CRTO earnings analysis
What we found in CRTO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Criteo's Q1 2026 report showed a substantial decline in revenue and profitability, attributed primarily to challenging market conditions, especially in the Retail Media and Americas segments. Despite outperforming EPS expectations, the revenue decreased by 6% year-over-year, reflecting ongoing client budget constraints and macroeconomic pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Substantial Revenue Beat
- Actual revenue was $424.6 million, significantly surpassing estimates of $248 million.
- EPS Exceeds Expectations
- Criteo reported an EPS of $0.73, exceeding forecasts by 40%.
- Impact of Currency Fluctuations
- Revenue positively impacted by $15.2 million due to currency fluctuations.
- Adjusted EBITDA Down
- Adjusted EBITDA fell by 30% YoY to $64.9 million due to reduced revenue and higher operating costs.
- Segment Performance Declines
- Retail Media revenue decreased by 31% YoY, while Performance Media decreased by 2%.
- Cash Flow Improvements
- Operating cash flow improved to $48.2 million despite a YoY total decrease.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical and Economic Uncertainty
- Macroeconomic volatility could impact client budgets and spending, increasing risk of revenue declines.
- Regulatory Compliance Risks
- Stricter privacy laws could impede Criteo's operational flexibility and growth potential.
- Dependence on Existing Clients
- 92% of Q1 revenue came from existing clients, raising concerns over customer concentration risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.73
- Gross margin
- 52%
- Segment
- Retail Media: 41,271k
- Segment
- Performance Media: 383,368k
What they said about what is next.
Management anticipates continued volatility and potential low-single-digit revenue declines in 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · April 28, 2026
- Criteo positions itself as a Commerce AI platform scaling both Performance Media and Retail Media, activating over $4.3 billion of media spend in 2025 and reaching ~740 million DAUs (over 3 billion across channels). The…
- 10-K · February 26, 2026
- Criteo reported 2025 revenue of $1,944.9M (up 1% year-over-year, flat at constant currency) with gross profit rising 7% to $1,049.4M and contribution ex‑TAC up 5% to $1,174.6M. Profitability improved: net income rose…
- 10-Q · July 31, 2025
- Criteo reported a modest revenue increase of 2% in Q2 2025 to $482.7M with gross profit rising 11% to $258.5M driven by lower traffic acquisition costs. Contribution ex-TAC rose 9% to $292.1M and Retail Media remained…
- 10-Q · May 2, 2025
- Criteo reported Q1 2025 revenue of $451.4M, up 0.3% year-over-year (3% constant currency), with gross profit rising 9% to $236.98M and operating income improving to $48.17M (operating margin ~10.7%). Net income was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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