Ibotta Financials
This page shows Ibotta (IBTA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ibotta has an operating margin of -0.3%, meaning the company retains $-0 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is down from 7.6% the prior year.
Ibotta's revenue declined 6.8% year-over-year, from $367.3M to $342.4M. This contraction results in a growth score of 22/100.
Ibotta carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Ibotta's current ratio of 1.96 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Ibotta converts 21.9% of revenue into free cash flow ($75.0M). This strong cash generation earns a score of 80/100.
Ibotta generates a 1.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 14/100. This is down from 15.0% the prior year.
Ibotta passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ibotta generates $26.65 in operating cash flow ($95.3M OCF vs $3.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ibotta earns $-1.7 in operating income for every $1 of interest expense (-$841K vs $500K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ibotta generated $342.4M in revenue in fiscal year 2025. This represents a decrease of 6.8% from the prior year.
Ibotta's EBITDA was $7.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.2% from the prior year.
Ibotta reported $3.6M in net income in fiscal year 2025. This represents a decrease of 94.8% from the prior year.
Ibotta earned $0.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 95.3% from the prior year.
Cash & Balance Sheet
Ibotta generated $75.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 34.8% from the prior year.
Ibotta held $186.6M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Ibotta's gross margin was 79.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.1 percentage points from the prior year.
Ibotta's operating margin was -0.3% in fiscal year 2025, reflecting core business profitability. This is down 7.8 percentage points from the prior year.
Ibotta's net profit margin was 1.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.7 percentage points from the prior year.
Ibotta's ROE was 1.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.8 percentage points from the prior year.
Capital Allocation
Ibotta invested $61.1M in research and development in fiscal year 2025. This represents a decrease of 3.5% from the prior year.
Ibotta spent $233.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 643.8% from the prior year.
Ibotta invested $20.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2229.9% from the prior year.
IBTA Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $88.5M+6.3% | $83.3M-3.2% | $86.0M+1.7% | $84.6M-14.0% | $98.4M-0.2% | $98.6M+12.2% | $87.9M+6.8% | $82.3M |
| Cost of Revenue | $18.9M+10.2% | $17.1M-4.4% | $17.9M+4.9% | $17.1M+12.8% | $15.2M+24.5% | $12.2M-0.9% | $12.3M+16.8% | $10.5M |
| Gross Profit | $69.6M+5.3% | $66.1M-2.9% | $68.1M+0.9% | $67.5M-18.9% | $83.2M-3.7% | $86.4M+14.3% | $75.6M+5.3% | $71.8M |
| R&D Expenses | $14.2M+1.6% | $14.0M-4.9% | $14.7M-18.4% | $18.1M+14.2% | $15.8M-2.9% | $16.3M-7.1% | $17.5M+28.5% | $13.6M |
| SG&A Expenses | $22.1M-1.5% | $22.5M+0.9% | $22.3M+4.1% | $21.4M+5.6% | $20.2M-1.9% | $20.6M-28.1% | $28.7M+118.2% | $13.2M |
| Operating Income | -$1.6M-169.4% | $2.4M+91.1% | $1.2M+144.2% | -$2.8M-121.6% | $13.0M-37.4% | $20.7M+195.6% | -$21.7M-236.2% | $15.9M |
| Interest Expense | N/A | N/A | N/A | N/A | $61K+56.4% | $39K-94.4% | $700K-75.0% | $2.8M |
| Income Tax | $1.2M-66.5% | $3.7M+169.9% | $1.4M+2013.9% | -$72K+99.9% | -$59.2M-850.2% | $7.9M+100.4% | $3.9M+27.0% | $3.1M |
| Net Income | -$1.0M-165.4% | $1.5M-38.4% | $2.5M+348.6% | $555K-99.3% | $76.2M+341.9% | $17.2M+150.8% | -$34.0M-465.3% | $9.3M |
| EPS (Diluted) | N/A | $0.05-37.5% | $0.08+300.0% | $0.02 | N/A | $0.51+138.6% | $-1.32-500.0% | $0.33 |
IBTA Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $525.9M-7.6% | $569.4M-5.2% | $600.8M-6.0% | $639.3M-5.8% | $678.4M+13.4% | $598.3M+7.6% | $556.0M+72.7% | $322.1M |
| Current Assets | $407.9M-10.4% | $455.5M-5.6% | $482.6M-8.6% | $528.0M-9.2% | $581.7M+1.0% | $576.1M+7.8% | $534.2M+78.0% | $300.1M |
| Cash & Equivalents | $186.6M-16.4% | $223.3M-10.9% | $250.5M-15.7% | $297.1M-14.9% | $349.3M+2.3% | $341.3M+7.4% | $317.9M+299.8% | $79.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $208.7M-1.9% | $212.8M+1.8% | $209.0M+1.4% | $206.2M-6.7% | $220.9M-3.0% | $227.8M+9.0% | $209.0M+1.3% | $206.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $238.3M-0.7% | $239.8M-2.8% | $246.7M+3.6% | $238.0M+7.6% | $221.1M+0.4% | $220.3M+12.2% | $196.3M-29.4% | $278.0M |
| Current Liabilities | $207.8M+0.6% | $206.5M+1.2% | $204.0M+3.8% | $196.5M-3.8% | $204.2M-3.5% | $211.5M+11.2% | $190.2M+4.7% | $181.7M |
| Long-Term Debt | $0 | N/A | N/A | N/A | $0 | $0 | $0-100.0% | $65.3M |
| Total Equity | $287.7M-12.7% | $329.6M-6.9% | $354.1M-11.7% | $401.3M-12.2% | $457.3M+21.0% | $378.0M+5.1% | $359.7M+715.7% | $44.1M |
| Retained Earnings | -$136.9M-0.7% | -$135.9M+1.1% | -$137.4M+1.8% | -$139.9M+0.4% | -$140.4M+35.2% | -$216.6M+7.4% | -$233.9M-17.0% | -$199.9M |
IBTA Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.8M+27.8% | $21.8M-15.9% | $25.9M+30.2% | $19.9M-9.7% | $22.0M-44.4% | $39.5M+12.9% | $35.0M+80.8% | $19.4M |
| Capital Expenditures | $7.5M+3.8% | $7.2M+99.9% | $3.6M+91.4% | $1.9M+776.9% | $216K-28.5% | $302K+50.2% | $201K+32.2% | $152K |
| Free Cash Flow | $20.3M+39.8% | $14.5M-34.7% | $22.2M+23.7% | $18.0M-17.5% | $21.8M-44.5% | $39.2M+12.7% | $34.8M+81.2% | $19.2M |
| Investing Cash Flow | -$11.2M-0.1% | -$11.2M-59.4% | -$7.0M-40.9% | -$5.0M-95.2% | -$2.5M+11.2% | -$2.9M-23.5% | -$2.3M+5.9% | -$2.5M |
| Financing Cash Flow | -$53.4M-41.0% | -$37.8M+42.5% | -$65.8M+1.9% | -$67.0M-508.1% | -$11.0M+16.9% | -$13.3M-106.4% | $205.7M+2285022.2% | $9K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $54.8M+44.2% | $38.0M-46.0% | $70.4M+0.9% | $69.8M+344.2% | $15.7M+0.6% | $15.6M | $0 | $0 |
IBTA Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.6%-0.8pp | 79.4%+0.3pp | 79.2%-0.6pp | 79.8%-4.8pp | 84.6%-3.1pp | 87.7%+1.6pp | 86.0%-1.2pp | 87.2% |
| Operating Margin | -1.8%-4.7pp | 2.8%+1.4pp | 1.4%+4.8pp | -3.3%-16.5pp | 13.2%-7.8pp | 21.0%+45.6pp | -24.6%-44.0pp | 19.3% |
| Net Margin | -1.1%-3.0pp | 1.8%-1.0pp | 2.9%+2.2pp | 0.7%-76.8pp | 77.4%+59.9pp | 17.5%+56.1pp | -38.6%-49.9pp | 11.3% |
| Return on Equity | -0.4%-0.8pp | 0.5%-0.2pp | 0.7%+0.6pp | 0.1%-16.5pp | 16.7%+12.1pp | 4.6%+14.0pp | -9.4%-30.5pp | 21.1% |
| Return on Assets | -0.2%-0.5pp | 0.3%-0.1pp | 0.4%+0.3pp | 0.1%-11.1pp | 11.2%+8.3pp | 2.9%+9.0pp | -6.1%-9.0pp | 2.9% |
| Current Ratio | 1.96-0.2 | 2.21-0.2 | 2.37-0.3 | 2.69-0.2 | 2.85+0.1 | 2.72-0.1 | 2.81+1.2 | 1.65 |
| Debt-to-Equity | 0.00-0.7 | 0.73+0.0 | 0.70+0.1 | 0.59+0.6 | 0.000.0 | 0.000.0 | 0.00-1.5 | 1.48 |
| FCF Margin | 22.9%+5.5pp | 17.4%-8.4pp | 25.8%+4.6pp | 21.2%-0.9pp | 22.1%-17.7pp | 39.8%+0.2pp | 39.6%+16.3pp | 23.3% |
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Frequently Asked Questions
What is Ibotta's annual revenue?
Ibotta (IBTA) reported $342.4M in total revenue for fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ibotta's revenue growing?
Ibotta (IBTA) revenue declined by 6.8% year-over-year, from $367.3M to $342.4M in fiscal year 2025.
Is Ibotta profitable?
Yes, Ibotta (IBTA) reported a net income of $3.6M in fiscal year 2025, with a net profit margin of 1.0%.
What is Ibotta's EBITDA?
Ibotta (IBTA) had EBITDA of $7.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ibotta have?
As of fiscal year 2025, Ibotta (IBTA) had $186.6M in cash and equivalents against $0 in long-term debt.
What is Ibotta's gross margin?
Ibotta (IBTA) had a gross margin of 79.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ibotta's operating margin?
Ibotta (IBTA) had an operating margin of -0.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ibotta's net profit margin?
Ibotta (IBTA) had a net profit margin of 1.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ibotta's return on equity (ROE)?
Ibotta (IBTA) has a return on equity of 1.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ibotta's free cash flow?
Ibotta (IBTA) generated $75.0M in free cash flow during fiscal year 2025. This represents a -34.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ibotta's operating cash flow?
Ibotta (IBTA) generated $95.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ibotta's total assets?
Ibotta (IBTA) had $525.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ibotta's capital expenditures?
Ibotta (IBTA) invested $20.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ibotta spend on research and development?
Ibotta (IBTA) invested $61.1M in research and development during fiscal year 2025.
What is Ibotta's current ratio?
Ibotta (IBTA) had a current ratio of 1.96 as of fiscal year 2025, which is generally considered healthy.
What is Ibotta's debt-to-equity ratio?
Ibotta (IBTA) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ibotta's return on assets (ROA)?
Ibotta (IBTA) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ibotta's Piotroski F-Score?
Ibotta (IBTA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ibotta's earnings high quality?
Ibotta (IBTA) has an earnings quality ratio of 26.65x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ibotta cover its interest payments?
Ibotta (IBTA) has an interest coverage ratio of -1.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ibotta?
Ibotta (IBTA) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.