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  4. [8-K] Ibotta, Inc. Reports Material Event

Ibotta Q3 revenue hits $97.8M, net loss is $3.5M

After quarter-end, promotions went live on the 7-Eleven and Speedway apps and at Festival Foods; 7NOW was expected to follow.

Available on EDGAR Accepted by SEC EDGAR
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(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Ibotta, Inc. reported third-quarter 2026 revenue of $97.8 million, up 17% year over year, with redemption revenue of $88.5 million, up 23%. Third-party publisher redemption revenue increased 43% to $70.7 million. Adjusted EBITDA was $23.8 million, up 43%, with a 24.3% margin; both revenue and adjusted EBITDA exceeded the upper ends of company guidance. GAAP results were a $3.5 million net loss versus $1.533 million net income in the prior-year quarter. The Ibotta Performance Network recorded 23.6 million redeemers, up 30%.

For fourth-quarter 2026, Ibotta projected revenue of $94 million to $98 million and adjusted EBITDA of $15 million to $17 million, with a 16.7% margin at the midpoint. During the quarter, it launched Ibotta-powered digital promotions across Giant Eagle supermarkets and digital platforms, including management of the grocer’s own shopper programs. Ibotta generated $22.0 million in cash from operating activities and $16.8 million in free cash flow during the quarter.

2 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

How the balance works

Positive

  • Moderate pointRevenue rose 17% to $97.8 million in Q3 2026.
  • Moderate pointAdjusted EBITDA increased 43% to $23.8 million in Q3 2026.

Negative

  • Moderate pointGAAP result: $3.5 million net loss versus $1.533 million income a year earlier.

Filing Explained

Ibotta reports it completed a third-quarter buyback of 0.4 million shares for $14.4 million, at an average $36.39 per share—a purchase of existing shares, not a new share issuance.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue $97.8 million Q3 2026; up 17% year over year
Redemption revenue $88.5 million Q3 2026; up 23% year over year
Third-party publisher redemption revenue $70.7 million Q3 2026; up 43% year over year
GAAP net loss $3.5 million Q3 2026; compared with $1.533 million net income in Q3 2025
Adjusted EBITDA $23.8 million Q3 2026; up 43% year over year
Redeemers 23.6 million redeemers Ibotta Performance Network, Q3 2026; up 30% year over year
Fourth-quarter revenue outlook $94 million to $98 million Fourth-quarter 2026 guidance
Fourth-quarter adjusted EBITDA outlook $15 million to $17 million Fourth-quarter 2026 guidance; 16.7% margin at the midpoint
Adjusted EBITDA financial
"delivered adjusted EBITDA of $23.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Ibotta Performance Network (IPN) technical
"platform that allows clients to deliver digital promotions to consumers"
A performance advertising network that connects brands with digital publishers and apps to deliver tracked offers, coupons, and cashback to consumers; it acts like a marketplace where advertisers pay when a desired action happens (for example, a sale or signup) and publishers earn for promoting those offers. Investors care because this model can drive predictable, measurable revenue and user engagement, affect customer acquisition costs, and scale a platform’s monetization much like a commission-based storefront.
Redeemer technical
"A consumer who has redeemed at least one digital offer"
A redeemer is an investor or holder who exercises a contract right to return a financial instrument—such as a bond, preferred share, warrant or coupon—in exchange for cash or another agreed benefit under the security’s terms. This matters to investors because redemptions change a company’s cash needs, debt levels or share count and can affect returns and valuation, much like returning a rented item triggers a refund or final charge that alters your account balance.
Free cash flow financial
"Free cash flow is defined as cash provided by operating activities"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Revenue $97.8 million Up 17% year over year
Net loss $3.5 million Compared with $1.533 million net income in Q3 2025
Adjusted EBITDA $23.8 million Up 43% year over year
Guidance

Fourth-quarter 2026 revenue of $94 million to $98 million and adjusted EBITDA of $15 million to $17 million, with a 16.7% adjusted EBITDA margin at the midpoint.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did IBTA report in Q3 2026?
Ibotta reported $97.8 million in revenue for Q3 2026, up 17% year over year. Redemption revenue was $88.5 million, up 23%, and third-party publisher redemption revenue was $70.7 million, up 43%.

Did IBTA make a profit in Q3 2026?
On a GAAP basis, Ibotta reported a $3.5 million net loss for Q3 2026, compared with $1.533 million of net income in Q3 2025. Non-GAAP net income was $16.0 million.

How many shares did IBTA repurchase in Q3 2026?
Ibotta repurchased 0.4 million shares for $14.4 million at an average price of $36.39 per share. The average price excludes broker commissions and excise tax.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001538379FALSE00015383792026-11-022026-11-02


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2026

Ibotta, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
001-42018
(Commission File Number)
35-2426358
(I.R.S. Employer
Identification Number)
1400 16th Street, Suite 600
Denver, Colorado
(Address of principal executive offices)
80202
(Zip Code)
303-593-1633
(Registrant’s telephone number, including area code)
Not Applicable
(Former address of principal executive offices, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.00001 par value per shareIBTANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition

On November 2, 2026, Ibotta, Inc. issued a press release announcing financial results for the quarter ended September 30, 2026. A copy of the release is furnished with this report as Exhibit 99.1.

The information contained in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
Exhibit No.Description
99.1
Press Release Issued by Ibotta, Inc. dated November 2, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IBOTTA, INC.
Date:November 2, 2026By:/s/ Matt Puckett
Matt Puckett
Chief Financial Officer
(Principal Financial Officer)



ibottalogo_updated.jpg

Ibotta Reports Third Quarter 2026 Financial Results

Ibotta’s third quarter financial results exceeded the upper end of the guidance range for both revenue and adjusted EBITDA

Revenue grew by 17% year-over-year to $97.8 million

Total redemption revenue grew by 23% year-over-year to $88.5 million and third-party publisher redemption revenue grew by 43% to $70.7 million

Generated net loss of $3.5 million, representing net loss as a percent of revenue of (3.6)%, and adjusted EBITDA of $23.8 million, representing a 24.3% adjusted EBITDA margin


DENVER, November 2, 2026 (Business Wire) -- Ibotta, Inc. (NYSE: IBTA), the performance marketing platform for promotions, today announced financial results for the third quarter ended September 30, 2026.

“We delivered accelerating revenue growth in the third quarter, with revenue up 17% and Adjusted EBITDA up 43% year-over-year, both exceeding our expectations,” said Ibotta CEO and Founder, Bryan Leach. “Redemption revenue grew 23% and our redeemer base grew 30% to 23.6 million, a direct outcome of improving advertiser offer supply, consistently strong execution by our team, and significant consumer demand for value.”

Third Quarter 2026 Financial Highlights:

•Total revenue of $97.8 million, a year-over-year increase of 17%.
•Total redemption revenue of $88.5 million, an increase of 23% year-over-year, driven by increased offer supply.
•During the quarter, the IPN had 23.6 million redeemers, compared to 18.2 million redeemers in the third quarter of 2025, an increase of 30% year-over-year, primarily driven by growth with existing publishers
•Third-party publisher redemptions of 97.6 million, compared to 62.1 million in the third quarter of 2025, an increase of 57% year-over-year.
•Generated net loss of $3.5 million, representing net loss as a percent of revenue of (3.6)%, and non-GAAP net income of $16.0 million, representing non-GAAP net income as a percent of revenue of 16.4%.
•Delivered adjusted EBITDA of $23.8 million, representing an adjusted EBITDA margin of 24.3%.
•Generated cash from operating activities of $22.0 million and free cash flow of $16.8 million.
•Repurchased 0.4 million shares for a total of $14.4 million at an average price per share of $36.39, exclusive of broker commissions and excise tax.



The following table summarizes the Company’s financial results for the three and nine months ended September 30, 2026 and 2025:

Three months ended September 30,% ChangeNine months ended September 30,% Change
2026202520262025
(in thousands, except per share figures and percentages)
GAAP Results
Redemption revenue$88,544 $72,081 23 %$241,758 $218,688 11 %
Revenue97,825 83,260 17 %269,213 253,863 6 %
Net (loss) income(3,503)1,533 
NM (1)
(15,054)4,578 
NM (1)
Net (loss) income per share, diluted(0.15)0.05 
NM (1)
(0.64)0.15 
NM (1)
Net (loss) income as a percent of revenue(3.6)%1.8 %(5.6)%1.8 %
Non-GAAP Results
Adjusted EBITDA$23,800 $16,611 43 %$49,062 $49,166 — %
Adjusted EBITDA margin24.3 %20.0 %18.2 %19.4 %
Non-GAAP net income$16,007 $16,345 (2)%$33,753 $43,346 (22)%
Non-GAAP net income per share, diluted0.62 0.56 11 %1.32 1.40 (6)%
_______________
(1)NM - not meaningful


The following table summarizes the Company’s performance metrics for the three and nine months ended September 30, 2026 and 2025:

Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
(in thousands, except per redeemer figures, per redemption figures, and percentages)
Performance Metrics
Redemptions:
Third-party publisher redemptions97,578 62,055 57 %242,629 181,818 33 %
Direct-to-consumer redemptions18,785 20,793 (10)%53,117 64,354 (17)%
Total redemptions116,363 82,848 40 %295,746 246,172 20 %
Redeemers:
Third-party publisher redeemers22,165 16,527 34 %20,005 15,901 26 %
Direct-to-consumer redeemers1,417 1,638 (13)%1,416 1,629 (13)%
Total redeemers23,582 18,165 30 %21,421 17,530 22 %
Redemptions per redeemer:
Third-party publisher redemptions per redeemer4.43.817 %12.111.46 %
Direct-to-consumer redemptions per redeemer13.312.74 %37.539.5(5)%
Total redemptions per redeemer4.94.68 %13.814.0(1)%
Redemption revenue per redemption:
Third-party publisher redemption revenue per redemption$0.72 $0.79 (9)%$0.77 $0.80 (4)%
Direct-to-consumer redemption revenue per redemption0.95 1.10 (13)%1.05 1.13 (7)%
Total redemption revenue per redemption$0.76 $0.87 (13)%$0.82 $0.89 (8)%

Note that certain figures shown above may not recalculate due to rounding.

Third Quarter 2026 Business Highlights:

•Launched Ibotta-powered digital promotions across Giant Eagle’s supermarkets and digital platforms, delivering national brand offers from the Ibotta Performance Network while also managing Giant Eagle’s own shopper programs.
•Subsequent to quarter-end, Ibotta-powered digital promotions went live across the 7-Eleven and Speedway apps, with 7NOW expected to follow. Redemption activity is expected to ramp steadily in the coming quarters as shoppers and brands adopt the new offer experience.
•Subsequent to quarter-end, Ibotta-powered digital promotions went live at Festival Foods, a Wisconsin-based regional grocer acquired by Schnucks in 2025.



Financial Guidance:

Fourth quarter 2026 outlook summary:

•Revenue of $94 - $98 million, a year-over-year increase of 8% at the midpoint.
•Adjusted EBITDA of $15 - $17 million, representing a margin of 16.7% at the midpoint.

Guidance for adjusted EBITDA is earnings before interest income, net, provision for income taxes, and depreciation and amortization, and excludes stock-based compensation and other (income) expense, net. We have not reconciled adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to present the various reconciling cash and non-cash items between the GAAP and non-GAAP financial measures since certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on the Company's GAAP net income.

Use of Non-GAAP Financial Information

Included within this press release are the non-GAAP financial measures of adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income as a percent of revenue, non-GAAP diluted net income per share and free cash flow that supplement the condensed financial statements of the Company prepared under generally accepted accounting principles (GAAP). The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please see the accompanying tables for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents.

Adjusted EBITDA is earnings before interest income, net, provision for income taxes, and depreciation and amortization, and excludes stock-based compensation, restructuring charges, and other (income) expense, net. Adjusted EBITDA margin is calculated as adjusted EBITDA as a percent of revenue. Non-GAAP net income excludes stock-based compensation, restructuring charges, and the related income tax effects. The income tax effect of non-GAAP adjustments is the difference between GAAP and non-GAAP income tax expense. Non-GAAP income tax expense is computed on non-GAAP pre-tax income (GAAP pre-tax income adjusted for non-GAAP adjustments). Non-GAAP diluted net income per share is calculated as non-GAAP net income divided by non-GAAP diluted weighted average common shares outstanding. Free cash flow is defined as cash provided by operating activities, less additions to property and equipment and additions to capitalized software development costs.

The Company's management believes that these non-GAAP measures can assist investors in evaluating the Company's operational trends, financial performance, and cash-generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures versus their nearest GAAP equivalents. The Company’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition,


other companies may not publish these or similar metrics. These non-GAAP measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, but are included solely for informational and comparative purposes. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with our condensed financial statements prepared in accordance with GAAP. In light of these limitations, management also reviews the specific items that are excluded from our non-GAAP measures, as well as trends in these items.


Third Quarter 2026 Financial Results Webcast and Conference Call Details

When:
Monday, November 2, 2026 at 2:30 p.m. MT/ 4:30 p.m. ET
Webcast:ir.ibotta.com

Key Business Terms and Notes

Ibotta Performance Network (IPN): A platform that allows clients to deliver digital promotions to consumers via a network of publishers, consisting of our owned properties and third-party publishers.

Redeemer: A consumer who has redeemed at least one digital offer within the time period specified. If a consumer were to redeem on more than one publisher during that period, they would be counted as multiple redeemers. Year-to-date redeemers are calculated as the average of current year quarter-to-date redeemers.

Redemption: A verified purchase of one or more items qualifying for an offer by a client on the IPN.

Redemption Revenue: The Company’s customers promote their products and services to consumers through rewards offered on the IPN. The Company earns a fee per redemption which is recognized in the period in which the redemption occurred. The Company may also charge fees to set up a redemption campaign which are deferred and recognized over the average duration of historical redemption campaigns.

About Ibotta ("I bought a...")

Ibotta (NYSE: IBTA) is the leading provider of digital promotions for CPG brands, reaching over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. American shoppers have earned over $3.1 billion through the IPN since 2012. Ibotta is headquartered in Denver, and has been listed as a top place to work by The Denver Post and Inc. Magazine.


Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements relating to expectations concerning matters that are not historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements by our CEO and founder about our strategy, product capabilities, the ongoing strength of the Company’s network and core product offerings, our ability to grow and timing of our programs, the Company’s financial guidance, such as revenue and adjusted EBITDA, the expected launch of 7NOW, the anticipated ramp of redemption activity on new publisher properties, client demand and offer supply, consumer demand, and our share repurchase program. When words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s relatively limited operating history, which makes it difficult to evaluate the Company’s business and prospects, the demands and expectations of clients and the ability to attract and retain clients, our relationships with publishers, including Walmart, and our ability to add and launch new publishers, changes in client spending and offer supply, and macroeconomic conditions. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These and other factors are disclosed in the Company’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof, except as required by law.


Ibotta, Inc.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)

Three months ended September 30,Nine months ended September 30,
2026202520262025
Revenue$97,825 $83,260 $269,213 $253,863 
Cost of revenue(1)
19,708 17,142 58,344 52,159 
Gross profit78,117 66,118 210,869 201,704 
Operating expenses(1):
Sales and marketing(2)
32,365 26,629 99,293 85,296 
Research and development16,211 14,022 45,786 46,836 
General and administrative22,724 22,465 68,275 66,115 
Depreciation and amortization2,095 636 5,502 2,656 
Total operating expenses73,395 63,752 218,856 200,903 
Income (loss) from operations4,722 2,366 (7,987)801 
Interest income, net1,349 2,510 4,215 8,831 
Other income (expense), net12 376 (30)(29)
Income (loss) before provision for income taxes6,083 5,252 (3,802)9,603 
Provision for income taxes(9,586)(3,719)(11,252)(5,025)
Net (loss) income$(3,503)$1,533 $(15,054)$4,578 
Net (loss) income per share:
Basic$(0.15)$0.05 $(0.64)$0.16 
Diluted$(0.15)$0.05 $(0.64)$0.15 
Weighted average common shares outstanding:
Basic23,349,04027,995,70823,588,67029,074,842
Diluted23,349,04029,376,83723,588,67030,999,527

(1)Amounts include stock-based compensation expense as follows (in thousands):

Three months ended September 30,Nine months ended September 30,
2026202520262025
Cost of revenue$850 $622 $2,606 $1,904 
Sales and marketing(2)
5,689 4,133 17,031 14,135 
Research and development2,860 2,381 8,836 8,028 
General and administrative5,957 5,486 18,609 15,949 
Total stock-based compensation expense$15,356 $12,622 $47,082 $40,016 

(2)Stock-based compensation expense included in sales and marketing includes common stock warrant expense of $2.3 million recognized during each of the three months ended September 30, 2026 and 2025 and $6.6 million recognized during each of the nine months ended September 30, 2026 and 2025.

Ibotta, Inc.
CONDENSED BALANCE SHEETS
(In thousands)
September 30,December 31,
20262025
(unaudited)
Assets
Current assets:
Cash and cash equivalents$149,889 $186,612 
Accounts receivable, net221,517 208,709 
Prepaid expenses and other current assets6,025 12,604 
Total current assets377,431 407,925 
Property and equipment, net22,723 23,434 
Capitalized software development costs, net29,990 24,193 
Equity investment4,531 4,531 
Deferred tax assets, net48,994 54,850 
Operating lease assets9,678 9,901 
Other long-term assets758 1,077 
Total assets$494,105 $525,911 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$7,767 $10,840 
Due to third-party publishers130,091 107,601 
Deferred revenue2,448 2,935 
User redemption liability61,623 65,521 
Accrued expenses22,461 19,614 
Other current liabilities1,253 1,249 
Total current liabilities225,643 207,760 
Long-term liabilities:
Operating lease liabilities, long-term24,852 25,501 
Unrecognized tax benefits, long-term5,292 4,999 
Total liabilities255,787 238,260 
Stockholders’ equity:
Preferred stock— — 
Class A common stock— — 
Class B common stock— — 
Treasury stock(350,488)(267,575)
Additional paid-in capital740,731 692,097 
Accumulated deficit(151,925)(136,871)
Total stockholders' equity 238,318 287,651 
Total liabilities and stockholders' equity$494,105 $525,911 

Ibotta, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Nine months ended September 30,
20262025
Operating activities
Net (loss) income$(15,054)$4,578 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization9,967 5,853 
Impairment of capitalized software development costs1,406 256 
Stock-based compensation expense40,528 33,462 
Common stock warrant expense6,554 6,554 
Credit loss expense1,044 1,916 
Amortization of debt discount and issuance costs114 114 
Deferred income taxes7,312 2,866 
Other4 14 
Changes in assets and liabilities:
Accounts receivable(13,879)6,145 
Other current and long-term assets5,552 (4,589)
Accounts payable(638)1,468 
Due to third-party publishers22,490 4,719 
Accrued expenses4,923 (3,034)
Deferred revenue(487)(274)
User redemption liability(3,898)(4,451)
Other current and long-term liabilities(354)11,872 
Net cash provided by operating activities65,584 67,469 
Investing activities
Additions to property and equipment(4,400)(12,768)
Additions to capitalized software development costs(13,064)(10,360)
Proceeds from the sale of property and equipment27 — 
Net cash used in investing activities(17,437)(23,128)
Financing activities
Proceeds from exercise of stock options4,796 8,312 
Debt issuance costs— (2)
Purchase of treasury stock(84,676)(178,180)
Taxes paid related to net share settlement of equity awards(6,472)(2,843)
Proceeds from employee stock purchase plan1,482 2,036 
Net cash used in financing activities(84,870)(170,677)
Net change in cash, cash equivalents, and restricted cash(36,723)(126,336)
Cash, cash equivalents, and restricted cash, beginning of period186,612 349,690 
Cash, cash equivalents, and restricted cash, end of period$149,889 $223,354 


The following table disaggregates the Company’s third-party publishers and direct-to-consumer revenue by redemption and ad & other revenue:

Supplemental Revenue Detail

Three months ended September 30,% ChangeNine months ended September 30,% Change
2026202520262025
(in thousands, except percentages)
Third-party publishers revenue
Redemption revenue70,672 49,270 43 %186,143 146,053 27 %
Ad & other revenue— — — %— — — %
Total third-party publishers revenue70,672 49,270 43 %186,143 146,053 27 %
Direct-to-consumer revenue
Redemption revenue$17,872 $22,811 (22)%$55,615 $72,635 (23)%
Ad & other revenue9,281 11,179 (17)%27,455 35,175 (22)%
Total direct-to-consumer revenue27,153 33,990 (20)%83,070 107,810 (23)%
Total
Redemption revenue88,544 72,081 23 %241,758 218,688 11 %
Ad & other revenue9,281 11,179 (17)%27,455 35,175 (22)%
Total revenue$97,825 $83,260 17 %$269,213 $253,863 6 %


Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release:

Reconciliation of Adjusted EBITDA

Three months ended September 30,Nine months ended September 30,
2026202520262025
Net (loss) income$(3,503)$1,533 $(15,054)$4,578 
Add (deduct):
Interest income, net(1,349)(2,510)(4,215)(8,831)
Depreciation and amortization 3,722 1,243 9,967 5,853 
Stock-based compensation15,356 12,622 47,082 40,016 
Restructuring charges— 380 — 2,496 
Provision for income taxes9,586 3,719 11,252 5,025 
Other (income) expense, net(12)(376)30 29 
Adjusted EBITDA$23,800 $16,611 $49,062 $49,166 
Revenue$97,825 $83,260 $269,213 $253,863 
Net (loss) income as a percent of revenue(3.6)%1.8 %(5.6)%1.8 %
Adjusted EBITDA margin24.3 %20.0 %18.2 %19.4 %

Reconciliation of Non-GAAP Net Income
Three months ended September 30,Nine months ended September 30,
2026202520262025
Net (loss) income$(3,503)$1,533 $(15,054)$4,578 
Stock-based compensation15,356 12,622 47,082 40,016 
Restructuring charges— 380 — 2,496 
Adjustment for income taxes4,154 1,810 1,725 (3,744)
Non-GAAP net income$16,007 $16,345 $33,753 $43,346 
Revenue$97,825 $83,260 $269,213 $253,863 
Net (loss) income as a percent of revenue(3.6)%1.8 %(5.6)%1.8 %
Non-GAAP net income as a percent of revenue16.4 %19.6 %12.5 %17.1 %
Weighted average common shares outstanding, diluted23,349,04029,376,83723,588,67030,999,527
Plus: dilutive effect of securities(1)
2,379,306— 1,974,402— 
Non-GAAP weighted average common shares outstanding, diluted25,728,34629,376,83725,563,07230,999,527
Net (loss) income per share, diluted$(0.15)$0.05 $(0.64)$0.15 
Non-GAAP net income per share, diluted$0.62 $0.56 $1.32 $1.40 
_______________
(1)In periods when the Company incurs a net loss, basic net loss per share is equivalent to diluted net loss per share as the inclusion of all potentially dilutive securities outstanding would be antidilutive. For purposes of calculating non-GAAP net income per share, the Company adds back the weighted average dilutive effect of securities.


Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
Reconciliation of Free Cash Flow
Three months ended September 30,Nine months ended September 30,
2026202520262025
Net cash provided by operating activities$21,952 $21,754 $65,584 $67,469 
Additions to property and equipment(442)(7,248)(4,400)(12,768)
Additions to capitalized software development costs(4,730)(3,912)(13,064)(10,360)
Free cash flow$16,780 $10,594 $48,120 $44,341 



Contact

Corporate Communications
Chris Boyd, chris.boyd@ibotta.com

Investor Relations
Shalin Patel, shalin.patel@ibotta.com

Source: View Original Filing on SEC EDGAR

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