Research · Sep 3, 2026
[CRTO] Criteo Thesis 2026: Commerce Max Aggregates Retail Media as Cookie Risk Recedes
Criteo's FY2025 contribution ex-TAC reached ~$1.01B as Retail Media (~$265M CxT, +36%) offset legacy retargeting erosion. Commerce Max DSP aggregates 225+ retail media networks (Best Buy, Macy's, Carrefour) for 2,100+ brand advertisers — the multi-retailer unified buying interface that solves retail media fragmentation. Adj. EBITDA ~$368M at ~36.4% margins on CxT. FY2026 thesis: retail media market growing from ~$45B to ~$75B by 2028 as brands shift budgets from broadcast to shoppable media; Criteo's aggregation network effect (more retailers → more brands → higher CPMs → more retailers) positions Commerce Max as the independent multi-retailer layer capturing share of non-Amazon retail media spend.