Cardlytics (CDLX) financial statements
Cardlytics reported revenue of $233M in fiscal 2025, up 8.4% a year over 9 years.
Net income was -$103M and the operating margin -43.6%, against -49.8% in 2016.
Free cash flow was -$6M.
The diluted share count rose 2150% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cardlytics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113M | $130M | $151M | $210M | $187M | $267M | $299M | $309M | $278M | $233M |
| Research and development | $14M | $12M | $16M | $12M | $18M | $38M | $54M | $51M | $50M | $40M |
| Selling, general and admin | $53M | $52M | $76M | $81M | $92M | $132M | $156M | $116M | $109M | $87M |
| Operating income | -$56M | -$17M | -$41M | -$17M | -$54M | -$123M | -$458M | -$136M | -$195M | -$102M |
| Interest expense | — | — | — | — | $3M | $13M | $4M | $6M | $9M | -$11M |
| Pre-tax income | -$76M | -$20M | -$53M | -$17M | -$55M | -$136M | -$467M | -$135M | -$189M | -$103M |
| Income tax | $0 | $0 | $0 | $0 | $0 | -$8M | -$1M | $0 | $0 | $0 |
| Net income | -$76M | -$20M | -$53M | -$17M | -$55M | -$129M | -$465M | -$135M | -$189M | -$103M |
| EPS (diluted) | -$324.80 | -$78.60 | -$27.90 | -$7.20 | -$20.40 | -$39.90 | -$139.20 | -$36.90 | -$39.10 | -$19.50 |
| Diluted shares | 0M | 0M | 2M | 2M | 3M | 3M | 3M | 4M | 5M | 5M |
| Operating margin | -49.8% | -13.1% | -27.2% | -8.2% | -28.9% | -45.9% | -153.3% | -43.9% | -70.2% | -43.6% |
| Net margin | -67.1% | -15.1% | -35.2% | -8.1% | -29.7% | -48.1% | -155.8% | -43.6% | -68.0% | -44.4% |
Balance sheet
Fiscal years, from Cardlytics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $21M | $40M | $104M | $293M | $233M | $122M | $92M | $66M | $49M |
| Receivables | — | $48M | $58M | $81M | $81M | $111M | $116M | $121M | $103M | $82M |
| Total current assets | — | $75M | $124M | $196M | $386M | $359M | $250M | $224M | $178M | $137M |
| Property, plant and equipment | — | $7M | $10M | $14M | $14M | $11M | $6M | $3M | $3M | $2M |
| Goodwill | — | — | — | — | $0 | $743M | $353M | $277M | $159M | $110M |
| Total assets | — | $101M | $154M | $224M | $423M | $1.3B | $691M | $574M | $393M | $286M |
| Total current liabilities | — | $42M | $52M | $78M | $81M | $327M | $249M | $171M | $149M | $78M |
| Long-term debt | — | $57M | $47M | $13,000 | $0 | — | — | — | — | — |
| Total liabilities | — | $309M | $102M | $81M | $265M | $573M | $480M | $439M | $323M | $292M |
| Shareholders' equity | -$217M | -$209M | $52M | $143M | $157M | $691M | $212M | $135M | $70M | -$7M |
| Net debt | -$23M | $36M | $7M | -$104M | -$293M | -$233M | -$122M | -$92M | -$66M | -$49M |
Cash flow
Fiscal years, from Cardlytics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32M | -$22M | -$19M | $11M | -$8M | -$39M | -$54M | -$185,000 | -$9M | $9M |
| Capital spending | $2M | $2M | $7M | $11M | $10M | $12M | $13M | $12M | $19M | $16M |
| Free cash flow | -$35M | -$24M | -$26M | $468,000 | -$18M | -$51M | -$67M | -$13M | -$28M | -$6M |
| Stock-based compensation | $3M | $5M | $27M | $16M | $32M | $50M | $45M | $41M | $40M | $28M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$40M | $0 | $0 | — |
| Net borrowing | $14M | $12M | -$5M | -$47M | -$23,000 | $0 | -$35,000 | -$31,000 | -$199M | -$62M |
| Free cash flow margin | -31.0% | -18.2% | -17.5% | 0.2% | -9.4% | -19.1% | -22.5% | -4.1% | -10.1% | -2.8% |
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Open CDLX in InvestinglyQuestions
What was Cardlytics's revenue in 2025?
$233M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cardlytics generate?
-$6M in fiscal 2025 (operating cash flow minus capital spending).
From Cardlytics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.