Ibotta's Revenue Growth Accelerates After a Slow Start

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $97.8 million, 17% above a year earlier, as adjusted EBITDA hit $23.8 million and the company swung to a $3.5 million GAAP net loss.

Ibotta, Inc. (IBTA), the performance marketing platform for promotions, reported third-quarter revenue of $97.8 million, up 17% from a year earlier, after 3% growth in the second quarter and a 2% decline in the first.

The company said the quarter exceeded the upper end of its guidance range for both revenue and adjusted EBITDA. Adjusted EBITDA was $23.8 million, a 24.3% margin, up 43% from $16.6 million a year earlier.

Chief executive Bryan Leach said redemption revenue grew 23% and the redeemer base grew 30% to 23.6 million, which he attributed to improving advertiser offer supply, execution, and consumer demand for value. Total redemption revenue was $88.5 million.

The acceleration was concentrated in third-party publishers. Third-party publisher redemption revenue rose 43% to $70.7 million, after 27% growth in the second quarter. Third-party publisher redemptions increased 57% to 97.6 million, and third-party publisher redeemers rose 34% to 22.2 million. Total redeemers reached 23.6 million, compared with 18.2 million a year earlier.

Direct-to-consumer results moved the other way. Direct-to-consumer revenue declined 20% to $27.2 million, with direct-to-consumer redemption revenue down 22% to $17.9 million and ad and other revenue down 17% to $9.3 million. Direct-to-consumer redemptions fell 10% to 18.8 million and direct-to-consumer redeemers declined 13% to 1.4 million.

Redemption revenue per redemption declined across the network. Total redemption revenue per redemption fell 13% to $0.76. Third-party publisher redemption revenue per redemption was $0.72 and direct-to-consumer redemption revenue per redemption was $0.95.

GAAP results flipped to a loss. Ibotta generated a net loss of $3.5 million, or (3.6)% of revenue, compared with net income of $1.5 million, or 1.8% of revenue, a year earlier. Non-GAAP net income was $16.0 million, or 16.4% of revenue.

Cash generation remained positive. The company generated $22.0 million of cash from operating activities and $16.8 million of free cash flow. It repurchased 0.4 million shares for $14.4 million at an average price of $36.39.

During the quarter, Ibotta launched Ibotta-powered digital promotions across Giant Eagle’s supermarkets and digital platforms. Subsequent to quarter-end, those promotions went live across the 7-Eleven and Speedway apps, with 7NOW expected to follow, and at Festival Foods, a Wisconsin-based regional grocer acquired by Schnucks in 2025. The company said redemption activity is expected to ramp steadily in the coming quarters as shoppers and brands adopt the new offer experience.

For the fourth quarter of 2026, Ibotta guides to revenue of $94 million to $98 million, an 8% year-over-year increase at the midpoint, and adjusted EBITDA of $15 million to $17 million, a 16.7% margin at the midpoint.