Ibotta

IBTA · NYSE · Communication Services · Financials, fiscal 2022 to 2025

IBTA · Last close · November 6, 2026

$58.11

Ibotta's revenue fell 6.8% to $342 million in fiscal 2025. Its operating margin was −0.2%, down from 7.6% a year earlier. Free cash flow was $75 million, down 34.8%. It paid out $233 million in dividends and buybacks, 311% of free cash flow. The diluted share count rose 12.1%.

IBOTTA, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001628280-26-011838 Updated November 9, 2026

Revenue

$342M

6.8%

Operating margin

−0.2%

7.8 pts

Net income

$4M

94.8%

Free cash flow

$75M

34.8%

Return on capital

−0.4%

40.9 pts

Market cap

$1.4B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Ibotta does

Ibotta runs the Ibotta Performance Network, which delivers digital offers from consumer packaged goods brands to shoppers. Clients, mostly consumer packaged goods brands, load promotions into the network. Ibotta then distributes them to consumers through its own cash back app, website and browser extension, and through third-party publishers.

Publishers use Ibotta's content to run their own digital offer programs under their own names. They include Walmart, Dollar General, Family Dollar, Instacart and DoorDash. Ibotta gets paid when a client's promotion leads to a purchase by a consumer. It also works with partners such as Circana and ABCS Insights so that clients can have the effect of their campaigns checked by a third party.

At the end of 2025 it worked with over 900 clients, representing over 3,100 brands. Most of its offers cover everyday categories such as grocery, but it also sources offers for toys, clothing, beauty, electronics, pet and home goods. In 2025 it introduced LiveLift, a set of tools meant to help brands measure and drive added sales. It had about 800 full-time employees.

Its biggest risks, as it describes them

A history of net losses, with expenses expected to rise.
Failing to keep or grow the supply of offers and redemptions on its network.
Not renewing or expanding relationships with its clients, retailers and publishers.
Depending on publishers, and on technology partners that pass its content to them.
Competition from other promotional tools, including paper coupons and other digital coupons.

From Ibotta's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2023 to 2025, earnings per share fell 70.9% a year and net income 69.3% a year, as new shares raised the share count by 12% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	18	63	349	187
Debt incl. finance leases	—	64	0	0
Net debt (negative means net cash)	—	2	−349	−187
Net debt to EBITDA	—	0.0x	−9.7x	−24.9x
Debt to equity	—	2.3x	0.0x	0.0x
Interest coverage	−6.5x	6.4x	7.8x	−1.7x
Current ratio	—	1.5x	2.9x	2.0x
Quick ratio	—	1.5x	2.9x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Ibotta's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Ibotta's projections

Insider trades

No officer, director or 10% owner of Ibotta reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	3 of 9
Rule of 40	58.8%	46.1%	15.1%
Altman Z''	1.20	5.42	2.91
Accruals ratio	—	−9.4%	−15.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	—	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	—	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	—	Pass	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	—	—	Fail
F-score	—	—	3 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Ibotta side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ibotta	FY25	−6.8%	−0.2%	21.9%	−0.4%	−24.9x	3
MNTN	FY25	28.6%	8.3%	15.2%	—	—	—	Compare
PubMatic	FY25	−2.9%	−6.1%	23.6%	—	—	—	Compare
Entravision	FY25	22.6%	−18.6%	0.8%	−33.5%	—	4	Compare
National CineMedia	FY25	1.0%	−5.7%	1.1%	−3.1%	−0.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	211	320	367	342
Revenue growth	—	51.9%	14.8%	−6.8%
Gross profit	164	276	317	271
Research and development	43	50	63	61
Operating income	−40	56	28	−1
Net income	−55	38	69	4
Diluted EPS (US$)	−6.33	1.42	2.56	0.12
Diluted shares (millions)	9	27	27	30
Cash flow
Cash from operations	−56	23	116	95
Capital expenditure	1	0	1	20
Free cash flow	−57	22	115	75
Dividends paid	0	0	0	0
Share buybacks	0	0	31	233
Acquisitions	0	0	0	0
Stock-based compensation	6	7	47	44
Balance sheet at fiscal year end
Cash and short-term investments	18	63	349	187
Debt incl. finance leases	—	64	0	0
Total assets	—	320	678	526
Total liabilities	—	292	221	238
Shareholders' equity	−35	28	457	288
Margins and ratios
Gross margin	78.1%	86.2%	86.3%	79.2%
Operating margin	−19.1%	17.5%	7.6%	−0.2%
Net margin	−26.0%	11.9%	18.7%	1.0%
Free cash flow margin	−27.2%	6.9%	31.3%	21.9%
Rule of 40 (growth + FCF margin)	—	58.8%	46.1%	15.1%
Return on capital	—	—	40.5%	−0.4%
Return on equity	—	—	28.3%	1.0%
Return on assets	—	—	13.8%	0.6%
Net debt to EBITDA	—	0.0x	−9.7x	−24.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ibotta's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ibotta.