Key Highlights

  • IBTA reported third-quarter 2026 Revenue of $97.8 million, up 17% from $83.3 million a year earlier.
  • Adjusted EBITDA rose 43% to $23.8 million, a 24.3% Margin versus 20.0% a year ago.
  • Net loss was $3.5 million, or $0.15 per share, versus Net Income of $1.5 million a year earlier.
  • Redeemers grew 30% to 23.6 million, and third-party publisher redemptions rose 57% to 97.6 million.
  • Fourth-quarter revenue is guided to $94 million to $98 million, with adjusted EBITDA of $15 million to $17 million.

Revenue and Adjusted EBITDA Land Above the Top of Guidance

Ibotta (NYSE:IBTA) reported results for the third quarter ended Sep 30, 2026 on Nov 2, 2026. Revenue rose 17% to $97.8 million from $83.3 million, and adjusted EBITDA of $23.8 million compared with $16.6 million a year earlier, with both measures above the upper end of the company's guidance range.

Ibotta runs a performance Marketing platform that delivers digital promotions for consumer packaged goods brands through a network of retailer, delivery and app publishers. Brands pay only when a campaign results in a verified sale.

Gross profit was $78.1 million and Operating Income was $4.7 million, versus $66.1 million and $2.4 million a year ago.

A $9.6 Million Tax Provision Turns Pre-Tax Income Into a GAAP Loss

Ibotta recorded income before taxes of $6.1 million, but a provision for income taxes of $9.6 million produced a net loss of $3.5 million, or $0.15 per diluted share. A year earlier it posted net income of $1.5 million, or $0.05 per share.

Non-GAAP net income was $16.0 million, or $0.62 per diluted share, up from $0.56. Stock-based compensation was $15.4 million in the quarter.

For the nine months, revenue was $269.2 million, up 6%, and the net loss was $15.1 million. Adjusted EBITDA for the period was $49.1 million, flat from last year.

Third-Party Publisher Redemptions Up 57% as Offer Supply Improves

Redemption revenue grew 23% to $88.5 million, and third-party publisher Redemption revenue rose 43% to $70.7 million, accelerating from 27% in the prior quarter. Direct-to-consumer redemption revenue fell 22% to $17.9 million, and ad and other revenue slid 17% to $9.3 million.

Redeemers reached 23.6 million, up 30%, with 2.7 million added from the second quarter. Redemptions per redeemer rose 8% to 4.9, which management said was the first annual increase since the network launched, and total redemptions climbed 40% to 116.4 million.

Redemption revenue per redemption declined 13% to $0.76 on product mix toward lower-priced items and pricing actions. Non-GAAP gross margin was 80.7%, up about 60 basis points.

Fourth-Quarter Guide and a 2027 Floor of Mid-Single-Digit Growth

The company expects fourth-quarter revenue of $94 million to $98 million, about 8% growth at the midpoint, and adjusted EBITDA of $15 million to $17 million, a margin near 16.7%. For 2027, management gave a first preliminary view of at least mid-single-digit revenue growth, led by faster growth in core redemption revenue.

Ibotta ended the quarter with $149.9 million of cash and equivalents. Free Cash Flow was $16.8 million, and it repurchased 0.4 million shares for $14.4 million at an average $36.39, leaving $52.9 million on its authorization.

New publisher launches in the convenience and regional grocery channels are expected to ramp over coming quarters, which will be a key watch point alongside the fourth-quarter results.