Cardlytics reported fourth‑quarter 2025 results that included a revenue of $56.1 million, slightly above the consensus estimate of $55.5 million, and a diluted earnings per share of –$0.15, missing the analyst estimate of –$0.0714. The revenue beat was driven by stronger performance in the U.K. market, where year‑over‑year growth helped offset declines in the U.S. segment.
The company’s U.K. revenue grew significantly, while U.S. revenue slipped, reflecting the impact of the conclusion of the Bank of America campaign and ongoing content restrictions from a major partner. Despite the top‑line pressure, Cardlytics’ adjusted contribution margin improved to the mid‑high 50% range, indicating a more favorable partner mix and better pricing power in higher‑margin segments.
Cardlytics’ earnings miss was largely attributable to the loss of the Bank of America campaign, which had been a significant revenue driver, and to the content restrictions that limited monetization opportunities. The company also faced higher operating costs, which contributed to the negative EPS relative to expectations.
Management guided for Q1 2026 revenue of $35.0 million to $40.0 million, a year‑over‑year decline of 35% to 43%, and an adjusted EBITDA range of –$7.5 million to –$3.5 million. The guidance reflects ongoing headwinds from partner restrictions, supply constraints, and the end of the Bank of America partnership, while also highlighting the company’s focus on cost discipline and a strategic reset.
"In Q3, we've taken decisive action that we believe will reset our business, improve our financial health, and set ourselves on a viable path to return to growth," said Amit Gupta, CEO of Cardlytics. "We are moving forward with sharper focus and discipline, prioritizing initiatives that build on our fundamental strengths and where we believe we can win. Our mandate is clear – continue to deliver for our partners and advertisers, strengthen what differentiates us, and unlock long-term value for our shareholders." "It has been reinvigorating to rejoin the Cardlytics team," said David Evans, CFO of Cardlytics. "I continue to believe in the strength and uniqueness of our platform. Leading up to this quarter, the business made several necessary decisions to right size our balance sheet to position the business for self‑sustainability going forward. As such, we're taking a very focused, disciplined approach to execution and cost management in 2026."
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