TEAD on Nasdaq

Outbrain

Logo: Outbrain Inc., Public domain, via Wikimedia Commons4

American web advertising platform

Outbrain is a web recommendation platform founded in 2006 by co-founder and Co-CEO Yaron Galai and co-founder, Chief Technology Officer and General Manager, Ori Lahav. The company is headquartered in New York City.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

2006Founded1

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  • TickerTEAD on Nasdaq1
  • Industrymarketing1
  • HeadquartersNew York City1
  • Websitewww.outbrain.com
  • Legal formcorporation1
  • Incorporated inDE5
  • Business address111 West 19Th Street, New York, Ny 100115
  • Filer categoryAccelerated filer, Smaller reporting company5

Outbrain is a web recommendation platform founded in 2006 by co-founder and Co-CEO Yaron Galai and co-founder, Chief Technology Officer and General Manager, Ori Lahav. The company is headquartered in New York City.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

33.0%Gross margin7
-30.7%Operating margin7
-39.8%Net margin7
46.1%Revenue growth, 20257
-541.8%Return on equity7
6.34×Debt to equity7
$2.0MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

EMEA brought in 46% of the revenue Outbrain broke down this way in fiscal 2025.

  1. EMEA$763.5M746%up 41% from 2024
  2. Americas$400.9M724%up 51% from 2024
  3. United States$350.8M721%up 41% from 2024
  4. Asia$136.1M78%up 64% from 2024
Regions by year
Regions202320242025
EMEA$552.6M$541.4M$763.5M
Americas$309.7M$265.4M$400.9M
United States$286.0M$249.0M$350.8M
Asia$73.5M$83.1M$136.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue67¢$871.4M
  • Research and development3¢$43.6M
  • Other costs27¢$346.1M
  • Income tax3¢$39.4M

Out of $1.3B in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending74¢$5.6M
  • Share buybacks8¢$646.0K
  • Kept or used elsewhere18¢$1.4M

Out of $7.6M of cash from operations.7

Financial statements

Revenue8910117$1.3B in 2025+89% since 2019
0$500.0M$1.0B$1.5B2019: $687.3M$687.3M20192020: $767.1M$767.1M2020+12%2021: $1.0B$1.0B2021+32%2022: $992.1M$992.1M2022−2%2023: $935.8M$935.8M2023−6%2024: $889.9M$889.9M2024−5%2025: $1.3B$1.3B2025+46%
Gross profit8910117$429.1M in 2025+203% since 2019
0$200.0M$400.0M$600.0M2019: $141.8M$141.8M20192020: $165.1M$165.1M2020+16%2021: $240.3M$240.3M2021+46%2022: $192.7M$192.7M2022−20%2023: $184.8M$184.8M2023−4%2024: $192.1M$192.1M2024+4%2025: $429.1M$429.1M2025+123%
Operating income8910117-$399.0M in 2025+2636% since 2019
-$400.0M-$200.0M0$200.0M2019: -$14.6M-$14.6M20192020: $10.2M$10.2M20202021: $34.6M$34.6M2021+240%2022: -$13.5M-$13.5M20222023: -$8.6M-$8.6M2023−36%2024: -$12.6M-$12.6M2024+46%2025: -$399.0M-$399.0M2025+3057%
Net income8910117-$517.1M in 2025+2421% since 2019
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$20.5M-$20.5M20192020: $4.4M$4.4M20202021: $11.0M$11.0M2021+152%2022: -$24.6M-$24.6M20222023: $10.2M$10.2M20232024: -$711.0K-$711.0K20242025: -$517.1M-$517.1M2025+72624%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue$1.3B$889.9M$935.8M
Traffic acquisition costs$770.8M$653.7M$708.4M
Other cost of revenue$100.6M$44.0M$42.6M
Total cost of revenue$871.4M$697.8M$751.0M
Gross profit$429.1M$192.1M$184.8M
Research and development$43.6M$37.0M$36.0M
Sales and marketing$277.3M$96.9M$96.0M
General and administrative$124.1M$70.1M$57.9M
Impairment of intangible assets$15.6M$0$0
Goodwill impairment$352.1M$0$0
Restructuring charges$15.3M$742.0K$3.5M
Total operating expenses$828.1M$204.7M$193.4M
Loss from operations-$399.0M-$12.6M-$8.6M
Gain on repurchase of long-term debt$1.2M$8.8M$22.6M
Interest expense-$75.1M-$3.6M-$5.4M
Other (expense) income and interest income, net-$4.8M$9.2M$7.8M
Total other (expense) income, net-$78.7M$14.3M$25.0M
(Loss) income before provision for income taxes-$477.7M$1.7M$16.4M
Provision for income taxes$39.4M$2.4M$6.1M
Net (loss) income-$517.1M-$711.0K$10.2M
Basic (in shares)90.9M shares49.3M shares50.9M shares
Diluted (in shares)90.9M shares52.7M shares57.0M shares
Basic (in usd per share)-$5.69-$0.01$0.20
Diluted (in usd per share)-$5.69-$0.11-$0.06

Compare Outbrain with another company

The story

Outbrain first marketed its content discovery platform in 2006.

It was founded by Yaron Galai and Ori Lahav, who were both officers in the Israeli Navy. Galai sold his company Quigo to AOL in 2007 for $363 million. Lahav worked at Shopping.com, acquired by eBay in 2005.

The company is headquartered in New York with global offices in London, San Francisco, Chicago, Washington, D.C., Cologne, Gurugram, Paris, Ljubljana, Munich, Milan, Madrid, Tokyo, São Paulo, Netanya, Singapore, and Sydney.

Outbrain went public in July 2021. The company offered 8 million shares in the IPO, bringing in $160 million.

Mergers and acquisitions

Outbrain has acquired 6 companies—related content recommendation platform, Surphace (February 2011), content curation platform, Scribit (December 2012), and predictive analytics company, Visual Revenue (March 2013). In early 2016, Outbrain acquired technology company Revee. In July 2017, Outbrain acquired Zemanta. In February 2019, Outbrain acquired Ligatus.

In October 2019, Outbrain announced its intention to merge with Taboola under the Taboola brand. In September 2020, Taboola and Outbrain ceased merger discussions.

In August 2024, Outbrain and Teads announced plans to merge in "an approximately $1 billion transaction".

In February 2025, Outrain announced the closing of its acquisition of Teads, following receipt of all necessary regulatory approvals. Following Outbrain’s acquisition of Teads in February 2025, they announced in June that the combined company has completed its corporate renaming from “Outbrain Inc.” to “Teads Holding Co.”

From Wikipedia’s article on Outbrain, shared under CC BY-SA 4.0.6

Leadership

Who has led Outbrain, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Asaf Porat2024–now
2010201520202025
Board members and other officers (19)

Products and brands

Products

Outbrain is a native advertising company. It uses targeted advertising to recommend articles, slideshows, blog posts, photos or videos to a reader. Some of the content recommended by Outbrain link to publisher's own content, while others link to other sites.

As of March 2019, Outbrain's promoted articles are found on 108,121 websites. In 2020, Outbrain delivered an average of 10 billion recommendations daily for over 20,000 advertisers.

Business model

Advertisers typically pay on a pay-per-click basis and publishers generate income from external clicks. Approximately 75% of that revenue is paid to the site or app which presented the Outbrain link. Outbrain shares advertising revenue with publishers who implement their feeds or links on their sites, which are sometimes referred to as chumboxes.

From Wikipedia’s article on Outbrain, shared under CC BY-SA 4.0.6

Former names

  • Outbrain Inc.Feb 2, 2009 to Jun 9, 20255

Timeline

  1. Jul 22, 2021New chief executive David Kostman becomes CEO14
  2. Jul 22, 2021New chief executive Yaron Galai becomes CEO15
  3. 2006Founded Founded1

Filings

329 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 202 insider forms, 16 large holders, 31 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Oct 2, 20263 EDGAR
  3. Oct 1, 20268-K EDGAR
  4. Sep 9, 20264 EDGAR
  5. Sep 9, 20264 EDGAR
  6. Aug 14, 20268-K EDGAR
  7. Aug 7, 202610-Q EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Aug 3, 20268-K EDGAR
  10. Jun 9, 20264 EDGAR
  11. Jun 9, 20264 EDGAR
  12. Jun 9, 20264 EDGAR
  13. Jun 8, 20268-K EDGAR
  14. Jun 2, 20264 EDGAR
  15. May 20, 20264 EDGAR
  16. May 18, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 18, 20264 EDGAR

The 329 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 16 such filings since October 2021, the latest 10:

  1. Oct 14, 2025SCHEDULE 13G/A
  2. Apr 9, 2025SCHEDULE 13G/A
  3. Mar 31, 2025SCHEDULE 13G/A
  4. Feb 10, 2025SCHEDULE 13D
  5. Nov 7, 2024SC 13G/A
  6. Oct 4, 2024SC 13G/A
  7. Aug 7, 2024SC 13G
  8. Feb 8, 2024SC 13G/A
  9. Feb 2, 2024SC 13G
  10. May 9, 2023SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 84. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Value Base Ltd.5,752,107$4.4M2.7%No change
Whitefort Capital Management, LP4,609,163$3.5M0.9%+999,060
Vanguard Capital Management LLC1,582,009$1.2M0.0%−85,751
Aqr Capital Management LLC1,041,321$798.6K0.0%+309,140
Susquehanna International Group, Llp1,008,138$773.1K0.0%+168,159
BlackRock, Inc.863,741$662.4K0.0%−1,796,297
Millennium Management LLC456,573$350.1K0.0%New
Bridgeway Capital Management, LLC449,901$345.0K0.0%+15,534
Geode Capital Management, LLC404,687$310.4K0.0%−543,373
Bank Of America Corp /de/375,022$287.3K0.0%−6,749
Empowered Funds, LLC319,401$244.9K0.0%No change
Goldman Sachs Group Inc308,141$236.3K0.0%+105,820
Partners Capital Investment Group, Llp209,407$160.6K0.0%No change
Jane Street Group, LLC202,201$155.1K0.0%+117,895
Vanguard Fiduciary Trust Co188,923$144.9K0.0%−13,272
State Street Corp174,190$133.6K0.0%−515,551
Two Sigma Investments, LP161,058$123.5K0.0%−50,381
Qube Research & Technologies Ltd125,832$96.5K0.0%+73,222
RBF Capital, LLC110,000$84.4K0.0%No change
Point72 Asset Management, L.P.96,272$73.8K0.0%New
Ieq Capital, LLC83,451$64.0K0.0%+48,555
Yelin Lapidot Holdings Management Ltd.79,959$61.3K0.0%−16,684
Evergreen Capital Management LLC79,532$61.0K0.0%No change
Jpmorgan Chase & Co65,620$52.3K0.0%+26,018
Northern Trust Corp67,490$51.8K0.0%−235,726

13F reports cover disclosed long positions in U.S. stocks only.