Ibotta, Inc. (IBTA) is a technology company specializing in digital promotions for consumer packaged goods (CPG) brands. Through its Ibotta Performance Network (IPN), the company connects over 200 million consumers with personalized savings opportunities, leveraging partnerships with major retailers and advanced AI technology. Ibotta offers a range of digital cashback and promotional services to drive sales for over 850 clients and 2,400 CPG brands across various categories, including grocery, beauty, electronics, and more.
- Direct-to-Consumer (D2C) Revenue - Generates revenue through Ibotta's own properties, including its mobile app, website, and browser extension, offering cashback and promotional savings directly to consumers.
- Redemption Revenue - Earned from consumer redemptions on Ibotta's D2C platforms.
- Ad & Other Revenue - Derived from advertising and other related services on Ibotta's D2C platforms.
- Third-Party Publishers Revenue - Earns revenue through partnerships with external platforms like Walmart, Dollar General, and Family Dollar, integrating Ibotta's offers into their loyalty programs.
- Redemption Revenue - Generated from consumer redemptions on third-party publisher platforms.
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- With the rapid redeemer growth exceeding your clients' allocated budgets leading to supply constraints, how confident are you that supply can catch up to demand in 2025, and what specific actions are you taking to ensure budgets are sufficiently increased to prevent a repeat of this year's issues?
- Can you quantify the impact of budget exhaustion on your Q4 guidance, and is this challenge concentrated among a few large clients or indicative of a broader trend across your client base that could affect future quarters?
- Given the traditional annual planning cycles of your CPG clients, what concrete steps are you taking to shift the industry mindset towards a continuous, always-on investment approach, and how do you plan to overcome the challenges in changing established budgeting practices?
- Your D2C redemption revenue and ad revenues have been declining year-over-year; what strategies are you implementing to revitalize growth in your D2C segment, and how do you address concerns about the long-term sustainability if this trend continues?
- With the anticipated increase in operating expenses in Q4 and beyond, including costs associated with launching Instacart and increased R&D investments, how do you plan to manage margin pressures while sustaining growth, and can we expect adjusted EBITDA margins to recover in 2025?
Research analysts who have asked questions during Ibotta earnings calls.
Andrew Boone
JMP Securities
4 questions for IBTA
Also covers: CARG, CART, CVNA +23 more
Bernard McTernan
Needham & Company
4 questions for IBTA
Also covers: APP, BBBY, BYON +17 more
Eric Sheridan
Goldman Sachs
4 questions for IBTA
Also covers: ABNB, ACVA, AMZN +42 more
Ronald Josey
Citigroup Inc.
4 questions for IBTA
Also covers: ABNB, ACVA, AMZN +18 more
Andrew Marok
Raymond James Financial
3 questions for IBTA
Also covers: BMBL, DSP, DV +10 more
Christopher Kuntarich
UBS
3 questions for IBTA
Also covers: APP, COMP, DSP +6 more
Curtis Nagle
Bank of America
3 questions for IBTA
Also covers: ACVA, BMBL, CHWY +12 more
Mark Mahaney
Evercore ISI
3 questions for IBTA
Also covers: ABNB, AMZN, BKNG +22 more
Kenneth Gawrelski
Wells Fargo & Company
2 questions for IBTA
Also covers: ABNB, BKNG, CART +12 more
Andrew Merrick
Raymond James Financial, Inc.
1 question for IBTA
Chris Kontarc
UBS Group AG
1 question for IBTA
Ken Groszky
Wells Fargo & Company
1 question for IBTA
Recent press releases and 8-K filings for IBTA.
Ibotta Announces Q3 2025 Financial Results and Q4 2025 Outlook
IBTA
Earnings
Guidance Update
Demand Weakening
- Ibotta reported Q3 2025 revenue of $83.3 million and Adjusted EBITDA of $16.6 million.
- Revenue experienced a 16% year-over-year decline in Q3 2025, with Adjusted EBITDA margin decreasing to 20% from 37% in Q3 2024.
- The company provided Q4 2025 guidance, projecting revenue between $80.0 million and $85.0 million and Adjusted EBITDA between $9.0 million and $12.0 million.
- Non-GAAP gross profit percentage for Q3 2025 was 80%, an 8 percentage point decrease compared to 88% in Q3 2024.
3 days ago
Ibotta Reports Q3 2025 Results, Introduces LiveLift, and Provides Q4 Guidance
IBTA
Earnings
Guidance Update
Product Launch
- Ibotta reported Q3 2025 revenue of $83.3 million, a 16% decline year-over-year, and adjusted EBITDA of $16.6 million, representing a 20% margin.
- The company issued Q4 2025 revenue guidance of $80-$85 million and adjusted EBITDA guidance of $9-$12 million.
- Strategic initiatives include a partnership with Circana for independent lift studies and the launch of LiveLift on November 3, an enhanced solution for campaign measurement and optimization.
- In Q3 2025, Ibotta repurchased approximately 1.4 million shares for $38.7 million at an average price of $26.73, with $89.9 million remaining under authorization.
- The company highlighted ongoing challenges from the macro environment, including depressed organic sales growth for CPG companies and low consumer sentiment, impacting client promotional spending.
3 days ago
Ibotta Reports Q3 2025 Financial Results and Provides Q4 2025 Outlook
IBTA
Earnings
Guidance Update
Share Buyback
- Ibotta reported Q3 2025 revenue of $83.3 million, a 16% year-over-year decline, with net income of $1.5 million and adjusted EBITDA of $16.6 million.
- The company generated $10.6 million in free cash flow and repurchased 1.4 million shares for $38.7 million during Q3 2025.
- Ibotta provided Q4 2025 guidance for revenue between $80 million and $85 million and adjusted EBITDA between $9 million and $12 million.
- Key business highlights included a strategic partnership with Circana, the launch of LiveLift™, and the appointment of Matt Puckett as CFO.
3 days ago
Ibotta Reports Third Quarter 2025 Financial Results and Provides Q4 2025 Outlook
IBTA
Earnings
Guidance Update
Share Buyback
- Ibotta (IBTA) reported third quarter 2025 revenue of $83.3 million, a 16% year-over-year decline, with net income of $1.5 million and adjusted EBITDA of $16.6 million.
- The company generated $10.6 million in free cash flow and saw its redeemers increase by 19% year-over-year to 18.2 million in Q3 2025.
- For the fourth quarter 2025, Ibotta anticipates revenue between $80 million and $85 million and adjusted EBITDA between $9 million and $12 million.
- During the quarter, Ibotta repurchased 1.4 million shares for $38.7 million and announced a strategic partnership with Circana and the launch of LiveLift™.
3 days ago
Ibotta Launches LiveLearn Performance Marketing Platform
IBTA
Product Launch
New Projects/Investments
Revenue Acceleration/Inflection
- Ibotta has launched LiveLearn, a new performance marketing platform for the consumer packaged goods (CPG) industry, designed to measure the return on investment (ROI) of digital rewards and optimize campaigns in real-time.
- The platform aims to address the challenge of measuring incremental sales in the physical world, enabling brands to target promotions to new buyers and avoid subsidizing existing customers.
- During a six-month pilot, CPG brand Liquid Death reported achieving profitable incremental sales and a reduced sales cycle by utilizing Ibotta's LiveLearn platform.
- Ibotta is partnering with Circana to provide third-party validation through lift studies, ensuring credible and independent measurement of the platform's effectiveness.
Nov 4, 2025, 3:20 PM
Ibotta discusses strategic evolution and sales transformation at conference
IBTA
New Projects/Investments
Revenue Acceleration/Inflection
Management Change
- Ibotta has evolved its business model from a mobile application with 50 million downloads to the Ibotta Performance Network, which now reaches over 200 million shoppers through partnerships with retailers like Walmart, Dollar General, DoorDash, Family Dollar, and Instacart.
- The company is undergoing a strategic transition to become a solutions provider, focusing on delivering profitable revenue growth for manufacturers by engaging directly with business leaders such as CMOs and CEOs.
- Ibotta's sales organization has been restructured into a two-channel system (enterprise and emerging sales teams) to manage accounts more effectively, supported by a new sales operations function and integrated B2B marketing.
- The company emphasizes a customer-obsessed approach and considers third-party validation critical for building advertiser confidence and influencing budget allocation, actively working with third parties to prove value.
- Ibotta views its solution as complementary to retail media networks, helping brands enhance their presence and drive purchases, with a significant focus on the $200 billion CPG market opportunity.
Sep 11, 2025, 4:30 PM
Ibotta Discusses Strategic Evolution and Sales Transformation at Goldman Sachs Conference
IBTA
New Projects/Investments
Revenue Acceleration/Inflection
- Ibotta has evolved its business from a mobile application to the Ibotta Performance Network (IPN), which now reaches over 200 million shoppers through partnerships with major retailers including Walmart, Dollar General, DoorDash, Family Dollar, and Instacart.
- The company is undergoing a strategic transition to become a solutions provider for manufacturers, aiming to demonstrate that its offers drive profitable revenue growth rather than just being promotional tactics, and is engaging with higher-level business leaders (CMO, CEO) to achieve this.
- To support this strategic shift, Ibotta has implemented significant changes within its sales organization, including moving to a two-channel system (enterprise and emerging teams), reducing account loads, augmenting staff with performance marketing experience, and integrating B2B marketing and sales operations.
- Ibotta views its offerings as complementary to retail media networks, explaining that while RMNs drive discovery and awareness, Ibotta adds value in the consideration phase, for example, by augmenting sponsored search results with Walmart Cash offers.
Sep 11, 2025, 4:30 PM
Ibotta Discusses Strategic Shift to Solutions Provider and Expanded Reach at Goldman Sachs Conference
IBTA
New Projects/Investments
Revenue Acceleration/Inflection
- Ibotta is undergoing a strategic shift to become a solutions provider, aiming to prove that its offers deliver contribution margin-positive revenue growth for manufacturers, moving beyond its traditional role as a promotions vendor.
- The Ibotta Performance Network (IPN) has significantly expanded its reach to over 200 million shoppers through key partnerships with retailers such as Walmart, Dollar General, DoorDash, Family Dollar, and Instacart.
- To support this transition, Ibotta is evolving its sales strategy by targeting higher-level business leaders (e.g., CMO, CEO) within client organizations and implementing a two-channel sales system (enterprise and emerging teams).
- The company emphasizes the critical importance of third-party validation to demonstrate the effectiveness of its campaigns and build advertiser confidence in driving sales lift and profitable growth.
- Ibotta views its solution as complementary to retail media networks and identifies a substantial opportunity within the Consumer Packaged Goods (CPG) market, which accounts for an estimated $200 billion in marketing spend.
Sep 11, 2025, 4:30 PM
Ibotta announces Q2 2025 results and Q3 2025 outlook
IBTA
Earnings
Guidance Update
Demand Weakening
- Ibotta Inc. reported Q2 2025 revenue of $86.0 million, a 2% year-over-year decline, and Adjusted EBITDA of $17.9 million with a 21% margin.
- The company's net income for Q2 2025 was $2.5 million.
- Redemption revenue, which comprised 85% of Q2 2025 revenue, decreased 1% year-over-year, while Ad & other revenue declined 8%.
- For Q3 2025, Ibotta Inc. projects revenue between $79.0 million and $84.0 million, indicating a 17% year-over-year decline at the midpoint, and Adjusted EBITDA between $9.5 million and $13.5 million, with a 14% margin at the midpoint.
Aug 13, 2025, 8:30 PM
Ibotta faces class action lawsuit over IPO disclosures
IBTA
Legal Proceedings
- Pomerantz LLP has filed a securities class action against Ibotta alleging fraud and other unlawful business practices; investors have until June 16, 2025 to seek lead plaintiff status.
- The lawsuit targets Ibotta’s April 18, 2024 IPO of 6,560,700 shares at $88.00 per share and alleges the company misrepresented its partnership with Kroger by omitting it from its Q2 2024 report, contributing to a sharp stock price decline.
- Investors who acquired shares in the IPO are encouraged to contact Pomerantz to join the lawsuit and request lead plaintiff appointment.
Jun 12, 2025, 1:00 PM