Criteo S.A.CRTO

Criteo S.A. Segments Disclosure

10-KFiled Feb 26, 20263 min read
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. Beginning in the first quarter of 2024, 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 encompass 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:
Year Ended December 31,
2025
2024
2023
(in thousands)
Retail Media
$263,872
$258,303
$209,007
Performance Media
1,681,029
1,674,986
1,740,438
Total Revenue
$1,944,901
$1,933,289
$1,949,445
The following table shows TAC by reportable segment:
Year Ended December 31,
2025
2024
2023
(in thousands)
Retail Media
$4,188
$4,457
$5,547
Performance Media
766,096
807,349
921,292
Total Traffic Acquisition Cost
$770,284
$811,806
$926,839
The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s
Consolidated Statements of Operation:
Year Ended December 31,
2025
2024
2023
(in thousands)
Contribution ex-TAC
Retail Media
$259,684
$253,846
$203,460
Performance Media
914,933
867,637
819,146
$1,174,617
$1,121,483
$1,022,606
Other costs of revenue
125,237
138,512
159,562
Gross profit
$1,049,380
$982,971
$863,044
Operating expenses
Research and development expenses
283,303
279,341
242,289
Sales and operations expenses
394,370
376,090
406,012
General and administrative expenses
168,942
176,138
137,525
Total operating expenses
$846,615
$831,569
$785,826
Income from operations
$202,765
$151,402
$77,218
Financial and other income (expense)
809
3,095
(2,490)
Income before tax
$203,574
$154,497
$74,728
20. Breakdown of Revenue and Noncurrent Assets
The following table presents the Company's revenue disaggregated by major product for the years ended December 31,
2025, 2024 and 2023:
Year Ended December 31,
2025
2024
2023
(in thousands)
Retail Media
$263,872
$258,303
$209,007
Commerce Growth
1,563,093
1,556,751
1,614,905
Other
117,936
118,235
125,533
Performance Media
1,681,029
1,674,986
1,740,438
Total Revenue
$1,944,901
$1,933,289
$1,949,445
The Company operates in three geographical markets:
•Americas: North and South America;
•Europe, Middle-East and Africa; and
•Asia-Pacific.
The following table discloses our consolidated revenue for each geographical area for each of the reported periods.
Revenue by geographical area is based mainly on the location of advertisers’ campaigns.
Revenue generated in other significant countries where we operate is presented in the following table:
Year Ended December 31,
2025
2024
2023
(in thousands)
Americas
$836,670
$892,175
$887,247
United States
753,286
802,609
803,288
EMEA
$728,052
$676,455
$672,610
Germany
207,600
202,653
200,145
France
88,887
87,770
100,277
Asia-Pacific
$380,179
$364,659
$389,588
Japan
221,087
204,082
216,991
For each reported period, noncurrent assets (corresponding to the net book value of tangible and intangible assets) are
presented in the table below. The geographical information includes results from the locations of legal entities. 
Americas
EMEA
Asia-
Pacific
Total
(in thousands)
December 31, 2025
$69,785
$207,109
$14,289
$291,183
December 31, 2024
$68,193
$186,035
$11,378
$265,606

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 28, 2025
2023Feb 23, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 26, 2021

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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