Ibotta (IBTA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $82.5 million, down 2% year-over-year but exceeded the top end of guidance; adjusted EBITDA was $8.7 million (11% margin), also above guidance.

• Net loss was $10.3 million, compared to net income of $0.6 million in Q1 2025; non-GAAP net income was $6.0 million.

• Growth was driven by expanded offer supply, strong core promotions, and new exclusive partnerships with Uber and Giant Eagle.

• Third-party publisher revenue grew 12%, offsetting declines in direct-to-consumer revenue.

• Sales team added new clients, secured larger commitments, and retained most clients.

Financial highlights

• Q1 2026 revenue was $82.5 million, down 2% year-over-year; redemption revenue was $73 million, down 1%.

• Adjusted EBITDA was $8.7 million (11% margin); non-GAAP net income was $6 million; non-GAAP EPS was $0.24.

• Free cash flow was $23.3 million, up 56% year-over-year.

• Third-party publisher revenue grew 12% to $54.0 million; direct-to-consumer revenue fell 22% to $28.5 million.

• Cash and cash equivalents at quarter end were $164.6 million.

Outlook and guidance

• Q2 2026 revenue guidance is $82–$86 million, a 2% year-over-year decline at midpoint; adjusted EBITDA guidance is $9–$12 million (12.5% margin at midpoint).

• Redemption revenue expected to return to growth in Q2; total revenue growth anticipated in Q3 in the low single digits.

• Modest impact from Uber and Giant Eagle expected in Q2, with more benefit in the second half of the year.

• Management expects continued investment in platform capabilities and infrastructure.

• Liquidity is considered sufficient for at least the next 12 months, with $99 million available under a revolving credit facility.