Criteo S.A. (NASDAQ:CRTO) reported its third-quarter financial results for the period ended September 30, 2026, disclosing an 11% year-over-year decline in GAAP revenue alongside a 9% constant-currency increase in media spend, in a filing released November 4, 2026.

Key Highlights

  • Revenue declined 11%: Q3 2026 GAAP revenue was $416 million, compared to $470 million in Q3 2025.
  • Net income fell 85%: Q3 2026 net income was $6 million ($0.11 diluted EPS), versus $40 million ($0.70 diluted EPS) in Q3 2025.
  • Adjusted EBITDA dropped 39%: Q3 2026 Adjusted EBITDA was $65 million, compared to $105 million in Q3 2025.
  • Media spend up 9%: Q3 2026 media spend was $1.2 billion, up 9% year-over-year at constant currency.
  • Share repurchases: The company deployed $65 million for share repurchases in the nine months ended September 30, 2026, including $4 million in Q3.
  • Retail Media headwind: Retail Media Contribution ex-TAC decreased 23% year-over-year, reflecting a $20 million headwind from scope changes with two specific clients.
  • Q4 2026 guidance: The company expects Contribution ex-TAC between $292 million and $298 million, and Adjusted EBITDA between $105 million and $111 million.

Criteo's Q3 2026 Results: Revenue Pressure and Segment Detail

According to the filing, Criteo reported Q3 2026 GAAP revenue of $416 million, an 11% decline year-over-year (10% at constant currency). Gross profit fell 19% to $208 million, with gross profit margin contracting to 50% from 55% in Q3 2025. Contribution ex-TAC, a non-GAAP measure, decreased 17% to $240 million, or 15% at constant currency. The company attributed declines in Retail Media partly to "a $20 million headwind from previously communicated scope changes with two specific Retail Media clients," while noting that excluding this impact, underlying client base Contribution ex-TAC grew 10% in Q3.

Performance Media revenue decreased 9% year-over-year (8% at constant currency), with Performance Media Contribution ex-TAC down 15% (13% at constant currency), which the filing attributed "primarily" to "soft performance in Commerce Growth." Operating expenses decreased 9% to $187 million, which the company attributed to "disciplined resource allocation, productivity gains, lower share-based compensation, and a lower bonus accrual, partially offset by planned growth investments." Adjusted EBITDA margin was 27% of Contribution ex-TAC, compared to 36% in Q3 2025.

As of September 30, 2026, the company reported total financial liquidity of approximately $788 million, comprising $275 million in cash and cash equivalents, $51 million in marketable securities, and $462 million available through its revolving credit facility. Free Cash Flow for Q3 2026 was $21 million, down from $67 million in Q3 2025. On a trailing 12-month basis, Free Cash Flow was $134 million. The filing also noted that Criteo's transfer of legal domicile from Luxembourg to the United States is expected to be completed on January 1, 2027, subject to shareholder approval and other customary conditions.

What Was Disclosed

Criteo disclosed Q3 2026 GAAP and non-GAAP financial results, segment performance details, cash flow and liquidity figures, share repurchase activity, full-year and Q4 2026 business outlook, and several operating and strategic updates including geographic expansion of Performance CTV and a new board appointment.