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.
Legislative, regulatory, administrative, shareholder or third party action in connection with or as a result of the Conversion, or changes to or implementation of laws, rules, regulations or policies or the interpretations thereof, could materially delay or prevent the Conversion, eliminate or reduce some or all of the anticipated benefits of the Conversion or otherwise materially and adversely affect our business, results of operations and financial condition.
The Conversion is conditional, and the conditions may not be satisfied, or we may choose to abandon or delay the Conversion.
Following the completion of the Conversion, we may be delayed in or fail to complete a subsequent transfer of our domicile from Luxembourg to the United States.
The market for our shares may fluctuate as a result of the Conversion.
Our tax position could be adversely impacted by changes in tax laws in various jurisdictions.
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.
Business Overview We are the global Commerce Media company that enables marketers and media owners to drive better commerce outcomes.
We leverage commerce data and artificial intelligence ("AI") to connect ecommerce, digital marketing and media monetization to reach consumers throughout their shopping journey.
Our vision is to bring richer experiences to every consumer by enabling discovery, innovation, and choice through trusted and impactful advertising.
We enable brands', retailers' and media owners growth by providing best-in-class marketing and monetization services and infrastructure on the open Internet, driving approximately $31 billion of commerce outcomes for our customers in the form of product sales for retailers, brands and marketers and advertising revenues for media owners.
We differentiate by delivering the best performing commerce audiences at scale and through the activation of commerce data in a privacy-by- design way through proprietary AI technology to reach and engage consumers in real time with highly relevant digital advertisements ("ads") based on shared characteristics across all stages of the consumer journey.
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