Revenue has flattened around $416M to $541M per quarter while net margin fell from 8.8% in 2025Q4 to 1.3% in the latest quarter, with SG&A consuming roughly 31% of revenue and pointing to deteriorating operating leverage.
Criteo S.A. (CRTO) annual income statement — 16-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 1.81B | 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 % | -7.49% | 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 | 860.24M | 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 | 950.02M | 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 % | 52.48% | 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 | 831.15M | 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 | 505.06M | 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 | 274.1M | 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 | 118.82M | 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 % | 6.56% | 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 | 205.12M | 332.16M | 239.16M | 149.55M | 174.54M | 242.81M | 197.06M | 238.32M | 250.61M | 231.06M | 177.78M | 112M | 79.26M | 31.58M | 19.44M | 17.17M | 10.82M |
| EBITDA Margin % | 11.33% | 17.08% | 12.37% | 7.67% | 8.65% | 10.77% | 9.51% | 10.54% | 10.89% | 10.06% | 9.88% | 9.39% | 8.75% | 5.15% | 5.41% | 9.23% | 12.4% |
| EBITDA Growth % | -40.11% | 38.89% | 59.91% | -14.31% | -28.12% | 23.21% | -17.31% | -4.9% | 8.46% | 29.97% | 58.73% | 41.32% | 150.98% | 62.47% | 13.21% | 58.65% | - |
| D&A (Non-Cash Add-back) | 84.37M | 129.45M | 87.75M | 72.34M | 150.26M | 90.93M | 88.24M | 97.11M | 103.5M | 93.22M | 56.78M | 42.47M | 30.58M | 16.84M | 7.61M | 4.35M | 958.9K |
| EBIT | 124.7M | 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 | 5.78M | 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 | 8.72M | 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 | 2.95M | 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 | 3.59M | 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 | 122.41M | 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 % | 6.76% | 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 | 49.61M | 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 % | 40.53% | 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 | 72.19M | 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 % | 3.99% | 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 % | -57.04% | 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) | 72.8M | 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 | 38.51M | 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) | 1.45 | 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 % | -53.69% | 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 | 49.8M | 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 | 48.87M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Retail media transition execution risk
Metrics are mathematically derived from official filings.
Top Line Flatlining Despite Retail Media Push
Based on the reported quarterly figures, Criteo's revenue grew only 0.6% year over year on a trailing basis, with the latest quarter declining 11.3%, suggesting the legacy business is still absorbing volume losses faster than new channels can replace them.
The quarterly revenue series shows a peak in 2024Q4 and 2025Q4 followed by sharp sequential and annual deceleration into 2026, which points to a seasonal pattern being masked by weakening underlying demand. The management narrative of a growing pipeline has not yet appeared in headline revenue, so investors should monitor whether retail media conversion becomes visible in subsequent disclosures. Until then, the growth thesis remains unproven.
Gross Margin Resilience Versus Peer Pricing Power
As reported in the financial statements, Criteo's gross margin held near 50% to 55% across the period, which is structurally lower than the 78% to 82% gross margins posted by TTD, DV and IAS, reflecting the heavy traffic acquisition cost embedded in its model.
The gross margin compression toward 49.9% in the most recent quarter, compared with 55.0% in 2025Q4, suggests rising TAC intensity or a mix shift away from higher-margin placements. The gap to ad-verification and DSP peers indicates Criteo has limited pricing power over publishers and retailers. Investors should watch whether retail media's lower TAC profile can reverse this drift.
Operating Deleverage Eroding Core Profitability
Based on the reported figures, operating margin fell from 17.1% in 2024Q4 to 5.0% in the latest quarter, while SG&A consumed roughly 31% of revenue, indicating that overhead is not scaling down alongside a shrinking top line.
The operating income decline is faster than the gross profit decline, implying negative operating leverage as fixed selling and administrative costs remain elevated. SG&A of $129.5M against $416.5M revenue suggests the cost base was sized for a higher revenue run-rate. This pattern warrants investigation into whether cost actions are being deferred or whether the investment in the platform transition is structurally embedded.
EPS Collapse Exposes Fragile Earnings Base
According to the reported quarterly EPS of $0.11 against a consensus estimate of $1.41, the earnings miss appears substantial, and net margin compressed from 8.8% to 1.3% over two quarters.
The gap between the TTM net margin of 7.4% and the latest quarterly net margin of 1.3% suggests the trailing figures may be flattering the current run-rate. Stock-based compensation remains material, and the swing to negative SBC in the latest quarter appears to be a reporting reversal that warrants reconciliation. Investors should determine whether the miss reflects one-time items or recurring pressure before extrapolating earnings.
Bear Case Exposes Unsustainable Earnings Trajectory
Based on reported figures, a 2026 operating margin trend running from 2.4% to 5.0% alongside negative revenue growth could indicate that the earnings base is not durable, with short sellers likely focusing on the gap between management commentary and reported results.
The strongest challenge is that the retail media pipeline may not convert quickly enough to offset legacy attrition, leaving margins to compress further under TAC pressure. The guided revenue range of $292M to $298M for ex-TAC implies continued softness. If the legacy business erodes faster than retail media scales, the current valuation may prove optimistic relative to the reported earnings trajectory.