Ibotta Q3 Revenue Rises 17% as Third-Party Publisher Growth Lifts Adjusted EBITDA

Ibotta, Inc. (NYSE: IBTA) reported third-quarter 2026 revenue of $97.8 million, up 17% year over year, as growth from third-party publishers more than offset weakness in its direct-to-consumer business and advertising and other revenue. Adjusted EBITDA increased 43% to $23.8 million, with both revenue and adjusted EBITDA exceeding the midpoints of the company’s guidance.

Revenue was 11% above the prior guidance midpoint of $88.0 million, while adjusted EBITDA was 83% above the $13.0 million midpoint. Adjusted EBITDA margin expanded to 24.3% from 20.0% a year earlier.

On a GAAP basis, gross profit rose to $78.1 million from $66.1 million, and income from operations increased to $4.7 million from $2.4 million. However, Ibotta recorded a net loss of $3.5 million, compared with net income of $1.5 million in the prior-year quarter, after recognizing a $9.6 million provision for income taxes.

Third-party publishers drive redemption growth

Redemption revenue, which represented 91% of third-quarter revenue, grew 23% year over year. Third-party publisher redemption revenue rose 43%, driven by organic growth at existing publishers, which benefited from increased offer supply. The company said higher redemptions per redeemer reflected the quantity and quality of offers available, while redemption revenue per redemption declined primarily because of offer mix and strategic pricing actions.

Third-party publishers accounted for 72% of total revenue, while the direct-to-consumer channel contributed 18%. Direct-to-consumer redemption revenue fell 22% year over year. The number of D2C redeemers declined, although redemptions per redeemer increased. Revenue per redemption also decreased due to offer mix and strategic pricing actions.

Advertising and other revenue, which includes data licensing, audience sales and advertising products supporting promotions, declined 17% and represented 9% of total revenue.

Margins and operating expenses

Ibotta’s GAAP gross margin increased to 79.9% from 79.4%. Non-GAAP gross margin, which excludes stock-based compensation in cost of revenue, rose 0.6 percentage points to 80.7%. Non-GAAP cost of revenue increased 14%, or $2.3 million, reflecting higher technology and publisher-related costs.

Non-GAAP operating expenses totaled $58.9 million, or 60.2% of revenue, compared with $51.4 million, or 61.7% of revenue, a year earlier. Non-GAAP sales and marketing expense increased 21% due to planned labor additions, higher variable compensation and investment in third-party lift studies, partly offset by lower media spending. Non-GAAP research and development expense rose 15% because of higher variable compensation and software licensing costs, while non-GAAP general and administrative expense declined 1%.

Stock-based compensation increased to $15.4 million from $12.6 million. Depreciation and amortization included in the adjusted EBITDA reconciliation rose to $3.7 million from $1.2 million.

Fourth-quarter outlook

For the fourth quarter of 2026, Ibotta expects revenue of $94 million to $98 million. The $96 million midpoint represents an 8% year-over-year increase. Adjusted EBITDA is projected at $15 million to $17 million, implying a 16.7% margin at the midpoint.

The company did not provide a reconciliation of its adjusted EBITDA guidance to GAAP net income because certain reconciling items, including share-based compensation, cannot be reasonably predicted.

Ibotta identified risks including its ability to maintain and expand publisher, client, retailer and technology-partner relationships; sustain offer supply and redemptions; manage competition and macroeconomic conditions; develop its platform; and protect data and intellectual property. Results also depend on publishers integrating with the Ibotta Performance Network and encouraging offer redemption.