Trustpilot posts strong H1 growth, launches £30m buyback
Trustpilot delivered a strong performance in the first half of 2025, reporting solid revenue growth, improved profitability, and record enterprise customer wins.
Revenue rose 23% year-on-year to $122.8 million, or 21% at constant currency, while bookings climbed 17% to $140 million. Annual recurring revenue increased 29% to $273 million. Profit before tax jumped 45% to $3.7 million, although EPS fell due to the absence of a one-off tax credit seen last year.
The company’s net dollar retention rate improved to 103%, up from 101% a year earlier, supported by enterprise expansion and ongoing product innovation. Adjusted EBITDA surged 70% to $18 million, with margins improving by four points to 14.6%. Adjusted free cash flow more than doubled to $15 million.
Trustpilot also secured high-profile enterprise customers, including Barclays, Boots, Lindt, and Vimeo. Customers paying over $20,000 annually have grown at a 38% compound annual rate over the past two years. Review volumes rose 22%, while TrustBox impressions increased 18% year-on-year.
CEO Adrian Blair said the results highlight the strength of Trustpilot’s platform and business model. He pointed to innovations such as AI review summaries and semantic search, which are enhancing the consumer experience, while greater efficiency from AI adoption is helping margins and cash generation.
The company reaffirmed its guidance of high-teens revenue growth for the year and expects full-year EBITDA margins to remain in line with the first half. To reflect strong cash generation, Trustpilot also announced a £30 million ($40 million) share buyback program.
