Criteo, a leading digital advertising platform, presented its strategy and performance at Citi's 2026 Global TMT Conference. The company maintains the third-largest identity graph globally and operates the third-largest product catalog in the world. Criteo ingests 25 billion raw SKUs regularly, which are normalized into a global catalog of about 5 billion usable SKUs.
The company has a strategic partnership with OpenAI, with more than 2,000 advertisers already active on the OpenAI platform via Criteo. OpenAI's business is running at a billion-dollar annual rate and has expanded to 51 markets worldwide. Criteo's CEO, Michael Komasinski, emphasized the importance of commerce intelligence, stating, “Criteo is a commerce intelligence platform... We pick those two words very purposefully.”
Criteo's stock price was cited at $17.74, with a market capitalization of $863 million. The company reported a stock decline of 22% over the preceding six months, a P/E ratio of 8.7, and a free cash flow yield of 21%. U.S. new business revenue increased by 24% year-on-year, and the qualified pipeline is up in the mid-30% range. The agency pipeline makes up over 50% of the overall pipeline mix, with a total global client base of 17,000 clients.
Criteo completed its re-domiciliation to Luxembourg in August 2024, enabling MSCI passive index eligibility. The company announced an earnings downgrade in August 2024 following budget softness from large clients in Q2. Business trends and client budgets stabilized in July 2026. The next step in the re-domiciliation process is scheduled for a shareholder vote in December 2024, with the planned completion date for the move to a U.S. domicile set for January 1, 2027.
Criteo's OpenAI business, Connected TV (CTV), Criteo GO, and self-service platform are expected to become meaningful contributors and scale by 2027.
