What is the market's earnings forecast for Criteo next quarter?

Did Criteo beat or miss consensus estimates last quarter?

What were the key takeaways from Criteo's earnings call?

What is Criteo's gross profit margin?

What guidance did Criteo's management provide for the next earnings period?

What factors drove the changes in Criteo's revenue and profit?

What is the revenue and EPS growth rate for Criteo year over year?

What were the key takeaways from Criteo’s earnings call?

- **Agentic Commerce Breakthrough**: 60% relevance uplift in LLM partnerships; conversational ads and off-site campaigns show strong ROAS potential.
- **Performance Media Acceleration**: GO adoption hits 50% SMB campaigns; social + video growth targets multiyear expansion.
- **Retail Media Resilience**: 99% client retention; auction-based display at 21% of on-site spend, up from 13% YoY.
- **2026 Outlook**: Flat to +2% Contribution ex-TAC (high-single-digit growth excluding headwinds); $200M share buyback authorization.
- **Risks**: Department store and fashion verticals down 13-12%; AdTech Services drag on margins.

**【CEO Summary Section】**
- **Agentic Commerce Strategy**: Launched Agentic Commerce Recommendation Service with LLM platforms, achieving 60% uplift in product relevance. Testing conversational ads and sponsored discovery in retailer apps. Model Context Protocol enables AI-driven workflows for brands, with 37% of GO campaigns including social activation.
- **Performance Media Growth**: GO self-service tool adoption accelerates, with 1/2 U.S. SMB campaigns using GO. Social media spend grows double-digit sequentially, and video formats for Instagram/Facebook are launching. CTV expansion targets multiyear growth, with enterprise adoption and premium publisher onboarding.
- **Retail Media Leadership**: 70% of top U.S. retailers and 50% of EMEA retailers use Criteo. Auction-based display spend up 65% QoQ, accounting for 21% of on-site media. Off-site campaigns deliver 2,000% ROAS (e.g., computer brand-Costco partnership). Client retention at 99% excluding largest client.
- **2026 Priorities**: Scale AI-powered automation, expand self-service, and integrate agentic capabilities into solutions. Share buyback authorization increased to $200M.

**【CFO Financial Commentary】**
- **2025 Results**: Revenue $1.9B, Contribution ex-TAC $1.2B (3.5% growth). Adjusted EBITDA margin 35%, free cash flow $211M (52% of EBITDA). Q4 Contribution ex-TAC $330M (-4% YoY at constant currency) due to $25M Retail Media headwind.
- **2026 Outlook**: Contribution ex-TAC flat to +2% YoY (high-single-digit growth excluding $75M Retail Media headwind). Adjusted EBITDA margin 32-34%. Q1 2026 Contribution ex-TAC $245-250M (-9-11% YoY). CapEx $190M for data centers. Free cash flow conversion ~40% of EBITDA.
- **Risk Factors**: Department store and fashion verticals down 13% and 12% QoQ. AdTech Services drag on Performance Media growth.

**【Q&A Highlights】**
- **Agentic Commerce Monetization**: Retailers prioritize sponsored discovery in agentic experiences, maintaining control over product selection. LLM partnerships in testing phase; no revenue assumed in 2026 guidance. 
- **Department Store Weakness**: Saks Global bankruptcy impacts limited; broader weakness in fashion and retail. 
- **Retail Media Growth**: Underlying client base Contribution ex-TAC expected to grow 16-20% YoY (vs. 16% in 2025). Auction-based display and shoppable video drive on-site spend. Off-site monetization via SSP and Commerce Max expands brand reach.
- **Performance Media Expansion**: GO self-service removes SMB spend barriers, targeting multiyear growth. Cross-channel optimization (e.g., social + search) delivers 20%+ ROAS uplift. CTV and discovery solutions expand addressable market.
- **AI Investment**: $27M Q1 headwind from 2 Retail Media clients; long-term focus on AI-driven automation and agentic commerce. Share buybacks and redomiciliation to Luxembourg/U.S. enhance capital flexibility.

Criteo S.A. (CRTO) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue $470M, media spend +4% YoY. PM and RM drive growth, with 85% of spend outside desktop.
- **AI Innovation**: Commerce GO adoption doubles QoQ, AI partnerships test sponsored recommendations in agents.
- **CTV Expansion**: CTV ROI comparable to social, with 35% of GO campaigns on social. Scaling through Commerce Grid and Demand solutions.
- **Retail Media Momentum**: Media spend +26% YoY, auction-based display at 12% of RM. Google Search Ads API targets $172B addressable spend.
- **Financial Strength**: Adjusted EBITDA $105M (36% margin), free cash flow $67M. 2025 EBITDA margin 34%, 2026 cautious due to RM headwinds.
- **Strategic Moves**: Redomiciliation to Luxembourg to simplify capital management. New Chief Customer Officer to enhance client retention.

**【CEO Summary Section】**
- **Revenue Growth and Strategy**: Q3 revenue of $470M, with media spend up 4% YoY. CEO highlights shift to a multichannel platform, with 85% of media spend outside desktop display. Performance Media (PM) and Retail Media (RM) are key growth engines.
- **AI and Agentic Innovations**: Launch of Commerce GO, a self-service AI platform, driving 6% YoY contribution growth. Testing AI partnerships for sponsored recommendations in agents, with a focus on integrating product data into AI responses.
- **CTV Expansion**: CTV campaigns show strong ROI (e.g., 50% lift in transactions for luxury brand), with plans to scale through Commerce Grid and Demand solutions. PM now accounts for 35% of GO campaign revenue on social.
- **Retail Media Momentum**: Media spend up 26% YoY, driven by auction-based display (12% of RM) and partnerships with Google, Miracle, and Microsoft. New API integration with Google Search Ads 360 targets $172B addressable spend.
- **Strategic Moves**: Announced redomiciliation to Luxembourg to simplify capital management and expand shareholder base. Hired Chief Customer Officer to enhance client retention.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $105M (36% margin), up 28% YoY. Free cash flow of $67M, up 74% YoY. Non-GAAP EPS of $1.31, beating expectations. Strong cost control (flat OpEx YoY) and AI-driven productivity gains.
- **Performance Media (PM)**: Contribution ex-TAC up 5% YoY, driven by Commerce GO and AI enhancements. Ad Tech Services drag limited growth by 100bps. Social media spend now 35% of PM GO campaigns.
- **Retail Media (RM)**: Contribution ex-TAC up 11% YoY, with 4,100+ brands and 235 retailers. Off-site video adoption growing, but headwinds from scope changes with 2 clients and lapping tiered fees.
- **Guidance**: Full-year contribution ex-TAC growth 3-4% YoY. 2025 EBITDA margin expected at 34%, with 2026 outlook cautious due to RM headwinds but optimism on PM recovery.

**【Q&A Key Highlights】**
- **AI and Agentic Commerce**: CEO sees AI as a new channel, not a threat to RM. Testing with major AI platforms to integrate product recommendations. Self-service tools like Commerce GO reduce CAC and improve retention.
- **CTV Investments**: CPO Todd Parsons details supply-side integrations and cross-channel campaigns. CTV ROI comparable to social, with plans to expand globally.
- **Google Partnership**: API integration with Google Search Ads 360 to unlock brand search budgets. Expected to contribute meaningfully from 2026 onward.
- **Retail Media Risks**: CFO notes slower new client ramps and macro volatility, but confident in long-term RM growth. 2026 headwinds include $75M from client scope changes and tiered fee lapping.
- **Share Buybacks**: Resuming buybacks post-French law constraints, with $104M remaining in authorization. Redomiciliation to Luxembourg aims to enhance liquidity and index inclusion.

Criteo S.A. (CRTO) Q3 2025 Earnings Call Transcript

- **Revenue Beat Expectations**: Q2 2025 revenue $483M, with Performance Media up 6% YoY (7% at constant currency). Commerce GO! campaign volume grew 200% QoQ.
- **AI Innovation Lead**: Agentic AI MCP protocol enables real-time product data delivery to AI agents. LLM partnerships explore prompt-based recommendations.
- **Strategic Partnerships**: Expanded dentsu partnership, WPP Media CTV deal, and Miracle mid-tail marketplace integration.
- **CTV Growth Driver**: CTV media spend up 20% YoY, with auction-based display technology adoption expected to double in weeks.
- **Financial Discipline**: Adjusted EBITDA $89M (33% margin). Free cash flow conversion >45% of EBITDA for 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue of $483M, with Performance Media up 6% YoY (7% at constant currency). Commerce GO! campaign volume grew 200% QoQ, driven by SMB adoption.
- **AI Strategy**: Agentic AI initiatives include MCP (Model Context Protocol) for real-time product data delivery to AI agents. LLM partnerships explore prompt-based recommendations and self-service workflows.
- **New Partnerships**: Expanded global partnership with dentsu and renewed deal with another major holding company. WPP Media partnership enables CTV campaigns on Roku, Samsung, and Scripps.
- **CTV Momentum**: CTV campaigns for Jewelry Television drove 93% new users and 20% AOV increase. Auction-based display technology launched in June, with 16 retailers live and expected to double in weeks.
- **Retail Media Expansion**: $400M media spend Q2, up 20% YoY. Auction-based display unlocks programmatic flexibility, with on-site display making up <10% of Retail Media business but 30-40% of client media mix.
- **Organizational Changes**: Todd Parsons as Chief Product Officer & President, Performance Media; Sherry Smith as President, Retail Media. Streamlined structure aims to accelerate growth with AI innovation.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA $89M (33% margin). Free cash flow negative $36M Q2 due to seasonal tax payments, but trailing 12M free cash flow $194M.
- **Expense Management**: Operating expenses $175M, up 12% YoY due to product investments and events. Disciplined cost control with 90% client retention.
- **Guidance Update**: Full-year contribution ex-TAC growth raised to 3-4% YoY (vs. prior 2-3%). Performance Media now expected mid-single-digit growth, Retail Media low-mid single-digit (20% ex-2 clients).
- **Share Buybacks**: $48M repurchased Q2, $104M YTD, with $115M remaining under Board authorization.

**【Q&A Key Highlights】**
- **Agentic AI Monetization**: LLM vendors尚未确定商业模式，可能包括affiliate programs、sponsored citations或commerce transactions。Criteo通过API调用（CPM/CPC basis）提供灵活定价方案。
- **Retail Media Risk**: 2大客户动态影响Q4，但其余客户 retention ex-TAC 112%。230+零售商合作（含70%美国Top 30零售商）， Miracle partnership解锁mid-long tail demand。
- **CTV Growth**: WPP Media partnership推动Criteo在Roku/Samsung/Scripps的CTV广告投放。Jewelry TV案例显示CTV可驱动93%新用户和2x qualified site visits。
- **AI Talent Strategy**: 巴黎技术中心吸引顶尖AI工程师，2025H2新增60名工程师。通过内部培训和外部招聘保持竞争力，未计划显著影响未来利润率。


Criteo S.A. (CRTO) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: Q1 adj. EBITDA up 30% YoY to $92M, driven by 7% contribution growth despite macro headwinds.
- **Client Transition Risk**: $25M annualized loss from largest client, but 80%+ brand spend on-platform remains intact.
- **AI Growth Engine**: Commerce GO! campaigns +45% QoQ, with 300+ new brands onboarded. Social media campaigns up 40%.
- **CTV Opportunity**: Early testing shows potential for full-funnel video campaigns with measurable ROI.
- **Share Buybacks**: $56M spent Q1, signaling confidence in long-term strategy.


**【CEO Key Initiatives】**
- **Google Cookie Decision**: Reaffirms long-term confidence in Performance Media, enabling full-funnel cross-channel campaigns with privacy compliance.
- **Client Transition Impact**: Largest Retail Media client will discontinue managed services in Q4 2025, causing $25M annualized revenue loss, but 80% of brand spend for large retailers remains on-platform.
- **Platform Expansion**: Commerce Media Platform now used by 3,800+ global brands, with 300+ new brands onboarded Q1. Onsite video adoption by Albertsons, Costco drives engagement and revenue.
- **AI Automation**: Commerce GO! campaigns grew 45% QoQ, reducing CAC and improving retention for small clients. Social media campaigns (Facebook/Instagram) up 40% QoQ.

**【CFO Financial Highlights】**
- **Q1 2025 Results**: Revenue $451M, adj. EBITDA $92M (+30% YoY). Contribution ex-TAC $264M (+7% YoY). Free cash flow $45M.
- **Segment Growth**: Retail Media +18% YoY, Performance Media +4% YoY. Travel vertical up 44%, classifieds/marketplaces strong, retail/fashion down 6%.
- **2025 Guidance**: Contribution ex-TAC low single-digit growth. Adj. EBITDA margin 33-34%. Free cash flow >45% of adj. EBITDA.

**【Q&A Key Takeaways】**
- **Macro Trends**: April saw softness in fashion/beauty, but travel/classifieds resilient. Easter timing headwinds offset by strong Q1.
- **Expense Management**: Slowed hiring, focused on self-service tools. Share buybacks $56M Q1, with $1.5M shares repurchased.
- **CTV Expansion**: Early testing shows potential for full-funnel video campaigns. Focus on measurable brand performance with closed-loop attribution.
- **AI Investment**: Streamlined processes reduce costs while maintaining innovation pace. 70%+ of top 30 US retailers now on platform.


Criteo (CRTO)-2 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Growth**: $1.9B revenue (+11% CC), 35% EBITDA margin, $182M free cash flow
- **Retail Media Dominance**: $258M revenue (+25% CC), 31% media spend growth, 3,500 global brands
- **AI-Driven Innovation**: Commerce GO! generates 50%+ of AI revenue, Meta testing shows 20-30% performance uplift
- **2025 Outlook**: Mid-single-digit growth, 20-22% retail media expansion, 33-34% EBITDA margin
- **Strategic Partnerships**: Microsoft Advertising integration, 3-year agency deal, Meta social campaigns

**【CEO Opening Remarks】**
- **Strategic Transition & Leadership Change**: Megan Clarken announced Michael Komasinski as the new CEO, effective February 15, 2025, highlighting his 20+ years of ad tech expertise. Clarken emphasized Criteo's evolution from a single-product retargeting solution to a multi-functional commerce media platform, with 2024 being the best year in company history.
- **2024 Financial Highlights**: 
  - Revenue: $1.9 billion (11% growth at constant currency)
  - Retail Media Revenue: $258 million (25% YoY growth)
  - Adjusted EBITDA Margin: 35% (up 500bps YoY)
  - Free Cash Flow: $182 million (65% YoY increase)
- **Retail Media Momentum**: Ended 2024 with $250 million+ in retail media revenue, 31% YoY growth in media spend ($1.5B+), and 3,500 global brands using the platform (1,000 added in 2024). New partnerships with Microsoft Advertising and Harrods were announced, with five new retailers launching in H1 2025.
- **Performance Media Growth**: Commerce audiences grew 32% YoY, driven by AI-powered targeting solutions. Retargeting represented 40% of top-line (down from 90% in 2020), with social campaigns seeing 45% sequential growth in Q4.
- **AI Innovation**: Launched Commerce GO!, an AI-driven automation tool, which generated over half of its revenue from small clients in Q4. Testing with Meta's inventory shows significant performance uplift, with general availability in Q1 2025.

**【CFO Financial Review】**
- **2024 Financials**: 
  - Revenue: $1.9 billion
  - Adjusted EBITDA: $682 million (35% margin)
  - Adjusted EPS: $4.57 (44% YoY growth)
  - Free Cash Flow: $182 million (65% YoY growth)
- **Q4 2024 Performance**: 
  - Contribution ex-TAC: $553 million (7% YoY growth at constant currency)
  - Retail Media Contribution: $90 million (23% YoY growth)
  - Performance Media Contribution: $244 million (3% YoY growth)
- **2025 Outlook**: 
  - Contribution ex-TAC: Mid-single-digit growth at constant currency
  - Retail Media Contribution: 20-22% YoY growth
  - Adjusted EBITDA Margin: 33-34% (including 1ppt drag from a company-wide team event)
  - Free Cash Flow Conversion: ~45% of adjusted EBITDA
- **Share Buybacks**: $225 million deployed in 2024 (124% of free cash flow), with $200 million authorization renewed for 2025.

**【Q&A Key Takeaways】**
- **Retail Media Growth Drivers**: 
  - 2024 Q4 media spend grew 37% for top 10 retailers during Cyber Six
  - 20%+ YoY growth expected in 2025, driven by Microsoft partnership and modular solutions
  - Take rates remain resilient (>mid-teens)
- **Competitive Position vs. Amazon**: 
  - Criteo's neutral, interoperable platform vs. Amazon's walled garden
  - Focus on high-end retailers (225+ clients) vs. long-tail
- **Microsoft Partnership**: 
 - Retailer launches expected in H1 2025, with demand-side integration testing in Q1
- **Profitability & Investments**: 
 - 2025 R&D focus on AI, retail media scale, and operating efficiency
 - 1ppt margin drag from team event, but long-term ROI expected
- **Agency Adoption**: 
 - Commerce Max DSP now handles >$150 million in U.S. agency spend
 - 3-year global deal with leading holding company
- **Social Media Expansion**: 
 - Meta inventory testing shows 20-30% performance uplift vs. open web
 - General availability of Commerce GO! in Q1 2025

Actual											0.52	0.27	0.4	0.98	0.67	0.63	0.64	1.44	0.53	0.58	0.53	0.84	0.46	0.49	0.71	1.52	0.8	1.08	0.96	1.75	1.1	0.92	1.31	1.3
Forecast											0.4563	-0.0248	0.1881	0.7632	0.5116	0.4632	0.3516	1.0849	0.4422	0.4296	0.4469	0.9675	0.2348	0.427	0.602	1.2254	0.5366	0.7684	0.8302	1.3487	0.7719	0.7057	0.9469	1.4039
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+13.96%	+1188.71%	+112.65%	+28.41%	+30.96%	+36.01%	+82.03%	+32.73%	+19.86%	+35.01%	+18.59%	-13.18%	+95.91%	+14.75%	+17.94%	+24.04%	+49.09%	+40.55%	+15.63%	+29.75%	+42.51%	+30.37%	+38.35%	-7.40%

CRTO

CRTO fundamentals

CRTO Q4 2025 Earnings

Earnings Call

You can ask Aime

CRTO

CRTO fundamentals

CRTO Q4 2025 Earnings

Earnings Call

CRTO Earnings Call Summary for Q4/20258:00 AM on Feb 11, 2026

CRTO Earnings Call Summary for Q3/20258:00 AM on Oct 29, 2025

CRTO Earnings Call Summary for Q2/20258:00 AM on Jul 30, 2025

CRTO Earnings Call Summary for Q1/20258:00 AM on May 2, 2025

CRTO Earnings Call Summary for Q4/20248:00 AM on Feb 5, 2025

You can ask Aime