Perion Network Q4 Revenue Rises 6%, Contribution ex-TAC Up 19% in AI Push
Perion Network posted Q4 revenue of $137.1M (+6% YoY), Contribution ex-TAC of $65.2M (+19%) and Adjusted EBITDA of $24.3M (+53%), generating $21.8M in operating cash flow and ending with $313M net cash. It authorized $200M buybacks, guided 2026 Contribution ex-TAC to $215–235M and Adjusted EBITDA to $50–54M, expanding AI-native platform.
1. Q4 Financial Results
Perion reported Q4 revenue of $137.1 million, up 6% year-over-year, with Contribution ex-TAC of $65.2 million (+19%) and Adjusted EBITDA of $24.3 million (+53%), implying a 37% margin. The quarter generated $21.8 million in operating cash flow and ended with $313 million in net cash after $24 million of share repurchases.
2. Strategic Reset and Perion One
Management characterized 2025 as ‘year one’ of a major reset, building Perion One as an AI-native execution infrastructure. The platform uses Outmax as a cross-channel AI agent for CTV, social, retail media and digital out-of-home, and integrates new partnerships with Amazon, Walmart and Mastercard to enhance data-driven campaign optimization.
3. Full-Year 2025 Performance
Full-year revenue reached $439.9 million with Contribution ex-TAC of $203.4 million and Adjusted EBITDA of $45.2 million (22% ex-TAC margin). Operating cash flow jumped 504% to $41.9 million, adjusted free cash flow rose 142% to $40.2 million, and CTV, digital out-of-home and retail media channels grew between 36% and 59%.
4. 2026 Guidance and Financial Targets
For FY 2026, Perion guided Contribution ex-TAC of $215–235 million and Adjusted EBITDA of $50–54 million. The board raised the buyback authorization to $200 million and set 2028 targets for ≥25% performance spend CAGR, ≥20% Contribution ex-TAC CAGR and 28% Adjusted EBITDA margins.