Ibotta (NYSE: IBTA) 2025 revenue slips 7% as margins tighten
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Ibotta, Inc. reported fourth quarter and full year 2025 results showing lower revenue and profitability but solid cash generation. Full year revenue was $342.4 million, down 7% year-over-year, while net income was $3.6 million, a 1% net margin. Adjusted EBITDA was $62.9 million with an 18% margin, down from 2024 as the company invested in product and sales reorganization.
The Ibotta Performance Network continued to expand, with average 2025 redeemers rising 24% to 18.2 million and third-party publisher redemptions up 12%. Cash from operating activities reached $95.3 million and free cash flow was $61.0 million. Ibotta also repurchased 6.9 million shares for $233.8 million. For first quarter 2026, the company guides revenue of $78–$82 million and Adjusted EBITDA of $6–$8 million, implying a 9% margin at the midpoint.
Positive
- Strong cash generation despite lower earnings: 2025 cash from operating activities was $95.3 million and free cash flow was $61.0 million, providing solid financial flexibility even as GAAP and non-GAAP profitability declined versus 2024.
- Scaling user and publisher network: Average 2025 redeemers rose 24% to 18.2 million and third-party publisher redemptions increased 12%, indicating broader usage of the Ibotta Performance Network and growing reach for clients.
- Significant capital return via buybacks: Ibotta repurchased 6.9 million shares for $233.8 million in 2025, a large reduction in share count that may benefit remaining shareholders if long-term performance improves.
Negative
- Revenue and profit compression versus 2024: 2025 revenue declined 7% to $342.4 million, while Adjusted EBITDA fell 44% to $62.9 million and its margin dropped from 31% to 18%, materially weakening profitability.
- Q4 earnings softness on a GAAP basis: Fourth quarter 2025 revenue fell 10% year-over-year to $88.5 million, and the company posted a $1.0 million net loss, compared with $76.2 million net income in the prior-year quarter.
- Pressure in direct-to-consumer business: Full year 2025 direct-to-consumer revenue declined 25% to $139.9 million, with both redemption and ad & other revenue down double digits, signaling ongoing headwinds in this channel.
Insights
Revenue and margins declined in 2025, but cash flow and user scale remain strong.
Ibotta delivered 2025 revenue of
Operationally, the Ibotta Performance Network expanded, with average redeemers up
The company repurchased 6.9 million shares for
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): February 25, 2026
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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).
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Item 2.02 Results of Operations and Financial Condition
On February 25, 2026, Ibotta, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2025. 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 February 25, 2026 | |||||||
| 104 | Cover 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: | February 25, 2026 | By: | /s/ Matt Puckett | ||||||||||||||
| Matt Puckett | |||||||||||||||||
| Chief Financial Officer | |||||||||||||||||
| (Principal Financial and Interim Accounting Officer) | |||||||||||||||||
Ibotta Reports Fourth Quarter and Full Year 2025 Financial Results
Ibotta’s fourth quarter financial results exceeded the upper end of the guidance range for both revenue and Adjusted EBITDA.
Full year 2025 revenue declined by 7% year-over-year to $342.4 million
Generated full year 2025 net income of $3.6 million, representing net income as a percent of revenue of 1%, and Adjusted EBITDA of $62.9 million, representing an 18% Adjusted EBITDA margin
Generated full year 2025 cash from operating activities of $95.3 million and free cash flow of $61.0 million
DENVER, February 25, 2026 (Business Wire) -- Ibotta, Inc. (NYSE: IBTA), the performance marketing platform for promotions, today announced financial results for the fourth quarter and full year ended December 31, 2025.
“2025 was a year of significant investment and transformation for Ibotta,” said Ibotta CEO and founder, Bryan Leach. “We made meaningful improvements to our core product and launched LiveLift™, an enhanced set of capabilities that we believe points to the future of promotions in the CPG industry. We announced strategic partnerships with Circana and ABCS Insights to provide third-party sales lift measurement to digital promotions, added DoorDash to the Ibotta Performance Network, and enhanced our Executive team through the addition of Matt Puckett as Chief Financial Officer and Chris Riedy as Chief Revenue Officer. We’re looking forward to building on the foundations we laid in 2025, this year and beyond.”
Fourth Quarter 2025 Financial Highlights:
•Total revenue of $88.5 million, a year-over-year decline of 10%.
•Total redemption revenue of $78.5 million, a year-over-year decline of 5%.
•During the quarter, the IPN had 20.4 million redeemers, compared to 17.2 million redeemers in the fourth quarter of 2024, an increase of 19% year-over-year. The primary driver of year-over-year growth was the launch of offers to a majority of DoorDash customers in the second quarter of 2025, growth at existing publishers, and the launch of Instacart in November of 2024.
•Third-party publisher redemptions of 74.0 million, compared to 66.3 million in the fourth quarter of 2024, a year-over-year increase of 12%.
•Generated net loss of $1.0 million, representing net loss as a percent of revenue of 1%, and adjusted net income of $8.1 million, representing adjusted net income as a percent of revenue of 9%.
•Delivered Adjusted EBITDA of $13.7 million, representing an Adjusted EBITDA margin of 15%.
•Generated cash from operating activities of $27.8 million and free cash flow of $16.6 million.
•Repurchased 2.1 million shares for a total of $55.0 million at an average price per share of $25.78, exclusive of broker commissions and excise tax.
Full Year 2025 Financial Highlights:
•Total revenue of $342.4 million, a year-over-year decline of 7%.
•Total redemption revenue of $297.2 million, a year-over-year decline of 4%.
•The IPN averaged 18.2 million redeemers in 2025, compared to 14.7 million redeemers in 2024, an increase of 24% year-over-year. The primary driver of year-over-year growth was the launch of Instacart during the fourth quarter of 2024, growth at existing publishers, and the launch of offers to a majority of DoorDash customers in the second quarter of 2025.
•Third-party publisher redemptions of 255.8 million in 2025, compared to 228.0 million in 2024, a year-over-year increase of 12%.
•Generated net income of $3.6 million, representing net income as a percent of revenue of 1%, and adjusted net income of $51.4 million, representing adjusted net income as a percent of revenue of 15%.
•Delivered Adjusted EBITDA of $62.9 million, representing an Adjusted EBITDA margin of 18%.
•Generated cash from operating activities of $95.3 million and free cash flow of $61.0 million.
•Repurchased 6.9 million shares for a total of $233.8 million at an average price per share of $34.04, exclusive of broker commissions and excise tax.
The following table summarizes the Company’s financial results for the quarters and fiscal years ended December 31, 2025 and 2024:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||||||||||
| (in thousands, except per share figures and percentages) | |||||||||||||||||||||||||||||||||||
| GAAP Results | |||||||||||||||||||||||||||||||||||
| Redemption revenue | $ | 78,548 | $ | 82,399 | (5) | % | $ | 297,236 | $ | 308,824 | (4) | % | |||||||||||||||||||||||
| Revenue | $ | 88,526 | $ | 98,380 | (10) | % | $ | 342,389 | $ | 367,254 | (7) | % | |||||||||||||||||||||||
| Net (loss) income | $ | (1,003) | $ | 76,172 | (101) | % | $ | 3,575 | $ | 68,742 | (95) | % | |||||||||||||||||||||||
| Net (loss) income per share, diluted | $ | (0.04) | $ | 2.27 | (102) | % | $ | 0.12 | $ | 2.56 | (95) | % | |||||||||||||||||||||||
| Net (loss) income as a percent of revenue | (1) | % | 77 | % | 1 | % | 19 | % | |||||||||||||||||||||||||||
| Non-GAAP Results | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 13,716 | $ | 27,768 | (51) | % | $ | 62,881 | $ | 112,220 | (44) | % | |||||||||||||||||||||||
| Adjusted EBITDA margin | 15 | % | 28 | % | 18 | % | 31 | % | |||||||||||||||||||||||||||
| Adjusted net income | $ | 8,050 | $ | 22,372 | (64) | % | $ | 51,396 | $ | 89,038 | (42) | % | |||||||||||||||||||||||
| Adjusted net income per share, diluted | $ | 0.29 | $ | 0.67 | (57) | % | $ | 1.71 | $ | 3.31 | (48) | % | |||||||||||||||||||||||
The following table summarizes the Company’s performance metrics for the quarters and fiscal years ended December 31, 2025 and 2024:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||||||||||
| (in thousands, except per redeemer figures, per redemption figures, and percentages) | |||||||||||||||||||||||||||||||||||
| Performance Metrics | |||||||||||||||||||||||||||||||||||
| Redemptions: | |||||||||||||||||||||||||||||||||||
| Direct-to-consumer redemptions | 20,694 | 28,276 | (27) | % | 85,048 | 116,095 | (27) | % | |||||||||||||||||||||||||||
| Third-party publisher redemptions | 73,983 | 66,276 | 12 | % | 255,801 | 228,004 | 12 | % | |||||||||||||||||||||||||||
| Total redemptions | 94,677 | 94,552 | — | % | 340,849 | 344,099 | (1) | % | |||||||||||||||||||||||||||
| Redeemers: | |||||||||||||||||||||||||||||||||||
| Direct-to-consumer redeemers | 1,646 | 1,819 | (10) | % | 1,634 | 1,864 | (12) | % | |||||||||||||||||||||||||||
| Third-party publisher redeemers | 18,759 | 15,396 | 22 | % | 16,615 | 12,809 | 30 | % | |||||||||||||||||||||||||||
| Total redeemers | 20,405 | 17,215 | 19 | % | 18,249 | 14,673 | 24 | % | |||||||||||||||||||||||||||
| Redemptions per redeemer: | |||||||||||||||||||||||||||||||||||
| Direct-to-consumer redemptions per redeemer | 12.6 | 15.5 | (19) | % | 52.1 | 62.3 | (16) | % | |||||||||||||||||||||||||||
| Third-party publisher redemptions per redeemer | 3.9 | 4.3 | (9) | % | 15.4 | 17.8 | (13) | % | |||||||||||||||||||||||||||
| Total redemptions per redeemer | 4.6 | 5.5 | (16) | % | 18.7 | 23.5 | (20) | % | |||||||||||||||||||||||||||
| Redemption revenue per redemption: | |||||||||||||||||||||||||||||||||||
| Direct-to-consumer redemption revenue per redemption | $ | 1.07 | $ | 1.07 | — | % | $ | 1.11 | $ | 1.11 | — | % | |||||||||||||||||||||||
| Third-party publisher redemption revenue per redemption | $ | 0.76 | $ | 0.79 | (4) | % | $ | 0.79 | $ | 0.79 | — | % | |||||||||||||||||||||||
| Total redemption revenue per redemption | $ | 0.83 | $ | 0.87 | (5) | % | $ | 0.87 | $ | 0.90 | (3) | % | |||||||||||||||||||||||
Note that certain figures shown above may not recalculate due to rounding.
Full Year 2025 Business Highlights:
•Chris Riedy and Matt Puckett joined our executive leadership team as Chief Revenue Officer and Chief Financial Officer, respectively.
•During Q2, Ibotta offers became available to a majority of DoorDash customers.
•During Q3, we completed the re-organization of our Sales team, migrating from a territory-based model to an industry vertical model.
•During Q4, we formally announced LiveLift™, our next-generation set of enhanced capabilities that enables more sophisticated projections and profitability metrics to help our clients achieve the desired scale or efficiency for their promotions.
•In Q3 and Q4, we announced strategic partnerships with Circana and ABCS Insights, respectively, to bring third-party sales lift measurement to digital promotions.
Financial Guidance:
First quarter 2026 outlook summary:
•Revenue of $78 - $82 million, a year-over-year decline of 5% at the midpoint
•Adjusted EBITDA of $6 - $8 million, representing a margin of 9% at the midpoint.
Guidance for Adjusted EBITDA is earnings before interest income, net, provision for income tax, and depreciation and amortization, and excludes stock-based compensation and other 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, adjusted net income, adjusted net income as a percent of revenue, adjusted diluted net income per share and free cash flow that supplement the 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 (benefit from) income tax, and depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, restructuring charges, and other expense, net. Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percent of revenue. Adjusted net income excludes stock-based compensation, loss on debt extinguishment, change in fair value of derivative, 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). Adjusted diluted net income per share is calculated as adjusted net income divided by diluted weighted average common shares outstanding. Free cash flow is defined as cash provided by operating activities, less additions to property and equipment and capitalization of 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 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.
Fourth Quarter and Full Year 2025 Financial Results Webcast and Conference Call Details
| When: | Wednesday, February 25, 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 a 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 $2.7 billion through the IPN since 2012. The largest tech IPO in history to come out of Colorado, Ibotta is headquartered in Denver, and is continually 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 for 2026 and product capabilities, the impact of our new products, like LiveLiftTM, and the Company’s financial guidance, such as revenue and adjusted EBITDA. 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. 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.
STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
| Three months ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 88,526 | $ | 98,380 | $ | 342,389 | $ | 367,254 | |||||||||||||||
Cost of revenue(1) | 18,896 | 15,151 | 71,055 | 50,121 | |||||||||||||||||||
| Gross profit | 69,630 | 83,229 | 271,334 | 317,133 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Sales and marketing(2) | 33,639 | 33,306 | 118,935 | 139,214 | |||||||||||||||||||
| Research and development | 14,246 | 15,819 | 61,082 | 63,271 | |||||||||||||||||||
| General and administrative | 22,129 | 20,246 | 88,244 | 82,739 | |||||||||||||||||||
| Depreciation and amortization | 1,258 | 888 | 3,914 | 3,984 | |||||||||||||||||||
| Total operating expenses | 71,272 | 70,259 | 272,175 | 289,208 | |||||||||||||||||||
| (Loss) income from operations | (1,642) | 12,970 | (841) | 27,925 | |||||||||||||||||||
| Interest income, net | 1,950 | 4,111 | 10,781 | 9,414 | |||||||||||||||||||
| Loss on debt extinguishment | — | (56) | — | (9,686) | |||||||||||||||||||
| Other expense, net | (64) | (25) | (93) | (3,157) | |||||||||||||||||||
| Income before (provision for) benefit from income taxes | 244 | 17,000 | 9,847 | 24,496 | |||||||||||||||||||
| (Provision for) benefit from income taxes | (1,247) | 59,172 | (6,272) | 44,246 | |||||||||||||||||||
| Net (loss) income | $ | (1,003) | $ | 76,172 | $ | 3,575 | $ | 68,742 | |||||||||||||||
| Net (loss) income per share: | |||||||||||||||||||||||
| Basic | $ | (0.04) | $ | 2.48 | $ | 0.13 | $ | 2.85 | |||||||||||||||
| Diluted | $ | (0.04) | $ | 2.27 | $ | 0.12 | $ | 2.56 | |||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||
| Basic | 26,265,642 | 30,721,336 | 28,366,770 | 24,124,833 | |||||||||||||||||||
| Diluted | 26,265,642 | 33,598,707 | 30,100,579 | 26,860,931 | |||||||||||||||||||
(1)Amounts include stock-based compensation expense as follows (in thousands):
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cost of revenue | $ | 678 | $ | 485 | $ | 2,582 | $ | 1,484 | |||||||||||||||
Sales and marketing(2) | 4,597 | 4,309 | 18,732 | 39,086 | |||||||||||||||||||
| Research and development | 2,243 | 2,289 | 10,271 | 9,325 | |||||||||||||||||||
| General and administrative | 5,372 | 5,796 | 21,321 | 26,321 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 12,890 | $ | 12,879 | $ | 52,906 | $ | 76,216 | |||||||||||||||
(2)Stock-based compensation expense included in sales and marketing includes common stock warrant expense of $2.2 million and $2.2 million recognized during the three months ended December 31, 2025 and 2024, respectively, and $8.8 million and $29.3 million recognized during the year ended December 31, 2025 and 2024, respectively.
Ibotta, Inc.
BALANCE SHEETS
(In thousands)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 186,612 | $ | 349,282 | |||||||
| Restricted cash | — | 408 | |||||||||
| Accounts receivable, net | 208,709 | 220,883 | |||||||||
| Prepaid expenses and other current assets | 12,604 | 11,168 | |||||||||
| Total current assets | 407,925 | 581,741 | |||||||||
| Property and equipment, net | 23,434 | 1,951 | |||||||||
| Capitalized software development costs, net | 24,193 | 16,201 | |||||||||
| Equity investment | 4,531 | 4,531 | |||||||||
| Deferred tax assets, net | 54,850 | 73,211 | |||||||||
| Operating lease assets | 9,901 | — | |||||||||
| Other long-term assets | 1,077 | 794 | |||||||||
| Total assets | $ | 525,911 | $ | 678,429 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 10,840 | $ | 7,160 | |||||||
| Due to third-party publishers | 107,601 | 93,982 | |||||||||
| Deferred revenue | 2,935 | 4,964 | |||||||||
| User redemption liability | 65,521 | 74,006 | |||||||||
| Accrued expenses | 19,614 | 17,965 | |||||||||
| Other current liabilities | 1,249 | 6,088 | |||||||||
| Total current liabilities | 207,760 | 204,165 | |||||||||
| Long-term liabilities: | |||||||||||
| Operating lease liabilities, long-term | 25,501 | — | |||||||||
| Unrecognized tax benefits, long-term | 4,999 | 16,981 | |||||||||
| Total liabilities | 238,260 | 221,146 | |||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock | — | — | |||||||||
| Class A common stock | — | — | |||||||||
| Class B common stock | — | — | |||||||||
| Additional paid-in capital | 692,097 | 629,050 | |||||||||
| Treasury stock | (267,575) | (31,321) | |||||||||
| Accumulated deficit | (136,871) | (140,446) | |||||||||
| Total stockholders' equity | 287,651 | 457,283 | |||||||||
| Total liabilities and stockholders' equity | $ | 525,911 | $ | 678,429 | |||||||
Ibotta, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 3,575 | $ | 68,742 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 8,320 | 8,080 | |||||||||
| Impairment of capitalized software development costs | 516 | 574 | |||||||||
| Stock-based compensation expense | 44,144 | 46,924 | |||||||||
| Common stock warrant expense | 8,762 | 29,292 | |||||||||
| Credit loss expense | 1,963 | 1,215 | |||||||||
| Loss on debt extinguishment | — | 9,686 | |||||||||
| Amortization of debt discount and issuance costs | 152 | 1,055 | |||||||||
| Change in fair value of convertible notes derivative liability | — | 3,085 | |||||||||
| Deferred income taxes | 3,146 | (53,622) | |||||||||
| Other | 30 | 28 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | 10,237 | 4,397 | |||||||||
| Other current and long-term assets | 3,444 | (24,640) | |||||||||
| Accounts payable | 355 | (911) | |||||||||
| Due to third-party publishers | 13,619 | 20,827 | |||||||||
| Accrued expenses | (1,253) | (6,360) | |||||||||
| Deferred revenue | (2,029) | 2,336 | |||||||||
| User redemption liability | (8,485) | (10,525) | |||||||||
| Other current and long-term liabilities | 8,778 | 15,734 | |||||||||
| Net cash provided by operating activities | 95,274 | 115,917 | |||||||||
| Investing activities | |||||||||||
| Additions to property and equipment | (20,293) | (871) | |||||||||
| Additions to capitalized software development costs | (14,010) | (9,330) | |||||||||
| Net cash used in investing activities | (34,303) | (10,201) | |||||||||
| Financing activities | |||||||||||
| Proceeds from exercise of stock options | 9,124 | 13,478 | |||||||||
| Debt issuance costs | (2) | (808) | |||||||||
| Proceeds from initial public offering, net | — | 206,692 | |||||||||
| Purchase of treasury stock | (232,971) | (31,321) | |||||||||
| Taxes paid related to net share settlement of equity awards | (3,420) | (3,319) | |||||||||
| Deferred offering costs | — | (6,037) | |||||||||
| Proceeds from employee stock purchase plan | 3,220 | 2,788 | |||||||||
| Other financing activities | — | (90) | |||||||||
| Net cash (used in) provided by financing activities | (224,049) | 181,383 | |||||||||
| Net change in cash, cash equivalents, and restricted cash | (163,078) | 287,099 | |||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 349,690 | 62,591 | |||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 186,612 | $ | 349,690 | |||||||
The following table disaggregates the Company’s direct-to-consumer and third-party publisher revenue by redemption and ad & other revenue:
Supplemental Revenue Detail
| Three months ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
| Direct-to-consumer revenue | |||||||||||||||||||||||||||||||||||
| Redemption revenue | $ | 22,150 | $ | 30,132 | (26) | % | $ | 94,785 | $ | 128,558 | (26) | % | |||||||||||||||||||||||
| Ad & other revenue | 9,978 | 15,981 | (38) | % | 45,153 | 58,430 | (23) | % | |||||||||||||||||||||||||||
| Total direct-to-consumer revenue | 32,128 | 46,113 | (30) | % | 139,938 | 186,988 | (25) | % | |||||||||||||||||||||||||||
| Third-party publishers revenue | |||||||||||||||||||||||||||||||||||
| Redemption revenue | 56,398 | 52,267 | 8 | % | 202,451 | 180,266 | 12 | % | |||||||||||||||||||||||||||
| Ad & other revenue | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||
| Total third-party publishers revenue | 56,398 | 52,267 | 8 | % | 202,451 | 180,266 | 12 | % | |||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||
| Redemption revenue | 78,548 | 82,399 | (5) | % | 297,236 | 308,824 | (4) | % | |||||||||||||||||||||||||||
| Ad & other revenue | 9,978 | 15,981 | (38) | % | 45,153 | 58,430 | (23) | % | |||||||||||||||||||||||||||
| Total revenue | $ | 88,526 | $ | 98,380 | (10) | % | $ | 342,389 | $ | 367,254 | (7) | % | |||||||||||||||||||||||
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 December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net (loss) income | $ | (1,003) | $ | 76,172 | $ | 3,575 | $ | 68,742 | |||||||||||||||
| Add (deduct): | |||||||||||||||||||||||
| Interest income, net | (1,950) | (4,111) | (10,781) | (9,414) | |||||||||||||||||||
| Provision for (benefit from) income taxes | 1,247 | (59,172) | 6,272 | (44,246) | |||||||||||||||||||
| Depreciation and amortization | 2,467 | 1,919 | 8,320 | 8,080 | |||||||||||||||||||
| Stock-based compensation | 12,890 | 12,879 | 52,906 | 76,216 | |||||||||||||||||||
| Change in fair value of derivative | — | — | — | 3,085 | |||||||||||||||||||
| Loss on debt extinguishment | — | 56 | — | 9,686 | |||||||||||||||||||
| Restructuring charges | — | — | 2,496 | — | |||||||||||||||||||
| Other expense, net | 65 | 25 | 93 | 71 | |||||||||||||||||||
| Adjusted EBITDA | $ | 13,716 | $ | 27,768 | $ | 62,881 | $ | 112,220 | |||||||||||||||
| Revenue | $ | 88,526 | $ | 98,380 | $ | 342,389 | $ | 367,254 | |||||||||||||||
| Net (loss) income as a percent of revenue | (1) | % | 77 | % | 1 | % | 19 | % | |||||||||||||||
| Adjusted EBITDA margin | 15 | % | 28 | % | 18 | % | 31 | % | |||||||||||||||
Reconciliation of Adjusted Net Income
| Three months ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net (loss) income | $ | (1,003) | $ | 76,172 | $ | 3,575 | $ | 68,742 | |||||||||||||||
| Stock-based compensation | 12,890 | 12,879 | 52,906 | 76,216 | |||||||||||||||||||
Change in fair value of derivative | — | — | — | 3,085 | |||||||||||||||||||
| Loss on debt extinguishment | — | 56 | — | 9,686 | |||||||||||||||||||
| Restructuring charges | — | — | 2,496 | — | |||||||||||||||||||
| Adjustment for income taxes | (3,837) | (66,735) | (7,581) | (68,691) | |||||||||||||||||||
| Adjusted net income | $ | 8,050 | $ | 22,372 | $ | 51,396 | $ | 89,038 | |||||||||||||||
| Revenue | $ | 88,526 | $ | 98,380 | $ | 342,389 | $ | 367,254 | |||||||||||||||
| Adjusted net income as a percent of revenue | 9 | % | 23 | % | 15 | % | 24 | % | |||||||||||||||
| Weighted average common shares outstanding, diluted | 26,265,642 | 33,598,707 | 30,100,579 | 26,860,931 | |||||||||||||||||||
| Net (loss) income per share, diluted | $ | (0.04) | $ | 2.27 | $ | 0.12 | $ | 2.56 | |||||||||||||||
Adjusted weighted average common shares outstanding, diluted | 27,426,819 | 33,598,707 | 30,100,579 | 26,860,931 | |||||||||||||||||||
| Adjusted net income per share, diluted | $ | 0.29 | $ | 0.67 | $ | 1.71 | $ | 3.31 | |||||||||||||||
Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
Reconciliation of Free Cash Flow
| Three months ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 27,805 | $ | 21,987 | $ | 95,274 | $ | 115,917 | |||||||||||||||
| Additions to property and equipment | (7,525) | (216) | (20,293) | (871) | |||||||||||||||||||
| Additions to capitalized software development costs | (3,650) | (2,329) | (14,010) | (9,330) | |||||||||||||||||||
| Free cash flow | $ | 16,630 | $ | 19,442 | $ | 60,971 | $ | 105,716 | |||||||||||||||
Contact
Corporate Communications
Hilary O’Byrne, hilary.obyrne@ibotta.com
Investor Relations
Shalin Patel, shalin.patel@ibotta.com
FAQ
How did Ibotta (IBTA) perform financially in full year 2025?
Ibotta’s 2025 revenue was $342.4 million, down 7% year-over-year. The company generated net income of $3.6 million, a 1% net margin, and Adjusted EBITDA of $62.9 million with an 18% margin, reflecting lower profitability than 2024 but continued positive earnings.
What were Ibotta’s fourth quarter 2025 results?
Fourth quarter 2025 revenue was $88.5 million, a 10% decline. Ibotta reported a net loss of $1.0 million, or $(0.04) per diluted share, but achieved Adjusted EBITDA of $13.7 million, representing a 15% Adjusted EBITDA margin for the quarter.
How strong was Ibotta’s cash flow in 2025?
Ibotta generated robust cash flow in 2025. Cash from operating activities reached $95.3 million and free cash flow was $61.0 million, after $20.3 million of property and equipment additions and $14.0 million of capitalized software development costs during the year.
What guidance did Ibotta (IBTA) give for first quarter 2026?
Ibotta expects Q1 2026 revenue of $78–$82 million. The company also guides to Adjusted EBITDA of $6–$8 million, implying about a 9% Adjusted EBITDA margin at the midpoint, highlighting continued focus on profitability amid modest revenue decline.
How is Ibotta’s user and redemption activity trending?
Ibotta’s network activity continued to grow in 2025. Average redeemers increased 24% to 18.2 million, and third-party publisher redemptions rose 12% to 255.8 million, even as total redemptions were roughly flat year-over-year at about 340.8 million.
What share repurchases did Ibotta complete in 2025?
Ibotta repurchased 6.9 million shares during 2025. The company spent $233.8 million on these buybacks at an average price of $34.04 per share, exclusive of broker commissions and excise tax, significantly increasing capital returned to shareholders.
How did Ibotta’s direct-to-consumer and third-party revenues change in 2025?
Direct-to-consumer revenue fell while third-party revenue grew. Direct-to-consumer revenue declined 25% to $139.9 million, while third-party publishers revenue increased 12% to $202.5 million, shifting the revenue mix toward the Ibotta Performance Network’s publisher partners.
Filing Exhibits & Attachments
4 documents
Ibotta
NYSE:IBTA
IBTA Rankings
IBTA Latest News
IBTA Latest SEC Filings
Mar 11, 2026
[8-K] Ibotta, Inc. Reports Material Event
Mar 9, 2026
[Form 4] Ibotta, Inc. Insider Trading Activity
Mar 5, 2026
[144] Ibotta, Inc. SEC Filing
Mar 4, 2026
[Form 4] Ibotta, Inc. Insider Trading Activity
Mar 3, 2026
[Form 4] Ibotta, Inc. Insider Trading Activity