Ibotta Returns to Growth a Quarter Ahead of Plan

The Tip Desk · August 4, 2026 · 3 min read

Second-quarter revenue reached $88.9 million, up 3% from a year earlier, after a 2% year-over-year decline in the first quarter.

Ibotta, Inc. (IBTA), the performance marketing platform for promotions, returned to year-over-year revenue growth in the second quarter, a turn the company had expected one quarter later. Revenue was $88.9 million, up 3% from a year earlier, after a 2% year-over-year decline in the first quarter.

Chief Executive Bryan Leach said the results exceeded the upper end of the company’s guidance range for both revenue and adjusted EBITDA. He attributed the redemption rebound to increased advertiser offer supply.

Redemption revenue, the core of the Ibotta Performance Network, rose 10% year-over-year to $80.2 million, the fastest pace since the third quarter of 2024, after a 1% year-over-year decline in the prior quarter. Third-party publisher redemption revenue rose 27% to $61.5 million. Direct-to-consumer redemption revenue fell 24% to $18.7 million, and total direct-to-consumer revenue fell 27% to $27.4 million.

Network volume accelerated. The IPN had 20.9 million redeemers, up 21% year-over-year, and third-party publisher redemptions were 74.4 million, up 27%. Both metrics had grown 15% year-over-year in the first quarter. Redeemer growth was driven by existing publishers and the DoorDash launch in the second quarter of 2025. Third-party publisher redemptions per redeemer were 3.8, and third-party publisher redemption revenue per redemption held at $0.83. Direct-to-consumer redemptions fell 22% to 17.1 million, and direct-to-consumer redeemers fell 12% to 1.4 million.

GAAP results flipped to a net loss of $1.2 million, or (1.4)% of revenue, from a $10.3 million net loss, or (13)% of revenue, in the first quarter. Adjusted EBITDA was $16.5 million, an 18.6% margin, up from $8.7 million and an 11% margin in the prior quarter. Non-GAAP net income was $11.7 million, or 13.2% of revenue.

Cash from operating activities was $13.3 million and free cash flow was $8.1 million. The company repurchased 0.7 million shares for $23.0 million at an average price of $32.33. Cash and cash equivalents were $148.2 million at June 30.

Ibotta offers became available to Uber customers during the quarter, with the overall program expected to ramp in coming months. Subsequent to quarter-end, offers became available to Giant Eagle customers, and the company announced an exclusive CPG digital promotions partnership with 7-Eleven, Inc., covering the 7-Eleven, 7NOW, and Speedway apps across more than 11,500 U.S. store locations.

For the third quarter of 2026, Ibotta guides to revenue of $86 million to $90 million, a 6% year-over-year increase at the midpoint, and adjusted EBITDA of $12 million to $14 million, a 14.8% margin at the midpoint. That revenue midpoint sits above the $88.9 million just reported, implying continued growth rather than a pause after the second-quarter turn.