Earnings release
Page 1
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.
Page 2
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, % Change Nine months ended September 30, % Change2026 2025 2026 2025 (in thousands, except per share figures and percentages) GAAP Results Redemption revenue $ 88,544 $ 72,081 23 % $ 241,758 $ 218,688 11 % Revenue 97,825 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 margin 24.3 % 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, diluted 0.62 0.56 11 % 1.32 1.40 (6) % _______________ (1) NM - not meaningful
Page 3
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, 2026 2025 % Change 2026 2025 % Change (in thousands, except per redeemer figures, per redemption figures, and percentages) Performance Metrics Redemptions: Third-party publisher redemptions 97,578 62,055 57 % 242,629 181,818 33 % Direct-to-consumer redemptions 18,785 20,793 (10) % 53,117 64,354 (17) % Total redemptions 116,363 82,848 40 % 295,746 246,172 20 % Redeemers: Third-party publisher redeemers 22,165 16,527 34 % 20,005 15,901 26 % Direct-to-consumer redeemers 1,417 1,638 (13) % 1,416 1,629 (13) % Total redeemers 23,582 18,165 30 % 21,421 17,530 22 % Redemptions per redeemer: Third-party publisher redemptions per redeemer 4.4 3.8 17 % 12.1 11.4 6 % Direct-to-consumer redemptions per redeemer 13.3 12.7 4 % 37.5 39.5 (5) % Total redemptions per redeemer 4.9 4.6 8 % 13.8 14.0 (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 redemption 0.95 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.
Page 4
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,
Page 5
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.
Page 6
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.
Page 7
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.
Page 8
Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Revenue $ 97,825 $ 83,260 $ 269,213 $ 253,863 Cost of revenue(1) 19,708 17,142 58,344 52,159 Gross profit 78,117 66,118 210,869 201,704 Operating expenses(1): Sales and marketing(2) 32,365 26,629 99,293 85,296 Research and development 16,211 14,022 45,786 46,836 General and administrative 22,724 22,465 68,275 66,115 Depreciation and amortization 2,095 636 5,502 2,656 Total operating expenses 73,395 63,752 218,856 200,903 Income (loss) from operations 4,722 2,366 (7,987) 801 Interest income, net 1,349 2,510 4,215 8,831 Other income (expense), net 12 376 (30) (29) Income (loss) before provision for income taxes 6,083 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: Basic 23,349,040 27,995,708 23,588,670 29,074,842 Diluted 23,349,040 29,376,837 23,588,670 30,999,527 (1) Amounts include stock-based compensation expense as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Cost of revenue $ 850 $ 622 $ 2,606 $ 1,904 Sales and marketing(2) 5,689 4,133 17,031 14,135 Research and development 2,860 2,381 8,836 8,028 General and administrative 5,957 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 STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (unaudited)
Page 9
September 30, December 31, 2026 2025 (unaudited) Assets Current assets: Cash and cash equivalents $ 149,889 $ 186,612 Accounts receivable, net 221,517 208,709 Prepaid expenses and other current assets 6,025 12,604 Total current assets 377,431 407,925 Property and equipment, net 22,723 23,434 Capitalized software development costs, net 29,990 24,193 Equity investment 4,531 4,531 Deferred tax assets, net 48,994 54,850 Operating lease assets 9,678 9,901 Other long-term assets 758 1,077 Total assets $ 494,105 $ 525,911 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 7,767 $ 10,840 Due to third-party publishers 130,091 107,601 Deferred revenue 2,448 2,935 User redemption liability 61,623 65,521 Accrued expenses 22,461 19,614 Other current liabilities 1,253 1,249 Total current liabilities 225,643 207,760 Long-term liabilities: Operating lease liabilities, long-term 24,852 25,501 Unrecognized tax benefits, long-term 5,292 4,999 Total liabilities 255,787 238,260 Stockholders’ equity: Preferred stock — — Class A common stock — — Class B common stock — — Treasury stock (350,488) (267,575) Additional paid-in capital 740,731 692,097 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 BALANCE SHEETS (In thousands)
Page 10
Nine months ended September 30, 2026 2025 Operating activities Net (loss) income $ (15,054) $ 4,578 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 9,967 5,853 Impairment of capitalized software development costs 1,406 256 Stock-based compensation expense 40,528 33,462 Common stock warrant expense 6,554 6,554 Credit loss expense 1,044 1,916 Amortization of debt discount and issuance costs 114 114 Deferred income taxes 7,312 2,866 Other 4 14 Changes in assets and liabilities: Accounts receivable (13,879) 6,145 Other current and long-term assets 5,552 (4,589) Accounts payable (638) 1,468 Due to third-party publishers 22,490 4,719 Accrued expenses 4,923 (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 activities 65,584 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 equipment 27 — Net cash used in investing activities (17,437) (23,128) Financing activities Proceeds from exercise of stock options 4,796 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 plan 1,482 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 period 186,612 349,690 Cash, cash equivalents, and restricted cash, end of period $ 149,889 $ 223,354 Ibotta, Inc. CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited)
Page 11
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, % Change Nine months ended September 30, % Change2026 2025 2026 2025 (in thousands, except percentages) Third-party publishers revenue Redemption revenue 70,672 49,270 43 % 186,143 146,053 27 % Ad & other revenue — — — % — — — % Total third-party publishers revenue 70,672 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 revenue 9,281 11,179 (17) % 27,455 35,175 (22) % Total direct-to- consumer revenue 27,153 33,990 (20) % 83,070 107,810 (23) % Total Redemption revenue 88,544 72,081 23 % 241,758 218,688 11 % Ad & other revenue 9,281 11,179 (17) % 27,455 35,175 (22) % Total revenue $ 97,825 $ 83,260 17 % $ 269,213 $ 253,863 6 %
Page 12
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, 2026 2025 2026 2025 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 compensation 15,356 12,622 47,082 40,016 Restructuring charges — 380 — 2,496 Provision for income taxes 9,586 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 margin 24.3 % 20.0 % 18.2 % 19.4 % Reconciliation of Non-GAAP Net Income Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net (loss) income $ (3,503) $ 1,533 $ (15,054) $ 4,578 Stock-based compensation 15,356 12,622 47,082 40,016 Restructuring charges — 380 — 2,496 Adjustment for income taxes 4,154 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 revenue 16.4 % 19.6 % 12.5 % 17.1 % Weighted average common shares outstanding, diluted 23,349,040 29,376,837 23,588,670 30,999,527 Plus: dilutive effect of securities(1) 2,379,306 — 1,974,402 — Non-GAAP weighted average common shares outstanding, diluted 25,728,346 29,376,837 25,563,072 30,999,527 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)
Page 13
Reconciliation of Free Cash Flow Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 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 Non-GAAP Financial Metrics (In thousands, except shares, per share amounts, and percentages)
Page 14
Contact Corporate Communications Chris Boyd, chris.boyd@ibotta.com Investor Relations Shalin Patel, shalin.patel@ibotta.com