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 millionDENVER--(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 StatementsRead the full story here

Ibotta Reports Fourth Quarter and Full Year 2025 Financial Results

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