The sharp guidance reduction signals ongoing weakness in both Performance and Retail Media segments, with Q3 guidance implying further sequential decline. Monitor Q3 results for signs of stabilization; the CFO transition, while orderly, adds near-term execution risk. The $61M in H1 buybacks provides a modest floor but is insufficient to offset fundamental pressures.
Price Chart
Executive Summary
Criteo reported Q2 2026 revenue of $428M (down 11% YoY) and adjusted diluted EPS of $0.80 (down 13% YoY), while significantly lowering full-year guidance to -12% to -10% Contribution ex-TAC decline (from prior low-single-digit decline) and trimming Adjusted EBITDA margin guidance to ~30%. The CFO is transitioning from Sarah Glickman to Connor McGogney effective August 10, 2026. The combination of deteriorating top-line trends, guidance cuts, and an orderly but notable CFO change points to ongoing business headwinds.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP revenue $428M, down 11% YoY (down 11% constant currency)
- GAAP diluted EPS $0.22, down 44% YoY; adjusted diluted EPS $0.80, down 13% YoY
- Contribution ex-TAC $255M, down 13% YoY (down 12% constant currency)
- Full-year 2026 guidance lowered: Contribution ex-TAC decline now -12% to -10% (from low-single-digit decline previously)
- Adjusted EBITDA margin guidance trimmed to ~30% from 32-34%
- Q3 2026 guidance: Contribution ex-TAC $237-241M (down 14-15% YoY at constant currency), Adjusted EBITDA $54-58M
- CFO transition: Sarah Glickman departing, Connor McGogney appointed effective August 10, 2026
- Share repurchases: $30M in Q2 2026, $61M in H1 2026
- Free cash flow negative -$38M in Q2 2026 (vs -$36M in Q2 2025)
Financial Impact
Revenue decline of 11% YoY and full-year guidance cut by approximately 10 percentage points reflects a material deterioration in underlying business trends, with Performance Media down 10% and Retail Media down 21% in the quarter.
Risk Factors
- Continued revenue and contribution ex-TAC declines due to client scope changes and macro headwinds
- Further guidance reductions if client budgets remain constrained
- Integration risk from CFO transition and redomicile to Luxembourg/U.S.
- Free cash flow negative in Q2 may pressure buyback pace
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052913 |
| Exhibit: exhibit101-8xkq22026.htm | 0001628280-26-052913 |
| Exhibit: exhibit31-8xkq22026.htm | 0001628280-26-052913 |
| Exhibit: exhibit992-8xkq22026.htm | 0001628280-26-052913 |
| Document: crto-20260805.htm | 0001628280-26-052913 |
| 8-K Data (Synthetic) | 0001628280-26-052913 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Institutional Cluster | $17.82 $17.09 | ▼ −4.10% | ▼ −2.12% | $14.73 (−17.34%) |
Aug 12, 2026 7w ago | Press Release | $18.21 $17.44 | ▲ +4.23% | ▲ +2.48% | $14.73 (+19.11%) |
Aug 7, 2026 8w ago | Insider Cluster | $18.38 $17.62 | ▼ −4.13% | ▼ −3.74% | $14.73 (−19.86%) |
Aug 7, 2026 8w ago | Insider Cluster | $18.38 $17.62 | ▲ +4.13% | ▲ +3.74% | $14.73 (+19.86%) |
Aug 5, 2026 8w ago | 8-K | $17.05 $18.30 | ▼ −7.33% | ▼ −7.93% | $14.73 (+13.61%) |
Jun 2, 2026 17w ago | Insider Cluster | $17.15 $19.08 | ▲ +11.25% | ▲ +12.25% | $14.73 (−14.11%) |
May 8, 2026 21w ago | DEFA14A | $16.49 $17.73 | ▲ +7.52% | ▲ +7.50% | $14.73 (−10.67%) |
May 8, 2026 21w ago | DEFA14A | $16.49 $17.73 | ▲ +7.52% | ▲ +7.50% | $14.73 (−10.67%) |
May 8, 2026 21w ago | DEFA14A | $16.49 $17.73 | ▲ +7.52% | ▲ +7.50% | $14.73 (−10.67%) |
Feb 27, 2026 31w ago | 8-K | $17.87 $17.18 | ▼ −3.86% | ▲ +3.69% | $14.73 (−17.57%) |
US Market Status
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