Criteo (CRTO) Financials

$16.45 +0.59 (+3.72%)

Closing price 04:00 PM Eastern

Extended Trading

$16.32 -0.13 (-0.81%)

As of 07:52 PM Eastern

Annual Income Statements for Criteo

This table shows Criteo's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	60	82	91	89	91	72	134	8.95	53	112	145
Consolidated Net Income / (Loss)	62	87	97	96	96	75	138	11	55	115	149
Net Income / (Loss) Continuing Operations	62	87	97	96	96	75	138	11	55	115	149
Total Pre-Tax Income	72	120	128	142	135	107	154	42	75	154	204
Total Operating Income	76	121	138	147	141	109	152	24	77	151	203
Total Gross Profit	472	645	819	834	829	688	782	795	863	983	1,049
Total Revenue	1,323	1,799	2,297	2,300	2,262	2,073	2,254	2,017	1,949	1,933	1,945
Operating Revenue	1,323	1,799	2,297	2,300	2,262	2,073	2,254	2,017	1,949	1,933	1,945
Total Cost of Revenue	851	1,154	1,477	1,466	1,432	1,385	1,472	1,222	1,086	950	896
Operating Cost of Revenue	851	1,154	1,477	1,466	1,432	1,385	1,472	1,222	1,086	950	896
Total Operating Expenses	395	524	682	687	688	579	630	771	786	832	847
Selling, General & Admin Expense	79	117	127	135	140	116	153	205	138	176	169
Marketing Expense	230	283	381	373	375	330	326	378	406	376	394
Research & Development Expense	87	124	174	179	173	133	152	188	242	279	283
Total Other Income / (Expense), net	-4.54	-0.55	-9.53	-5.08	-5.75	-1.94	1.94	18	-2.49	3.10	0.81
Other Income / (Expense), net	-4.54	-0.55	-9.53	-5.08	-5.75	-1.94	1.94	18	-2.49	3.10	0.81
Income Tax Expense	9.52	33	32	46	39	32	16	31	20	40	54
Net Income / (Loss) Attributable to Noncontrolling Interest	2.72	5.06	5.45	7.24	5.22	3.01	3.19	1.92	1.39	3.14	4.78
Basic Earnings per Share	$0.96	$1.30	$1.40	$1.33	$1.41	$1.18	$2.21	$0.15	$0.95	$2.04	$2.73
Weighted Average Basic Shares Outstanding	61.84M	63.34M	65.14M	66.46M	64.31M	60.88M	60.72M	60.00M	56.17M	54.82M	52.93M
Diluted Earnings per Share	$0.91	$1.25	$1.34	$1.31	$1.38	$1.16	$2.09	$0.14	$0.88	$1.90	$2.64
Weighted Average Diluted Shares Outstanding	65.10M	65.63M	67.85M	67.66M	65.60M	61.82M	64.23M	62.76M	60.23M	58.61M	54.79M
Weighted Average Basic & Diluted Shares Outstanding	62M	63.30M	65.20M	67.71M	61.92M	60.76M	60.76M	55.83M	55.23M	54.34M	49.86M

This table shows Criteo's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	15	-12	-2.88	6.93	61	7.24	27	6.25	71	38	21
Consolidated Net Income / (Loss)	16	-12	-1.97	6.64	62	8.57	28	6.14	72	40	23
Net Income / (Loss) Continuing Operations	16	-12	-1.97	6.64	62	8.57	28	6.14	72	40	23
Total Pre-Tax Income	43	-17	-0.89	8.47	84	12	37	9.59	97	50	29
Total Operating Income	49	-23	0.96	11	88	10	37	9.60	95	48	30
Total Gross Profit	247	182	200	205	277	217	233	232	301	237	259
Total Revenue	564	445	469	469	566	450	471	459	553	451	483
Operating Revenue	564	445	469	469	566	450	471	459	553	451	483
Total Cost of Revenue	318	264	269	264	290	233	238	227	252	214	224
Operating Cost of Revenue	318	264	269	264	290	233	238	227	252	214	224
Total Operating Expenses	198	205	199	194	188	207	196	222	206	189	228
Selling, General & Admin Expense	29	40	19	37	42	47	41	46	42	39	40
Marketing Expense	100	101	113	95	98	93	95	91	97	89	108
Research & Development Expense	69	64	68	63	48	67	60	85	68	61	80
Total Other Income / (Expense), net	-6.14	6.83	-1.85	-2.97	-4.50	1.18	-0.28	-0.01	2.21	2.30	-1.80
Other Income / (Expense), net	-6.14	6.83	-1.85	-2.97	-4.50	1.18	-0.28	-0.01	2.21	2.30	-1.80
Income Tax Expense	26	-4.60	1.08	1.83	22	2.97	8.60	3.45	25	10	5.73
Net Income / (Loss) Attributable to Noncontrolling Interest	0.65	-0.26	0.91	-0.29	1.03	1.32	1.07	-0.10	0.85	2.08	1.67
Basic Earnings per Share	$0.26	($0.21)	($0.05)	$0.12	$1.09	$0.13	$0.49	$0.11	$1.31	$0.70	$0.40
Weighted Average Basic Shares Outstanding	60.00M	56.26M	55.92M	56.30M	56.17M	55.15M	54.68M	54.70M	54.82M	53.98M	52.99M
Diluted Earnings per Share	$0.28	($0.21)	($0.05)	$0.12	$1.02	$0.12	$0.46	$0.11	$1.21	$0.66	$0.39
Weighted Average Diluted Shares Outstanding	62.76M	56.26M	55.92M	60.17M	60.23M	59.33M	58.97M	58.43M	58.61M	57.20M	55.13M
Weighted Average Basic & Diluted Shares Outstanding	55.83M	56.14M	55.81M	56.42M	55.23M	56.69M	55.99M	55.18M	54.34M	53.14M	52.33M

This table details how cash moves in and out of Criteo's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	43	-69	110	-29	54	69	28	-67	-37	-120	51
Net Cash From Operating Activities	137	153	245	261	223	185	221	256	224	258	311
Net Cash From Continuing Operating Activities	137	153	245	261	223	185	221	256	224	258	311
Net Income / (Loss) Continuing Operations	62	87	97	96	96	75	138	11	55	115	149
Consolidated Net Income / (Loss)	62	87	97	96	96	75	138	11	55	115	149
Amortization Expense	-	-	-	112	97	107	91	150	72	88	129
Non-Cash Adjustments To Reconcile Net Income	28	43	65	64	42	33	47	41	49	108	65
Changes in Operating Assets and Liabilities, net	-0.52	-39	-20	-10	-12	-29	-54	54	49	-53	-33
Net Cash From Investing Activities	-102	-313	-106	-227	-104	-101	-76	-166	-109	-98	-101
Net Cash From Continuing Investing Activities	-102	-313	-106	-227	-104	-101	-76	-166	-109	-98	-101
Purchase of Property, Plant & Equipment	-76	-85	-122	-125	-98	-65	-53	-64	-116	-78	-103
Acquisitions	-21	-	-	-	-	-	-10	-138	-6.83	-0.53	0.00
Purchase of Investments	-	-	-	-	-	-	-	-	-22	-27	-28
Sale of Property, Plant & Equipment	1.13	7.75	14	-	-	-	-	7.97	1.80	1.48	2.01
Divestitures	-	-	-	-	-	-	0.00	0.00	8.85	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	47	26	5.95	28
Net Cash From Financing Activities	7.81	91	-29	-63	-59	-58	-80	-113	-147	-270	-151
Net Cash From Continuing Financing Activities	7.81	91	-29	-63	-59	-58	-80	-113	-147	-270	-151
Repayment of Debt	-8.98	-13	-90	-0.96	-1.02	-167	-1.25	-57	-1.69	1.53	-1.31
Repurchase of Common Equity	-	0.00	0.00	-80	-59	-44	-100	-136	-125	-225	-152
Other Financing Activities, net	-1.00	-0.22	25	17	-1.19	-1.66	-4.04	-0.27	-20	-47	1.90
Effect of Exchange Rate Changes	-	-	-	-	-5.50	43	-37	-44	-5.14	-10	-7.21
Cash Interest Paid	-	-	2.10	1.70	1.40	2.16	1.49	1.30	1.54	1.36	1.58
Cash Income Taxes Paid	-	-	-56	67	52	18	29	38	40	41	65

This table details how cash moves in and out of Criteo's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	41	-68	-82	-28	141	-69	-50	-7.79	6.95	-4.77	-80
Net Cash From Operating Activities	125	42	1.33	20	161	14	17	58	169	62	-1.40
Net Cash From Continuing Operating Activities	125	42	1.27	20	161	14	17	58	169	62	-1.40
Net Income / (Loss) Continuing Operations	16	-12	-1.97	6.64	62	8.57	28	6.14	72	40	23
Consolidated Net Income / (Loss)	16	-12	-1.97	6.64	62	8.57	28	6.14	72	40	23
Amortization Expense	16	27	10	19	16	25	21	21	21	24	37
Non-Cash Adjustments To Reconcile Net Income	25	17	29	-18	21	30	22	38	19	16	26
Changes in Operating Assets and Liabilities, net	69	9.74	-35	12	62	-50	-54	-7.42	58	-18	-87
Net Cash From Investing Activities	-32	-36	-52	-16	-4.51	-14	-21	-24	-39	-18	-24
Net Cash From Continuing Investing Activities	-32	-36	-52	-16	-4.51	-14	-21	-24	-39	-18	-24
Purchase of Property, Plant & Equipment	-15	-37	-24	-16	-38	-14	-24	-19	-22	-17	-35
Purchase of Investments	-	-	-	-	-	-0.67	-	-	-	-11	-5.95
Sale of Property, Plant & Equipment	0.34	3.98	-21	0.48	19	0.62	2.56	0.50	-1.65	0.00	0.37
Sale and/or Maturity of Investments	-	-	-	-	-	0.52	-	-	-	11	17
Net Cash From Financing Activities	-77	-72	-24	-29	-22	-62	-40	-52	-116	-55	-48
Net Cash From Continuing Financing Activities	-77	-72	-24	-29	-22	-62	-40	-52	-116	-55	-48
Repayment of Debt	-0.36	-0.43	-0.50	-0.50	-0.49	-0.43	-0.38	-0.49	2.83	-0.47	-0.07
Repurchase of Common Equity	-77	-51	-24	-28	-22	-62	-40	-55	-67	-56	-48
Other Financing Activities, net	-0.99	-21	0.43	0.25	-1.71	0.40	0.81	3.23	-56	1.85	0.05
Effect of Exchange Rate Changes	25	-1.18	-7.67	-3.34	7.05	-7.33	-6.17	11	-7.42	5.22	-6.21
Cash Interest Paid	0.34	0.62	0.06	0.38	0.48	0.33	0.33	0.38	0.33	0.24	0.34
Cash Income Taxes Paid	4.44	7.90	23	10	-1.25	1.17	23	12	4.61	5.92	42

This table presents Criteo's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	494	1,211	1,531	1,597	1,790	1,853	1,984	2,349	2,392	2,266	2,201
Total Current Assets	354	743	992	934	1,000	1,065	1,264	1,261	1,312	1,224	1,072
Cash & Equivalents	354	270	414	364	419	488	516	348	336	291	342
Short-Term Investments	-	-	-	-	-	0.00	50	25	5.97	26	23
Accounts Receivable	-	397	484	474	482	474	582	709	776	801	582
Prepaid Expenses	-	53	58	53	61	70	73	78	69	105	110
Current Deferred & Refundable Income Taxes	-	2.74	8.88	19	22	11	8.78	24	2.07	1.55	14
Plant, Property, & Equipment, net	82	109	162	184	194	190	140	131	126	107	139
Total Noncurrent Assets	58	360	378	479	596	599	579	957	953	935	990
Long-Term Investments	-	-	-	-	0.00	42	5.00	0.00	17	16	24
Noncurrent Note & Lease Receivables	-	17	20	20	22	18	6.44	5.93	5.29	4.33	8.31
Goodwill	42	209	237	313	317	326	330	515	524	515	536
Intangible Assets	16	103	96	112	87	80	83	176	181	158	152
Noncurrent Deferred & Refundable Income Taxes	-	31	25	34	28	20	35	32	53	81	91
Other Noncurrent Operating Assets	-	-	-	-	142	114	120	228	173	161	180
Total Liabilities & Shareholders' Equity	11	1,211	1,531	1,597	1,790	1,853	1,984	2,349	2,392	2,266	2,201
Total Liabilities	11	601	634	629	752	701	785	1,268	1,280	1,185	1,015
Total Current Liabilities	7.82	520	621	605	610	600	673	1,080	1,140	1,047	845
Accounts Payable	-	366	417	425	390	367	430	743	839	803	566
Accrued Expenses	-	-	-	-	-	-	-	66	1.47	1.88	9.23
Current Deferred & Payable Income Tax Liabilities	-	14	10.00	7.73	3.42	2.63	6.64	13	17	35	28
Current Employee Benefit Liabilities	-	56	66	66	75	85	98	86	113	109	114
Other Taxes Payable	-	45	59	56	50	58	60	58	26	19	15
Other Current Liabilities	7.82	39	69	51	92	87	77	115	143	79	113
Total Noncurrent Liabilities	3.27	82	13	24	142	100	113	188	140	139	171
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.69	2.50	11	9.27	5.30	3.05	3.46	1.08	4.07	5.29
Noncurrent Employee Benefit Liabilities	-	3.22	5.15	5.54	8.49	6.17	5.53	3.71	4.12	4.71	5.71
Other Noncurrent Operating Liabilities	3.27	78	4.95	7.59	124	89	104	181	135	130	160
Total Equity & Noncontrolling Interests	0.00	610	898	968	1,038	1,153	1,198	1,081	1,111	1,081	1,186
Total Preferred & Common Equity	0.00	600	882	944	1,007	1,117	1,163	1,048	1,080	1,049	1,149
Total Common Equity	0.00	600	882	944	1,007	1,117	1,163	1,048	1,080	1,049	1,149
Common Stock	-	490	594	665	671	695	733	737	771	712	708
Retained Earnings	-	198	300	388	452	491	602	578	555	572	631
Treasury Stock	-	-	0.00	-79	-75	-86	-132	-174	-162	-125	-121
Accumulated Other Comprehensive Income / (Loss)	-	-89	-12	-31	-40	16	-40	-92	-85	-109	-69
Noncontrolling Interest	-	9.75	16	24	31	36	35	33	32	32	37

This table presents Criteo's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,123	2,191	2,128	2,141	2,206	2,168	2,208	2,128	2,114
Total Current Assets	1,045	1,125	1,059	1,075	1,158	1,139	1,140	1,084	1,026
Cash & Equivalents	307	306	223	195	267	217	209	286	206
Short-Term Investments	10	21	21	21	11	16	23	27	18
Accounts Receivable	576	546	573	625	611	633	646	647	668
Current Deferred & Refundable Income Taxes	16	119	28	117	145	149	9.79	60	24
Other Current Assets	110	58	137	42	50	49	177	64	110
Plant, Property, & Equipment, net	114	146	144	134	117	116	117	106	126
Total Noncurrent Assets	963	920	926	931	931	913	951	938	962
Long-Term Investments	0.00	11	16	16	11	5.35	5.60	16	18
Noncurrent Note & Lease Receivables	6.86	4.54	5.31	4.98	5.37	5.44	4.96	4.92	5.38
Goodwill	598	523	523	519	521	520	527	521	535
Intangible Assets	77	180	179	174	175	173	170	160	160
Noncurrent Deferred & Refundable Income Taxes	49	44	52	56	51	46	71	74	70
Other Noncurrent Operating Assets	231	158	151	162	167	163	173	161	174
Total Liabilities & Shareholders' Equity	2,123	2,191	2,128	2,141	2,206	2,168	2,208	2,128	2,114
Total Liabilities	1,046	1,141	1,085	1,106	1,134	1,095	1,123	1,028	987
Total Current Liabilities	863	993	949	961	995	956	975	887	834
Accounts Payable	577	602	617	669	630	635	630	640	629
Accrued Expenses	60	67	45	1.61	1.39	1.37	1.60	1.65	4.17
Current Deferred & Payable Income Tax Liabilities	5.60	17	3.74	1.63	15	3.33	15	31	8.80
Current Employee Benefit Liabilities	73	100	100	100	123	94	104	118	90
Other Taxes Payable	57	60	61	60	93	89	83	22	17
Other Current Liabilities	91	147	122	129	133	132	140	74	85
Total Noncurrent Liabilities	182	148	136	145	139	139	148	141	153
Noncurrent Deferred & Payable Income Tax Liabilities	2.84	3.88	3.54	3.43	3.17	3.06	3.18	4.20	4.55
Noncurrent Employee Benefit Liabilities	2.84	4.14	4.36	4.03	4.36	4.23	4.94	4.83	5.47
Other Noncurrent Operating Liabilities	177	140	128	137	131	131	140	132	143
Total Equity & Noncontrolling Interests	1,077	1,050	1,043	1,035	1,073	1,073	1,086	1,100	1,128
Total Preferred & Common Equity	1,047	1,018	1,012	1,005	1,041	1,043	1,051	1,065	1,089
Total Common Equity	1,047	1,018	1,012	1,005	1,041	1,043	1,051	1,065	1,089
Common Stock	763	762	790	813	800	764	731	709	717
Retained Earnings	569	552	528	504	543	537	557	607	627
Treasury Stock	-153	-211	-214	-212	-204	-154	-153	-159	-191
Accumulated Other Comprehensive Income / (Loss)	-132	-85	-91	-100	-97	-104	-83	-93	-64
Noncontrolling Interest	29	33	31	30	31	30	34	36	39

This table displays calculated financial ratios and metrics derived from Criteo's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.89%	35.97%	27.65%	0.16%	-1.69%	-8.35%	8.76%	-10.52%	-3.35%	-0.83%	0.60%
EBITDA Growth	21.50%	54.10%	26.83%	9.26%	-8.38%	-8.21%	14.65%	-21.42%	-23.53%	64.72%	37.47%
EBIT Growth	11.35%	67.79%	6.52%	10.69%	-4.62%	-21.10%	43.91%	-72.66%	77.67%	106.75%	31.77%
NOPAT Growth	71.49%	32.48%	18.37%	-4.36%	0.74%	-23.99%	78.73%	-95.38%	799.53%	99.09%	32.35%
Net Income Growth	32.80%	40.23%	10.68%	-0.81%	0.09%	-22.17%	84.29%	-92.10%	402.47%	109.93%	30.22%
EPS Growth	26.39%	37.36%	7.20%	-2.24%	5.34%	-15.94%	80.17%	-93.30%	528.57%	115.91%	38.95%
Operating Cash Flow Growth	17.95%	11.90%	59.94%	6.22%	-14.53%	-16.82%	19.18%	15.88%	-12.40%	15.12%	20.56%
Free Cash Flow Firm Growth	0.00%	-1,027.87%	67.06%	48.82%	509.80%	-14.10%	81.33%	-137.35%	225.96%	-32.66%	142.89%
Invested Capital Growth	69.13%	161.54%	42.42%	24.79%	2.61%	0.59%	0.74%	8.82%	-0.78%	10.45%	6.46%
Revenue Q/Q Growth	0.00%	10.42%	4.90%	-0.17%	-0.77%	0.42%	-0.35%	-4.22%	0.10%	-0.68%	0.00%
EBITDA Q/Q Growth	0.00%	81.14%	14.03%	-2.47%	67.87%	119.69%	-0.79%	-15.01%	39.65%	7.77%	0.00%
EBIT Q/Q Growth	0.00%	19.11%	12.65%	-5.24%	-2.22%	10.00%	1.32%	-38.72%	123.68%	9.11%	0.00%
NOPAT Q/Q Growth	0.00%	1.32%	16.13%	-9.76%	-0.75%	6.01%	22.87%	-85.08%	481.40%	4.58%	0.00%
Net Income Q/Q Growth	0.00%	2.11%	13.68%	-9.64%	-0.68%	7.71%	25.67%	-84.41%	532.31%	9.44%	0.00%
EPS Q/Q Growth	0.00%	0.81%	16.52%	-13.82%	6.15%	7.41%	24.40%	-86.00%	528.57%	11.11%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	3.34%	3.08%	2.60%	-10.54%	-7.62%	11.02%	30.24%	19.05%	3.25%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	78.77%	-181.92%	135.46%	-70.06%	353.91%	48.40%	279.46%	-33.55%	0.00%
Invested Capital Q/Q Growth	0.00%	92.32%	6.22%	11.71%	2.31%	43.13%	5.02%	-7.05%	-6.94%	-3.18%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.66%	35.85%	35.68%	36.27%	36.66%	33.20%	34.69%	39.42%	44.27%	50.84%	53.96%
EBITDA Margin	8.98%	10.18%	10.12%	11.04%	10.28%	10.30%	10.86%	9.54%	7.54%	12.53%	17.12%
Operating Margin	5.77%	6.73%	6.00%	6.40%	6.24%	5.25%	6.74%	1.20%	3.96%	7.83%	10.43%
EBIT Margin	5.43%	6.70%	5.59%	6.17%	5.99%	5.16%	6.82%	2.09%	3.83%	7.99%	10.47%
Profit (Net Income) Margin	4.71%	4.85%	4.21%	4.17%	4.24%	3.60%	6.11%	0.54%	2.80%	5.93%	7.68%
Tax Burden Percent	86.74%	72.50%	75.33%	67.51%	70.84%	69.88%	89.49%	25.86%	73.12%	74.25%	73.38%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.26%	27.50%	24.67%	32.49%	29.16%	30.12%	10.51%	74.14%	26.88%	25.75%	26.62%
Return on Invested Capital (ROIC)	64.10%	37.38%	25.23%	18.27%	16.36%	12.24%	21.74%	0.96%	8.30%	15.77%	19.25%
ROIC Less NNEP Spread (ROIC-NNEP)	60.29%	37.94%	27.33%	19.15%	17.40%	12.53%	21.42%	0.01%	8.74%	15.17%	19.09%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-8.74%	-12.41%	-7.99%	-6.80%	-5.43%	-10.03%	0.00%	-3.32%	-5.30%	-6.07%
Return on Equity (ROE)	0.00%	28.64%	12.82%	10.28%	9.57%	6.82%	11.71%	0.95%	4.98%	10.46%	13.18%
Cash Return on Invested Capital (CROIC)	12.73%	-51.99%	-9.76%	-3.78%	13.79%	11.66%	21.00%	-7.48%	9.08%	5.83%	12.99%
Operating Return on Assets (OROA)	15.29%	14.12%	9.36%	9.08%	8.00%	5.87%	8.02%	1.94%	3.15%	6.63%	9.11%
Return on Assets (ROA)	13.26%	10.24%	7.05%	6.13%	5.67%	4.10%	7.17%	0.50%	2.31%	4.93%	6.69%
Return on Common Equity (ROCE)	0.00%	28.18%	12.60%	10.06%	9.31%	6.61%	11.36%	0.93%	4.84%	10.16%	12.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.55%	10.97%	10.16%	9.53%	6.69%	11.83%	1.04%	5.06%	10.93%	0.00%
Net Operating Profit after Tax (NOPAT)	66	88	104	99	100	76	136	6.28	56	112	149
NOPAT Margin	5.00%	4.88%	4.52%	4.32%	4.42%	3.67%	6.03%	0.31%	2.90%	5.81%	7.65%
Net Nonoperating Expense Percent (NNEP)	3.81%	-0.56%	-2.10%	-0.88%	-1.04%	-0.29%	0.32%	0.95%	-0.44%	0.60%	0.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.58%	5.08%	10.40%	12.55%
Cost of Revenue to Revenue	64.34%	64.15%	64.32%	63.73%	63.34%	66.80%	65.31%	60.58%	55.73%	49.16%	46.04%
SG&A Expenses to Revenue	5.98%	6.53%	5.53%	5.88%	6.18%	5.62%	6.77%	10.18%	7.05%	9.11%	8.69%
R&D to Revenue	6.56%	6.87%	7.57%	7.79%	7.63%	6.39%	6.73%	9.30%	12.43%	14.45%	14.57%
Operating Expenses to Revenue	29.89%	29.12%	29.68%	29.87%	30.41%	27.95%	27.95%	38.22%	40.31%	43.01%	43.53%
Earnings before Interest and Taxes (EBIT)	72	120	128	142	135	107	154	42	75	154	204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	119	183	232	254	233	213	245	192	147	242	333
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.36	1.95	1.62	1.10	1.11	2.03	1.50	1.32	2.08	0.94
Price to Tangible Book Value (P/TBV)	0.00	9.10	3.13	2.95	1.84	1.74	3.14	4.40	3.81	5.81	2.34
Price to Revenue (P/Rev)	0.00	1.46	0.75	0.67	0.49	0.60	1.05	0.78	0.73	1.13	0.55
Price to Earnings (P/E)	0.00	31.84	18.83	17.27	12.24	17.24	17.55	175.28	26.82	19.57	7.46
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.14%	5.31%	5.79%	8.17%	5.80%	5.70%	0.57%	3.73%	5.11%	13.41%
Enterprise Value to Invested Capital (EV/IC)	0.00	6.95	2.73	1.97	1.17	1.19	2.91	1.76	1.52	2.52	0.91
Enterprise Value to Revenue (EV/Rev)	0.00	1.31	0.57	0.52	0.32	0.36	0.81	0.60	0.53	0.97	0.37
Enterprise Value to EBITDA (EV/EBITDA)	0.00	12.88	5.68	4.69	3.11	3.47	7.46	6.26	6.98	7.77	2.18
Enterprise Value to EBIT (EV/EBIT)	0.00	19.58	10.29	8.38	5.33	6.94	11.86	28.62	13.74	12.18	3.57
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.89	12.71	11.99	7.22	9.75	13.43	191.78	18.18	16.74	4.88
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	15.37	5.38	4.57	3.24	4.00	8.26	4.70	4.58	7.29	2.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	8.57	10.24	13.90	0.00	16.62	45.25	7.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.23	-0.45	-0.42	-0.39	-0.43	-0.47	-0.43	-0.38	-0.35	-0.32
Leverage Ratio	0.00	2.80	1.82	1.68	1.69	1.66	1.63	1.90	2.16	2.12	1.97
Compound Leverage Factor	0.00	2.80	1.82	1.68	1.69	1.66	1.63	1.90	2.16	2.12	1.97
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.60%	1.80%	2.50%	2.96%	3.08%	2.94%	3.06%	2.86%	2.95%	3.08%
Common Equity to Total Capital	0.00%	98.40%	98.20%	97.50%	97.04%	96.92%	97.06%	96.94%	97.14%	97.05%	96.92%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	4.88	3.97	3.78	3.01	3.04	3.98	2.10	2.00	2.63	2.35
Noncontrolling Interest Sharing Ratio	0.00%	1.60%	1.72%	2.17%	2.74%	3.02%	3.01%	2.99%	2.96%	2.91%	3.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	45.19	1.43	1.60	1.54	1.64	1.77	1.88	1.17	1.15	1.17	1.27
Quick Ratio	45.19	1.28	1.45	1.38	1.48	1.60	1.71	1.00	0.98	1.07	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	-122	-40	-21	84	72	131	-49	62	42	100
Operating Cash Flow to CapEx	184.15%	198.33%	226.21%	207.79%	227.52%	283.12%	416.74%	458.38%	196.17%	336.87%	308.99%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.82	2.11	1.67	1.47	1.34	1.14	1.18	0.93	0.82	0.83	0.87
Accounts Receivable Turnover	0.00	0.00	5.21	4.80	4.73	4.34	4.27	3.12	2.63	2.45	2.81
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.64	18.83	16.99	13.31	11.96	10.80	13.68	14.88	15.13	16.54	15.78
Accounts Payable Turnover	0.00	0.00	3.77	3.48	3.51	3.66	3.69	2.08	1.37	1.16	1.31
Days Sales Outstanding (DSO)	0.00	0.00	70.03	76.01	77.12	84.16	85.50	116.81	138.98	148.81	129.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	96.71	104.86	103.92	99.82	98.83	175.23	265.66	315.15	278.90
Cash Conversion Cycle (CCC)	0.00	0.00	-26.68	-28.86	-26.80	-15.66	-13.33	-58.43	-126.68	-166.33	-149.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	130	340	484	603	619	623	627	683	678	748	797
Invested Capital Turnover	12.81	7.67	5.58	4.23	3.70	3.34	3.61	3.08	2.87	2.71	2.52
Increase / (Decrease) in Invested Capital	53	210	144	120	16	3.64	4.63	55	-5.30	71	48
Enterprise Value (EV)	0.00	2,359	1,320	1,190	722	741	1,825	1,204	1,026	1,882	726
Market Capitalization	0.00	2,619	1,718	1,530	1,110	1,236	2,360	1,569	1,429	2,183	1,078
Book Value per Share	$0.00	$9.41	$13.36	$14.01	$15.72	$18.54	$19.15	$17.41	$19.14	$19.01	$21.96
Tangible Book Value per Share	($0.95)	$4.51	$8.31	$7.70	$9.41	$11.81	$12.36	$5.93	$6.64	$6.81	$8.82
Total Capital	0.00	610	898	968	1,038	1,153	1,198	1,081	1,111	1,081	1,186
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-354	-270	-414	-364	-419	-530	-571	-398	-434	-333	-389
Capital Expenditures (CapEx)	74	77	109	125	98	65	53	56	114	77	101
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.82	-48	-43	-36	-29	-24	26	-217	-245	-140	-138
Debt-free Net Working Capital (DFNWC)	346	223	371	329	390	464	592	181	172	178	227
Net Working Capital (NWC)	346	223	371	329	390	464	592	181	172	178	227
Net Nonoperating Expense (NNE)	3.94	0.40	7.18	3.43	4.07	1.35	-1.74	-4.60	1.82	-2.30	-0.59
Net Nonoperating Obligations (NNO)	130	-270	-414	-364	-419	-530	-571	-398	-434	-333	-389
Total Depreciation and Amortization (D&A)	47	63	104	112	97	107	91	150	72	88	129
Debt-free, Cash-free Net Working Capital to Revenue	-0.59%	-2.64%	-1.89%	-1.56%	-1.27%	-1.15%	1.14%	-10.77%	-12.58%	-7.22%	-7.10%
Debt-free Net Working Capital to Revenue	26.13%	12.38%	16.14%	14.28%	17.25%	22.40%	26.24%	8.97%	8.83%	9.18%	11.68%
Net Working Capital to Revenue	26.13%	12.38%	16.14%	14.28%	17.25%	22.40%	26.24%	8.97%	8.83%	9.18%	11.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.96	$1.30	$1.40	$1.33	$1.41	$1.18	$2.21	$0.15	$0.95	$2.04	$2.73
Adjusted Weighted Average Basic Shares Outstanding	61.84M	63.34M	65.14M	66.46M	64.31M	60.88M	60.72M	60.00M	56.17M	54.82M	52.93M
Adjusted Diluted Earnings per Share	$0.91	$1.25	$1.34	$1.31	$1.38	$1.16	$2.09	$0.14	$0.88	$1.90	$2.64
Adjusted Weighted Average Diluted Shares Outstanding	65.10M	65.63M	67.85M	67.66M	65.60M	61.82M	64.23M	62.76M	60.23M	58.61M	54.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62M	63.99M	66.14M	67.71M	61.92M	60.76M	60.76M	55.83M	55.23M	54.34M	49.86M
Normalized Net Operating Profit after Tax (NOPAT)	66	88	104	99	100	76	136	17	56	112	149
Normalized NOPAT Margin	5.00%	4.88%	4.52%	4.32%	4.42%	3.67%	6.03%	0.84%	2.90%	5.81%	7.65%
Pre Tax Income Margin	5.43%	6.70%	5.59%	6.17%	5.99%	5.16%	6.82%	2.09%	3.83%	7.99%	10.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	83.44%	61.05%	58.45%	72.67%	1,247.68%	229.65%	195.79%	101.80%

This table displays calculated financial ratios and metrics derived from Criteo's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.60%	-12.84%	-5.28%	4.98%	0.33%	1.13%	0.51%	-2.20%	-2.34%	0.31%	2.41%
EBITDA Growth	-36.90%	-81.74%	-80.71%	-2.77%	71.86%	245.42%	526.42%	11.24%	17.49%	101.39%	13.53%
EBIT Growth	-38.47%	-152.59%	97.77%	6.33%	97.22%	169.21%	4,204.59%	13.31%	15.38%	337.53%	-21.83%
NOPAT Growth	-74.25%	-188.55%	101.70%	144.34%	255.93%	146.76%	4,112.19%	-31.37%	7.53%	396.63%	-13.85%
Net Income Growth	-78.58%	-156.73%	94.02%	1.75%	286.63%	170.96%	1,523.59%	-7.40%	15.94%	367.09%	-18.32%
EPS Growth	-75.44%	-165.63%	91.07%	20.00%	264.29%	157.14%	1,020.00%	-8.33%	18.63%	450.00%	-15.22%
Operating Cash Flow Growth	90.05%	-44.00%	-90.50%	-52.88%	28.60%	-66.60%	1,194.20%	193.17%	5.03%	344.75%	-108.13%
Free Cash Flow Firm Growth	-155.39%	-593.56%	-706.39%	111.64%	291.32%	11.93%	85.80%	-349.57%	-100.74%	62.26%	-326.34%
Invested Capital Growth	8.82%	9.57%	31.57%	-0.89%	-0.78%	11.17%	7.39%	6.17%	10.45%	8.77%	16.68%
Revenue Q/Q Growth	26.29%	-21.16%	5.37%	0.06%	20.70%	-20.53%	4.72%	-2.63%	20.52%	-18.37%	6.92%
EBITDA Q/Q Growth	106.72%	-81.68%	-13.41%	196.52%	265.38%	-63.18%	57.04%	-47.35%	285.92%	-36.89%	-11.47%
EBIT Q/Q Growth	433.72%	-139.21%	94.64%	1,048.15%	889.96%	-86.24%	217.76%	-73.83%	908.07%	-47.82%	-43.22%
NOPAT Q/Q Growth	400.92%	-189.53%	104.08%	1,234.73%	629.69%	-88.24%	267.75%	-78.25%	1,043.30%	-45.68%	-36.21%
Net Income Q/Q Growth	146.11%	-175.21%	83.67%	436.63%	835.21%	-86.20%	227.56%	-78.10%	1,070.96%	-44.39%	-42.72%
EPS Q/Q Growth	180.00%	-175.00%	76.19%	340.00%	750.00%	-88.12%	283.33%	-76.09%	1,000.00%	-45.45%	-40.91%
Operating Cash Flow Q/Q Growth	201.37%	-66.55%	-96.84%	1,376.96%	722.58%	-91.31%	22.62%	234.57%	194.69%	-63.21%	-102.24%
Free Cash Flow Firm Q/Q Growth	72.31%	-95.25%	-134.37%	109.18%	355.26%	-189.88%	62.22%	-61.43%	98.66%	-4,510.69%	-326.83%
Invested Capital Q/Q Growth	-7.05%	-6.64%	10.96%	2.92%	-6.94%	4.60%	7.19%	1.74%	-3.18%	3.01%	14.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.69%	40.79%	42.60%	43.72%	48.85%	48.27%	49.40%	50.54%	54.42%	52.49%	53.56%
EBITDA Margin	10.30%	2.39%	1.97%	5.83%	17.64%	8.17%	12.25%	6.63%	21.22%	16.40%	13.58%
Operating Margin	8.62%	-5.28%	0.20%	2.44%	15.60%	2.30%	7.84%	2.09%	17.09%	10.67%	6.31%
EBIT Margin	7.53%	-3.75%	-0.19%	1.80%	14.80%	2.56%	7.78%	2.09%	17.49%	11.18%	5.94%
Profit (Net Income) Margin	2.84%	-2.71%	-0.42%	1.41%	10.96%	1.90%	5.95%	1.34%	13.01%	8.86%	4.75%
Tax Burden Percent	37.76%	72.43%	220.72%	78.36%	74.03%	74.26%	76.55%	64.04%	74.39%	79.28%	79.99%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	62.24%	0.00%	0.00%	21.64%	25.97%	25.74%	23.45%	35.96%	25.61%	20.72%	20.01%
Return on Invested Capital (ROIC)	10.02%	-11.83%	0.44%	5.09%	33.09%	4.96%	16.01%	3.48%	34.47%	22.12%	11.93%
ROIC Less NNEP Spread (ROIC-NNEP)	10.50%	-12.68%	1.02%	5.80%	33.89%	4.74%	16.07%	3.48%	34.04%	21.60%	12.45%
Return on Net Nonoperating Assets (RNNOA)	-4.46%	5.81%	-0.43%	-1.78%	-12.86%	-1.73%	-4.93%	-1.02%	-11.90%	-6.89%	-3.14%
Return on Equity (ROE)	5.56%	-6.01%	0.01%	3.30%	20.23%	3.23%	11.08%	2.46%	22.57%	15.23%	8.80%
Cash Return on Invested Capital (CROIC)	-7.48%	-12.22%	-25.99%	2.23%	9.08%	1.49%	7.90%	8.34%	5.83%	10.92%	1.49%
Operating Return on Assets (OROA)	7.01%	-3.56%	-0.18%	1.65%	12.17%	2.28%	7.08%	1.87%	14.52%	9.98%	5.40%
Return on Assets (ROA)	2.65%	-2.58%	-0.40%	1.29%	9.01%	1.69%	5.42%	1.20%	10.80%	7.91%	4.32%
Return on Common Equity (ROCE)	5.39%	-5.84%	0.01%	3.21%	19.63%	3.13%	10.75%	2.39%	21.91%	14.76%	8.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.21%	0.84%	0.86%	0.00%	7.23%	10.10%	9.97%	0.00%	13.73%	0.00%
Net Operating Profit after Tax (NOPAT)	18	-16	0.67	8.96	65	7.69	28	6.15	70	38	24
NOPAT Margin	3.25%	-3.70%	0.14%	1.91%	11.55%	1.71%	6.00%	1.34%	12.71%	8.46%	5.05%
Net Nonoperating Expense Percent (NNEP)	-0.48%	0.85%	-0.58%	-0.72%	-0.80%	0.23%	-0.07%	0.00%	0.43%	0.53%	-0.52%
Return On Investment Capital (ROIC_SIMPLE)	1.70%	-	-	-	5.88%	-	-	-	6.50%	3.47%	2.16%
Cost of Revenue to Revenue	56.31%	59.21%	57.40%	56.28%	51.15%	51.73%	50.60%	49.46%	45.58%	47.51%	46.44%
SG&A Expenses to Revenue	5.13%	9.03%	3.95%	7.80%	7.46%	10.48%	8.74%	10.07%	7.51%	8.68%	8.34%
R&D to Revenue	12.29%	14.29%	14.45%	13.33%	8.55%	14.86%	12.65%	18.59%	12.22%	13.46%	16.49%
Operating Expenses to Revenue	35.07%	46.07%	42.40%	41.28%	33.25%	45.97%	41.57%	48.45%	37.33%	41.82%	47.25%
Earnings before Interest and Taxes (EBIT)	43	-17	-0.89	8.47	84	12	37	9.59	97	50	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	11	9.22	27	100	37	58	30	117	74	66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.50	1.73	1.87	1.62	1.32	1.90	2.05	2.14	2.08	1.81	1.17
Price to Tangible Book Value (P/TBV)	4.40	5.59	6.10	5.21	3.81	5.73	6.11	6.36	5.81	5.02	3.23
Price to Revenue (P/Rev)	0.78	0.90	0.98	0.84	0.73	1.01	1.09	1.16	1.13	0.99	0.65
Price to Earnings (P/E)	175.28	0.00	259.67	213.26	26.82	27.36	20.93	22.20	19.57	13.53	9.33
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.57%	0.00%	0.39%	0.47%	3.73%	3.65%	4.78%	4.51%	5.11%	7.39%	10.72%
Enterprise Value to Invested Capital (EV/IC)	1.76	2.16	2.25	1.86	1.52	2.32	2.44	2.55	2.52	2.12	1.21
Enterprise Value to Revenue (EV/Rev)	0.60	0.71	0.83	0.69	0.53	0.84	0.95	1.01	0.97	0.84	0.55
Enterprise Value to EBITDA (EV/EBITDA)	6.26	9.53	14.98	12.84	6.98	9.50	8.37	8.78	7.77	5.83	3.73
Enterprise Value to EBIT (EV/EBIT)	28.62	0.00	48.30	40.48	13.74	15.99	13.21	13.94	12.18	8.43	5.77
Enterprise Value to NOPAT (EV/NOPAT)	191.78	0.00	200.46	139.26	18.18	20.26	16.83	18.37	16.74	11.40	7.70
Enterprise Value to Operating Cash Flow (EV/OCF)	4.70	6.18	7.55	7.18	4.58	8.38	8.74	7.90	7.29	5.32	3.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	83.09	16.62	164.35	32.01	31.54	45.25	20.18	87.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.43	-0.46	-0.42	-0.31	-0.38	-0.37	-0.31	-0.29	-0.35	-0.32	-0.25
Leverage Ratio	1.90	1.82	1.86	2.02	2.16	2.07	2.03	2.05	2.12	1.99	1.95
Compound Leverage Factor	1.90	1.82	1.86	2.02	2.16	2.07	2.03	2.05	2.12	1.99	1.95
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.06%	3.10%	2.95%	2.86%	2.86%	2.90%	2.83%	3.14%	2.95%	3.24%	3.42%
Common Equity to Total Capital	96.94%	96.90%	97.05%	97.14%	97.14%	97.10%	97.17%	96.86%	97.05%	96.76%	96.58%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.10	2.22	2.36	2.20	2.01	2.38	2.58	2.54	2.55	2.62	2.26
Noncontrolling Interest Sharing Ratio	2.99%	2.96%	2.88%	2.80%	2.96%	3.00%	2.89%	3.01%	2.91%	3.07%	3.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.13	1.12	1.12	1.15	1.16	1.19	1.17	1.17	1.22	1.23
Quick Ratio	1.00	0.88	0.86	0.87	0.98	0.89	0.91	0.90	1.07	1.08	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-37	-72	-169	16	71	-64	-24	-39	-0.52	-24	-102
Operating Cash Flow to CapEx	863.90%	126.33%	2.92%	123.76%	817.99%	106.00%	81.38%	304.26%	724.35%	364.76%	-4.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.95	0.96	0.91	0.82	0.89	0.91	0.90	0.83	0.89	0.91
Accounts Receivable Turnover	3.12	3.81	3.62	3.24	2.63	3.38	3.24	3.06	2.45	3.08	2.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.88	14.17	14.38	15.66	15.13	14.86	15.08	15.50	16.54	17.39	16.07
Accounts Payable Turnover	2.08	2.37	2.20	1.79	1.37	1.71	1.64	1.52	1.16	1.47	1.45
Days Sales Outstanding (DSO)	116.81	95.90	100.87	112.51	138.98	107.99	112.49	119.15	148.81	118.65	121.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	175.23	153.84	165.98	203.91	265.66	212.94	222.87	239.88	315.15	248.59	251.39
Cash Conversion Cycle (CCC)	-58.43	-57.94	-65.12	-91.40	-126.68	-104.95	-110.38	-120.73	-166.33	-129.94	-129.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	683	637	707	728	678	709	760	773	748	771	886
Invested Capital Turnover	3.08	3.20	3.09	2.66	2.87	2.90	2.67	2.59	2.71	2.62	2.36
Increase / (Decrease) in Invested Capital	55	56	170	-6.57	-5.30	71	52	45	71	62	127
Enterprise Value (EV)	1,204	1,379	1,589	1,352	1,026	1,646	1,855	1,974	1,882	1,631	1,071
Market Capitalization	1,569	1,759	1,894	1,630	1,429	1,979	2,138	2,253	2,183	1,924	1,273
Book Value per Share	$17.41	$18.23	$18.03	$18.01	$19.14	$18.88	$18.40	$18.78	$19.01	$19.59	$20.49
Tangible Book Value per Share	$5.93	$5.64	$5.53	$5.60	$6.64	$6.26	$6.18	$6.33	$6.81	$7.05	$7.41
Total Capital	1,081	1,050	1,043	1,035	1,111	1,073	1,073	1,086	1,081	1,100	1,128
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-398	-413	-336	-307	-434	-364	-314	-313	-333	-329	-241
Capital Expenditures (CapEx)	15	33	46	16	20	13	21	19	23	17	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-217	-270	-210	-177	-245	-190	-125	-141	-140	-116	-31
Debt-free Net Working Capital (DFNWC)	181	132	110	114	172	163	183	166	178	197	192
Net Working Capital (NWC)	181	132	110	114	172	163	183	166	178	197	192
Net Nonoperating Expense (NNE)	2.32	-4.37	2.64	2.33	3.33	-0.88	0.22	0.01	-1.64	-1.82	1.44
Net Nonoperating Obligations (NNO)	-398	-413	-336	-307	-434	-364	-314	-313	-333	-329	-241
Total Depreciation and Amortization (D&A)	16	27	10	19	16	25	21	21	21	24	37
Debt-free, Cash-free Net Working Capital to Revenue	-10.77%	-13.82%	-10.89%	-9.09%	-12.58%	-9.70%	-6.39%	-7.26%	-7.22%	-6.00%	-1.60%
Debt-free Net Working Capital to Revenue	8.97%	6.78%	5.69%	5.85%	8.83%	8.36%	9.36%	8.51%	9.18%	10.19%	9.89%
Net Working Capital to Revenue	8.97%	6.78%	5.69%	5.85%	8.83%	8.36%	9.36%	8.51%	9.18%	10.19%	9.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	($0.21)	($0.05)	$0.12	$1.09	$0.13	$0.49	$0.11	$1.31	$0.70	$0.40
Adjusted Weighted Average Basic Shares Outstanding	60.00M	56.26M	55.92M	56.30M	56.17M	55.15M	54.68M	54.70M	54.82M	53.98M	52.99M
Adjusted Diluted Earnings per Share	$0.28	($0.20)	($0.05)	$0.12	$1.02	$0.12	$0.46	$0.11	$1.21	$0.66	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	62.76M	60.49M	55.92M	60.17M	60.23M	59.33M	58.97M	58.43M	58.61M	57.20M	55.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	55.83M	56.14M	55.81M	56.42M	55.23M	56.69M	55.99M	55.18M	54.34M	53.14M	52.33M
Normalized Net Operating Profit after Tax (NOPAT)	34	-16	0.67	8.96	65	7.69	28	6.15	70	38	24
Normalized NOPAT Margin	6.03%	-3.70%	0.14%	1.91%	11.55%	1.71%	6.00%	1.34%	12.71%	8.46%	5.05%
Pre Tax Income Margin	7.53%	-3.75%	-0.19%	1.80%	14.80%	2.56%	7.78%	2.09%	17.49%	11.18%	5.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1,247.68%	-793.86%	2,124.96%	2,081.43%	229.65%	181.46%	145.40%	171.37%	195.79%	149.58%	160.68%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Criteo (CRTO) based on the last four years of quarterly statements, focusing on what may matter to retail investors.

Positive: In Q1 2025, operating cash flow was solid with net cash from continuing operating activities of about $62.3 million, indicating a strong near-term cash-generating ability.
Q4 2024 net income attributable to common shareholders was approximately $71.1 million, highlighting a period of meaningful profitability.
Q4 2023 net income attributable to common shareholders was about $61.0 million, showing profitability in the prior year period.
Q1 2025 net income continuing operations reached about $40.0 million, signaling ongoing profitability in early 2025.
The company has a healthy liquidity position with cash and equivalents around $206 million (Q2 2025) and roughly $286 million (Q1 2025), providing a cushion for operations and capex.
Total equity and noncontrolling interests were about $1.127 billion in Q2 2025, indicating a solid balance sheet equity base to support operations and potential growth initiatives.
Neutral: Revenue levels show quarter-to-quarter fluctuations without a clear, sustained growth trend over the period (e.g., 482.7 million in Q2 2025 vs higher/lower results in other quarters such as Q4 2024 and earlier).
Goodwill and intangible assets remain sizable (Goodwill around $531–$535 million and intangible assets around $160 million in recent periods), with no impairment details provided in these reports, so the asset mix is a neutral consideration for now.
Negative: Net cash from continuing operating activities turned slightly negative in Q2 2025 (about −$1.4 million), suggesting a temporary operating-working-capital headwind or timing effects.
Financing outflows have been substantial in multiple quarters due to share repurchases, including roughly $48.3 million in Q2 2025 and $56.2 million in Q1 2025, contributing to cash outflows and pressuring cash balances.

05/07/26 09:14 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Criteo's Financials

When does Criteo's fiscal year end?

According to the most recent income statement we have on file, Criteo's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Criteo's net income changed over the last 10 years?

Criteo's net income appears to be on an upward trend, with a most recent value of $149.38 million in 2025, rising from $62.28 million in 2015. The previous period was $114.71 million in 2024. See Criteo's forecast for analyst expectations on whatâ€™s next for the company.

What is Criteo's operating income?

Criteo's total operating income in 2025 was $202.77 million, based on the following breakdown:

Total Gross Profit: $1.05 billion
Total Operating Expenses: $846.62 million

How has Criteo's revenue changed over the last 10 years?

Over the last 10 years, Criteo's total revenue changed from $1.32 billion in 2015 to $1.94 billion in 2025, a change of 47.0%.

How much debt does Criteo have?

Criteo's total liabilities were at $1.02 billion at the end of 2025, a 14.3% decrease from 2024, and a 9,051.7% increase since 2015.

How much cash does Criteo have?

In the past 10 years, Criteo's cash and equivalents has ranged from $270.32 million in 2016 to $515.53 million in 2021, and is currently $342.04 million as of their latest financial filing in 2025.

How has Criteo's book value per share changed over the last 10 years?

Over the last 10 years, Criteo's book value per share changed from 0.00 in 2015 to 21.96 in 2025, a change of 2,196.2%.

Related Companies

Financial statements for NASDAQ:CRTO last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Criteo (CRTO) Financials

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