Criteo S.A. (CRTO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.69	$0.8	+15.9%	—	$428M	—
Q1 26	$0.56	$0.73	+30.4%	—	$424.6M	—
Q4 25	$1.41	$1.3	-7.8%	—	$541.1M	—
Q3 25	$0.93	$1.31	+40.9%	—	$469.7M	—
Q2 25	$0.71	$0.92	+29.6%	—	$482.7M	—
Q1 25	$0.77	$1.1	+42.9%	—	$451.4M	—
Q4 24	$1.35	$1.75	+29.6%	—	$553M	—
Q3 24	$0.83	$0.96	+15.7%	—	$458.9M	—
Q2 24	$0.77	$1.08	+40.3%	—	$471.3M	—
Q1 24	$0.54	$0.8	+48.1%	—	$450.1M	—
Q4 23	$1.24	$1.52	+22.6%	—	$566.3M	—
Q3 23	$0.6	$0.71	+18.3%	—	$469.2M	—
Q2 23	$0.44	$0.49	+11.4%	—	$468.9M	—
Q1 23	$0.24	$0.46	+91.7%	—	$445M	—
Q4 22	$0.96	$0.84	-12.5%	—	$564.4M	—
Q3 22	$0.48	$0.53	+10.4%	—	$446.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.73	—	—	$1.9B	—
FY24	—	$2.04	—	—	$1.9B	—
FY23	—	$0.95	—	—	$1.9B	—
FY22	—	$0.15	—	—	$2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$2.3B	$2.3B	$2.3B	$2.1B	$2.3B	$2B	$1.9B	$1.9B	$1.9B
YoY change	+36%	+27.7%	+0.16%	-1.69%	-8.35%	+8.76%	-10.5%	-3.35%	-0.83%	+0.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	2.3B	2.3B	2.3B	2.1B	2.3B	2B	1.9B	1.9B	1.9B
Cost of revenue	1.2B	1.5B	1.5B	1.4B	1.4B	1.5B	1.2B	1.1B	950.3M	895.5M
Gross profit	645M	819.5M	834.2M	829M	688M	781.9M	795.2M	863M	983M	1B
Gross margin	35.8%	35.7%	36.3%	36.7%	33.2%	34.7%	39.4%	44.3%	50.8%	54%
Research & development	123.6M	173.9M	179.3M	172.6M	132.5M	151.8M	187.6M	242.3M	279.3M	283.3M
Selling, general & administrative	400.3M	507.7M	497.9M	503.3M	446.7M	478.3M	583.3M	543.5M	552.2M	563.3M
Operating expenses	524M	681.7M	679.8M	679M	577.4M	631.3M	770.9M	785.8M	831.6M	846.6M
Operating income	121M	137.8M	147.1M	141.2M	108.8M	151.9M	24.3M	77.2M	151.4M	202.8M
Operating margin	6.73%	6%	6.4%	6.24%	5.25%	6.74%	1.2%	3.96%	7.83%	10.4%
Non-operating income, net	506K	-7.5M	-3.9M	-4.4M	-150K	-1.8M	19.7M	-7.6M	-3.5M	-2.2M
Pretax income	120.5M	128.3M	142M	135.5M	106.9M	153.8M	42.1M	74.7M	154.5M	203.6M
Income tax	33.1M	31.7M	46.1M	39.5M	32.2M	16.2M	31.2M	20.1M	39.8M	54.2M
Net income	87.3M	96.7M	95.9M	96M	74.7M	137.6M	10.9M	54.6M	114.7M	149.4M
Net margin	4.85%	4.21%	4.17%	4.24%	3.6%	6.11%	0.54%	2.8%	5.93%	7.68%
EBITDA	183.8M	242.3M	259.6M	238.8M	216M	248.8M	179.4M	162.2M	249.4M	337.7M
EPS	1.3	1.4	1.33	1.41	1.18	2.21	0.15	0.95	2.04	2.73
Diluted EPS	1.25	1.34	1.31	1.38	1.16	2.09	0.14	0.8	1.9	2.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	469.2M	566.3M	450.1M	471.3M	458.9M	553M	451.4M	482.7M	469.7M	541.1M	424.6M	428M
Cost of revenue	264.1M	289.7M	232.8M	238.5M	227M	252.1M	214.5M	224.2M	213.2M	243.7M	201.9M	205.8M
Gross profit	205.1M	276.6M	217.2M	232.8M	231.9M	301M	237M	258.5M	256.5M	297.4M	222.7M	222.2M
Gross margin	43.7%	48.8%	48.3%	49.4%	50.5%	54.4%	52.5%	53.6%	54.6%	55%	52.5%	51.9%
Research & development	62.5M	48.4M	66.9M	59.6M	85.3M	67.6M	60.7M	79.6M	67.7M	75.3M	69.7M	71.9M
Selling, general & administrative	131.2M	139.9M	140M	136.3M	137M	138.9M	128.1M	148.5M	137.2M	149.6M	142.7M	135.3M
Operating expenses	193.7M	188.3M	206.9M	195.9M	222.3M	206.5M	188.8M	228.1M	204.9M	224.9M	212.3M	207.2M
Operating income	11.4M	88.3M	10.4M	36.9M	9.6M	94.5M	48.2M	30.5M	51.6M	72.5M	10.4M	15M
Operating margin	2.44%	15.6%	2.3%	7.84%	2.09%	17.1%	10.7%	6.31%	11%	13.4%	2.45%	3.51%
Non-operating income, net	-1.7M	-2.9M	879K	-1.4M	-901K	-2.1M	1.1M	-2.2M	-598K	-451K	24K	-1.3M
Pretax income	8.5M	83.8M	11.5M	36.7M	9.6M	96.7M	50.5M	28.7M	51.6M	72.8M	12.3M	15.3M
Income tax	1.8M	21.8M	3M	8.6M	3.5M	24.8M	10.5M	5.7M	11.5M	26.5M	3.7M	3.6M
Net income	6.6M	62.1M	8.6M	28.1M	6.1M	71.9M	40M	22.9M	40.1M	46.4M	8.6M	11.8M
Net margin	1.41%	11%	1.9%	5.95%	1.34%	13%	8.86%	4.75%	8.53%	8.57%	2.02%	2.75%
EBITDA	31.1M	105.1M	38.1M	59.6M	31.8M	119.9M	73.4M	68.5M	89.6M	106.3M	41.6M	40.7M
EPS	0.12	1.09	0.13	0.49	0.11	1.3	0.7	0.4	0.72	0.91	0.16	0.23
Diluted EPS	0.12	1.02	0.12	0.46	0.11	1.23	0.66	0.39	0.7	0.9	0.15	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.6B	1.7B	1.5B	1.1B	1.2B	2.4B	1.6B	1.4B	2.2B	1.1B	774.2M
Enterprise value	2.4B	1.3B	1.2B	859.5M	892M	1.9B	1.3B	1.2B	2B	864.1M	702.2M
Shares outstanding	63.3M	65.1M	66.5M	64.3M	60.9M	60.7M	60M	56.2M	54.8M	52.9M	52.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.8	17.5	15.7	11.6	16.7	17.1	143.8	26	18.9	7.3	8.31
P/S	1.45	0.74	0.66	0.49	0.6	1.05	0.78	0.73	1.12	0.56	0.43
P/B	4.27	1.89	1.56	1.07	1.08	1.97	1.45	1.28	2.01	0.92	0.7
EV/EBITDA	13.1	5.34	4.46	3.6	4.13	7.73	7.24	7.39	7.84	2.56	2.46
EV/Sales	1.34	0.56	0.5	0.38	0.43	0.85	0.64	0.61	1.01	0.44	0.38
Earnings yield	3.36%	5.7%	6.35%	8.61%	5.98%	5.83%	0.7%	3.84%	5.29%	13.7%	12%
FCF yield	2.63%	7.27%	9.52%	11.2%	9.46%	7.03%	10.9%	9.26%	8.3%	19.1%	23.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.8%	35.7%	36.3%	36.7%	33.2%	34.7%	39.4%	44.3%	50.8%	54%	51.9%
Operating margin	6.73%	6%	6.4%	6.24%	5.25%	6.74%	1.2%	3.96%	7.83%	10.4%	5.82%
Net margin	4.85%	4.21%	4.17%	4.24%	3.6%	6.11%	0.54%	2.8%	5.93%	7.68%	5.6%
ROE	14.3%	10.8%	9.91%	9.25%	6.48%	11.5%	1.01%	4.92%	10.6%	12.6%	9.32%
ROA	7.21%	6.31%	6%	5.36%	4.03%	6.94%	0.46%	2.25%	5.06%	6.79%	5.23%
ROIC	20.8%	21%	16.1%	12.8%	9.55%	17.9%	0.77%	6.36%	13%	15.5%	10.3%
Return on tangible assets	14.9%	11.2%	12.8%	9.77%	7.17%	11.9%	1.13%	5.35%	12.5%	18.1%	16.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.43	1.6	1.54	1.64	1.77	1.88	1.17	1.15	1.17	1.27	1.29
Quick ratio	1.43	1.6	1.54	1.64	1.77	1.88	1.17	1.15	1.17	1.27	1.29
Debt / equity	0.14	0.01	0.01	0.16	0.11	0.11	0.1	0.11	0.1	0.12	0.13
Debt / assets	0.07	0.01	0.01	0.09	0.07	0.06	0.05	0.05	0.05	0.06	0.07
Net debt / EBITDA	-1.02	-1.66	-1.35	-1.07	-1.65	-1.76	-1.48	-1.38	-0.86	-0.67	-0.51
Interest coverage	107.2	53.2	80.1	78.1	45.9	68.7	7.25	10.9	44	83.7	55.3
Effective tax rate	27.5%	24.7%	32.5%	29.2%	30.1%	10.5%	74.1%	26.9%	25.8%	26.6%	29.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.4	35.3	34.6	35.2	34	37.1	33.6	34.7	35.3	36.7	36.4
EPS (basic)	1.3	1.4	1.33	1.41	1.18	2.21	0.15	0.95	2.04	2.73	2.73
EPS (diluted)	1.25	1.34	1.31	1.38	1.16	2.09	0.14	0.8	1.9	2.64	1.96
Book value per share	9.63	13.8	14.6	16.1	18.9	19.7	18	19.8	19.7	22.4	23.2
FCF per share	1.08	1.89	2.16	1.94	1.94	2.73	2.85	2.35	3.28	3.94	3.51
Cash per share	4.27	6.36	5.48	6.51	8.02	9.32	6.22	6.09	5.78	6.9	5.72

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$469.2M	$566.3M	$450.1M	$471.3M	$458.9M	$553M	$451.4M	$482.7M	$469.7M	$541.1M	$424.6M	$428M
YoY change	+4.98%	+0.33%	+1.13%	+0.51%	-2.2%	-2.34%	+0.31%	+2.41%	+2.35%	-2.15%	-5.94%	-11.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	270.3M	414.1M	364.4M	418.8M	488M	565.8M	373.3M	342.3M	316.9M	365.3M
Receivables	397.2M	484.1M	473.9M	481.7M	474.1M	582M	708.9M	775.6M	800.9M	582.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	742.6M	991.8M	933.9M	1B	1.1B	1.3B	1.3B	1.4B	1.2B	1.1B
Property, plant & equipment	108.6M	161.7M	184M	336.2M	303.5M	260.2M	233.4M	239M	206.7M	273.5M
Goodwill & intangibles	624.7M	666.1M	849.8M	808M	811.1M	824.7M	1.4B	1.4B	1.3B	1.4B
Total assets	1.2B	1.5B	1.6B	1.8B	1.9B	2B	2.3B	2.4B	2.3B	2.2B
Accounts payable	365.8M	417M	425.4M	390.3M	367M	430.2M	742.9M	838.5M	802.5M	566M
Short-term debt	5.5M	9.6M	13.2M	45.9M	48.4M	34.1M	31M	35.4M	25.8M	33.1M
Total current liabilities	519.8M	621M	605.3M	610.3M	600.3M	672.5M	1.1B	1.2B	1B	844.7M
Long-term debt	77.4M	1.8M	0	118M	83M	93.9M	77.5M	83.1M	77.6M	105.3M
Total liabilities	601.3M	633.6M	629.2M	752.4M	700.7M	785.3M	1.3B	1.3B	1.2B	1B
Shareholders' equity	609.9M	897.7M	967.9M	1B	1.2B	1.2B	1.1B	1.1B	1.1B	1.2B
Total debt	82.9M	11.4M	13.2M	163.8M	131.4M	128M	108.5M	118.4M	103.4M	138.4M
Net debt	-187.4M	-402.7M	-351.2M	-254.9M	-356.6M	-387.6M	-239.7M	-217.9M	-187.3M	-203.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	215.9M	342.3M	278.1M	233.2M	231.8M	316.9M	313.2M	223.6M	278.8M	365.3M	348.3M	280.3M
Receivables	624.6M	775.6M	610.7M	632.7M	646.3M	800.9M	647.1M	667.8M	568.7M	582.1M	448.3M	456M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.1B	1.4B	1.2B	1.1B	1.1B	1.2B	1.1B	1B	1B	1.1B	940.3M	873.1M
Property, plant & equipment	246.4M	239M	223.6M	219.4M	227.2M	206.7M	206.4M	240.2M	235.8M	273.5M	284.2M	302.8M
Goodwill & intangibles	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B
Total assets	2.1B	2.4B	2.2B	2.2B	2.2B	2.3B	2.1B	2.1B	2.1B	2.2B	2.1B	2B
Accounts payable	668.5M	838.5M	629.6M	635.2M	630M	802.5M	639.8M	628.8M	530.6M	566M	448.5M	457.1M
Short-term debt	35.3M	35.4M	31.8M	27.7M	26.2M	25.8M	25.6M	29.1M	27.1M	33.1M	34.5M	36.4M
Total current liabilities	960.9M	1.2B	995M	955.9M	974.6M	1B	886.8M	833.5M	755.1M	844.7M	737M	677.7M
Long-term debt	83M	83.1M	80.1M	78.8M	87.3M	77.6M	77.8M	88.5M	82.2M	105.3M	99.2M	102.1M
Total liabilities	1.1B	1.3B	1.1B	1.1B	1.1B	1.2B	1B	986.6M	891.3M	1B	902.6M	846.7M
Shareholders' equity	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B
Total debt	118.3M	118.4M	111.9M	106.5M	113.5M	103.4M	103.4M	117.5M	109.3M	138.4M	133.7M	138.5M
Net debt	-76.6M	-217.9M	-155M	-110.2M	-95.3M	-187.3M	-182.4M	-88.2M	-145.7M	-203.7M	-186.3M	-113.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	87.3M	96.7M	95.9M	96M	74.7M	137.6M	10.9M	54.6M	114.7M	149.4M
Depreciation & amortization	62.7M	104M	111.8M	97.1M	106.6M	90.9M	150.3M	72.3M	87.8M	129.4M
Stock-based compensation	43.3M	71.6M	66.6M	41M	28.8M	44.5M	65M	97.2M	106.6M	57.8M
Change in working capital	-39.5M	-20.4M	2.3M	582K	-44M	-41.6M	60.1M	66.2M	-48.7M	-13.3M
Operating cash flow	187M	232.2M	252.6M	222.8M	182.6M	218.9M	256.2M	232.2M	256.2M	311.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-235.5M	14.8M	-109.7M	-19.8M	642K	-21.4M	-81.3M	-16.2M	-21.3M	-407K
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	0	-80M	-58.6M	-43.7M	-100M	-135.7M	-125.5M	-224.6M	-152.1M
Financing cash flow	90.6M	-29.5M	-62.7M	-59.1M	95.4M	-80.1M	-113M	-147.3M	-270.5M	-151.5M
Net change in cash	42.1M	217.5M	80.2M	143.9M	278.7M	117.4M	61.8M	68.7M	-35.5M	159.4M
Free cash flow	68.3M	123.3M	143.7M	124.9M	118.1M	165.9M	171.2M	131.7M	180M	208.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	6.6M	62.1M	8.6M	28.1M	6.1M	71.9M	40M	22.9M	40.1M	46.4M	8.6M	11.8M
Depreciation & amortization	18.9M	16M	25.2M	21.1M	20.8M	20.6M	23.6M	36.9M	36.6M	32.3M	28.6M	23.5M
Stock-based compensation	24M	20.8M	27.3M	20.7M	34.2M	24.4M	17.1M	21.8M	15.5M	5.8M	13.3M	16.4M
Change in working capital	19.2M	38.6M	-54.7M	-33.3M	-2.1M	41.4M	-20.3M	-52.6M	6.8M	52.7M	-639K	-17.3M
Operating cash flow	19.7M	160.4M	14M	16.6M	57.2M	168.5M	62.3M	-1.4M	89.6M	160.7M	48.2M	20.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	469K	-2.1M	-606K	2.4M	-4.4M	-15.5M	-447K	10.7M	-5.1M	-5.5M	-5.7M	60K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-28.5M	-22.1M	-62.1M	-40.4M	-55M	-67.1M	-56.2M	-48.3M	-10.9M	-36.6M	-31M	-30.4M
Financing cash flow	-29M	-22.4M	-62.6M	-40.7M	-55.5M	-116.3M	-56.6M	-48.4M	-11.2M	-37.1M	-31.3M	-30.7M
Net change in cash	-8.8M	135.8M	-49.2M	-21.7M	-2.7M	36.7M	5.3M	-39.1M	73.2M	118.1M	11.2M	-10.3M
Free cash flow	3.3M	146.7M	724K	-6.5M	36.2M	147.7M	45.3M	-36.6M	66.6M	133.3M	15.4M	-37.9M

Criteo S.A. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement