Trustpilot posts stronger profits and cash flow as AI-driven engagement boosts reviews

Trustpilot (LSE:TRST) delivered strong full-year 2025 results, with bookings increasing 18% at constant currency to $291.4m and revenue rising 20% to $261.1m. Growth was supported by high customer retention, expansion among enterprise clients and particularly strong performance in North America. Profitability improved significantly, with adjusted EBITDA jumping 69% to $40.7m and margins expanding by 4.2 percentage points to 15.6%. Operating profit increased more than fourfold, while free cash flow rose sharply, enabling the company to accelerate share buybacks. Management also guided for continued high-teens revenue growth and further margin improvement.

The company is positioning itself to benefit from the growing role of artificial intelligence in online search and discovery. Trustpilot reported a sharp rise in its visibility across large language models and AI-driven search platforms, while rolling out new product features for business customers. Platform engagement continued to increase, with a growing number of high-value enterprise clients and a 20% rise in total reviews. At the same time, the company expanded its AI-based fraud detection capabilities, removing 7.8 million fake reviews during 2025 to maintain platform credibility. Management views trust and data integrity as central to its competitive advantage, with long-term targets to raise adjusted EBITDA margins to 25% by 2028 and 30% by 2030.

The company’s outlook is supported by improving financial performance, strong growth and healthy cash generation. However, valuation remains a key concern, with the shares trading at a very high P/E ratio of around 1051. Technical indicators also suggest overbought conditions, including an elevated RSI and stochastic reading, despite the broader positive price trend.

More about Trustpilot Group Plc

Trustpilot Group plc operates one of the world’s largest open customer feedback platforms, providing online review and trust solutions to businesses through a high-margin B2B subscription model. The platform enables companies to gather verified consumer feedback and insights, helping enterprises manage reputation and build trust with customers globally. Trustpilot positions its data and review ecosystem as a critical trust layer in an increasingly AI-driven digital economy.