CRTOMEDIUM SIGNALOPERATIONAL10-K

CRTO shows strong operational performance with 28% revenue growth and improved profitability, while simultaneously reducing outstanding shares by 8.3% and strengthening its balance sheet.

The company is executing well on both growth and capital allocation fronts, with revenue growing to $2.3B while maintaining strong margins and generating robust cash flow. The addition of "Conversion" risk language suggests a potential corporate structure change that could create near-term uncertainty but may offer strategic benefits.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

CRTO delivered strong across-the-board financial performance with revenue growing 28% to $2.3B, operating income surging 34% to $202.8M, and operating cash flow increasing 21% to $311.2M. The company strengthened its balance sheet by reducing total liabilities 14% and improving cash position by 18% to $342M, while the 8.3% reduction in outstanding shares (from 54.3M to 49.9M shares) demonstrates continued shareholder-friendly capital allocation despite lower absolute buyback spending. The overall picture signals a company in strong operational health with effective capital management and improving financial metrics across revenue, profitability, and balance sheet strength.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+33.9%
$151.4M→$202.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-32.3%
$224.6M→$152.1M

Buyback activity reduced 32.3% — capital being redeployed elsewhere or cash conservation underway.

Net Income
P&L
+29.6%
$111.6M→$144.6M

Net income grew 29.6% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
-28.9%
$2.1M→$1.5M

Debt reduced 28.9% — deleveraging strengthens balance sheet and reduces financial risk.

Revenue
P&L
+27.7%
$1.8B→$2.3B

Revenue growing 27.7% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
-27.3%
$800.9M→$582.1M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Operating Cash Flow
Cash Flow
+20.6%
$258.2M→$311.2M

Operating cash flow grew 20.6% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
-19.3%
$1.0B→$844.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
+17.7%
$290.7M→$342.0M

Cash grew 17.7% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
-14.3%
$1.2B→$1.0B

Liabilities reduced 14.3% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
As of February 19, 2026 , the registrant had 49,859,086 ordinary share s, nominal value 0.025 per share, outstanding.
Our future success will depend in part on our ability to expand into new industry verticals and continue to build on existing verticals.
R isks Related to Data Privacy, Intellectual Property and Cybersecurity Our business involves the use, transmission and storage of personal data and confidential information, and the failure to properly safeguard such information could result in significant reputational harm and monetary damages.
Risks Related to Ownership of Our Shares and the ADSs and the Trading of the ADSs The market price for the ADSs has been and may continue to be volatile or may decline regardless of our operating performance.
Risks Related to the Conversion We expect to incur additional costs in connection with the Conversion and management attention may be diverted to complete the Conversion, and our business may otherwise be impacted by disruptions or uncertainty associated with the Conversion.
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REMOVED
As of February 21, 2025 , the registrant had 54,343,496 ordinary shares, nominal value 0.025 per share, outstanding.
All statements other than present and historical facts and conditions contained in this Form 10-K, including statements regarding our future results of operations and financial position, business strategy, plans and our objectives for future operations, are forward-looking statements.
Our future success will depend in part on our ability to expand into new industry verticals.
Our business involves the use, transmission and storage of personal data and confidential information, and the failure to properly safeguard such information could result in significant reputational harm and monetary damages.
The market price for the ADSs has been and may continue to be volatile or may decline regardless of our operating performance.
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