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Dec 31, 2025
Perion Q4 2025 Earnings Report
Perion reported strong fourth quarter results with significant growth in Contribution ex-TAC and Adjusted EBITDA, driven by the Perion One platform.
Key Takeaways
Perion Network Ltd. announced robust financial results for the fourth quarter of 2025, with Contribution ex-TAC increasing by 19% year-over-year and Adjusted EBITDA surging by 53%. The company's strategic shift to the AI-native Perion One platform has been highlighted as a key driver of growth, with strong performance across CTV, DOOH, and Retail Media verticals. Perion also provided optimistic 2026 guidance and 2028 targets, emphasizing durable organic growth.
Contribution ex-TAC grew by 19% year-over-year to $65.2 million, significantly outpacing revenue growth.
Adjusted EBITDA increased by 53% year-over-year to $24.3 million, reflecting improved operating leverage and disciplined cost management.
Operating cash flow surged by 403% year-over-year to $21.8 million.
The Perion One platform demonstrated strong performance, with CTV revenue up 59%, DOOH revenue up 28%, and Retail Media revenue up 42%.
Revenue by Segment
Forward Guidance
Perion's full year 2026 guidance reflects planned acceleration of Perion One adoption and increased investment in innovation and go-to-market, with long-term targets for 2028 aiming for durable organic growth and strong profitability.
Positive Outlook
- 2026 Contribution ex-TAC guidance of $215 million to $235 million.
- 2026 Adjusted EBITDA guidance of $50 million to $54 million.
- Perion One Platform growth targets of at least 25% 3-year CAGR for Spend.
- Perion One Platform growth targets of at least 20% 3-year CAGR for Contribution ex-TAC.
- Targeting a consolidated Adjusted EBITDA to Contribution ex-TAC margin of 28% by 2028.
Challenges Ahead
- Guidance assumes organic growth and excludes potential impact from future M&A.
- No GAAP income from operations or reconciliation of Adjusted EBITDA guidance to GAAP income from operations provided due to variability and complexity of reconciling items.
- Unpredictable fluctuation in share price and amortization in connection with future acquisitions may impact actual results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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