Ibotta — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 17% year-over-year to $97.8 million for the quarter; nine-month revenue rose 6% to $269.2 million.
• Total redemption revenue grew 23% year-over-year to $88.5 million for the quarter; nine-month redemption revenue increased 11% to $241.8 million.
• Third-party publisher redemption revenue grew 43% year-over-year to $70.7 million for the quarter.
• Generated a net loss of $3.5 million (3.6% of revenue) for the quarter, compared to net income of $1.5 million in the prior year period; nine-month net loss was $15.1 million.
• Adjusted EBITDA increased 43% year-over-year to $23.8 million for the quarter, representing a 24.3% margin; nine-month adjusted EBITDA was flat at $49.1 million.
• Non-GAAP net income was $16.0 million (16.4% of revenue) for the quarter, down 2% from the prior year period; nine-month non-GAAP net income decreased 22% to $33.8 million.
• Cash from operating activities was $22.0 million for the quarter; free cash flow was $16.8 million.
• Nine-month free cash flow was $48.1 million.
• Accounts receivable increased to $221.5 million as of September 30, 2026, from $208.7 million as of December 31, 2025.
• Deferred revenue decreased to $2.4 million as of September 30, 2026, from $2.9 million as of December 31, 2025.
• Cash and cash equivalents were $149.9 million as of September 30, 2026, down from $186.6 million as of December 31, 2025.

Guidance and Future Outlook:

• Fourth quarter 2026 revenue guidance is $94 million to $98 million, implying an 8% year-over-year increase at the midpoint.
• Fourth quarter 2026 adjusted EBITDA guidance is $15 million to $17 million, implying a 16.7% margin at the midpoint.
• Management expects redemption activity to ramp steadily in coming quarters following the launch of promotions on 7-Eleven, Speedway, and Festival Foods apps.

Business Segments and Product Lines:

• Launched Ibotta-powered digital promotions across Giant Eagle's supermarkets and digital platforms during the quarter.
• Subsequent to quarter-end, launched Ibotta-powered digital promotions on 7-Eleven and Speedway apps, with 7NOW expected to follow.
• Subsequent to quarter-end, launched promotions at Festival Foods, a Wisconsin-based regional grocer acquired by Schnucks in 2025.
• Third-party publisher redeemers grew 34% year-over-year to 22.2 million for the quarter; direct-to-consumer redeemers decreased 13% to 1.4 million.
• Total redeemers increased 30% year-over-year to 23.6 million for the quarter.
• Third-party publisher redemptions increased 57% year-over-year to 97.6 million for the quarter.
• Direct-to-consumer redemptions decreased 10% year-over-year to 18.8 million for the quarter.
• Total redemptions increased 40% year-over-year to 116.4 million for the quarter.
• Redemption revenue per redemption decreased 13% year-over-year to $0.76 for the quarter.

Market and Competitive Landscape:

• The Ibotta Performance Network (IPN) reached over 200 million consumers as of the report date.
• American shoppers have earned over $3.1 billion through the IPN since 2012.
• The company noted significant consumer demand for value and consistently strong execution by the team as drivers for growth.

Risks and Challenges:

• Forward-looking statements cite risks including the company's relatively limited operating history, client and publisher relationship demands, and the ability to attract and retain clients.
• Risks include potential changes in client spending, offer supply, and macroeconomic conditions.
• The company notes that actual results may differ materially from forward-looking statements due to uncertainties regarding share-based compensation and other non-cash items.

Management Commentary and Tone:

• CEO Bryan Leach stated the company delivered accelerating revenue growth, with revenue up 17% and Adjusted EBITDA up 43% year-over-year, both exceeding expectations.
• Management attributed redemption revenue growth to improved advertiser offer supply, strong team execution, and significant consumer demand for value.
• The tone was confident, highlighting the direct outcome of network improvements on the 30% growth in the redeemer base.

Other Key Points:

• Repurchased 0.4 million shares for a total of $14.4 million during the quarter at an average price of $36.39 per share.
• Nine-month share repurchases totaled $84.7 million.
• Treasury stock balance increased to $350.5 million as of September 30, 2026, from $267.6 million as of December 31, 2025.
• Stock-based compensation expense was $15.4 million for the quarter and $47.1 million for the nine-month period.
• Common stock warrant expense was $2.3 million for the quarter and $6.6 million for the nine-month period.
• The company does not provide guidance on GAAP net income due to the uncertainty of reconciling items such as share-based compensation.