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IBTA

Ibotta, Inc.

IBTA

Ibotta, Inc. • NYSE
$23.86 ▲ 1.66% (+0.39)
Market Cap $559.41 M
52w High $76.99
52w Low $22.00
Dividend Yield 0%
P/E 7.82
Volume 188.10K
Outstanding Shares 23.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $83.26M ▼ $63.116M ▼ $1.533M ▼ 1.841% ▼ $0.05 ▼ $6.495M ▲
Q2-2025 $86.029M ▲ $66.866M ▼ $2.49M ▲ 2.894% ▲ $0.087 ▲ $4.916M ▲
Q1-2025 $84.574M ▼ $70.285M ▲ $555K ▼ 0.656% ▼ $0.018 ▼ $2.648M ▼
Q4-2024 $98.38M ▼ $70.259M ▲ $76.172M ▲ 77.426% ▲ $2.48 ▲ $16.592M ▼
Q3-2024 $98.621M $65.742M $17.239M 17.48% $0.56 $22.844M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $223.296M ▼ $569.434M ▼ $239.825M ▼ $329.609M ▼
Q2-2025 $250.549M ▼ $600.778M ▼ $246.65M ▲ $354.128M ▼
Q1-2025 $297.125M ▼ $639.264M ▼ $237.988M ▲ $401.276M ▼
Q4-2024 $349.282M ▲ $678.429M ▲ $221.146M ▲ $457.283M ▲
Q3-2024 $341.274M $598.266M $220.308M $377.958M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.533M ▼ $21.754M ▼ $-11.16M ▼ $-37.847M ▲ $-27.253M ▲ $14.506M ▼
Q2-2025 $2.49M ▲ $25.855M ▲ $-7M ▼ $-65.781M ▲ $-46.926M ▲ $18.855M ▲
Q1-2025 $555K ▼ $19.86M ▼ $-4.968M ▼ $-67.049M ▼ $-52.157M ▼ $17.966M ▼
Q4-2024 $76.172M ▲ $21.987M ▼ $-2.545M ▲ $-11.026M ▲ $8.416M ▼ $19.442M ▼
Q3-2024 $17.239M $39.544M $-2.867M $-13.261M $23.416M $36.677M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Breakage
Breakage
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ibotta’s income statement shows a business that has scaled quickly from a small, money-losing operation into a profitable one. Revenue has climbed steadily each year, and gross profits remain strong, suggesting the core business model is attractive and high-margin. The company has moved from losses to consistent profits at the operating and net income levels, which is impressive for a newly public technology firm. That said, operating profit actually eased a bit in the most recent year despite higher sales, a sign that Ibotta is spending more on growth, sales, or product transition efforts. Profitability looks real but still young, so investors should expect some volatility as the company continues to invest and refine its model.

Balance Sheet

Balance Sheet The balance sheet has strengthened materially over the past few years. Total assets, and especially cash, have grown meaningfully, giving the company a much larger financial cushion than it had before going public. Debt has been reduced to effectively zero, and shareholder equity has swung from negative to solidly positive. This shift from a thin and somewhat stressed balance sheet to a much healthier one lowers financial risk and gives Ibotta more flexibility to invest in growth, but the company is still relatively small in absolute scale, so shocks or missteps could still be felt quickly.

Cash Flow

Cash Flow Cash flow has improved from being a concern to being a clear positive. The business has moved from burning cash to generating it from operations, and free cash flow is now consistently positive. Capital spending remains modest, reflecting an asset-light, software-based model. The fact that cash generation lines up with the reported profits is encouraging, but the track record is short, so the durability of this cash flow performance is still being proven, especially through economic or advertising downturns.

Competitive Edge

Competitive Edge Ibotta operates in a crowded rewards and cash-back space, but it has built a differentiated position. Its performance network, which connects brands, retailers, and consumers across many digital channels, creates a powerful network effect: more users attract more offers, which in turn attract more users and brands. Strong relationships with major retailers and consumer brands, combined with deep first-party purchase data, give Ibotta a meaningful edge in targeting and measuring promotions. However, competition from other cash-back platforms, retailer-owned loyalty programs, and large tech companies is intense. The company is also exposed to the health of consumer spending and brand marketing budgets, and it relies on maintaining key partnerships to sustain its reach.

Innovation and R&D

Innovation and R&D Innovation is a central part of Ibotta’s story. The company leans heavily on artificial intelligence and machine learning to personalize offers, predict shopping behavior, and deliver measurable results to brands. Its receipt-scanning and data infrastructure turn everyday purchases into actionable insights. The move toward its “LiveLift” and cost-per-incremental-dollar model is especially important: it tries to prove and charge for the extra sales it generates, not just raw redemptions. If executed well, this can deepen its value to brands. Future efforts in new spending categories, advanced analytics, subscription-style features, and possible international moves all point to a company still in the build-out phase. The flip side is execution risk: shifting pricing models and scaling complex AI-driven tools can create bumps in revenue and adoption along the way.

Summary

Ibotta presents the profile of a young, fast-growing tech platform that has already reached profitability and positive cash flow, supported by a healthier, cash-rich, and debt-free balance sheet. The business model appears high-margin and capital-light, with clear traction in turning scale into earnings. Strategically, its strength lies in its data, network of brands and retailers, and performance-based approach to digital offers. Its technology and new measurement models could deepen its role in marketing budgets if adoption continues. Key things to watch include: the pace and smoothness of the transition to its newer pricing and measurement model, the stability of key partnerships, competitive pressures from larger and well-funded rivals, and how well profits and cash flow hold up through different economic and advertising cycles. Overall, the company combines solid early financial progress with meaningful strategic opportunities, but its short history as a profitable public business means outcomes remain sensitive to execution.

NEWS

November 17, 2025 · 9:00 AM UTC

Ibotta and ABCS Insights Announce Partnership to Advance Campaign Measurement for Digital Promotions

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November 17, 2025 · 8:32 AM UTC

Johnson Fistel, PLLP Investigates Claims on Behalf of Ibotta, Inc. Long-Term Shareholders

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November 13, 2025 · 4:14 PM UTC

Ibotta to Participate in Upcoming Investor Conferences

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November 12, 2025 · 4:10 PM UTC

Ibotta Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 9:00 AM UTC

Ibotta Launches LiveLift™ for CPG Brands

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