Criteo S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Criteo S.A. 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,799	2,297	2,300	2,262	2,073	2,254	2,017	1,949	1,933	1,945
Cost of revenue	1,154	1,477	1,466	1,432	1,385	1,472	1,089	927	812	770
Gross profit	645	819	834	829	688	782	795	863	983	1,049
Research and development	124	174	179	173	133	152	188	242	279	283
Selling and marketing	283	381	373	375	330	326	378	406	376	394
General and administrative	117	127	135	140	116	153	205	138	176	169
Operating expenses	524	682	687	688	579	630	771	786	832	847
Operating income	121	138	147	141	109	152	24.3	77.2	151	203
Interest expense	2.37	2.86	2.11	2.38	2.81	2.27	2.03	2.24	1.82	2.46
Interest income	1.35	0.88	1.06	1.53	1.12	0.63	1.93	4.68	10.1	5.66
Other non-operating income	-0.55	-9.53	-5.08	-5.75	-1.94	1.94	17.8	-2.49	3.1	0.81
Pre-tax income	120	128	142	135	107	154	42.1	74.7	154	204
Income tax	33.1	31.7	46.1	39.5	32.2	16.2	31.2	20.1	39.8	54.2
Net income to minority interests	5.06	5.45	7.24	5.22	3.01	3.19	1.92	1.39	3.14	4.78
Net income	82.3	91.2	88.6	90.7	71.7	134	8.95	53.3	112	145
EBITDA	169	204	225	198	172	218	79.9	129	193	236
EPS, basic	1.30	1.40	1.33	1.41	1.18	2.21	0.15	0.95	2.04	2.73
EPS, diluted	1.25	1.34	1.31	1.38	1.16	2.09	0.14	0.88	1.90	2.64
Shares, basic (weighted)	63.3	65.1	66.5	64.3	60.9	60.7	60	56.2	54.8	52.9
Shares, diluted (weighted)	65.6	67.9	67.7	65.6	61.8	64.2	62.8	60.2	58.6	54.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	270	414	364	419	488	516	348	336	291	342
Short-term investments					0	50.3	25.1	5.97	26.2	23.2
Receivables	397	484	474	482	474	582	709	776	801	582
Other current assets	19.3	26.3	22.8	17.2	21.4	34.2	51.9	48.3	50.9	53.2
Total current assets	743	992	934	1,000	1,065	1,264	1,261	1,312	1,224	1,072
Property, plant and equipment	109	162	184	194	190	140	131	126	107	139
Lease right-of-use assets			0	142	114	120	102	112	99.5	134
Goodwill	209	237	313	317	326	330	515	524	515	536
Intangible assets	103	96.2	112	86.9	79.7	82.6	176	181	158	152
Long-term investments				0	41.8	5	0	16.6	15.6	23.5
Other non-current assets						0	50.8	60.7	61.2	45.7
Total assets	1,211	1,531	1,597	1,790	1,853	1,984	2,349	2,392	2,266	2,201
Accounts payable	366	417	425	390	367	430	743	839	803	566
Accrued liabilities	55.9	66.2	65.9	74.8	85.3	98.1	85.6	113	109	114
Deferred revenue	3.12	0.71	0.62	0.23	0.08	0.08	0.01	0.01
Short-term debt	5.52	0.98
Total current liabilities	520	621	605	610	600	673	1,080	1,140	1,047	845
Long-term debt	77.4	1.8
Lease liabilities			0	118	83	93.9	77.5	83.1	77.6	105
Other non-current liabilities	0	2.79	5.1	5.54	5.54	9.89	69.2	19.1	20.5	31.8
Total liabilities	601	634	629	752	701	785	1,268	1,280	1,185	1,015
Total debt	82.9	2.78	2.94	2.12	1.51
Paid-in capital	488	591	663	668	693	731	734	769	710	706
Retained earnings	198	300	388	452	491	602	578	555	572	631
Treasury stock		0	-79.2	-74.9	-85.6	-132	-174	-162	-125	-121
Other comprehensive income	-88.6	-12.2	-30.5	-40.1	16	-40.3	-91.9	-85.3	-109	-68.9
Shareholders' equity	600	882	944	1,007	1,117	1,163	1,048	1,080	1,049	1,149
Minority interests	9.75	16.2	24.2	30.7	35.5	35.2	33.1	31.8	31.9	36.5
Total equity	610	898	968	1,038	1,153	1,198	1,081	1,111	1,081	1,186
Total liabilities and equity	1,211	1,531	1,597	1,790	1,853	1,984	2,349	2,392	2,266	2,201
Shares outstanding	64	66.1	67.7	66.2	66.3	65.9	63.2	61.2	54.3	51.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	87.3	96.7	95.9	96	74.7	138	11	55	115	149
Depreciation and amortization	48.2	66.1	78.2	56.6	63.3	65.8	55.6	51.4	41.1	33.3
Stock-based compensation	43.3	71.6	66.6	41	28.8	44.5	65	97.2	103	57.8
Deferred income tax	-10	-13.3	-8.16	15.4	3.72	-18.6	3.6	-23.6	-26	-7.53
Change in receivables	-118	-76.9	1.36	0.88	-3.96	-135	-41.9	-56.3	-28.5	246
Cash from operations	153	245	261	223	185	221	256	224	258	311
Capital expenditures							-63.8	-116	-78.1	-103
Acquisitions	-236	1.11				-10.4	-138	-6.83	-0.53	0
Purchases of investments								-22.5	-26.7	-28.4
Sales and maturities of investments							47.1	26	5.95	28
Cash from investing	-313	-106	-227	-104	-101	-76.4	-166	-109	-97.9	-101
Debt issued	84	3.7	0	0	153	0	78.5	0	0
Debt repaid	-13.3	-89.7	-0.96	-1.02	-167	-1.25	-78.5	0	0
Stock issued	20.1	32	1.47	1.69	1.73	25.2	1.03	1.95	4.55	1.9
Share buybacks	0	0	-80	-58.6	-43.7	-100	-136	-125	-225	-152
Cash from financing	90.6	-29.5	-62.7	-59.1	-57.7	-80.1	-113	-147	-270	-151
Exchange rate effect	-14.5	34.1	-21	-5.5	42.7	-36.9	-44.1	-5.14	-10.2	-7.21
Net change in cash		144	-49.7	54.3	69.2	27.5	-67.3	-36.9	-120	51.4
Free cash flow							192	108	180	208
Interest paid	1.3	2.1	1.7	1.4	2.16	1.49	1.3	1.54	1.36	1.58
Income taxes paid	43.5	-56.4	67	52.1	17.6	28.8	38.1	40.1	40.7	64.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $16.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.0%	Gross profit / revenue.
Operating margin	10.4%	Operating income / revenue.
EBITDA margin	12.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	7.4%	Net income / revenue.
FCF margin	10.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.0%	Cash from operations / revenue.
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.5%	Net income / average total assets.
Return on invested capital (ROIC)	19.0%	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	14.6%	Research and development expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	102.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	22.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	43.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	152.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	38.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	166.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	9.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	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	3.5%	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	-6.5%	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	-4.4%	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	-2.4%	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	1.27x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	46.1%	Total liabilities / total assets.
Interest coverage	82.4x	Operating income / interest expense.
Working capital	$227.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$461.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	15.8x	Revenue / average property, plant and equipment.
Receivables turnover	2.81x	Revenue / average receivables.
Days sales outstanding	130 days	365 x average receivables / revenue.
Days payables	324 days	365 x average accounts payable / cost of revenue.
FCF conversion	144.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	33.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.64	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.
EPS, basic	$2.73	Net income per basic share, as reported (split-adjusted).
Revenue per share	$35.50	Revenue / diluted weighted shares.
FCF per share	$3.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.68	Cash from operations / diluted weighted shares.
Book value per share	$22.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.02	Tangible book value / shares outstanding.
Cash per share	$7.14	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	72.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$797.7M	Share price x shares outstanding.
Enterprise value	$432.4M	Market cap + total debt - cash - short-term investments.
P/E	5.52x	Market cap / net income. Only when net income is positive.
P/S	0.41x	Market cap / revenue.
P/B	0.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
P/FCF	3.83x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.56x	Market cap / cash from operations, when positive.
EV/Sales	0.22x	Enterprise value / revenue.
EV/EBIT	2.13x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.83x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.07x	Enterprise value / free cash flow, when both are positive.
FCF yield	26.1%	Free cash flow / market cap.
Earnings yield	18.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	19.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Criteo S.A.'s revenue in fiscal 2025?

Criteo S.A. reported revenue of $1.94B for fiscal 2025, 0.6% higher than the year before.

Was Criteo S.A. profitable in fiscal 2025?

Yes. Net income was $144.6M, a net margin of 7.4%.

How much free cash flow did Criteo S.A. generate in fiscal 2025?

Cash from operations of $311.2M minus capital expenditures of $102.7M left free cash flow of $208.5M.

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.

Open interactive statements, quarterly figures and charts

Back to Criteo S.A.