -54.00 | -190.00 |
| EPS Growth % | 70.43% | 50.13% | -5.96% | 73.49% | -248.87% | -85.58% | -186.67% | 73.02% | -175.25% | 81.3% | 71.58% | - |
| EPS (Basic) | - | -19.50 | -39.10 | -36.90 | -139.20 | -39.90 | -21.50 | -7.50 | -27.80 | -10.10 | -54.00 | -190.00 |
| Diluted Shares Outstanding | 5.9M | 5.31M | 4.84M | 3.65M | 3.34M | 3.22M | 2.72M | 2.37M | 1.91M | 1.95M | 1.4M | 213.82K |
| Basic Shares Outstanding | 5.9M | 5.31M | 4.84M | 3.65M | 3.34M | 3.22M | 2.72M | 2.37M | 1.91M | 1.95M | 1.4M | 213.82K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CDLX stock.
For fiscal year 2025, Cardlytics, Inc. (CDLX) reported total revenue of $233.3M. This represents a 200.5% increase compared to $77.6M in 2015.
Cardlytics, Inc. (CDLX) reported a net loss of $103.5M for the fiscal year ending 2025.
Cardlytics, Inc. (CDLX) reported an operating income of $-47.1M, resulting in an operating profit margin of -20.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Cardlytics, Inc. (CDLX) generated $105.1M in gross profit for the year, representing a gross profit margin of 45.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue contraction and cash burn
Metrics are mathematically derived from official filings.
Top Line Contraction Accelerates Sharply
As reported in recent financial statements, Cardlytics experienced a severe revenue decline of 44.6% in 2026Q1, marking a significant deterioration from the 24.2% contraction observed in the prior quarter and highlighting a deepening struggle to maintain volume within its core bank-partner advertising network.
The consistent downward trend in revenue suggests that the company is failing to capture sufficient advertiser demand to offset the inherent volatility of its transactional model. This trajectory warrants concern, as it implies that the platform's value proposition to merchants may be losing relevance in a competitive digital advertising landscape.
Structural Margin Constraints Limit Profitability
Based on the company's reported figures, gross margins have remained range-bound near 45%, reflecting the rigid cost of revenue associated with FI Share payments that effectively cap the firm's ability to retain a larger portion of its advertising billings during periods of top-line weakness.
The inability to expand gross margins despite fluctuations in revenue suggests a lack of pricing power and a high dependency on bank partners. Investors should monitor whether the company can renegotiate these revenue-share floors, as the current structure leaves little room for operational profitability at lower scale.
Operating Leverage Remains Elusive Negative
According to recent SEC filings, the company's operating margin reached -24.1% in 2026Q1, demonstrating that fixed costs in R&D and SG&A are not scaling efficiently with revenue, thereby exacerbating the impact of top-line declines on the firm's overall bottom-line performance and cash position.
The persistent negative operating margins indicate that the business model has yet to achieve the necessary scale to cover its fixed overhead. This suggests that without a significant revenue inflection, the company may continue to face substantial pressure on its operating income and overall financial stability.
Stock-Based Compensation Obscures True Losses
Analysis of the income statement reveals that stock-based compensation remains a persistent expense, with $4.8M recorded in 2026Q1, which continues to mask the underlying cash burn and complicates the assessment of the company's true economic profitability relative to its reported net loss of $4.5M.
The reliance on equity-based incentives while the company reports consistent net losses suggests a misalignment between compensation and shareholder value creation. This warrants further investigation into the sustainability of the current expense structure and the potential for continued dilution of existing shareholders.
Platform Stickiness Faces Insourcing Risk
While the company maintains deep technical integrations with major banks, the recent emergence of internal media networks at key partners suggests a potential shift toward insourcing, which could fundamentally undermine the company's role as the primary intermediary for card-linked advertising and threaten its long-term viability.
The bear case centers on the risk that bank partners may prioritize their own retail media ambitions over the company's platform. If these partners successfully transition to internal solutions, the company's core revenue stream may face permanent impairment, regardless of its historical data-sharing agreements.