Criteo第二季收入跌11%至4.28億美元 淨利潤大減49%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM 10-Q 

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

for the quarterly period ended June 30, 2026 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from _________ to _________
Commission file number: 001-36153 

Criteo S.A. 
(Exact name of registrant as specified in its charter) 

Grand Duchy of Luxembourg
Not Applicable 

(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

5 Place de la Gare, L-1616, Luxembourg
Grand Duchy of Luxembourg 

L-1616

(Address of principal executive offices) (Zip Code)

+352 27866850
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered

Ordinary Shares, nominal value €0.025 per shareCRTONasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer☒Accelerated Filer
☐

Non-accelerated Filer☐Smaller reporting company
☐

Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  ☐      No x
          As of July 31, 2026, the registrant had 48,997,559 ordinary shares, nominal value €0.025 per share, outstanding.

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION

Item 1
Unaudited Financial Statements as of June 30, 2026

Condensed Consolidated Statements of Financial Position (Unaudited)
2

Condensed Consolidated Statements of Income (Unaudited)
3

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
4

Condensed Consolidated Statements of Shareholder's Equity (Unaudited)
5

Condensed Consolidated Statements of Cash Flows (Unaudited)
6

Notes to Condensed Consolidated Financial Statements (Unaudited)
7

Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
25

Item 3
Quantitative and Qualitative Disclosures About Market Risk
41

Item 4
Controls and Procedures
42

PART II
OTHER INFORMATION

Item 1
Legal Proceedings
43

Item 1A
Risk Factors
43

Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
68

Item 5
Other Information
68

Item 6
Exhibits
68

Signatures
70

General
    Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q ("Form 10-Q") to the "Company," "Criteo," "we," "us," "our" or similar words or phrases are to Criteo S.A. and its subsidiaries, taken together. In this Form 10-Q, references to "$" and "US$" are to United States dollars. Our unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or "GAAP." 
Trademarks
    “Criteo,” the Criteo logo and other trademarks or service marks of Criteo appearing in this Form 10-Q are the property of Criteo. Trade names, trademarks and service marks of other companies appearing in this Form 10-Q are the property of their respective holders. 
Special Note Regarding Forward-Looking Statements 
    This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than present and historical facts and conditions contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy, plans and objectives for future operations, are forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially. When used in this Form 10-Q, the words “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” "objective," “plan,” “potential,” “predict,” "project," "seek," “should,” "will," "would," or the negative of these and similar expressions identify forward-looking statements. 
    You should refer to Item 1A “Risk Factors” of this quarterly report, for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Form 10-Q will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 
    You should read this Form 10-Q and the documents that we reference in this Form 10-Q and have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. 
     This Form 10-Q may contain market data and industry forecasts that were obtained from industry publications. These data and forecasts involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified any third-party information. While we believe the market position, market opportunity and market size information included in this Form 10-Q is generally reliable, such information is inherently imprecise.

CRITEO S.A. 
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Notes
June 30, 2026December 31, 2025
(in thousands)
Assets
Current assets:
    Cash and cash equivalents4$252,236 $342,038 
Trade receivables, net of allowances of $15.1 million and $25.9 million at June 30, 2026 and December 31, 2025, respectively.
5455,966 582,102 
    Income taxes1316,871 14,233 
    Other taxes 56,767 57,050 

    Marketable securities - current portion428,052 23,242 
    Prepaid expenses and other current assets763,180 53,210 
    Total current assets873,072 1,071,875 
Property and equipment, net
168,378 139,330 
Intangible assets, net141,357 151,853 
Goodwill6531,794 535,761 
Right of use assets - operating leases9134,390 134,205 

Marketable securities - noncurrent portion422,788 23,500 
Noncurrent financial assets8,073 8,314 
Deferred tax assets84,945 90,689 
Other noncurrent assets745,987 45,680 
    Total noncurrent assets1,137,712 1,129,332 
Total assets$2,010,784 $2,201,207 

Liabilities and shareholders' equity
Current liabilities:
    Trade payables$457,107 $566,046 
    Contingencies - current portion1511,505 9,229 
    Income taxes138,321 27,528 
    Financial liabilities - current portion9,645 11,360 
    Lease liability - operating - current portion936,414 33,085 
    Other taxes12,338 14,713 
    Employee - related payables87,998 114,416 
    Other current liabilities854,387 68,277 
    Total current liabilities677,715 844,654 
Deferred tax liabilities5,131 5,285 
Defined benefit plans106,043 5,707 

Lease liability - operating - noncurrent portion 9102,128 105,277 
Contingencies - noncurrent portion1523,304 22,729 
Other noncurrent liabilities832,332 31,826 
    Total noncurrent liabilities168,938 170,824 
Total liabilities$846,653 $1,015,478 

Shareholders' equity:
Common shares, €0.025 par value, 53,728,895 and 55,659,895 shares authorized and issued, and 48,550,453 and 51,151,866 outstanding at June 30, 2026 and December 31, 2025, respectively.
$1,815 $1,871 
Treasury stock, 5,178,442 and 4,508,029 shares at cost as of June 30, 2026 and December 31, 2025, respectively.
(108,990)(120,853)
Additional paid-in capital706,534 706,321 
Accumulated other comprehensive loss(80,120)(68,879)
Retained earnings608,276 630,750 
Equity attributable to the shareholders of Criteo S.A.
1,127,515 1,149,210 
Noncontrolling interests36,616 36,519 
Total equity1,164,131 1,185,729 
Total equity and liabilities$2,010,784 $2,201,207 

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements. 
2

CRITEO S.A.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months EndedSix Months Ended
NotesJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands, except per share data)

Revenue16$428,018 $482,671 $852,657 $934,105 

Cost of revenue:
Traffic acquisition costs172,545 190,602 346,816 377,664 
Other cost of revenue33,259 33,551 60,885 60,947 

Gross profit222,214 258,518 444,956 495,494 

Operating expenses:
Research and development expenses71,945 79,610 141,628 140,359 
Sales and operations expenses85,539 108,215 183,040 197,104 
General and administrative expenses49,722 40,238 94,880 79,409 
Total operating expenses207,206 228,063 419,548 416,872 
Income from operations15,008 30,455 25,408 78,622 
Financial and other income (expense)12319 (1,801)2,192 501 
Income before taxes
15,327 28,654 27,600 79,123 
Provision for income taxes133,576 5,734 7,269 16,192 
Net Income
$11,751 $22,920 $20,331 $62,931 

Net income available to shareholders of Criteo S.A.
$11,190 $21,250 $19,007 $59,178 
Net income available to noncontrolling interests$561 $1,670 $1,324 $3,753 

Weighted average shares outstanding used in computing per share amounts:
Basic1449,664,39252,986,06850,007,07853,480,338
Diluted1450,545,91555,133,56950,754,57456,162,459

Net income allocated to shareholders per share:

Basic14$0.23 $0.40 $0.38 $1.11 
Diluted14$0.22 $0.39 $0.37 $1.05 

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements. 

3

CRITEO S.A. 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS (UNAUDITED)

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)

Net income
$11,751 $22,920 $20,331 $62,931 
Foreign currency translation differences, net of taxes(3,306)29,544 (12,583)46,760 
Actuarial gains on employee benefits, net of taxes(118)18 — 328 
Other comprehensive income (loss)$(3,424)$29,562 $(12,583)$47,088 
Total comprehensive income$8,327 $52,482 $7,748 $110,019 
Attributable to shareholders of Criteo S.A.$8,447 $49,637 $7,766 $103,495 
Attributable to noncontrolling interests
$(120)$2,845 $(18)$6,524 

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements. 
4

CRITEO S.A.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) 

Share capitalTreasury 
StockAdditional paid-in capitalAccumulated Other Comprehensive Income (Loss)Retained EarningsEquity - attributable to shareholders of Criteo S.A.Non controlling interestTotal equity
Common sharesShares
(in thousands, except share data)

Balance at December 31, 202457,744,839$1,931(3,467,417)$(125,298)$709,580$(108,768)$571,744$1,049,189$31,908$1,081,097
Net income
——————37,92837,9282,08340,011
Other comprehensive loss
—————15,930—15,9301,59617,526
Issuance of ordinary shares110,0562——1,843——1,845—1,845
Change in treasury stocks(*)
——(817,761)(34,102)(20,549)—(1,517)(56,168)—(56,168)
Share-Based Compensation————16,615——16,6154816,663
Other changes in equity——————(740)(740)2(738)
Balance at March 31, 202557,854,895$1,933(4,285,178)$(159,400)$707,489$(92,838)$607,415$1,064,599$35,637$1,100,236
Net income
——————21,25021,2501,67022,920
Other comprehensive loss
—————28,387—28,3871,17529,562
Issuance of ordinary shares————52——52—52
Change in treasury stocks(*)
——(1,242,357)(31,434)(15,396)—(1,498)(48,328)—(48,328)
Share-Based Compensation————23,098——23,0986623,164
Other changes in equity——————(83)(83)1(82)
Balance at June 30, 202557,854,895$1,933(5,527,535)$(190,834)$715,243$(64,451)$627,084$1,088,975$38,549$1,127,524

(*) On January 31, 2025, Criteo's board of directors authorized an extension of the share repurchase program to up to $805.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 3,187,498 shares repurchased at a weighted average price of $32.80 offset by 1,127,380 treasury shares used for RSUs vesting.

Share capitalTreasury StockAdditional paid-in capitalAccumulated Other Comprehensive Income (Loss)Retained EarningsEquity - attributable to shareholders of Criteo S.A.Non controlling interestTotal equity
Common sharesShares
(in thousands, except share data)

Balance at December 31, 202555,659,895$1,871(4,508,029)$(120,853)$706,321$(68,879)$630,750$1,149,210$36,519$1,185,729
Net income
——————7,8177,8177638,580
Other comprehensive loss—————(8,440)—(8,440)(719)(9,159)
Issuance of ordinary shares——————————
Change in treasury stocks(*)
——(1,053,727)(5,537)(22,604)—(2,828)(30,969)—(30,969)
Share-Based Compensation————15,000——15,0005915,059
Other changes in equity——————196196(1)195
Balance at March 31, 202655,659,895$1,871(5,561,756)$(126,390)$698,717$(77,319)$635,935$1,132,814$36,621$1,169,435
Net income
——————11,19011,19056111,751
Other comprehensive loss—————(2,801)—(2,801)(623)(3,424)
Issuance of ordinary shares——————————
Change in treasury stocks(*)
(1,931,000)(56)383,31417,400(8,985)—(38,732)(30,373)—(30,373)
Share-Based Compensation————16,802——16,8025716,859
Other changes in equity——————(117)(117)—(117)
Balance at June 30, 202653,728,895$1,815(5,178,442)$(108,990)$706,534$(80,120)$608,276$1,127,515$36,616$1,164,131

(*) On February 6, 2026, Criteo's board of directors authorized an increase of the share repurchase program to up to $959.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 3,339,332 shares repurchased at a weighted average price of $18.36 offset by 737,919 treasury shares used for RSUs vesting and by 1,931,000 treasury shares cancelled.

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
5

CRITEO S.A. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended
June 30, 2026June 30, 2025
(in thousands)
Cash flows from operating activities

Net income
$20,331 $62,931 
Noncash and nonoperating items66,136 70,868 
    - Amortization and provisions52,040 60,485 

    - Equity awards compensation expense29,728 36,537 
 - Loss (gain) on disposal of and impairment of long-lived assets(701)1,392 

    - Change in uncertain tax positions522 (289)

    - Change in deferred taxes5,300 12,435 
    - Change in income taxes(21,607)(44,195)

    - Other854 4,503 
Changes in assets and liabilities:(17,961)(72,855)
    - Trade receivables130,281 161,379 
    - Trade payables(100,951)(203,241)
    - Other assets
(15,329)12,448 
    - Other liabilities
(32,401)(42,928)
    - Operating lease liabilities and right of use assets
439 (513)

Net cash provided by operating activities68,506 60,944 
Cash flows from investing activities
Acquisition of intangible assets, property and equipment
(91,088)(52,342)
Disposal of intangible assets, property and equipment1,063 369 

Purchases of investment securities(17,319)(17,398)
Maturities and sales of investment securities11,673 27,646 
Net cash used in investing activities(95,671)(41,725)

Cash flows from financing activities
Proceeds from exercise of stock options— 1,897 
Repurchase of treasury stocks(61,322)(104,496)

Change in other financing activities(640)(544)
Net cash used in financing activities(61,962)(103,143)
Effect of exchange rates changes on cash and cash equivalents(891)(995)
Net decrease in cash and cash equivalents and restricted cash(90,018)(84,919)
Net cash and cash equivalents and restricted cash at the beginning of the period342,359 290,943 
Net cash and cash equivalents and restricted cash at the end of the period$252,341 $206,024 

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated statement of financial position
Cash and cash equivalents$252,236 $205,703 
Restricted cash, included in other current assets$105 $321 
Total cash, cash equivalents, and restricted cash$252,341 $206,024 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for taxes, net of refunds$(18,819)$(48,241)
Cash paid for interest$(994)$(588)
Noncash investing and financing activities
Intangible assets, property and equipment acquired through payables$10,729 $4,633 

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
6

CRITEO S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Criteo S.A. was initially incorporated as a société par actions simplifiée, or S.A.S., under the laws of the French Republic on November 3, 2005, for a period of 99 years and subsequently converted to a société anonyme, or S.A. On July 29, 2026, Criteo completed its corporate redomiciliation from France to Luxembourg via the cross-border conversion (the "Conversion") of Criteo S.A. from a French public limited liability company ("French Criteo") to a Luxembourg public limited liability company ("Lux Criteo"). In connection with the Conversion, Criteo terminated its American Depositary Share ("ADSs") structure and listed its ordinary shares (the "Ordinary Shares") directly on Nasdaq. Following the Conversion and completion of the Company's works council consultation, Criteo's board of directors approved the subsequent transfer of the Company's legal domicile from Luxembourg to the United States, which will be achieved via a cross-border merger of the Company with and into a wholly owned U.S. subsidiary. 

Lux Criteo is a public limited liability company (société anonyme) organized and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 5 Place de la Gare, L-1616, Luxembourg Grand Duchy of Luxembourg .
We are a global technology 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 deliver full-funnel, cross-channel, self-service advertising that performs.
Our strategy is to help marketers and media owners activate 1st-party, privacy-safe data and drive better commerce outcomes through our platform, which includes a suite of products:
•that offer marketers (brands, retailers, and agencies) the ability to easily reach consumers anywhere throughout their shopping journey and measure their advertising campaigns
•that offer media owners (publishers and retailers) the ability to monetize their advertising and promotions inventory for commerce anywhere where consumers spend their time
•that are underpinned by our advanced AI engine, analyzing large sets of commerce data in real-time to drive hyper personalization and budget efficiency.
In these notes, Criteo S.A. is referred to as the "Parent" company and together with its subsidiaries, collectively, as "Criteo," the "Company," the "Group," or "we".

7

Note 1. Summary of Significant Accounting Policies

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements (the "Unaudited Condensed Consolidated Financial Statements") have been prepared by Criteo in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), including regarding interim financial reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.

The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year ending December 31, 2026.

Use of Estimates
The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the period. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates. 
On an on-going basis, management evaluates its estimates, primarily those related to: (1) revenue recognition (2) income taxes, (3) assumptions used in the valuation of long-lived assets including intangible assets, and goodwill, and (4) assumptions surrounding the recognition and valuation of contingent liabilities and losses.

Significant Accounting Policies
There have been no significant changes to our accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 

Reclassifications
Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the consolidated financial statements and notes. 

Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disaggregated disclosure of income statement expenses. This standard is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. 
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software, which simplifies the capitalization guidance by removing the references to project stages, among other changes. The new standard is effective for annual periods beginning after December 15, 2027. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.
In December 2025, the FASB issued ASU 2025-10, Government Grants, Accounting for Government Grants received by Business Entities, which establishes guidance for business entities on how to recognize, measure, present and disclose government grants received. The new standard is effective for annual periods beginning after December 15, 2028. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.
8

Note 2. Restructuring and Other Exit Costs

The Company may periodically initiate restructuring actions designed to improve operational efficiency, optimize its cost structure, and better align its workforce and operations with business needs and strategic priorities. These actions may include workforce reductions and other organizational realignments intended to support the Company’s long-term objectives. The Company records employee severance and other termination costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation – Nonretirement Postemployment Benefits, as applicable.
A summary of our Restructuring and Other Exit costs activity is presented as follows:

Severance Liability

(in thousands)

Restructuring liability as of December 31, 2025
$3,043 
Restructuring charges8,008 
Amounts paid (7,679)
Restructuring liability as of June 30, 2026
$3,372 

During the fourth quarter of 2025, the Company commenced a cost-reduction plan intended to improve operating efficiency and better align its cost structure with revenue levels. In connection with this plan, the Company incurred approximately $3.0 million of restructuring costs during the year ended December 31, 2025 and approximately $8.0 million during the period ended June 30, 2026, primarily reflected within Sales and Operations expense.

Note 3. Segment information
The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. The Company reports its results of operations through the following two segments: Retail Media and Performance Media.
–Retail Media: This segment encompasses revenue generated from brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory and audiences, and services. 

–Performance Media: This segment encompasses our targeting capabilities and supply and AdTech services. 

The Company's chief operating decision maker ("CODM"), our Chief Executive Office ("CEO"), allocates resources to and assesses the performance of each operating segment using information about Contribution ex-TAC, which is Criteo's segment profitability measure and reflects our gross profit plus other costs of revenue. 
The CODM only reviews revenues and corresponding TAC for each segment, and is not regularly provided any other expense nor financial information for our two segments. 
The following table shows revenue by reportable segment:

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Retail Media$47,907 $60,913 $89,178 $120,411 
Performance Media380,111 421,758 763,479 813,694 
Total Revenue$428,018 $482,671 $852,657 $934,105 

9

The following table shows TAC by reportable segment:

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Retail Media$739 $904 $1,421 $1,612 
Performance Media171,806 189,698 345,395 376,052 
Total Traffic Acquisition Costs$172,545 $190,602 $346,816 $377,664 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Contribution ex-TAC
Retail Media$47,168 $60,009 $87,757 $118,799 
Performance Media208,305 232,060 418,084 437,642 
$255,473 $292,069 $505,841 $556,441 

Other cost of revenue
33,259 33,551 60,885 60,947 
Gross profit$222,214 $258,518 $444,956 $495,494 

Operating expenses
Research and development expenses$71,945 $79,610 141,628 140,359 
Sales and operations expenses85,539 108,215 183,040 197,104 
General and administrative expenses49,722 40,238 94,880 79,409 
Total Operating expenses$207,206 $228,063 $419,548 $416,872 

Income from operations$15,008 $30,455 $25,408 $78,622 
Financial and other income319 (1,801)2,192 501 
Income before tax$15,327 $28,654 $27,600 $79,123 

10

Note 4. Financial instruments

Fair Value Measurements
The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy:

June 30, 2026December 31, 2025

(in thousands)
Cash and Cash Equivalents

Level 1
Cash$118,822 $160,252 
Money Market funds93,303 89,157 
Level 2
Commercial paper11,326 35,139 
Term deposits17,591 41,614 
Structured debt securities11,194 15,876 
Total$252,236 $342,038 
 

Investment Securities
The following table presents for each reporting period, the breakdown of investment securities held at cost basis:

June 30, 2026December 31, 2025

(in thousands)

Securities Held-to-maturity
Commercial paper$22,355 $17,366 
Structured debt securities17,091 17,625 
Corporate debt securities11,394 11,750 
Total$50,840 $46,742 

The gross unrealized gains or (loss) on our investment securities were not material as of June 30, 2026 and December 31, 2025.
For our investment securities, the fair value approximates the carrying amount, given the nature of the term deposit and the maturity of the expected cash flows.
The following table classifies our held-to-maturity securities by contractual maturities:

Held-to-maturity
June 30, 2026

(in thousands)
Due in one year$28,052 
Due in one to five years22,788 
Total$50,840 
. 
Our investments in nonmarketable equity securities were not material as of June 30, 2026 and for the year ended December 31, 2025. 

11

Note 5. Trade Receivables 
The following table shows the breakdown in trade receivables net carrying value for the presented periods:

June 30, 2026December 31, 2025

(in thousands)
Trade accounts receivables$471,096 $607,983 
(Less) Allowance for doubtful accounts(15,130)(25,881)
Net carrying value at end of period$455,966 $582,102 

Note 6. Goodwill
Goodwill allocated to the two reportable segments and the changes in the carrying amount for the six months ended June 30, 2026 were as follows:

Retail MediaPerformance MediaTotal

(in thousands)
Balance at January 1, 2026
$151,828 $383,933 $535,761 

Currency translation adjustment(557)(3,410)(3,967)

Balance at June 30, 2026
$151,271 $380,523 $531,794 

Note 7. Other Current and Noncurrent Assets 
The following table presents the components of prepaid expenses and other current assets, net, for the periods presented:

June 30, 2026December 31, 2025

(in thousands)

Prepayments to suppliers
$48,282 $39,294 
Other current assets
14,898 13,916 
Total
$63,180 $53,210 

Prepayments to suppliers include capitalized costs related to the implementation of cloud computing arrangements that are service contracts and are amortized on a straight-line basis over the term of the associated hosting arrangements. As of June 30, 2026 and December 31, 2025 the capitalized implementation costs were $25.7 million and $25.6 million, respectively, and amortization expense related to these costs was $4.1 million and $4.1 million for the six months ended June 30, 2026 and June 30, 2025, respectively.
Other current assets include an indemnification receivable of $5.5 million related to a legal matter, restricted cash, and other non-trade receivables. As of June 30, 2026 and December 31, 2025, restricted cash was $0.1 million and $0.3 million, respectively.
Other noncurrent assets as of June 30, 2026 and December 31, 2025 of $46.0 million and $45.7 million, respectively, are primarily comprised of the indemnification asset of $37.2 million, recorded against certain tax liabilities related to the Iponweb Acquisition in 2022.

12

Note 8. Other Current and Noncurrent Liabilities 
Other current liabilities are presented in the following table: 

June 30, 2026December 31, 2025

(in thousands)
Rebates$34,160 $36,844 
Customer prepayments and deferred revenue
5,688 8,420 
Accounts payable relating to capital expenditures10,729 18,126 
Other creditors3,810 4,888 
Total$54,387 $68,277 

Accounts payable relating to capital expenditures are primarily related to the purchase of data center equipment.
Other noncurrent liabilities are presented in the following table: 

June 30, 2026December 31, 2025

(in thousands)

Uncertain tax positions$29,459 $28,675 
Other2,873 3,151 
Total$32,332 $31,826 

Note 9. Leases 
The components of lease expense are as follows:

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
(in thousands)
Lease expense
$11,233 $8,891 $21,568 $16,884 
Short term lease expense80 94 215 163 
Variable lease expense412 494 826 987 
Sublease income(161)(295)(315)(595)
Total operating lease expense$11,564 $9,184 $22,294 $17,439 

13

Note 10. Employee Benefits
Defined Benefit Plans
According to French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement, equal to up to twelve months of their salary based on term of employment.
The following table summarizes the changes in the projected benefit obligation:

Projected benefit obligation
(in thousands)
Accumulated postretirement benefit obligation at January 1, 2025
$4,709 
Service cost
785 
Interest cost 
200 

Actuarial losses (gains) 
(622)
Currency translation adjustment
635 
Accumulated postretirement benefit obligation at December 31, 2025
$5,707 
Service cost
394 
Interest cost 
127 

Currency translation adjustment
(185)
Accumulated postretirement benefit obligation at June 30, 2026
$6,043 

The Company does not hold any plan assets for any of the periods presented.
The main assumptions used for the purposes of the actuarial valuations are listed below:

Six Months EndedYear Ended
June 30, 2026December 31, 2025
Discount rate (Corp AA)
4.5%4.5%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
50.0%50.0%
Expected staff turnover
Company age-based tableCompany age-based table
Estimated retirement age
65 years old65 years old
Life table
TH-TF 2000-2002 shiftedTH-TF 2000-2002 shifted

Defined Contribution Plans 
The Company also provides qualified defined contribution plans primarily in France, the United States, and the United Kingdom. The most significant of these plans is the 401(k) Plan, which covers eligible U.S. employees. Employees can contribute to the plans a specified percentage of their eligible compensation, subject to matching contributions from the Company on behalf of the eligible employee. The following table shows the Company's agreed contributions, reported in the Consolidated Statement of Operations for the period.

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)

Defined contribution plan expenses 
$6,943 $6,725 $11,775 $10,967 

14

Note 11. Share based Compensation 

Share based Compensation Expense

Share based compensation expense recorded in the consolidated statements of operations was as follows: 

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Research and Development
$7,016 $7,427 $13,614 $13,016 
Sales and Operations 
2,801 7,361 5,757 12,782 
General and Administrative
7,042 8,376 12,547 14,030 
Total Share based compensation expense$16,859 $23,164 $31,918 $39,828 
Share based Compensation capitalized as internal-use software costs
(417)(1,379)(2,130)(2,634)
Total Share based compensation expense net of capitalization$16,442 $21,785 $29,788 $37,194 

Restricted Stock Units and Performance Stock Units

During the six months ended June 30, 2026, the Company granted new equity awards under our current equity compensation plans, which were comprised of restricted stock units (“RSU”), and performance-based awards for the Company’s senior executives ("PSU").

Restricted Stock Units

Restricted stock units generally vest over four years, subject to the holder’s continued service. The grant date fair value is determined by the Company's Nasdaq share price the day prior to the grant.

The following table summarizes the activities for our unvested RSUs for the period ended June 30, 2026:

Shares (RSU)Weighted-Average Grant date Fair Value Per Share

Outstanding as of December 31, 2025
4,518,697 $33.14 
Granted800,203 18.10 
Vested(528,353)29.81 
Forfeited(259,756)34.19 
Outstanding as of June 30, 2026
4,530,791 $30.81 

As of June 30, 2026, the Company had unrecognized stock-based compensation relating to restricted stock units of approximately $60.6 million, which is expected to be recognized over a weighted-average period of 3.0 years.

15

Performance Stock Units

Performance stock units (PSUs) are subject to either internal financial performance conditions (Financial PSUs) or external market conditions (TSR PSUs). 

Financial PSUs

Financial PSUs are subject to service and performance-based vesting conditions. These awards generally vest over three years, and the number of shares ultimately earned may range from 0% to 200% of target, depending on achievement of specified internal financial performance metrics. The grant-date fair value is generally based on the closing price of the Company’s Nasdaq share price on the date preceding grant.

The following table summarizes the activities for our unvested Financial PSUs for the period ended June 30, 2026 (1):

Shares (Financial PSU)
Weighted-Average Grant date Fair Value Per Share

Outstanding as of December 31, 2025