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Ibotta
Ibotta (IBTA) investor relations material
Ibotta Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 revenue and Adjusted EBITDA exceeded guidance, despite a 10% year-over-year revenue decline; full-year 2025 revenue was $342.4M, down 7% year-over-year.
Adjusted EBITDA for Q4 2025 was $13.7M (15% margin), a 51% decline year-over-year; full-year Adjusted EBITDA was $62.9M (18% margin), down 44%.
Outperformance was driven by improved sales execution, a strengthened core product, Live Lift expansion, and strategic partnerships with Circana and ABCS Insights.
DoorDash and Instacart integrations contributed to redeemer growth, with total redeemers up 24% year-over-year.
The company is guiding to Q1 2026 results above previous expectations, reflecting continued momentum and a strategic focus on outcomes-driven, AI-enabled resource allocation.
Financial highlights
Q4 2025 revenue was $88.5M, down 10% year-over-year; full-year revenue was $342.4M, down 7%.
Redemption revenue made up 89% of Q4 revenue, with 64% from third-party publishers and 25% from direct-to-consumer.
Ad and other revenues were $10M in Q4, down 38% year-over-year, now 11% of total revenue.
Q4 Adjusted EBITDA was $13.7M (15% margin); adjusted net income was $8.1M; adjusted diluted EPS was $0.29.
Ended Q4 with $186.6M in cash and cash equivalents.
Outlook and guidance
Q1 2026 revenue expected between $78M–$82M, a 5% year-over-year decline at midpoint.
Q1 Adjusted EBITDA expected between $6M–$8M (9% margin at midpoint).
Anticipates low single-digit sequential revenue growth in Q2, with slight year-over-year growth in Q3.
Expects improvement in redemption revenue, while ad and other revenues remain under pressure.
Free cash flow for 2026 expected to be approximately 65% of Adjusted EBITDA.
Analyze redeemer growth vs revenue decline
Detail expected returns from 2025 strategic investments
Justify capital allocation to share repurchases
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Next Ibotta earnings date
Citizens JMP Technology Conference 20263 Mar, 2026
Ibotta
Next Ibotta earnings date
Citizens JMP Technology Conference 20263 Mar, 2026
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Frequently asked questions
Ibotta Inc. is a technology company that specializes in mobile shopping apps that provide users with cash back on their purchases. The company partners with various retailers, brands, and online platforms to offer rebates on groceries, clothing, electronics, and other consumer goods. Ibotta's platform allows users to earn cash rewards by submitting receipts, linking loyalty accounts, or shopping through its app or browser extension. The company also offers a variety of promotional deals and bonuses to enhance user savings. Ibotta Inc. serves a wide range of sectors, including retail, consumer goods, and e-commerce. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.
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