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Criteo S.A. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$21.1M in Q3 2026 · $132M over twelve months

Operating cash flow$56.9M
Capital spending−$35.8M
Free cash flow+$21.1M
Cash / net income9.3×
Cash conversion cycle-140 days

Analysis

In Q3 2026, Criteo S.A. generated $56.9M of operating cash flow and spent $35.8M on capital projects, leaving free cash flow of $21.1M. That is $45.5M less than in Q3 2025 ($66.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $286M; the largest uses were capital spending ($154M), buybacks ($102M), other investing ($11.2M); besides operations, cash came from asset & business sales ($2.0M); the cash balance rose by $20.2M.

Operating cash flow was $56.9M against net income of $6.1M — 9.3× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$10.6M, stock-based pay +$9.3M, deferred taxes +$8.7M.

Its cash conversion cycle was -140 days (receivables 101 + inventory 0 − payables 241): suppliers fund its working capital.

Free cash flow

Criteo S.A.: free cash flow by quarterCriteo S.A.: free cash flow by quarter$169MQ4 2024$45.2MQ1 2025−$36.6MQ2 2025$66.6MQ3 2025$133MQ4 2025$15.4MQ1 2026−$37.9MQ2 2026$21.1MQ3 2026
Operating cash flow less capital spending.
Criteo S.A.: operating cash flow against capital spendingCriteo S.A.: operating cash flow against capital spendingOperating cash flowCapital spending$169M$0Q4 2024$62.3M$17.1MQ1 2025−$1.4M$35.3MQ2 2025$89.6M$23.0MQ3 2025$161M$27.4MQ4 2025$48.2M$32.8MQ1 2026$20.3M$58.2MQ2 2026$56.9M$35.8MQ3 2026
Latest (Q3 2026): Operating cash flow $56.9M, Capital spending $35.8M.

Capital allocation, year by year

Criteo S.A.: where the cash came from (up) and went (down), by fiscal yearCriteo S.A.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $221MFY2021: Net borrowing −$1.2MFY2021: Shares issued $25.2MFY2021: Acquisitions −$10.4MFY2021: Buybacks −$100M$246MFY2021FY2022: Operating cash flow $256MFY2022: Shares issued $1.0MFY2022: Asset sales $8.0MFY2022: Capital spending −$63.8MFY2022: Acquisitions −$138MFY2022: Buybacks −$136M$265MFY2022FY2023: Operating cash flow $224MFY2023: Shares issued $3.9MFY2023: Asset sales $10.7MFY2023: Capital spending −$116MFY2023: Acquisitions −$6.8MFY2023: Buybacks −$125M$239MFY2023FY2024: Operating cash flow $258MFY2024: Shares issued $9.1MFY2024: Asset sales $1.5MFY2024: Capital spending −$78.1MFY2024: Acquisitions −$527KFY2024: Buybacks −$225M$269MFY2024FY2025: Operating cash flow $311MFY2025: Shares issued $1.9MFY2025: Asset sales $2.0MFY2025: Capital spending −$103MFY2025: Buybacks −$152M$315MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were buybacks ($738M) and capital spending ($361M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$303M
Debtnone
Net cash$303M

Criteo S.A. funds itself: free cash flow was $132M over the last twelve months, with $303M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Criteo S.A.: sources (+) and uses (−) of cash, Q3 2026Criteo S.A.: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$56.9MCapital spending−$35.8MCash drawn (+) / kept (−)−$23.2MExchange rates$6.7MBuybacks−$4.1MOther financing−$545KOther investing$6K
Criteo S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026Criteo S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$286MCapital spending−$154MBuybacks−$102MCash drawn (+) / kept (−)−$20.2MOther investing−$11.2MAsset & business sales$2.0MOther financing−$1.7MExchange rates$1.3M

From profit to cash

Criteo S.A.: net income to operating cash flow, Q3 2026Criteo S.A.: net income to operating cash flow, Q3 2026Net income$6.1MStock-based pay$9.3MDeferred taxes$8.7MOther non-cash$398KReceivables$4.3MPayables$4.9MPrepaid and other assets$10.6MOther liabilities−$5.9MIncome taxes payable−$8.3MOperating cash flow$56.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026101—241-140
Q2 202696—239-143
Q1 2026109—262-153
Q2 2025124—303-179
Q1 2025144—347-203
Q4 2024120—301-181

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.9M−$35.8M−$4.1M—−$23.2M$21.1M
Q2 2026$20.3M−$58.2M−$30.4M—$68.0M−$37.9M
Q1 2026$48.2M−$32.8M−$31.0M—$22.1M$15.4M
Q4 2025$161M−$27.4M−$36.6M—−$87.0M$133M
Q3 2025$89.6M−$23.0M−$10.9M—−$49.3M$66.6M
Q2 2025−$1.4M−$35.3M−$48.3M$52K$80.1M−$36.6M
Q1 2025$62.3M−$17.1M−$56.2M$1.8M$4.8M$45.2M
Q4 2024$169M—−$67.1M$117K−$7.0M$169M

Criteo S.A.: income statement and cash flow

Criteo S.A., Q3 2026: revenue $416M (-11% year over year), operating margin 5.0%. The chart follows the revenue to costs, profit and cash.

Criteo S.A.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.