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Dec 31, 2025
Cardlytics Q4 2025 Earnings Report
Cardlytics Q4 2025 Earnings Report
Key Takeaways
Cardlytics reported a challenging fourth quarter with a 24.2% revenue decline, primarily driven by the conclusion of major bank campaigns. Despite the revenue drop, the company improved its bottom line, achieving positive Adjusted EBITDA and positive Free Cash Flow through disciplined cost management and a reduction in net loss.
Total Revenue decreased 24.2% year-over-year to $56.1 million.
Adjusted EBITDA increased to $8.5 million, up from $6.4 million in the prior year despite lower billings.
Free Cash Flow turned positive at $10.5 million for the quarter, an $11.9 million improvement year-over-year.
MQUs grew 18.4% to 227.0 million, though ACPU fell 35% to $0.12 due to the loss of Bank of America campaigns.
Forward Guidance
Cardlytics expects a significant year-over-year decline in Q1 2026 as it navigates the loss of Bank of America campaign volume.
Positive Outlook
- Anticipated Adjusted EBITDA could reach $0.9 million at the high end of guidance.
- Continued focus on self-sustainability and cost management.
- Sharper focus on core fundamental strengths.
- Disciplined approach to execution in 2026.
- Maintaining relationships with other major FI partners like Chase and Wells Fargo.
Challenges Ahead
- Q1 2026 Revenue expected to decline between 35% and 43% YoY.
- Billings projected to drop significantly to a range of $57.5M - $63.5M.
- Adjusted Contribution expected to fall between 29% and 38% YoY.
- Adjusted EBITDA expected to be negative at the midpoint (loss of $3.5M to $7.5M).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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