--- title: "Ibotta | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 82.48 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285442954.md" datetime: "2026-05-06T21:20:30.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285442954.md) - [en](https://longbridge.com/en/news/285442954.md) - [zh-HK](https://longbridge.com/zh-HK/news/285442954.md) --- # Ibotta | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 82.48 M 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 . #### Financial Performance (Three months ended March 31, 2026 vs. 2025) - **Total Revenue**: $82,483 thousand in 2026 compared to $84,574 thousand in 2025, a 2% decrease . - **Redemption Revenue**: $73,016 thousand in 2026 compared to $73,399 thousand in 2025, a 1% decrease . - 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 . - 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 . - **Ad & 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 . - **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 . - **Gross Profit**: $63,033 thousand in 2026 compared to $67,482 thousand in 2025 . - **Gross Margin**: 76% in 2026 compared to 80% in 2025 . - **Total Operating Expenses**: $73,865 thousand in 2026 compared to $70,285 thousand in 2025 . - **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) . - **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 . - **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) . - **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 . - **Loss from operations**: -$10,832 thousand in 2026 compared to -$2,803 thousand in 2025 . - **Net (loss) income**: -$10,322 thousand in 2026 compared to $555 thousand in 2025 . #### Non-GAAP Measures (Three months ended March 31, 2026 vs. 2025) - **Adjusted EBITDA**: $8,721 thousand in 2026 compared to $14,673 thousand in 2025 . - **Adjusted EBITDA margin**: 11% in 2026 compared to 17% in 2025 . #### Operational Metrics (Three months ended March 31, 2026 vs. 2025) - **Total Redemptions**: 87,966 thousand in 2026 compared to 82,840 thousand in 2025 . - Third-party publisher redemptions were approximately 70.7 million in 2026 compared to 61.2 million in 2025 . - D2C redemptions were approximately 17.3 million in 2026 compared to 21.6 million in 2025 . - **Total Redeemers**: Approximately 19,736 thousand in 2026 compared to 17,089 thousand in 2025 . - Third-party publisher redeemers were approximately 18.3 million in 2026 compared to 15.4 million in 2025 . - D2C redeemers were 1.4 million in 2026 compared to 1.7 million in 2025 . - **Total Redemptions per redeemer**: 4.5 in 2026 compared to 4.8 in 2025 . - Third-party publisher redemptions per redeemer were approximately 3.9 in 2026 compared to 4.0 in 2025 . - D2C redemptions per redeemer were approximately 12.1 in 2026 compared to 13.1 in 2025 . - **Total Redemption revenue per redemption**: $0.83 in 2026 compared to $0.89 in 2025 . - Third-party publisher redemption revenue per redemption was $0.76 in 2026 compared to $0.79 in 2025 . - D2C redemption revenue per redemption was $1.10 in 2026 compared to $1.17 in 2025 . #### Cash Flow (Three months ended March 31, 2026 vs. 2025) - **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 . - **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 . - **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 . - **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 . #### Unique Metrics - **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 . - **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 . - **Common Stock Warrant Expense**: $2,161 thousand recognized in both 2026 and 2025, associated with the Walmart Warrant . - **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 . #### Future Outlook and Strategy 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 . 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