Criteo S.A. (CRTO) Income Statement

16Y historyFree accessUpdated daily

Revenue declined 11.3% YoY in Q2 2026 to $428.0M, yet gross margin improved to 51.9% from 48.3% in Q1 2024, though operating margin remains thin at 3.5% due to elevated SG&A and R&D.

Annual statement

CRTO Income Statement

Criteo S.A. (CRTO) annual income statement — 16-year revenue, gross profit & net income history

Annual Quarterly

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	1.86B	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 %	-4.24%	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	864.61M	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	998.84M	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 %	53.6%	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	849.29M	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	512.73M	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	284.57M	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	2M	2.27M	0	0	0	0	0	11.88M	0	0	0	0	0	0	0	0	0
Operating Income	149.5M	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 %	8.02%	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	246.75M	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 %	13.24%	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 %	-13.31%	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)	96.27M	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	154.14M	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	5.14M	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	7.88M	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	2.74M	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	2.5M	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	152M	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 %	8.16%	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	45.25M	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 %	29.77%	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	104.4M	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 %	5.6%	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 %	-23.53%	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)	106.74M	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)	2.07	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 %	-17.57%	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	50.55M	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	49.66M	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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeStable

ProfitabilityStable

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Earnings visibility gap persists

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Stable Revenue Amid Transition

Criteo's TTM revenue growth is a modest 0.6%, with Q2 2026 down 11.3% YoY, reflecting a mature core business and ongoing retail media expansion, as per recent financial statements.

The revenue trajectory appears stable but not accelerating, with quarterly growth rates oscillating between -11.3% and +2.4% over the past year. The decline in Q2 2026 suggests continued headwinds in the legacy Marketing Solutions segment, while Retail Media growth may be offsetting but not yet re-accelerating overall revenue. Investors should monitor whether Retail Media can eventually drive positive inflection, as the current stability is more about defense than offense.

Gross Margin Resilience at 52%

Gross margin has improved from 48.3% in Q1 2024 to 51.9% in Q2 2026, indicating better cost management and a favorable mix shift, as reported in quarterly filings.

The gross margin expansion of roughly 360 basis points over the period suggests that Criteo is successfully reducing Traffic Acquisition Costs (TAC) relative to revenue, likely due to growth in higher-margin Retail Media. However, the margin remains below peers like The Trade Desk (78.6%) and Magnite (62.7%), reflecting the structural cost of its performance-based model. The sustainability of this improvement depends on competitive dynamics in retail media, where larger players like Amazon could pressure take rates.

Operating Leverage Elusive

Operating margin swung from 2.3% in Q1 2024 to 3.5% in Q2 2026, with Q4 2025 at 13.4%, indicating limited operating leverage due to elevated SG&A and R&D, per income statement data.

Despite gross margin gains, operating income has not scaled proportionally, with SG&A spiking to $142.7M in Q1 2026 (vs. $140.0M in Q1 2024) and R&D remaining elevated. The operating margin in Q2 2026 (3.5%) is only slightly above the 2.3% in Q1 2024, suggesting that cost discipline is offset by continued investment in the platform transition. This implies that operating leverage is not yet materializing, and investors should watch for SG&A efficiency as the company matures its Retail Media offering.

Earnings Quality Clouded by SBC

Stock-based compensation averaged $19.2M per quarter over the last year, representing a significant drag on reported net income, which was $11.2M in Q2 2026, as per SEC filings.

SBC is a substantial non-cash expense, often exceeding net income in some quarters (e.g., Q3 2024 SBC of $34.2M vs. net income of $6.2M). This suggests that reported EPS may overstate cash-generative earnings, and investors should adjust for SBC to assess true profitability. The lack of EPS disclosure in recent quarters (Q2 2026) further complicates earnings quality assessment, warranting close monitoring of future filings.

Cost Discipline Amid Transition

COGS as a percentage of revenue declined from 51.7% in Q1 2024 to 48.1% in Q2 2026, while SG&A and R&D remain elevated, indicating a focus on gross margin improvement, per income statement data.

The reduction in COGS ratio suggests improved TAC efficiency, likely due to a shift toward Retail Media. However, SG&A and R&D combined have remained around 36-40% of revenue, reflecting ongoing investment in technology and sales. Management appears to be balancing cost discipline with strategic reinvestment, but the lack of forward guidance raises uncertainty about future expense trends. Investors should monitor whether SG&A can be rationalized as revenue scales.

Q4 2024 Peak Profitability

Q4 2024 marked the highest operating margin (17.1%) and net income ($71.1M) in the last two years, driven by seasonal strength and cost controls, as reported in financial statements.

The Q4 2024 quarter stands out as an inflection point, with operating income of $94.5M and net margin of 12.9%, far exceeding other quarters. This likely reflects the holiday season's revenue surge and disciplined expense management. However, subsequent quarters have not sustained this level, with Q4 2025 operating margin at 13.4% and net income at $47.6M, suggesting a potential normalization or increased competition. The lasting impact is that Q4 remains critical for annual profitability, but the trend indicates margin compression in the core business.

What Could Undermine the Narrative

Despite stable margins, revenue growth is nearly flat, and the persistent lack of EPS guidance and disclosure raises concerns about earnings visibility, as seen in recent earnings reports.

Short-sellers might argue that Criteo's growth stagnation is not a temporary transition but a structural decline, as legacy retargeting faces secular headwinds. The absence of forward guidance and the failure to report EPS against consensus estimates in Q2 2026 could indicate management uncertainty or hidden issues. Additionally, competition from Amazon and Walmart in retail media could compress margins, as they control premium inventory. If Retail Media fails to re-accelerate growth, the current valuation may not be justified, and the stock could face de-rating.

CRTO — Frequently Asked Questions

Quick answers to the most common questions about buying CRTO stock.

What was Criteo S.A.'s (CRTO) revenue in 2025?

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.

Is Criteo S.A. (CRTO) profitable?

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%.

What is Criteo S.A.'s operating profit margin?

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.

What is Criteo S.A.'s gross profit and gross margin?

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.