Ibotta's second quarter financial results exceeded the upper end of the guidance range for both revenue and adjusted EBITDA
Revenue grew by 3% year-over-year to $88.9 million
Redemption revenue grew by 10% year-over-year to $80.2 million and third-party publisher redemption revenue grew by 27% to $61.5 million
Generated net loss of $1.2 million, representing net loss as a percent of revenue of (1.4)%, and adjusted EBITDA of $16.5 million, representing an 18.6% adjusted EBITDA margin
DENVER--(BUSINESS WIRE)--August 03, 2026--
Ibotta, Inc. $(IBTA)$, the performance marketing platform for promotions, today announced financial results for the second quarter ended June 30, 2026.
"We continue to build strong operating momentum, delivering second quarter results that exceeded our expectations and returning to top-line growth one quarter ahead of schedule," said Ibotta CEO and Founder, Bryan Leach. "Redemption revenue grew 10% year-over-year, our fastest pace of growth since the third quarter of 2024, a direct outcome of increased advertiser offer supply and consistently strong execution by our team."
Second Quarter 2026 Financial Highlights:
-- Total revenue of $88.9 million, a year-over-year increase of 3%.
-- Total redemption revenue of $80.2 million, an increase of 10%
year-over-year, driven by increased offer supply.
-- During the quarter, the IPN had 20.9 million redeemers, compared to
17.3 million redeemers in the second quarter of 2025, an increase of 21%
year-over-year, driven by growth with existing publishers and the launch
of DoorDash during the second quarter of 2025.
-- Third-party publisher redemptions of 74.4 million, compared to 58.6
million in the second quarter of 2025, an increase of 27%
year-over-year.
-- Generated net loss of $1.2 million, representing net loss as a percent
of revenue of (1.4)%, and non-GAAP net income of $11.7 million,
representing non-GAAP net income as a percent of revenue of 13.2%.
-- Delivered adjusted EBITDA of $16.5 million, representing an adjusted
EBITDA margin of 18.6%.
-- Generated cash from operating activities of $13.3 million and free cash
flow of $8.1 million.
-- Repurchased 0.7 million shares for a total of $23.0 million at an
average price per share of $32.33, exclusive of broker commissions and
excise tax.
The following table summarizes the Company's financial results for the three and six months ended June 30, 2026 and 2025:
Three months ended Six months ended
June 30, June 30,
------------------------- ---- -------------------------- ----
2026 2025 % Change 2026 2025 % Change
------------ ----------- ---------- ------------ ------------ ----------
(in thousands, except per share figures and percentages)
GAAP
Results
Redemption
revenue $80,198 $73,208 10% $153,214 $146,607 5%
Revenue 88,905 86,029 3% 171,388 170,603 --%
Net (loss)
income (1,229) 2,490 NM (1) (11,551) 3,045 NM (1)
Net (loss)
income per
share,
diluted (0.05) 0.08 NM (1) (0.49) 0.10 NM (1)
Net (loss)
income as a
percent of
revenue (1.4)% 3.0% (6.7)% 1.8%
Non-GAAP
Results
Adjusted
EBITDA $16,541 $17,882 (7)% $ 25,262 $ 32,555 (22)%
Adjusted
EBITDA
margin 18.6% 20.8% 14.7% 19.1%
Non-GAAP net
income $11,717 $14,892 (21)% $ 17,746 $ 27,001 (34)%
Non-GAAP net
income per
share,
diluted 0.46 0.49 (6)% 0.70 0.85 (18)%
________________
(1) NM - not meaningful
The following table summarizes the Company's performance metrics for the three and six months ended June 30, 2026 and 2025:
Three months Six months ended
ended June 30, June 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 74,362 58,551 27% 145,051 119,763 21%
Direct-to-consumer
redemptions 17,055 21,933 (22)% 34,332 43,561 (21)%
------ ------ ------- -------
Total redemptions 91,417 80,484 14% 179,383 163,324 10%
------ ------ ------- -------
Redeemers:
Third-party
publisher
redeemers 19,544 15,742 24% 18,925 15,588 21%
Direct-to-consumer
redeemers 1,401 1,594 (12)% 1,415 1,625 (13)%
------ ------ ------- -------
Total redeemers 20,944 17,336 21% 20,340 17,213 18%
------ ------ ------- -------
Redemptions per
redeemer:
Third-party
publisher
redemptions per
redeemer 3.8 3.7 2% 7.7 7.7 --%
Direct-to-consumer
redemptions per
redeemer 12.2 13.8 (11)% 24.3 26.8 (9)%
------ ------ ------- -------
Total redemptions
per redeemer 4.4 4.6 (6)% 8.8 9.5 (7)%
------ ------ ------- -------
Redemption revenue per
redemption:
Third-party
publisher
redemption revenue
per redemption $ 0.83 $ 0.83 --% $ 0.80 $ 0.81 (1)%
Direct-to-consumer
redemption revenue
per redemption 1.10 1.12 (2)% 1.10 1.14 (4)%
------ ------ ------- -------
Total redemption
revenue per
redemption $ 0.88 $ 0.91 (4)% $ 0.85 $ 0.90 (6)%
------ ------ ------- -------
Note that certain figures shown above may not recalculate due to rounding.
Second Quarter 2026 Business Highlights:
-- Ibotta offers became available to Uber customers during the quarter
with the overall program expected to ramp in the coming months.
-- Subsequent to quarter-end, Ibotta offers became available to Giant
Eagle customers.
-- Subsequent to quarter-end, we announced that 7-Eleven, Inc. and Ibotta
have formed a partnership in which Ibotta will be the exclusive
third-party provider of CPG digital promotions (excluding age-restricted
items) to the 7-Eleven, 7NOW, and Speedway apps, reaching shoppers across
more than 11,500 U.S. store locations.
Financial Guidance:
Third quarter 2026 outlook summary:
-- Revenue of $86 - $90 million, a year-over-year increase of 6% at the
midpoint.
-- Adjusted EBITDA of $12 - $14 million, representing a margin of 14.8% 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 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 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 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 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.
Second Quarter 2026 Financial Results Webcast and Conference Call Details
When: Monday, August 3, 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 $2.9 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, 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.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
-------------------------- ----------------------------
2026 2025 2026 2025
------------ ------------ ------------ --------------
Revenue $ 88,905 $ 86,029 $ 171,388 $ 170,603
Cost of revenue(1) 19,186 17,925 38,636 35,017
---------- ---------- ---------- ----------
Gross profit 69,719 68,104 132,752 135,586
---------- ---------- ---------- ----------
Operating
expenses(1) :
Sales and
marketing(2) 32,880 28,809 66,928 58,667
Research and
development 15,073 14,745 29,575 32,814
General and
administrative 21,791 22,264 45,551 43,650
Depreciation and
amortization 1,852 1,048 3,407 2,020
---------- ---------- ---------- ----------
Total
operating
expenses 71,596 66,866 145,461 137,151
---------- ---------- ---------- ----------
(Loss) income from
operations (1,877) 1,238 (12,709) (1,565)
Interest income, net 1,356 2,636 2,866 6,321
Other expense, net (11) (6) (42) (405)
---------- ---------- ---------- ----------
(Loss) income before
provision for
income taxes (532) 3,868 (9,885) 4,351
Provision for income
taxes (697) (1,378) (1,666) (1,306)
---------- ---------- ---------- ----------
Net (loss) income $ (1,229) $ 2,490 $ (11,551) $ 3,045
========== ========== ========== ==========
Net (loss) income
per share:
Basic $ (0.05) $ 0.09 $ (0.49) $ 0.10
Diluted $ (0.05) $ 0.08 $ (0.49) $ 0.10
Weighted average
common shares
outstanding:
Basic 23,280,652 28,479,977 23,710,471 29,623,352
Diluted 23,280,652 30,433,519 23,710,471 31,819,817
(1) Amounts include stock-based compensation expense as
follows (in thousands):
Three months Six months ended
ended June 30, June 30,
---------------- ------------------
2026 2025 2026 2025
------- ------- ------- ---------
Cost of revenue $ 766 $ 625 $ 1,756 $ 1,282
Sales and
marketing(2) 5,552 4,873 11,342 10,002
Research and
development 2,770 2,500 5,976 5,647
General and
administrative 5,956 5,644 12,652 10,463
------ ------ ------ ------
Total
stock-based
compensation
expense $15,044 $13,642 $31,726 $27,394
====== ====== ====== ======
(2) Stock-based compensation expense included in sales and marketing
includes common stock warrant expense of $2.1 million recognized during
each of the three months ended June 30, 2026 and 2025 and $4.3 million
recognized during each of the six months ended June 30, 2026 and 2025.
Ibotta, Inc.
CONDENSED BALANCE SHEETS
(In thousands)
June 30, December 31,
2026 2025
------------- ----------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 148,173 $ 186,612
Accounts receivable, net 203,391 208,709
Prepaid expenses and other current
assets 14,071 12,604
-------- ---------
Total current assets 365,635 407,925
Property and equipment, net 23,204 23,434
Capitalized software development costs,
net 27,964 24,193
Equity investment 4,531 4,531
Deferred tax assets, net 53,493 54,850
Operating lease assets 9,762 9,901
Other long-term assets 810 1,077
-------- ---------
Total assets $ 485,399 $ 525,911
======== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 7,306 $ 10,840
Due to third-party publishers 121,213 107,601
Deferred revenue 2,602 2,935
User redemption liability 62,008 65,521
Accrued expenses 19,343 19,614
Other current liabilities 996 1,249
-------- ---------
Total current liabilities 213,468 207,760
Long-term liabilities:
Operating lease liabilities,
long-term 25,134 25,501
Unrecognized tax benefits,
long-term 5,224 4,999
-------- ---------
Total liabilities 243,826 238,260
Stockholders' equity:
Preferred stock -- --
Class A common stock -- --
Class B common stock -- --
Treasury stock (335,953) (267,575)
Additional paid-in capital 725,948 692,097
Accumulated deficit (148,422) (136,871)
-------- ---------
Total stockholders' equity 241,573 287,651
-------- ---------
Total liabilities and
stockholders' equity $ 485,399 $ 525,911
======== =========
Ibotta, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Six months ended June 30,
-------------------------------
2026 2025
--------------- --------------
Operating activities
Net (loss) income $ (11,551) $ 3,045
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Depreciation and amortization 6,245 4,610
Impairment of capitalized
software development costs 991 241
Stock-based compensation expense 27,381 23,049
Common stock warrant expense 4,345 4,345
Credit loss expense 1,151 1,454
Amortization of debt discount and
issuance costs 76 75
Deferred income taxes 1,427 (1,196)
Other 6 10
Changes in assets and liabilities:
Accounts receivable 4,177 10,463
Other current and long-term
assets (1,207) (22,271)
Accounts payable (730) 1,126
Due to third-party publishers 13,612 731
Accrued expenses 1,950 (1,535)
Deferred revenue (333) 184
User redemption liability (3,513) (3,084)
Other current and long-term
liabilities (395) 24,468
---------- ----------
Net cash provided by
operating activities 43,632 45,715
---------- ----------
Investing activities
Additions to property and equipment (3,958) (5,520)
Additions to capitalized software
development costs (8,334) (6,448)
Proceeds from the sale of property
and equipment 27 --
---------- ----------
Net cash used in investing
activities (12,265) (11,968)
---------- ----------
Financing activities
Proceeds from exercise of stock
options 2,593 7,357
Debt issuance costs -- (2)
Purchase of treasury stock (70,784) (140,176)
Taxes paid related to net share
settlement of equity awards (3,097) (2,045)
Proceeds from employee stock purchase
plan 1,482 2,036
---------- ----------
Net cash used in financing
activities (69,806) (132,830)
---------- ----------
Net change in cash, cash equivalents,
and restricted cash (38,439) (99,083)
Cash, cash equivalents, and
restricted cash, beginning of
period 186,612 349,690
---------- ----------
Cash, cash equivalents, and
restricted cash, end of period $ 148,173 $ 250,607
========== ==========
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 Six months ended
ended June 30, June 30,
---------------- ---- ------------------ ----
2026 2025 % Change 2026 2025 % Change
------- ------- ---------- -------- -------- ----------
(in thousands, except percentages)
Third-party publishers
revenue
Redemption revenue 61,475 48,588 27% 115,471 96,783 19%
Ad & other revenue -- -- --% -- -- --%
------ ------ ------- -------
Total third-party
publishers revenue 61,475 48,588 27% 115,471 96,783 19%
------ ------ ------- -------
Direct-to-consumer
revenue
Redemption revenue $18,723 $24,620 (24)% $ 37,743 $ 49,824 (24)%
Ad & other revenue 8,707 12,821 (32)% 18,174 23,996 (24)%
------ ------ ------- -------
Total
direct-to-consumer
revenue 27,430 37,441 (27)% 55,917 73,820 (24)%
------ ------ ------- -------
Total
Redemption revenue 80,198 73,208 10% 153,214 146,607 5%
Ad & other revenue 8,707 12,821 (32)% 18,174 23,996 (24)%
------ ------ ------- -------
Total revenue $88,905 $86,029 3% $171,388 $170,603 --%
Non-GAAP Financial Metrics