Cardlytics, Inc. (CDLX) Earnings
Cardlytics, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-1.93. CDLX has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +2.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-2.30 | $-2.58 | -12.2% | $37M | -0.3% |
| May 7, 2026 | $-0.37 | $-0.25 | +32.4% | $34M | -7.7% |
| Mar 4, 2026 | $-0.14 | $-0.15 | -11.1% | $56M | +15.2% |
| Nov 5, 2025 | $-0.07 | $-0.07 | +0.0% | $52M | -4.5% |
| Mar 12, 2025 | $-0.24 | $-0.31 | -29.2% | $74M | +20.8% |
| Mar 14, 2024 | $0.12 | $0.14 | +16.7% | $89M | -0.4% |
| May 4, 2023 | $-0.40 | $-0.25 | +37.5% | $68M | +3.5% |
| Mar 1, 2023 | $-0.53 | $-0.29 | +45.3% | $83M | -3.0% |
| Nov 1, 2022 | $-0.54 | $-0.50 | +7.4% | $73M | -1.6% |
| Aug 2, 2022 | $-0.54 | $-0.65 | -20.4% | $75M | -0.8% |
| May 2, 2022 | $-0.69 | $-0.38 | +44.9% | $68M | +5.0% |
| Mar 1, 2022 | $-0.41 | $-0.15 | +63.4% | $90M | +17.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Progress & Network Growth - 2026 is a year of focused execution following an earlier company reset, with early results showing accelerating advertiser growth, materially improved churn, and stabilized advertiser supply - Cardlytics is positioned at the center of the industry shift toward merchant-funded, personalized, locally relevant rewards programs, as large card issuers move away from costly points-based models - The Cardlytics Purchase Rewards (CRP) platform has strong market interest, and pilot partners on the platform have delivered positive feedback; the current focus is on executing for early partners while onboarding new partners - Multiple existing financial institution (FI) partners have requested expansion of card-linked offer programs to additional customer portfolios, driven by the proven value delivered to cardholders - Third-party local offers are now live across 4 major US banks, driving nearly 5,000 daily redemptions; billings for these offers are up 20% since the start of 2026, and the company will lean into this segment further in H2 2026 - Expanded partnership with Monzo (UK) starting July 2026, powering additional personalized card-linked cashback offers for Monzo's UK customer base, expanding Cardlytics' UK reach ### Advertiser Business Performance - Active advertisers grew 18% quarter-over-quarter, with total billings growing 11% quarter-over-quarter; new logo volume increased 59% quarter-over-quarter, the strongest growth signal this cycle - Total new business billings grew 17% year-over-year, and the quarter's largest new logo was over 100% larger than the largest new logo in Q2 2025 - Advertiser churn improved materially: down 50% by advertiser count and 88% by dollar impact; growing advertisers (those increasing billings with Cardlytics) grew 42% quarter-over-quarter - Cardlytics' proprietary purchase intelligence delivers actionable insights for advertisers: the firm correctly identified that category spend was shifting to third-party delivery rather than shrinking, allowing proactive campaign adjustments that sustained advertiser investment amid budget pressure - Aggregated purchase data shows US consumer spend growth rebounded to 3.6% year-over-year in June 2026, up from 2.3% in May, with lower-income households driving this recent growth ### Technology & AI Investments - Prior investments in tech debt cleanup and an AI-forward tech stack are now delivering improved operational efficiency and faster development cycles - New AI capabilities launched: automated extraction of industry/brand-level spending insights from purchase data (used by advertisers for benchmarking and strategic planning), and an AI-driven campaign publishing engine that automates core setup workflows - AI-powered campaign build time has been cut in half compared to one year ago, with 99.4% of campaigns hitting internal quality targets, driving long-term operating efficiencies - New personalized reward capabilities for bank partners are under development, allowing banks to segment customers and deliver tailored reward values, offer ranking, and bank-funded offers; testing with a major bank partner will begin soon
Guidance
- For Q3 2026, management guidance is: billings between $61 million and $67 million, revenue between $34 million and $39 million, adjusted contribution between $20 million and $23 million, and adjusted EBITDA between $0 and positive $3 million - The Q3 guidance reflects expected performance comparable to Q2 2026, as the business solidifies operations around earlier investments, and is aligned with historical quarterly seasonal trends - The Q3 billings guidance midpoint is slightly below Q2 2026's actual billings, but management remains confident in sequential growth for the full year 2026, after Q3 solidifies the core business foundation - Management expects free cash flow to continue trending in the right direction, converging closer to adjusted EBITDA going forward, and maintains a core priority of achieving self-sustainable growth through disciplined capital allocation
Segment performance
Cardlytics divested Bridge in Q1 2026, so all year-over-year comparisons exclude Bridge results. Overall, Q2 2026 billings were $65.5 million, a 34% decrease year-over-year. Q2 2026 total revenue was $36.9 million, a 36% decrease year-over-year. Adjusted contribution was $21.3 million (32% decrease year-over-year), representing 57.7% of total revenue, up from 54% in Q2 2025. Adjusted EBITDA was positive $1.7 million, down from $3 million in Q2 2025. Adjusted operating expenses were $19.6 million, a 31% year-over-year decrease. The UK business segment was a standout performer, with Q2 2026 revenue increasing over 10% year-over-year, and UK advertiser billings up 10% year-over-year. Total monthly qualified users (MQUs) were 185 million, down from 224 million year-over-year due to prior changes in bank partner relationships.
Risks & headwinds
- Management notes that year-over-year year-over-year billing comparisons will remain difficult until Q1 2027, when the company passes the one-year anniversary of the previously disclosed changes to major bank partner relationships that reduced MQUs and revenue - The company faces inherent challenges as a small public company, with pressure to maintain disciplined cost management while executing on growth priorities - Forward-looking statements are inherently uncertain, and actual results may differ materially from expectations due to a range of risk factors detailed in the company's recently filed 10-Q for the quarter ending June 30, 2026 - Discretionary advertising spending faces pressure amid uneven consumer demand and margin pressure across some retail and dining categories, which can impact advertiser investment levels
Analyst Q&A
Q: The analyst asks for additional color on broader consumer landscape trends and consumer utilization of Cardlytics' offers. /
A: Amit Gupta confirms that U.S. consumer spend strengthened in June after a slight slump in May. For the QSR category, overall nominal spend is up due to menu inflation while real demand remains flat. He notes upticks in spend for gas, convenience, and multi-line retail, with discretionary spending growing in pockets of both U.S. and UK consumer segments. This aligns with the purchase intelligence trends shared in prepared remarks.
Q: The analyst asks for an update on Cardlytics' cost structure after prior right-sizing and the divestiture of Bridge, including expectations for future headcount and operating expenses. /
A: David Evans explains that all major earlier investments in people and technology are now fully integrated into the business model. He states the company does not expect material additional increases to operating expenses or development capital going forward. Headcount is expected to remain broadly stable overall, with only minor occasional adjustments for specific business needs.
Q: The analyst asks why Q3 2026 billings guidance is slightly below Q2 2026's actual billings, despite the company's stated 2026 goal of sequential quarter-over-quarter growth, and requests clarification on drivers like delayed advertiser spend or pipeline timing. /
A: David Evans confirms that sequential growth for full year 2026 remains a core company focus, and management remains optimistic about growth trends for the back half of 2026. He notes the Q3 guidance is consistent with historical seasonal performance trends for the quarter, and the guidance range is set to reflect the current phase of solidifying the business foundation after earlier reset efforts. Amit Gupta adds that the current stable footing positions the company for sustained growth in subsequent quarters.