Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cardlytics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
113
130
151
210
187
267
299
309
278
233
Research and development
13.9
12.2
16.2
11.7
17.5
38.1
54.4
51.4
49.6
39.8
Selling and marketing
31.3
31.9
41.9
43.8
45.3
66
74.7
57.4
52.6
39.5
General and administrative
21.4
20.1
34.2
36.7
46.5
66.2
81.4
58.8
56.5
47.3
Operating income
-56.2
-17.1
-40.9
-17.3
-53.9
-123
-458
-136
-195
-102
Interest expense
3.33
12.7
4
6.2
8.9
-10.6
Interest income
1.4
3.8
3.4
2.7
Other non-operating income
-19.5
-2.54
-12.1
0.18
-1.5
-13.8
-8.93
0.97
6.2
-1.67
Pre-tax income
-75.7
-19.6
-53
-17.1
-55.4
-136
-467
-135
-189
-103
Income tax
0
0
0
0
0
-7.86
-1.45
0
0
0
Net income
-75.7
-19.6
-53
-17.1
-55.4
-129
-465
-135
-189
-103
EBITDA
-52
-14.1
-37.6
-12.8
-46.1
-92.7
-420
-109
-170
-76.6
EPS, basic
-32.48
-7.86
-2.79
-0.72
-2.04
-3.99
-13.92
-3.69
-3.91
-1.95
EPS, diluted
-32.48
-7.86
-2.79
-0.72
-2.04
-3.99
-13.92
-3.69
-3.91
-1.95
Shares, basic (weighted)
2.36
3.23
19.1
23.7
27.2
32.2
33.4
36.5
48.4
53.1
Shares, diluted (weighted)
2.36
3.23
19.1
23.7
27.2
32.2
33.4
36.5
48.4
53.1
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
22.8
21.3
39.6
104
293
233
122
91.8
65.6
48.7
Short-term investments
0
Receivables
48.3
58.1
81.5
81.2
111
116
121
103
82.5
Other current assets
2.12
3.96
5.78
5.69
7.98
7.98
6.1
5.34
3.21
Total current assets
74.6
124
196
386
359
250
224
178
137
Property, plant and equipment
7.32
10.2
14.3
13.9
11.3
5.92
3.32
2.6
1.93
Lease right-of-use assets
0
10.8
10.2
6.57
7.31
6.34
4.72
Goodwill
0
743
353
277
159
110
Intangible assets
0.53
0.37
0.39
0.45
126
53.5
35
11.4
5.55
Other non-current assets
4.22
1.29
1.71
1.79
2.41
2.59
2.74
1.65
1.24
Total assets
101
154
224
423
1,264
691
574
393
286
Accounts payable
1.55
2.1
1.23
1.36
4.62
3.77
4.43
3.69
2.66
Accrued liabilities
4.62
4.39
6.02
5.52
19.6
21.3
9.59
7.18
7.13
Deferred revenue
0.13
0.35
1.13
0.35
3.28
1.75
2.41
2.15
2.54
Short-term debt
0.04
0.02
0.02
0.01
0
0
45.9
0
Total current liabilities
42.1
51.9
78.4
81.3
327
249
171
149
78.4
Long-term debt
57
46.7
0.01
174
Lease liabilities
0
9.38
6.8
4.31
6.39
6.03
4.75
Other non-current liabilities
0
0.68
4.55
0
0.07
0
Total liabilities
309
102
81
265
573
480
439
323
292
Total debt
57
46.7
0.04
174
184
226
258
214
209
Paid-in capital
58.7
66.1
481
551
1,213
1,183
1,244
1,367
1,400
Retained earnings
-268
-321
-339
-394
-523
-977
-1,111
-1,301
-1,404
Other comprehensive income
1.07
1.99
1.31
-0.19
0.49
5.6
2.47
3.6
-2
Shareholders' equity
-217
-209
52
143
157
691
212
135
70
-6.51
Total equity
-217
-209
52
143
157
691
212
135
70
-6.51
Total liabilities and equity
101
154
224
423
1,264
691
574
393
286
Shares outstanding
3.44
22.5
22.5
27.9
33.5
39.7
51.3
5.45
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-75.7
-19.6
-53
-17.1
-55.4
-129
-465
-135
-189
-103
Depreciation and amortization
4.22
3.03
3.28
4.54
7.83
29.9
37.5
26.5
25.7
25.2
Stock-based compensation
3.45
5.15
26.8
15.9
32.4
50.3
44.7
41
40.4
28.1
Deferred income tax
0
0
0
0
0
7.86
1.45
0
0
0
Change in receivables
-5.79
-7.5
-9.43
-26
-2.4
-27.9
-4.55
-7.73
12.5
20.6
Change in payables
-1.23
-1.91
0.91
-0.6
0.02
1.26
-0.89
0.24
0.5
0.18
Cash from operations
-32.5
-22.1
-19
11.5
-7.6
-38.5
-53.9
-0.19
-8.82
9.29
Capital expenditures
-1.83
-1.22
-5.92
-8.28
-5.41
-3.11
-1.17
-0.67
-1.56
-0.48
Acquisitions
0
0
-494
-2.27
0
0
Cash from investing
-2.55
-1.65
-7.34
-11
-10.1
-507
-15.8
-10.1
-18.7
-15.3
Debt issued
46.8
12.5
47.4
0
Debt repaid
-32.3
-0.1
-52.6
-46.7
-0.02
0
-0.04
-0.03
-199
-62
Stock issued
0.28
0.23
72.3
91.2
10.2
486
0.38
0.06
48.6
0
Share buybacks
0
0
-40
0
0
Cash from financing
30.8
21.8
65.2
44.2
206
486
-40
-20
1.44
-11.1
Exchange rate effect
-0.41
0.28
-0.25
0.1
0.05
-0.57
-1.93
0.12
-0.11
0.26
Net change in cash
-4.64
-1.71
38.6
44.7
189
-59.8
-112
-30.2
-26.2
-16.9
Free cash flow
-34.3
-23.3
-24.9
3.18
-13
-41.6
-55.1
-0.85
-10.4
8.81
Interest paid
1.6
0.87
9.73
1.27
0.06
2.33
2.38
4.24
6.12
9.26
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.30 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-49.9%
Operating income / revenue.
EBITDA margin
-38.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-54.4%
Pre-tax income / revenue.
Net margin
-52.8%
Net income / revenue.
FCF margin
0.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.3%
Cash from operations / revenue.
Return on assets (ROA)
-42.7%
Net income / average total assets.
Return on invested capital (ROIC)
-53.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
15.1%
Research and development expense / revenue.
Stock-based pay / revenue
10.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
11.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-16.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-7.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
4.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-109.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-27.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-25.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-7.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
9.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
16.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
14.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.62x
Current assets / current liabilities.
Quick ratio
1.53x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.45x
(Cash + short-term investments) / current liabilities.
Debt / assets
78.5%
Total debt / total assets.
Liabilities / assets
106.8%
Total liabilities / total assets.
Net debt
$156.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$17.41
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$32.99
Revenue / diluted weighted shares.
FCF per share
$0.08
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.09
Cash from operations / diluted weighted shares.
Book value per share
-$2.94
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.10x
Market cap / revenue.
P/FCF
42.0x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
36.5x
Market cap / cash from operations, when positive.
EV/Sales
0.93x
Enterprise value / revenue.
EV/FCF
380x
Enterprise value / free cash flow, when both are positive.
FCF yield
2.4%
Free cash flow / market cap.
Earnings yield
-516.0%
Net income / market cap (the inverse of P/E).
What was Cardlytics, Inc.'s revenue in fiscal 2025?
Cardlytics, Inc. reported revenue of $233.3M for fiscal 2025, 16.2% lower than the year before.
Was Cardlytics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $103.5M.
How much free cash flow did Cardlytics, Inc. generate in fiscal 2025?
Cash from operations of $9.3M minus capital expenditures of $480.0K left free cash flow of $8.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.