# Native Advertising Statistics 2026: Taboola, Teads and Disclosure Research

Updated 2026-10-27. Checked by StatisticsGlobal editorial team. Taboola and Teads results releases and Taboola's Form 10-K, three academic studies and FTC guidance, 9 source documents, data for 2015 to 2026.
Canonical: https://statisticsglobal.org/native-advertising-statistics/

The two listed native advertising networks are moving in opposite directions. Taboola's revenue rose 2.4% to $476.8 million in Q2 2026, and its ex-TAC gross profit grew 11.8%. Teads, formerly Outbrain, saw revenue fall 17% to $284.6 million and suspended its guidance. Together they earned $3,212.5 million in 2025, by our calculation. No free source measures the whole native ad market. Research also shows most readers miss native ads. Only 9% of US adults recognised one as advertising in a 2017 experiment.

## Key statistics

- Taboola's revenue was $476.8 million in Q2 2026, up 2.4% year on year, according to Taboola.
- Teads' revenue was $284.6 million in Q2 2026, down 17% from $343.1 million a year earlier, according to Teads.
- Taboola and Teads earned $3,212.5 million in revenue combined in 2025, calculated by StatisticsGlobal from company data.
- Taboola's revenue growth beat Teads' by 19.5 percentage points in Q2 2026, calculated by StatisticsGlobal from company data.
- Only 9% of US adults shown a native ad recognised it as advertising in a 2017 experiment, according to Boston University and University of Georgia researchers.

## Native advertising market size

No free, current source counts total native ad spend. The IAB has no recent native report and the main market estimates sit behind paywalls. The clearest public numbers come from the two listed native networks, Taboola and Teads. They show the size of the open-web recommendation widget business, not native ads on social platforms.

Taboola and Teads earned $3,212.5 million in revenue combined in 2025, by our calculation. Taboola was the larger, with $1,912.0 million. Teads reported $1,300.5 million, up 46%, but most of that growth came from buying Teads in February 2025. It is not organic growth.

Revenue here is gross. A large part goes straight to publishers as traffic acquisition cost (TAC). After that payout, the two kept $1,243.2 million of ex-TAC gross profit in 2025. That is the better guide to the money the networks themselves make.

Native ads on Meta, TikTok or Google are not in these figures. For the wider market, see our [digital advertising statistics](https://statisticsglobal.org/digital-advertising-statistics/).

- Taboola and Teads earned $3,212.5 million in revenue combined in 2025, calculated by StatisticsGlobal from company data. Source: Taboola, Taboola Reports Strong Fourth Quarter & Full Year 2025 Financial Results (25 February 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-fourth-quarter-full-year-2025-financial
- Taboola's revenue was $1,912.0 million worldwide in 2025, up 8.3% from $1,766.2 million in 2024, according to Taboola. Source: Taboola, Taboola Reports Strong Fourth Quarter & Full Year 2025 Financial Results (25 February 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-fourth-quarter-full-year-2025-financial
- Teads' revenue was $1,300.5 million worldwide in 2025, up 46% after the Outbrain and Teads merger, according to Teads. Source: Teads, Teads Holding Co. Announces Fourth Quarter and Full Year 2025 Results (5 March 2026, accessed 27 October 2026) https://investors.teads.com/node/9141/pdf
- Taboola's network reached over 600 million people a day in 2025, according to Taboola's 2025 annual report. Source: Taboola, Form 10-K for the fiscal year ended 31 December 2025 (February 2026, accessed 27 October 2026) https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm

Table: Revenue and ex-TAC gross profit of the two listed native ad networks, 2025

| Network | 2025 revenue | Change | 2025 ex-TAC gross profit | Ex-TAC margin |
|---|---|---|---|---|
| Taboola | $1,912.0m | +8.3% | $713.5m | 37.3% |
| Teads (formerly Outbrain) | $1,300.5m | +46% (acquisition) | $529.7m | 40.7% |
| Combined | $3,212.5m | n/a | $1,243.2m | 38.7% |

Sources: Taboola and Teads full-year 2025 results releases, February and March 2026. Margins and totals calculated by StatisticsGlobal.

## Native ad platform revenue (Taboola, Teads)

The Q2 2026 results show a clear split. Taboola grew. Teads shrank.

Taboola's revenue rose 2.4% to $476.8 million in Q2 2026. Its ex-TAC gross profit grew much faster, by 11.8%. So it kept more of each dollar after paying publishers. Teads' revenue fell 17% to $284.6 million and its ex-TAC gross profit fell 14%. The growth gap between the two was 19.5 points.

Profit tells the same story. Taboola turned 28.8% of its ex-TAC gross profit into adjusted EBITDA. At Teads the figure was 5.7%, by our calculation, and adjusted EBITDA fell 74.1% to $7.0 million. Teads also lost $42.5 million and suspended its full-year guidance.

Combined revenue of the two fell 5.8% to $761.4 million, so the listed native market shrank in Q2 2026. Taboola's share of that total rose from 57.6% to 62.6%.

- Taboola's revenue was $476.8 million in Q2 2026, up 2.4% year on year, according to Taboola. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Taboola's ex-TAC gross profit was $192.4 million in Q2 2026, up 11.8% year on year, according to Taboola. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Taboola's adjusted EBITDA margin was 28.8% in Q2 2026, up from 26.2% a year earlier, according to Taboola. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Teads' revenue was $284.6 million in Q2 2026, down 17% from $343.1 million a year earlier, according to Teads. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Teads' ex-TAC gross profit was $123.4 million in Q2 2026, down 14%, with an ex-TAC margin of 43.4%, according to Teads. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Teads reported a net loss of $42.5 million in Q2 2026, compared with $14.3 million a year earlier, according to Teads. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Teads' adjusted EBITDA fell 74.1% to $7.0 million in Q2 2026, calculated by StatisticsGlobal from Teads data. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Taboola's revenue growth beat Teads' by 19.5 percentage points in Q2 2026, calculated by StatisticsGlobal from company data. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Taboola and Teads revenue fell 5.8% combined to $761.4 million in Q2 2026, calculated by StatisticsGlobal from company data. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Taboola earned 62.6% of the combined revenue of Taboola and Teads in Q2 2026, up from 57.6%, calculated by StatisticsGlobal from company data. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full

Table: Q2 2026 results of Taboola and Teads

| Metric | Taboola | Teads |
|---|---|---|
| Revenue | $476.8m (+2.4%) | $284.6m (-17%) |
| Ex-TAC gross profit | $192.4m (+11.8%) | $123.4m (-14%) |
| Ex-TAC margin | 40.3% (calculated) | 43.4% |
| Adjusted EBITDA | $55.5m (+22.8%) | $7.0m (-74.1%, calculated) |
| Net income (loss) | $4.3m | -$42.5m |
| Full-year guidance | Revenue $1,930m to $1,956m | Suspended |

Sources: Taboola Q2 2026 results release (5 August 2026) and Teads Q2 2026 results release (6 August 2026). Calculated figures by StatisticsGlobal.

## Native ad network reach and margins

The networks sit between advertisers and publishers. Their filings show how many of each they work with and how much of the ad money they keep.

Taboola worked with about 14,000 digital property partners and 2,200 Scaled Advertisers in 2025. Its ten largest advertisers made up less than 10% of network revenue, so its revenue is spread across many brands. Its largest publisher partners are Yahoo and Microsoft. Teads says it works directly with more than 10,000 publishers and 20,000 advertisers.

Taboola kept 37.3% of revenue as ex-TAC gross profit in 2025, down slightly from 37.8% in 2024. In Q2 2026 that rose to 40.3%. Teads runs a higher ex-TAC margin, 43.4% in Q2 2026. The higher margin did not protect its profit as revenue fell.

The two companies count partners differently. Taboola counts Scaled Advertisers with over $100,000 of spend. Teads gives a rounded total of direct relationships. The figures are not directly comparable.

- Taboola had about 14,000 digital property partners in Q4 2025, according to Taboola's 2025 annual report. Source: Taboola, Form 10-K for the fiscal year ended 31 December 2025 (February 2026, accessed 27 October 2026) https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm
- Taboola had about 2,200 Scaled Advertisers, each with over $100,000 of spend over four quarters, in 2025, according to Taboola. Source: Taboola, Form 10-K for the fiscal year ended 31 December 2025 (February 2026, accessed 27 October 2026) https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm
- Taboola's ten largest advertisers accounted for less than 10% of its network revenues in 2025, according to Taboola. Source: Taboola, Form 10-K for the fiscal year ended 31 December 2025 (February 2026, accessed 27 October 2026) https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm
- Teads was directly partnered with more than 10,000 publishers and 20,000 advertisers in 2026, according to Teads. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Taboola kept 37.3% of its revenue as ex-TAC gross profit in 2025, calculated by StatisticsGlobal from Taboola data. Source: Taboola, Taboola Reports Strong Fourth Quarter & Full Year 2025 Financial Results (25 February 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-fourth-quarter-full-year-2025-financial
- Taboola's ex-TAC margin rose to 40.3% in Q2 2026 from 37.0% a year earlier, calculated by StatisticsGlobal from Taboola data. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Teads kept 40.7% of its revenue as ex-TAC gross profit in 2025, calculated by StatisticsGlobal from Teads data. Source: Teads, Teads Holding Co. Announces Fourth Quarter and Full Year 2025 Results (5 March 2026, accessed 27 October 2026) https://investors.teads.com/node/9141/pdf
- Teads turned 5.7% of its ex-TAC gross profit into adjusted EBITDA in Q2 2026, against 28.8% at Taboola, calculated by StatisticsGlobal from company data. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf

## Native advertising growth trends

Guidance and segment data show where the networks expect growth in 2026.

Taboola cut its 2026 revenue range in August, from $1,993 million to $2,054 million down to $1,930 million to $1,956 million. The midpoint fell 4.0%. At the same time it raised its ex-TAC gross profit range. The new midpoint is 9.0% above 2025. Taboola expects less gross revenue but more profit per dollar.

Teads is betting on connected TV. CTV revenue grew 67% in Q2 2026 and reached 13% of total revenue, up 6 points in a year. For more on TV ad spend, see our [TV advertising statistics](https://statisticsglobal.org/tv-advertising-statistics/).

The Outbrain and Teads deal has been costly. Teads booked a $352.1 million goodwill impairment in Q4 2025. That charge made up about 68.1% of its 2025 net loss of $517.1 million, by our rough calculation.

- Taboola expected revenue of $1,930 million to $1,956 million for full-year 2026 in its August 2026 guidance, according to Taboola. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Taboola's 2026 revenue guidance midpoint fell 4.0% between February and August 2026, calculated by StatisticsGlobal from Taboola data. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Taboola's 2026 ex-TAC gross profit guidance midpoint was 9.0% above its 2025 result in August 2026, calculated by StatisticsGlobal from Taboola data. Source: Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance (5 August 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
- Taboola's adjusted EBITDA was $215.5 million in 2025, up 7.2% from $200.9 million in 2024, according to Taboola. Source: Taboola, Taboola Reports Strong Fourth Quarter & Full Year 2025 Financial Results (25 February 2026, accessed 27 October 2026) https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-fourth-quarter-full-year-2025-financial
- Teads' connected TV revenue grew 67% year on year in Q2 2026, reaching 13% of total revenue, according to Teads. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Connected TV's share of Teads revenue rose 6 percentage points to 13% in Q2 2026, calculated by StatisticsGlobal from Teads data. Source: Teads, Teads Holding Co. Announces Second Quarter 2026 Results (6 August 2026, accessed 27 October 2026) https://investors.teads.com/node/9396/pdf
- Teads recorded a $352.1 million non-cash goodwill impairment in Q4 2025, according to Teads. Source: Teads, Teads Holding Co. Announces Fourth Quarter and Full Year 2025 Results (5 March 2026, accessed 27 October 2026) https://investors.teads.com/node/9141/pdf
- Goodwill impairment made up 68.1% of Teads' $517.1 million net loss in 2025, calculated by StatisticsGlobal from Teads data. Source: Teads, Teads Holding Co. Announces Fourth Quarter and Full Year 2025 Results (5 March 2026, accessed 27 October 2026) https://investors.teads.com/node/9141/pdf

Table: Taboola full-year 2026 guidance, February vs August 2026 ($ million)

| Metric | February 2026 | August 2026 | Change in midpoint |
|---|---|---|---|
| Revenue | 1,993 to 2,054 | 1,930 to 1,956 | -4.0% |
| Ex-TAC gross profit | 753 to 774 | 772 to 783 | +1.8% |
| Adjusted EBITDA | 222 to 236 | 228 to 240 | +2.2% |

Sources: Taboola full-year 2025 and Q2 2026 results releases. Midpoint changes calculated by StatisticsGlobal.

## Can readers recognise native ads?

Peer-reviewed and legal research tests whether people can tell native ads from editorial content. Most cannot. Better labels help.

In a 2017 experiment with 800 US adults, only 9% recognised a sponsored article as advertising. A 2015 University of Georgia study found 7%, or 17 of 242 participants. The Yale Journal of Law and Technology study found a higher rate, 37%, but tested many formats. Regular ads were recognised 81% of the time, 44 points more.

The studies agree that wording matters most. Labels saying "advertising" or "sponsored content" made readers seven times more likely to spot the ad than "brand voice" or "presented by". In the 2017 experiment, highly explicit labels made recognition 3.66 times as likely, and prominent labels 1.97 times.

These are controlled tests with set examples. Recognition on a real news page with a widget of recommended links may differ. We found no free, recent study on native vs display click-through or attention that we could trace to a primary source. For click benchmarks, see our [click-through rate benchmarks](https://statisticsglobal.org/click-through-rate-benchmarks/).

- Only 9% of US adults shown a native ad recognised it as advertising in a 2017 experiment, according to Boston University and University of Georgia researchers. Source: Boston University and University of Georgia, The Effects of Native Advertising Disclosure Format on Audience Perceptions of Legacy and Online News Publishers (Journalism, 2018) (2018, accessed 27 October 2026) https://open.bu.edu/server/api/core/bitstreams/b31160f7-80a6-4717-a03c-0f509622edfe/content
- Highly explicit disclosure labels made native ad recognition 3.66 times as likely as vague labels in a 2017 US experiment, according to Boston University and University of Georgia researchers. Source: Boston University and University of Georgia, The Effects of Native Advertising Disclosure Format on Audience Perceptions of Legacy and Online News Publishers (Journalism, 2018) (2018, accessed 27 October 2026) https://open.bu.edu/server/api/core/bitstreams/b31160f7-80a6-4717-a03c-0f509622edfe/content
- Only 7% of participants, 17 of 242, identified a native article as advertising in a 2015 study, according to the University of Georgia. Source: University of Georgia, Despite growth, native advertising is still difficult for consumers to recognize (on Wojdynski and Evans, Journal of Advertising) (16 December 2015, accessed 27 October 2026) https://news.uga.edu/native-advertising-research-2015/
- Readers were seven times more likely to spot native ads labelled "advertising" or "sponsored content" than "brand voice" in 2015, according to the University of Georgia. Source: University of Georgia, Despite growth, native advertising is still difficult for consumers to recognize (on Wojdynski and Evans, Journal of Advertising) (16 December 2015, accessed 27 October 2026) https://news.uga.edu/native-advertising-research-2015/
- Only 37% of respondents identified native ads as paid content, against 81% for regular ads, in a 2017 study, according to the Yale Journal of Law and Technology. Source: Yale Journal of Law and Technology, Going Native: Can Consumers Recognize Native Advertising? Does it Matter? (19 Yale J.L. & Tech. 77) (2017 (volume 19), accessed 27 October 2026) https://yjolt.org/going-native-can-consumers-recognize-native-advertising-does-it-matter
- Regular ads were recognised as paid content 44 percentage points more often than native ads in a 2017 study, calculated by StatisticsGlobal from Yale Journal of Law and Technology data. Source: Yale Journal of Law and Technology, Going Native: Can Consumers Recognize Native Advertising? Does it Matter? (19 Yale J.L. & Tech. 77) (2017 (volume 19), accessed 27 October 2026) https://yjolt.org/going-native-can-consumers-recognize-native-advertising-does-it-matter

Table: Share of people who recognised native ads as advertising, by study

| Study | Year | Sample | Recognised native ad |
|---|---|---|---|
| Wojdynski and Evans, University of Georgia | 2015 | 242 participants (study 1) | 7% |
| Amazeen and Wojdynski, Boston University and UGA | 2017 | 800 US adults | 9% |
| Hyman, Franklyn and others, Yale J.L. & Tech. | 2017 | Online survey, 16 native ads | 37% (81% for regular ads) |

Sources: University of Georgia (December 2015), Journalism (2018), Yale Journal of Law and Technology volume 19.

## Native advertising disclosure rules

In the US, the FTC sets the rules. Its 2015 guidance is still the main reference.

The FTC published its Enforcement Policy Statement on Deceptively Formatted Advertisements and a business guide in December 2015. The guide works through 17 examples. It says terms likely to be understood include "Ad", "Advertisement", "Paid Advertisement" and "Sponsored Advertising Content".

The FTC calls "Promoted" and "Promoted Stories" at best ambiguous. It warns that "Sponsored by" or "Presented by" may suggest a sponsor paid for content without creating it. A logo alone is not enough. These warnings match the research above, where vague labels cut recognition sharply.

- The FTC native advertising guide for businesses gave 17 worked examples of disclosure in 2015, according to the US Federal Trade Commission. Source: US Federal Trade Commission, Native Advertising: A Guide for Businesses (December 2015, accessed 27 October 2026) https://www.ftc.gov/tips-advice/business-center/guidance/native-advertising-guide-businesses

## How these sources measure native advertising

The sources on this page measure very different things, so read each number within its own scope.

Taboola and Teads report worldwide, company-level figures. Revenue is gross, before payments to publishers. Ex-TAC gross profit is a non-GAAP measure the companies define themselves. Teads figures for 2025 include Legacy Teads only from 3 February 2025. Q2 2026 is the first quarter that compares like with like.

The research studies are US experiments and surveys with fixed examples, run between 2015 and 2017. They measure whether people label content as advertising, not whether they click or buy. The UGA figures come from the university's own summary of the Journal of Advertising paper.

Two sources, the Taboola and Teads Q2 2026 releases, had no public web archive copy, so we keep our own snapshot of the figures used. Taboola reports Q3 2026 results on 4 November 2026, and we will update this page after both companies report.


## Frequently asked questions

### How big is the native advertising market in 2026?

No free source measures the whole market. The two listed native networks, Taboola and Teads, earned $761.4 million combined in Q2 2026 and $3,212.5 million in 2025, by our calculation. Native ads on social platforms are not included.

### Is native advertising growing compared with last year?

Not at the listed networks. Combined Taboola and Teads revenue fell 5.8% in Q2 2026. Taboola grew 2.4%, but Teads fell 17%. Taboola's ex-TAC gross profit still grew 11.8%.

### Why is Teads shrinking while Taboola grows?

Teads is still absorbing the Outbrain and Teads merger. It booked a $352.1 million goodwill impairment in Q4 2025 and suspended its 2026 guidance. Its connected TV revenue grew 67% in Q2 2026, but that is only 13% of revenue.

### What is the forecast for native advertising in 2026?

Taboola expects 2026 revenue of $1,930 million to $1,956 million, a midpoint 1.6% above 2025. It expects ex-TAC gross profit of $772 million to $783 million. Teads gives no full-year guidance.

### Can people tell native ads from articles?

Mostly not. Only 9% of US adults recognised a native ad in a 2017 experiment, and 7% in a 2015 study. A 2017 Yale study found 37%, against 81% for regular ads.

### What label should native ads use?

The FTC says "Ad", "Advertisement", "Paid Advertisement" or "Sponsored Advertising Content" are likely to be understood. It calls "Promoted" ambiguous. Research found labels saying "advertising" made readers seven times more likely to spot the ad than "brand voice".

## Sources

1. Taboola, Taboola Reports Strong Q2 2026 Financial Results, & Raises Full-Year ex-TAC Gross Profit and Adjusted EBITDA Guidance, 5 August 2026, accessed 27 October 2026. https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-q2-2026-financial-results-raises-full
2. Teads, Teads Holding Co. Announces Second Quarter 2026 Results, 6 August 2026, accessed 27 October 2026. https://investors.teads.com/node/9396/pdf
3. Taboola, Taboola Reports Strong Fourth Quarter & Full Year 2025 Financial Results, 25 February 2026, accessed 27 October 2026. https://investors.taboola.com/news-releases/news-release-details/taboola-reports-strong-fourth-quarter-full-year-2025-financial
4. Boston University and University of Georgia, The Effects of Native Advertising Disclosure Format on Audience Perceptions of Legacy and Online News Publishers (Journalism, 2018), 2018, accessed 27 October 2026. https://open.bu.edu/server/api/core/bitstreams/b31160f7-80a6-4717-a03c-0f509622edfe/content
5. Teads, Teads Holding Co. Announces Fourth Quarter and Full Year 2025 Results, 5 March 2026, accessed 27 October 2026. https://investors.teads.com/node/9141/pdf
6. Taboola, Form 10-K for the fiscal year ended 31 December 2025, February 2026, accessed 27 October 2026. https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm
7. University of Georgia, Despite growth, native advertising is still difficult for consumers to recognize (on Wojdynski and Evans, Journal of Advertising), 16 December 2015, accessed 27 October 2026. https://news.uga.edu/native-advertising-research-2015/
8. Yale Journal of Law and Technology, Going Native: Can Consumers Recognize Native Advertising? Does it Matter? (19 Yale J.L. & Tech. 77), 2017 (volume 19), accessed 27 October 2026. https://yjolt.org/going-native-can-consumers-recognize-native-advertising-does-it-matter
9. US Federal Trade Commission, Native Advertising: A Guide for Businesses, December 2015, accessed 27 October 2026. https://www.ftc.gov/tips-advice/business-center/guidance/native-advertising-guide-businesses