CDLX Report: 3.8.2026

4Q25 earnings (notes and thoughts), new and returning advertisers, and updated WoW, QoQ, and YoY numbers.

In this week’s report:

1. Notes and thoughts on 4Q25 earnings.

   1. 4Q25 results and 1Q26 guidance.

   2. Sequential growth vs Chase restrictions (CDLX’s expectations on upcoming growth / restrictions vs 10-K disclosures).

   3. New partners (and where they are coming from).

   4. UK growth (considerations vs prepared remarks on the call).

   5. Use of AI (currently more focused on one aspect, and need to see more focus on the other side).

   6. Updates on tech debt and product-level offers.

2. New and returning advertisers.

3. Updated WoW, QoQ, and YoY numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, like buy / sell decisions).