CRTO Criteo S.A.

Overview and Growth

Fiscal 2025 results for Criteo S.A. combined $1.94B of revenue with net income of $144.60M and an operating cash inflow of $311.24M. The $1.94B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 0.6% above fiscal 2024 revenue of $1.93B, marking a year-over-year increase. The company reported diluted EPS of $2.64, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS increased by 38.9% from $1.90 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.88x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $1.05B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 54.0% of revenue, showing how much of the top line remained after direct costs. Operations produced $202.76M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 10.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $144.60M, after the operating, financing, tax, and other items recognized for the period. Net margin was 7.4%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $203.57M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 10.5% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $54.20M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 26.6%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 12.2% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 6.6% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $2.20B, supported by $1.02B of liabilities and $1.19B of shareholder equity. At period end, current assets of $1.07B compared with current liabilities of $844.65M, defining the company’s short-term resource position. At 1.27x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $342.04M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 40.5%, excluding receivables and other current assets. Relative to total assets, liabilities measured 46.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 15.5% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 2.9% lower than fiscal 2024 assets of $2.27B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

The company reported $311.24M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 2.15x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $102.74M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 33.0% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $208.50M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 10.7%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 9.5%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.