Criteo says Q2 2026 results miss expectations as large enterprise clients cut Performance Media spend

Criteo cut its outlook, projecting 2026 Contribution ex-TAC down 10% to 12% at constant currency. The company said no recovery is assumed from the large clients that reduced spend.

Criteo posted Q2 2026 media spend of $1.1 billion, revenue of $428 million, Contribution ex-TAC of $255 million, and adjusted EBITDA of $73 million.

Results missed internal expectations as several large enterprise Performance Media clients cut budgets due to client-specific decisions and softer vertical demand.

Performance Media revenue was $380 million; Contribution ex-TAC was $208 million, down 10% at constant currency, led by weaker Commerce Growth.

Retail Media revenue was $48 million; Contribution ex-TAC was $47 million, reflecting a $21 million headwind from two retailer scope reductions.