Trustpilot delivers strong FY25 growth with expanding margins and AI momentum

Trustpilot Group plc (LON:TRST) has announced its results for the year ended 31 December 2025.

Strong FY25 results supported by AI growth; profitability ahead of expectations

As the world’s largest open customer feedback platform, Trustpilot provides businesses with authentic customer insight and data needed to build trust in an AI-driven world. We monetise through a high-margin B2B subscription model that prioritises content integrity, delivering consistent growth as we capture a vast global market opportunity. Trustpilot is the trust platform for an AI world.

* Alternative performance measures (‘APMs’) – further detail available in note 3 on page 28;
** See page 3 for the definition of LTM Net Dollar Retention rate and constant currency

Financial Highlights

•      Strong bookings momentum: Growth of 18% constant currency** (“cc”) to $291.4 million (FY24: $239.0 million) with momentum accelerating in H2 particularly across Enterprise and North America;

•      Robust retention: LTM Net Dollar Retention rate** of 102% (FY24: 103%) underpinned by improved gross retention of 87% (FY24: 85%), offset by the annualisation of the package migration in 2024;

•      Revenue up 20% cc: Driven by strong retention and the compounding effect of bookings;

•      Profitability ahead of expectations: Adjusted EBITDA of $40.7 million with margin expanded to 15.6% (FY24: 11.4%), with operating profit up 320% to $16.0 million demonstrating continued operating leverage and Enterprise customer growth alongside investment in the product;

•      Strong cash generation: Adjusted free cash flow up 173% to $46.6 million driven by growing profitability and improved working capital with operating cash flow up 102%;

•      Capital allocation: Completed $71.6 million of share buybacks in the period. Given confidence in future cash generation and closing cash position of $47.6 million after the buyback, we intend to buyback a further £22.5 million (c.$30 million) of shares, with a further £7.5m provided to the employee benefit trust (EBT) to satisfy future share awards;

•      FY26 Outlook: Revenue is expected to grow high-teens cc reflecting strong 2025 bookings and we expect a 2-3ppt improvement in adjusted EBITDA margin driven by operating leverage;

•      Medium term growth target: Continue to expect to deliver at least mid-teens revenue growth each year and, given the opportunity AI offers our business and operating leverage, expect to reach 25% adjusted EBITDA margins in 2028 and 30% in 2030.

•      CFO succession: At an advanced stage in appointing a successor for Hanno Damm.

Strategic and Operational Highlights

•      AI leadership: Strategic focus has driven a dramatic rise in Large Language Models (LLM) exposure, with click-throughs from AI search up 1490%  YoY.

◦      Trustpilot  ranked as the 5th most cited domain globally on ChatGPT in January 2026 according to Promptwatch. This means ChatGPT has directly referenced, linked to, or cited Trustpilot as a source of information when answering a user’s prompt;

•      Product innovation: Released significant enhancements to company profile pages, improving consumer engagement and Answer Engine Optimisation (AEO) readiness with new features for businesses including Review Follow Up and Data Solutions;

•      Accelerated platform momentum: Driving deeper penetration across our addressable market particularly with larger Enterprise customers that fuel the growth fly-wheel;

◦      35% increase in the number of customers paying over $20k per year;

◦      Reviews on the platform up 20%;

◦      Inaugural US “Write A Review Week” achieved a 63% YoY increase in unique visitors and catalysed commercial momentum.

Trust & Transparency

•      Evolving landscape: With the advent of AI, the trust landscape continues to evolve. We are seeing increased fake review volume, along with the wider industry. As a consequence, we are deploying ever more sophisticated technology, leveraging AI, to enforce our guidelines and ensure we remain at the forefront of industry best practice through investment in our proprietary detection technology.

•      Integrity at scale: In FY25 our proprietary AI fraud detection models removed 7.8 million fake reviews, safeguarding the platform’s utility as the global standard for consumer trust.

•      Trust teach-in: We will hold a Trust teach-in on 6 May 2026 to provide more detail on how we protect the platform.

Adrian Blair, CEO, commented: 

“As AI reshapes how consumers search and make decisions, authentic human feedback has never been more critical. As the world’s largest open customer feedback platform, Trustpilot is at the centre of this shift. We have seen a dramatic rise in the visibility of Trustpilot in AI models, given the immense scale, recency and authenticity of the feedback we host. By integrating AI-powered innovation and optimising for large language models, we are not just participating in this new era – we are helping drive it. Trust is the foundation of our business – alongside investment in AI we continue to invest in the technology, team and expertise required to safeguard the integrity of the platform.

“We delivered an excellent performance in 2025, achieving  18% constant currency bookings growth, with momentum accelerating in H2 driven by Enterprise growth, and a 4.2 ppt improvement in adjusted EBITDA margin, ahead of expectations. This performance demonstrates the inherent operating leverage in our model. We enter the new financial year with clear strategic momentum and continued confidence in our growth roadmap.”

1. Bookings is defined as the annual contract value of contracts signed or renewed in a given period. Nearly all of Trustpilot’s contracts with customers have a duration of twelve months and, in the event a contract length exceeds a 12-month term, the value is adjusted to the 12-month equivalent for the purpose of calculating bookings. Bookings are a leading indicator of future revenue.
2. Adjusted diluted EPS is profit after tax, excluding share based payments and associated social security costs, foreign exchange gains or losses and transaction costs which are adjusted for their tax impact, divided by the weighted average number of shares including potential Ordinary Shares as a result of options and warrants.
3. Annual recurring revenue (‘ARR’) is defined as the annual value of subscription contracts measured on the final day of a reporting period.
4. LTM Net Dollar Retention Rate is defined as the annual contract value of all subscription renewals in the last twelve months divided by the annual contract value of subscriptions expiring in the last twelve months. LTM Net dollar retention includes the total value of subscriptions with existing subscribing customers and includes any expansion of contract value with existing subscribing customers through upsell, cross-sell, price expansion or win back. Twelve months of data is used as nearly all subscriptions are twelve months in duration, ensuring the appropriate alignment of renewal activities.
5. The total number of service reviews on Trustpilot’s platform as at 31 December.
6. The current analyst consensus for FY26 constant currency revenue growth is 16%. Mean consensus adjusted EBITDA is $48.5 million. This is based on company compiled consensus of 13 analysts, as published on 3 March 2026.
7. TrustBox impressions are the number of customer webpage loads with an embedded TrustBox, but the consumer doesn’t necessarily see the TrustBox.
8. Trust measured as the average monthly star rating of all active reviews received on the Trustpilot company profile page in the year. This differs from the TrustScore which is a lagging indicator. 
9. Average annual contract value (‘AACV’) per customer defined as total annual bookings for the year to 31 December 2025 divided by the total number of subscribing customers at the period end.