Fluent

Revenue and margin

Bars: revenue, $B (10-K). Years where the filing's revenue line isn't comparable are left out of the line.

What they told investors

“In the second half of 2026, we are committed to testing and learning, proving at the consumer experience, the measurement, and the advertiser return on ad spend.”Donald Patrick · 2026 Q2 · transcript

“So companies that have -- partners that have left our competitors that have come to us, we've been able to do head-to-head tests, and we've been able to prove not only do we provide superior revenue to the media partners we're working with, but we'll drive better quality…”management · 2026 Q1 · transcript

“We expect commerce media to become the majority of our revenue as we move into 2026.”Don Patrick · 2025 Q2 · transcript

“Commerce media is projected to grow over $100 billion over the next five years and is expected to account for 25% of all digital media spend in 2026.”Don Patrick · 2025 Q2 · transcript

“We added 15 new partners to our commerce media platform since the beginning of Q2.”Don Patrick · 2025 Q2 · transcript

What they see in the market

What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.

• Retail media “We continue to add world-class partners to our Commerce Media network in Q2.” Donald Patrick on the earnings call · Aug 17, 2026 · source
• Programmatic & display “We directly, when we look at our ability to drive those results, come from our core first-party data asset, which has been built over 16 years, and all the campaign data that we have with our advertisers that we understand deeply about their audiences and how we build it, and…” Donald Patrick on the earnings call · Aug 17, 2026 · source
• CRM, loyalty & first-party data “The first-party data, performance marketing expertise, and consumer and advertising relationships we built there are the competitive advantages we're now leveraging to deliver superior, measurable results for commerce partners.” Donald Patrick on the earnings call · Aug 17, 2026 · source
• Affiliate & lead gen “We access these consumers through both our commerce media marketplace ("Commerce Media Solutions"), which delivers targeted advertising within e-commerce and digital media transaction flows on partner sites and mobile apps, and our owned and operated digital media properties…” 10-Q · Aug 13, 2026 · source
• Paid social · Influencers & creators “Through AdParlor, LLC d/b/a Trevant ("Trevant"), our wholly owned subsidiary, we conduct our non-core business, which offers advertiser clients a managed service for creator marketing and media buying on different social platforms.” 10-Q · Aug 13, 2026 · source

Peers