Revenue: As of FY2026 Q1, the actual value is USD 82.48 M, beating the estimate of USD 80.72 M.EPS: As of FY2026 Q1, the actual value is USD -0.43, missing the estimate of USD -0.3055.EBIT: As of FY2026 Q1, the actual value is USD -12.34 M.Ibotta, Inc. operates as a single operating and reportable segment, with performance assessed based on net (loss) income .<h4>Financial Performance (Three months ended March 31, 2026 vs. 2025)</h4><ul><li>Total Revenue: $82,483 thousand in 2026 compared to $84,574 thousand in 2025, a 2% decrease .<ul><li>Redemption Revenue: $73,016 thousand in 2026 compared to $73,399 thousand in 2025, a 1% decrease .<ul><li>Third-party publishers redemption revenue increased to $53,996 thousand in 2026 from $48,195 thousand in 2025, a 12% increase, primarily due to organic growth and new publishers like DoorDash .</li><li>Direct-to-consumer (D2C) redemption revenue decreased to $19,020 thousand in 2026 from $25,204 thousand in 2025, a 25% decrease, driven by a reduction in the quantity and quality of offers .</li></ul></li><li>Ad &amp; Other Revenue: Decreased to $9,467 thousand in 2026 from $11,175 thousand in 2025, a 15% decrease, driven by reduced client spend on D2C ad products, partially offset by an increase in revenue from data products .</li></ul></li><li>Cost of Revenue: Increased to $19,450 thousand in 2026 from $17,092 thousand in 2025, a 14% increase, primarily due to a $1.3 million increase in personnel-related costs, a $0.5 million increase in revenue share, and a $0.5 million increase in data hosting costs .</li><li>Gross Profit: $63,033 thousand in 2026 compared to $67,482 thousand in 2025 .</li><li>Gross Margin: 76% in 2026 compared to 80% in 2025 .</li><li>Total Operating Expenses: $73,865 thousand in 2026 compared to $70,285 thousand in 2025 .<ul><li>Sales and marketing: Increased to $34,048 thousand in 2026 from $29,858 thousand in 2025, a 14% increase, mainly due to increases in personnel-related costs ($2.7 million), market research ($0.9 million), self-funded user awards ($0.4 million), and professional fees ($0.3 million) .</li><li>Research and development: Decreased to $14,502 thousand in 2026 from $18,069 thousand in 2025, a 20% decrease, primarily due to a $3.5 million decrease in personnel-related costs and a $0.7 million decrease related to prior year restructuring charges .</li><li>General and administrative: Increased to $23,760 thousand in 2026 from $21,386 thousand in 2025, an 11% increase, mainly due to increases in stock-based compensation expense ($1.9 million), credit loss expense ($0.4 million), and professional fees ($0.3 million) .</li><li>Depreciation and amortization: Increased to $1,555 thousand in 2026 from $972 thousand in 2025, a 60% increase, driven by new corporate headquarters depreciation and amortization from platform investments .</li></ul></li><li>Loss from operations: -$10,832 thousand in 2026 compared to -$2,803 thousand in 2025 .</li><li>Net (loss) income: -$10,322 thousand in 2026 compared to $555 thousand in 2025 .</li></ul><h4>Non-GAAP Measures (Three months ended March 31, 2026 vs. 2025)</h4><ul><li>Adjusted EBITDA: $8,721 thousand in 2026 compared to $14,673 thousand in 2025 .</li><li>Adjusted EBITDA margin: 11% in 2026 compared to 17% in 2025 .</li></ul><h4>Operational Metrics (Three months ended March 31, 2026 vs. 2025)</h4><ul><li>Total Redemptions: 87,966 thousand in 2026 compared to 82,840 thousand in 2025 .<ul><li>Third-party publisher redemptions were approximately 70.7 million in 2026 compared to 61.2 million in 2025 .</li><li>D2C redemptions were approximately 17.3 million in 2026 compared to 21.6 million in 2025 .</li></ul></li><li>Total Redeemers: Approximately 19,736 thousand in 2026 compared to 17,089 thousand in 2025 .<ul><li>Third-party publisher redeemers were approximately 18.3 million in 2026 compared to 15.4 million in 2025 .</li><li>D2C redeemers were 1.4 million in 2026 compared to 1.7 million in 2025 .</li></ul></li><li>Total Redemptions per redeemer: 4.5 in 2026 compared to 4.8 in 2025 .<ul><li>Third-party publisher redemptions per redeemer were approximately 3.9 in 2026 compared to 4.0 in 2025 .</li><li>D2C redemptions per redeemer were approximately 12.1 in 2026 compared to 13.1 in 2025 .</li></ul></li><li>Total Redemption revenue per redemption: $0.83 in 2026 compared to $0.89 in 2025 .<ul><li>Third-party publisher redemption revenue per redemption was $0.76 in 2026 compared to $0.79 in 2025 .</li><li>D2C redemption revenue per redemption was $1.10 in 2026 compared to $1.17 in 2025 .</li></ul></li></ul><h4>Cash Flow (Three months ended March 31, 2026 vs. 2025)</h4><ul><li>Net cash provided by operating activities: $30,374 thousand in 2026 compared to $19,860 thousand in 2025, an increase primarily due to a $16.8 million increase in net cash inflows from changes in operating assets and liabilities and a $4.6 million increase in non-cash charges, partially offset by a -$10.9 million decrease in net (loss) income .</li><li>Net cash used in investing activities: -$7,061 thousand in 2026 compared to -$4,968 thousand in 2025, driven by a $1.2 million increase in additions to property and equipment and a $0.9 million increase in additions to capitalized software development costs .</li><li>Net cash used in financing activities: -$45,329 thousand in 2026 compared to -$67,049 thousand in 2025, mainly due to a $24.9 million decrease in purchases of treasury stock, partially offset by a $2.7 million decrease in proceeds from stock option exercises and a $0.5 million increase in taxes paid for net share settlement of equity awards .</li><li>Cash and cash equivalents, end of period: $164,596 thousand as of March 31, 2026 compared to $297,533 thousand as of March 31, 2025 .</li></ul><h4>Unique Metrics</h4><ul><li>User Redemption Liability: Represents undistributed rewards earned by consumers on D2C properties, amounting to $63.4 million as of March 31, 2026, down from $65.5 million as of December 31, 2025 .</li><li>Breakage: The portion of undistributed earnings not expected to be cashed out by consumers, recorded as $2,158 thousand in 2026 compared to $2,686 thousand in 2025 .</li><li>Common Stock Warrant Expense: $2,161 thousand recognized in both 2026 and 2025, associated with the Walmart Warrant .</li><li>Share Repurchase Program: Ibotta’s board of directors approved an additional $100.0 million in March 2026, bringing the total authorization to $400.0 million . During the three months ended March 31, 2026, Ibotta repurchased 1,948,510 shares for an aggregate of $45.1 million, with $90.3 million remaining available as of March 31, 2026 .</li></ul><h4>Future Outlook and Strategy</h4>Ibotta expects cost of revenue to increase due to continued platform investment, new publisher acquisition, and revenue growth . Sales and marketing expenses are also projected to increase with investments in sales functions, B2B marketing, and third-party measurement studies . The company plans for general and administrative expenses to modestly increase to support business growth and aims to grow redemptions by expanding offer quantity and quality and improving the consumer experience .

Ibotta | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 82.48 M