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Criteo S.A. helps brands and other advertisers find shoppers and turn their interest into purchases. Most revenue comes from Commerce Growth within its Performance Media business. It uses shopping activity and product data to select personalized ads, buys advertising space from publishers and exchanges, and adjusts delivery as campaigns run. Advertisers pay directly or through agencies, primarily based on how many times ads are shown.
Its smaller Retail Media business helps retailers earn advertising revenue from their websites and reach shoppers elsewhere online. Brands and agencies use Commerce Max to buy campaigns and measure the product sales they generate. Criteo charges retailers and brands fees for the technology that manages and buys this advertising.
The business depends on delivering results that keep advertisers spending, with retail advertisers supplying most Performance Media revenue. It also needs publishers and retailers to provide advertising space and shopper data. Privacy laws, user consent and browser or mobile-platform rules limit the data it can collect and use for personalized ads. Criteo is shifting toward first-party data supplied directly by clients and relying less on third-party signals.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Criteo's results hinge on performance-advertising budgets and retailer-media adoption, where Publicis' CitrusAd is an important rival missing from this list.
The Trade Desk competes with Criteo for brands and agencies paying to buy and optimize advertising through automated platforms. Its platform fees, generally tied to clients' advertising spend, offer a read on budgets available to this part of Criteo's business.
Teads competes with Criteo for advertisers buying campaigns and media owners seeking advertising revenue, with both offering managed and self-service tools. Teads' revenue from advertisers buying media-owner ad space is the relevant line to watch alongside Criteo's Performance Media business.
Google competes with Criteo for advertisers' performance and display budgets, but also works with it on advertising within retailers' sites. Criteo became Google's first onsite Retail Media partner in 2025, making that partnership relevant to Criteo's retailer-advertising business as well as the rivalry.
Meta Platforms competes with Criteo for marketers' budgets to acquire customers and drive conversions, selling ad placements on apps such as Facebook and Instagram while Criteo sells campaign tools across channels. Meta's Family of Apps advertising revenue is the relevant comparison for Criteo's Performance Media business, rather than its hardware sales.
Amazon competes with Criteo for brands' retail-media and programmatic advertising budgets. Criteo's alternative connects brands with multiple retailers' ad space and charges brands and retailers platform fees, so Amazon's advertising business—not its overall store sales—is the relevant rival to watch.
PubMatic competes with Criteo to help publishers and retail-media owners sell ad space, generally charging publishers a share of the advertising value sold through its platform. Its work monetizing ads within retailers' sites is the closest comparison to Criteo's Retail Media business; PubMatic describes offsite monetization as a future use.
Nexxen competes with Criteo on both sides of advertising: tools advertisers pay to use for buying campaigns and tools publishers use to sell ad space. Its platform-fee revenue from brands, agencies and digital publishers provides a comparison for Criteo's buying and monetization services.
Magnite competes with Criteo to help media owners sell digital ad space, generally earning a share of the advertising spend it processes. Magnite has greater exposure to connected-TV advertising, so news from its television-media sellers is less directly comparable to Criteo's retailer-advertising business.
Pinterest competes with Criteo for brands and retailers paying for ads that turn shopping interest into purchases. Its performance campaigns billed against clicks, actions or conversion events such as checkout and add-to-cart are the closest comparison to Criteo's sales-focused advertising tools.
Criteo uses DoubleVerify to check that ads meet brand-safety requirements and to detect invalid traffic; both businesses also earn revenue linked to digital advertising activity. DoubleVerify charges advertising customers for the volume of transactions it measures, making measured transaction volume a useful signal of activity rather than a direct measure of Criteo's sales.
Amazon.Com Inc earningsAMZN
Amazon's advertising revenue will show how its retail media business is drawing brand budgets that Criteo also seeks for campaigns across retailers.
Compare growth in Amazon's advertising revenue with growth in its overall sales. If advertising grows faster, brands are putting more into Amazon's ad business relative to its broader business, sharpening competition for Criteo's retail-media campaigns. If advertising lags, that competitive signal is weaker; it does not show that brands shifted the money to other retailers.
Pinterest, Inc. earningsPINS
Pinterest's performance-ad business will show whether brands are still paying to turn shopping interest into purchases, a goal Criteo's Performance Media also serves.
Read Pinterest's ad revenue alongside ad impressions. Growth in both means advertisers are buying more ads, a constructive demand signal for the conversion-focused campaigns that compete with Criteo's Performance Media. If impressions rise but revenue does not keep pace, or both weaken, advertiser demand or monetization looks softer; Pinterest's results still do not answer how Criteo itself performed.
Criteo S.A. earningsThis company
Criteo's report will show whether retail media can add growth while its larger Performance Media business holds up and both segments contribute more.
Read revenue and Contribution ex-TAC for both segments together; Criteo uses Contribution ex-TAC to assess segment performance. Rising Retail Media revenue and contribution, alongside steady Performance Media, would show that the newer business is growing without the larger one losing ground. If Retail Media growth cannot offset weaker Performance Media, or contribution falls in both, growth is not yet strengthening the business overall.
PubMatic, Inc. earningsPUBM
PubMatic's report offers a read on selling ad space on retailer sites, a market where it competes with Criteo's retailer-advertising platform.
Read PubMatic's platform revenue alongside what it says about monetizing ads on retailer sites. Stronger revenue and progress in that area would point to advertiser demand and seller-side services supporting an active market—one in which Criteo also competes. Weaker revenue and little progress would suggest less momentum in that channel, but would not establish that Criteo's Retail Media business is also weakening.
Retail Sales MoM (Oct)
Retail sales track how much consumers spend at stores; stronger or weaker sales can shift retailers’ and brands’ campaign budgets, changing Criteo’s advertising activity and fees.
Stronger retail sales point to firmer consumer spending, which may support retailers’ and brands’ campaign budgets and Criteo’s advertising activity and fees; weaker sales may prompt campaign cuts or delays and reduce that activity and revenue, especially in Performance Media.
