Overview

 

We operate a subscription business model whereby we invest to drive bookings growth, which provides good visibility over future revenue. Bookings are recognised as revenue over the contract term, with contracts typically one year in length. Retention of existing business is high with upsell opportunities at renewal driving good net retention rates. New contracts are added to this strong base business each year creating a compounding effect as the business grows.

 

Bookings in 2025 increased to $291.4 million (2024: $239.0 million), up 18% cc. Our LTM net dollar retention rate was 102%, compared to 103% a year ago, reflecting both an improvement in our gross dollar retention rate to 87% (2024: 85%) and the annualisation of the repackaging we did in 2024. 

The Group delivered revenue of $261.1 million (2024: $210.7 million), up 20% cc. Revenue growth was driven by a 16% cc increase in the average annual contract value ('AACV') to $10,852 reflecting our focus on Enterprise customers. The number of paying customers, net of churn, increased 2% year-on-year to 27,362. In line with our Enterprise customer strategy, customers paying us more than $20,000 grew 35%, whilst those paying less than $10,000 declined 6%. We ended 2025 with annual recurring revenue ('ARR') of $296.1 million (2024: $230.9 million), up 19% cc. 

In the first half of the year we successfully launched new product features globally, for both businesses and consumers. New features for businesses on our bespoke Enterprise plan included Review follow-up and Visitor insights, enabling businesses to gain more insights from their customers with additional questions, and data on which other businesses they may be looking at on Trustpilot. In September we formally launched our Data Solutions offering, enabling businesses to buy access to all Trustpilot reviews via API as a standalone product for the first time. This becomes ever more important in the age of AI. For consumers, we introduced an AI-generated review summary and are now showcasing the most relevant reviews at the top of the page making it quicker and easier for consumers to make a more informed decision.

Adjusted EBITDA* was ahead of expectations at $40.7 million (2024: $24.1 million), with the adjusted EBITDA margin* increasing 4.2ppts to 15.6% as we continue to drive operating leverage across the cost base, particularly in technology and content costs. As a result, the Group delivered an operating profit of $16.0 million versus $3.8 million reported for the same period last year. Net profit was $7.8 million (2024: $6.2 million).

Cash generated from operations was $59.2 million (2024: $29.4 million). Capital expenditure totalled $8.3 million, down from $9.6 million in the prior year, with the prior year including the $2.1 million investment in the London office refurbishment. We have delivered new product releases throughout the year with major features released in April. Adjusted free cash flow* was $46.6 million (2024: $17.1 million). Cash and cash equivalents at 31 December 2025 was $47.6 million (2024: $68.9 million), after the $71.6 million share buyback in the period.

Capital allocation

As previously outlined, our capital allocation strategy prioritises the following:

•      Driving organic top line growth through investment in the business, including product innovation and people & culture;

•      Flexibility to engage in targeted M&A;

•      Returning excess capital to shareholders

 

Given our strong cash position and expectations for future cash generation, we are committing to a further share buyback programme of up to £22.5 million (c.$30 million at current exchange rates) and will provide a further up to £7.5m in funding to our employee benefit trust, and will recommend that the trust use these funds to purchase ordinary shares to satisfy future employee share awards. This is conditional on compliance with all legal and regulatory requirements.

*Alternative performance measures ('APMs') - further detail available in note 3 on page 28.

Regional performance

United Kingdom

 

$m	FY25	FY24	(+/-) % actual	(+/-) % constant currency
Bookings	115.7	97.1	19     %	16     %
Revenue	104.5	84.9	23     %	19     %
Note: for presentation purposes, the Isle of Man, Jersey and Guernsey are included within the UK.

The UK is the most advanced of our regional markets with well-established network effects supporting attractive unit economics. During the year, the UK contributed 40% of Group bookings at $115.7 million, up by 16% cc. Revenue grew to $104.5 million (2024: $84.9 million) an increase of 19% cc (+23% reported). Net dollar retention in the UK continues to be above Group average driven by brand strength and customer mix. As a result, contribution margin¹ improved to 65% (2024: 64%). Notable enterprise customer wins during the year include Barclays, Sky, Boots and Samsung. We continue to see high brand affinity in the UK, where Trustpilot is widely recognised as a standard for business trust.

Europe and Rest of the World ('RoW')

 

$m	FY25	FY24	(+/-) % actual	(+/-) % constant currency
Bookings	113.5	90.3	26     %	20     %
Revenue	101.8	81.4	25     %	20     %

 

Europe and Rest of the World contributed 39% of total Group bookings, at $113.5 million, up by 20% cc. Within this region, our focus markets of Germany and Italy are growing fast with bookings growth well ahead of the Group average and a particularly strong performance in enterprise with new customers including Eneco, Total Energy and Canva. Revenue was $101.8 million (2024: $81.4 million), up 20% cc (+25% reported). Net dollar retention rates are in line with or better than the Group average in our focus markets, with slightly lower rates across the rest of the world.

North America

$m	FY25	FY24	(+/-) % actual	(+/-) % constant currency
Bookings	62.2	51.6	21     %	21     %
Revenue	54.8	44.4	23     %	23     %
Note: for presentation purposes, the USA and Canada are included within North America.

 

In North America, we continue to see strong momentum and the region delivered bookings of $62.2 million, up by 21% cc. Revenue grew to $54.8 million (2024: $44.4 million) an increase of 23% cc (+23% reported). Contribution margin¹ in the region, whilst still below the Group average, improved 4 ppts to 38%. In October we launched national Write A Review Week which led to a 28% increase in reviews left on the platform that month. Overall brand awareness continues to grow with a 38% increase in Trustbox impressions and this, combined with growing business adoption, is fuelling the flywheel. We continue to win large customers, including Wayfair, Liberty Mutual and Squarespace.

^{¹ Contribution margin is revenue less cost of sales and sales and marketing costs}

Strategic update

The digital economy is undergoing a fundamental shift. As AI-generated content scales and agentic search redefines how we navigate a "zero-click internet", knowing which businesses to trust online has become increasingly complex. In this new reality, Trustpilot is uniquely positioned to serve as the universal layer of authenticity-providing the independent, human signal increasingly used by both people and AI models. As establishing credibility becomes the defining challenge of modern commerce, Trustpilot provides the transparent foundation that makes trust possible.

 

In 2025, we focused on the rigorous execution of our "Trustpilot Everywhere" strategy, proving that our open model is not only resilient but essential infrastructure for the future of search and building trust between businesses and consumers.

 

For the year, we set out three clear priorities: establishing Trust in the age of AI, driving Enterprise growth and placing product innovation at the heart of our offering. We have successfully delivered against each of them:

 

•      Trust in the age of AI: We saw a dramatic rise in Trustpilot exposure via LLMs, with a 45% YoY increase in Google search impressions driven by AI summaries. During the year our unique data set expanded to 361 million active reviews (+20% YoY). This immense scale creates a formidable competitive moat: the more data we host, the more valuable we become to consumers, businesses and the AI models that increasingly rely on us for insight.

•      Enterprise growth: We successfully evolved our value proposition to meet the needs of large global brands. By launching tools that help businesses control their reputation in AI search results, we unlocked a new wave of Enterprise demand. This supported acceleration in H2, culminating in 18% cc bookings growth for the full year. Crucially, the number of customers paying us more than $20k p.a. grew by 35%, successfully continuing the business mix shift to larger, stickier customers and validating our focus on this high-value segment.

•      Product innovation: We placed innovation at the core of our offering with a continued focus on new products and features for both businesses and consumers, including the launch of our new Data Solutions product. With the arrival of our new Chief Product Officer in March 2025, we now have a multi-year strategic product roadmap to sustain this pace of innovation.

 

This focused execution has accelerated our growth flywheel. As consumer engagement grows and our data set scales, it drives business adoption which results in a natural increase in claimed profiles and paid subscriptions. A powerful demonstration of this was our inaugural 'Write a Review Week' campaign in the US in October 2025. By strategically galvanising both sides of our platform, we achieved our highest ever US traffic week with a 63% YoY increase in unique visitors, while businesses sent a record 22 million review invitations (+68% YoY).

 

As a result of this strategic execution, profitability significantly improved. By embedding AI across our own internal operations, particularly enhancing content integrity and customer support, we achieved significant cost efficiencies. This rigorous discipline delivered an adjusted EBITDA margin of 15.6%, a 4.2 ppt improvement YoY.

 

Looking ahead to 2026, our strategic focus is to sustain this momentum by driving deeper penetration across our focus markets, and deepening the impact of AI in internal operations. As a result, and alongside our existing top-line guidance of at least mid-teens growth on an annual basis, we now expect to reach 25% adjusted EBITDA margins* by 2028 and 30% by 2030.

 

 

Trust and transparency

 

Trustpilot is an open, independent and impartial platform to build trust between consumers and businesses. We believe openness is the only way to capture a true picture of business performance.

 

However, openness requires vigilance. In 2025, we continued to invest in our Trust function, deploying our most sophisticated fraud detection infrastructure to date. We rolled out new AI-driven models to enhance the detection of content that does not align with our guidelines, continuously improving our ability to spot patterns based on hundreds of metadata points for every review. 

 

We maintain a strict, zero-tolerance approach to platform manipulation. In total, we removed 7.8 million fake reviews during the year, with 91% of these reviews identified and removed automatically. Our fake review detection is more and more effective, particularly with the ability to leverage AI to look for patterns in the metadata that describes each review. However, simultaneously the risk landscape is evolving and we, along with the wider industry, are constantly innovating to keep the platform secure.  We apply the exact same rigorous moderation standards and guidelines equally to all businesses, regardless of whether they are free or paying customers.

 

Complementing our automated systems, we significantly scaled up enforcement actions against businesses who violate our guidelines, including issuing consumer warnings for regulatory alerts. We are continuously focused on advancing our detection capabilities, investing in the advanced tools and expertise to ensure our defences rapidly adapt to identify and neutralise emerging fraudulent tactics.

 

The global regulatory landscape surrounding online authenticity grew increasingly complex in 2025, a dynamic that strongly reinforces our commercial proposition. As lawmakers introduce stricter rules, businesses increasingly require a robust, compliant partner. In the UK, the Competition and Markets Authority (CMA) has moved firmly into its enforcement phase under the new Digital Markets, Competition and Consumers Act ('DMCCA'), conducting compliance sweeps of businesses. In the US, the Federal Trade Commission (FTC) has begun active enforcement of its new rule on consumer reviews.

 

In Europe, we continue to navigate a period of regulatory fragmentation as national-level laws emerge. Alongside this, we are actively contributing to the forthcoming EU Digital Fairness Act and the broader EU Digital Fitness Check to help shape a constructive legislative framework. We aim to be the universal symbol of trust by maintaining uncompromising integrity. We work with governments and regulators to champion consumer interests and ensure the long-term positive impact of our platform.

 

As previously outlined in our FY25 Trading Update, we recently received a draft "Statement of Objections" from the Italian competition authority (AGCM) in relation to an alleged breach of the Italian Consumer Code. We have submitted a robust response and expect the process to conclude by the end of March 2026. We do not anticipate any outcome to have a material impact on the Group's operations. Italy represents less than 5% of Group revenue.  Further details on the likelihood and possible range of outcomes can be found in note 12.

 

 

Product development

 

During 2025 we shifted our product focus from incremental improvements to high-value innovation. Following the arrival of our new Chief Product Officer in March 2025, we established a multi-year strategic product roadmap designed to drive retention, new business and upsell on one side of our marketplace and increased consumer engagement on the other.

 

In the first half of the year, we delivered significant enhancements for both businesses and consumers. For our B2B customers, our April "Gold Release" introduced a suite of powerful new subscription tools including Analytics Explorer, Review Highlights and Visitor Insights. These features empower large brands to capture more detailed feedback, extract-high value analytics on consumer behaviour and benchmark competitively. Simultaneously, we elevated the consumer experience by deploying AI-driven upgrades to our company profile pages. This included AI-powered review summaries and intelligent semantic search.

 

Beyond our core subscription plans, we are expanding our commercial footprint and formalising our data monetisation strategy with the launch of Data Solutions. This API-first solution unlocks access to our proprietary dataset of reviews, opening up new commercial use cases and relationships with customer types outside of our traditional core, such as investment firms and consultancies.

 

Crucially, our product architecture is now positioned for the agentic future. As LLMs increasingly rely on domain authority and authentic verification Trustpilot is informing AI search responses ensuring agents are providing trustworthy information to users. Furthermore, we are seeing that consumers clicking through to our platform from these new AI interfaces arrive with a high-intent purchasing mindset, transforming the traditional discovery journey and adding immense value for our business customers.

 

Looking ahead to 2026, our product roadmap is focused on both deepening Enterprise value and widening our customer base.

 

Current trading and outlook

Following another year of strong bookings growth in 2025, we expect high-teens revenue growth at constant currency in 2026. Alongside this revenue growth, we expect to deliver a 2-3ppts increase in our adjusted EBITDA margin*.

Over the medium term, we remain confident in delivering sustainable revenue growth of at least mid-teens constant currency each year, and given the opportunity AI offers our business, we now expect to reach 25% adjusted EBITDA margin* by 2028.

 

Adrian Blair
Chief Executive Officer, Trustpilot Group plc
16 March 2026

 

*Alternative performance measure ('APMs') - further detail available in note 3 on page 28.