Ibotta, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
IBTA$58.11+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001628280-26-052575
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsPerformance Metrics and Non-GAAP MeasuresNon-GAAP MeasuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001628280-26-069531
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsPerformance Metrics and Non-GAAP MeasuresNon-GAAP MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 78 previous paragraphs and 78 current paragraphs.
54 unchanged; 20 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
For the three months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemptions per redeemer were approximately 4.4 and 3.8, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemptions per redeemer were approximately 12.1 and 11.4, respectively. This growth was driven by the quantity and quality of offers available to each third-party publisher redeemer.
Current report
For the three months ended September 30, 2026 compared to the same period in 2025, D2C redemptions per redeemer were approximately 13.3 and 12.7, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, D2C redemptions per redeemer were approximately 37.5 and 39.5, respectively. The changes were driven by the quantity and quality of offers available to each D2C redeemer.
Current report
For the three months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemption revenue per redemption was $0.72 and $0.79, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemption revenue per redemption was $0.77 and $0.80, respectively. The decreases were driven primarily by offer mix and lower like-for-like pricing.
Removed paragraphs (4)
Previous report
Forthe three months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemptions per redeemer were approximately 3.8 and 3.7, respectively. For both the six months ended June 30, 2026 and the same period in 2025, third-party publisher redemptions per redeemer were approximately 7.7.
Previous report
Forthe three months ended June 30, 2026 compared to the same period in 2025, D2C redemptions per redeemer were approximately 12.2 and 13.8, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions per redeemer were approximately 24.3 and 26.8, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.
Previous report
For boththe three months ended June 30, 2026 and the same period in 2025, third-party publisher redemption revenue per redemption was$0.83. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemption revenue per redemption was $0.80 and $0.81, respectively.
Previous report
We expect depreciation and amortization to increase as a result of our new corporate headquarters and as we continue to develop infrastructure-related software.
Reworded paragraphs (20)
Previous wording
In 2025, we introduced LiveLift™, a set of capabilities designed to help brands drive incremental sales at scale in a more cost-efficient manner. LiveLift™ enables more sophisticated projections and profitability metrics, including incremental sales and CPID, to help our clients achieve the desired scale or efficiency for their promotions. We also have partnerships with Circana and ABCS Insights, which allow our clients to obtain third-party validation of the impact of their digital promotion campaigns via third-party measurement studies.
Current wording
In 2025, we introduced LiveLift™, a set of capabilities designed to help brands drive incremental sales at scale in a more cost-efficient manner. LiveLift™ enables more sophisticated projections and profitability metrics, including incremental sales and cost per incremental dollar (CPID), to help our clients achieve the desired scale or efficiency for their promotions. We also have partnerships with Circana and ABCS Insights, which allow our clients to obtain third-party validation of the impact of their digital promotion campaigns via third-party measurement studies.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 74.4 million and 58.6 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 145.1 million and 119.8 million, respectively. This growth was driven primarily by increases in offer supply and third party publisher redeemers, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 97.6 million and 62.1 million, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 242.6 million and 181.8 million, respectively. This growth was driven primarily by increases in offer supply and third-party publisher redeemers.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 17.1 million and 21.9 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 34.3 million and 43.6 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer and a decrease in D2C redeemers.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 18.8 million and 20.8 million, respectively, driven by a decrease in D2C redeemers. For the nine months ended September 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 53.1 million and 64.4 million, respectively, driven by a decrease in D2C redeemers and the quantity and quality of offers available to each D2C redeemer.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, total redemptions were 91.4 million and 80.5 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemptions were 179.4 million and 163.3 million, respectively.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, total redemptions were 116.4 million and 82.8 million, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, total redemptions were 295.7 million and 246.2 million, respectively.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 19.5 million and 15.7 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 18.9 million and 15.6 million, respectively. This growth was driven primarily by organic growth at existing third-party publishers, which benefited from an increase in offer supply, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 22.2 million and 16.5 million, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 20.0 million and 15.9 million, respectively. This growth was driven primarily by organic growth at existing third-party publishers, benefiting from an increase in offer supply, as well as the launch of new publishers.
Previous wording
For both the three and six months ended June 30, 2026, compared to the same period in 2025, D2C redeemers were 1.4 million and 1.6 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.
Current wording
For both the three and nine months ended September 30, 2026, compared to the same period in 2025, D2C redeemers were 1.4 million and 1.6 million, respectively. The decrease is an effect of the quantity and quality of offers available to each D2C redeemer.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, total redeemers were approximately 20.9 million and 17.3 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redeemers were approximately 20.3 million and 17.2 million, respectively.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, total redeemers were approximately 23.6 million and 18.2 million, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, total redeemers were approximately 21.4 million and 17.5 million, respectively.
Previous wording
Forthe three months ended June 30, 2026 compared to the same period in 2025, total redemptions per redeemer were approximately 4.4 and 4.6, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemptions per redeemer were approximately 8.8 and 9.5, respectively.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, total redemptions per redeemer were approximately 4.9 and 4.6, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, total redemptions per redeemer were approximately 13.8 and 14.0, respectively.
Previous wording
Third-party publisher redemption revenue per redemption represents redemption revenue generated from offers on all publishers other than those on Ibotta properties divided by redemptions on all publishers other than those on Ibotta properties. D2Credemption revenue per redemption represents redemption revenue generated from offers on any Ibotta property divided by the redemptions on any Ibotta property in that period. Refer to the Results of Operations section below for the disaggregation of revenue by third-party publisher and D2C.
Current wording
Third-party publisher redemption revenue per redemption represents redemption revenue generated from offers on all publishers other than those on Ibotta properties divided by redemptions on all publishers other than those on Ibotta properties. D2C redemption revenue per redemption represents redemption revenue generated from offers on any Ibotta property divided by the redemptions on any Ibotta property in that period. Refer to the Results of Operations section below for the disaggregation of revenue by third-party publisher and D2C.
Previous wording
Forthe three months ended June 30, 2026 compared to the same period in 2025, D2C redemption revenue per redemptionwas $1.10 and$1.12, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions revenue per redemption was $1.10 and $1.14, respectively. This change was driven primarily by offer mix.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, D2C redemption revenue per redemption was $0.95 and $1.10, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, D2C redemption revenue per redemption was $1.05 and $1.13, respectively. The decreases were driven primarily by offer mix and lower like-for-like pricing.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.88 and $0.91, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.85 and $0.90, respectively.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.76 and $0.87, respectively. For the nine months ended September 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.82 and $0.89, respectively.
Previous wording
Adjusted EBITDAis earnings before interest income, net, provision for income taxes, anddepreciation and amortization expense, and excludes stock-based compensation expense, restructuring charges, andother expense, net. We define Adjusted EBITDA marginas Adjusted EBITDA as a percent of revenue.
Current wording
Adjusted EBITDA is earnings before interest income, net, provision for income taxes, and depreciation and amortization expense, and excludes stock-based compensation expense, restructuring charges, and other (income) expense, net. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue.
Previous wording
The following table provides a reconciliation ofnet (loss) income to Adjusted EBITDA andnet (loss) income as a percentage of revenue to Adjusted EBITDA margin for each of the periods presented (in thousands, except percentages):
Current wording
The following table provides a reconciliation of net (loss) income to Adjusted EBITDA and net (loss) income as a percentage of revenue to Adjusted EBITDA margin for each of the periods presented (in thousands, except percentages):
Previous wording
(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended June 30, 2026 and 2025 was $1.5 million and $1.4 million, respectively, and for the six months ended June 30, 2026 and 2025 was $2.8 million and $2.6 million, respectively.
Current wording
(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended September 30, 2026 and 2025 was $1.7 million and $0.6 million, respectively, and for the nine months ended September 30, 2026 and 2025 was $4.5 million and $3.2 million, respectively.
Previous wording
(3)Other expense, net is comprised of penalties and net gains and losses on disposal of assets.
Current wording
(3)Other (income) expense, net is comprised of penalties and net gains and losses on disposal of assets.
Previous wording
Research and development expenses consist primarily of personnel-related costs for our technology departments, impairment of capitalized software development costs, software licensing costs, professional fees, and market research. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, and, in the prior year, restructuring charges. We capitalize certain software development costs that are attributable to developing new features and adding incremental functionality to our platform or infrastructure. Costs incurred during the preliminary project stage are recorded in research and development. Costs incurred during the post-implementation stage are recorded in research and development or cost of revenue, depending on the nature of the project. In addition, impairment of in-progress software projects for which completion is subsequently determined not to be probable is recorded in research and development expenses.
Current wording
Research and development expenses consist primarily of personnel-related costs for our technology departments, software licensing costs, impairment of capitalized software development costs, professional fees, and market research. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, and, in the prior year, restructuring charges. We capitalize certain software development costs that are attributable to developing new features and adding incremental functionality to our platform or infrastructure. Costs incurred during the preliminary project stage are recorded in research and development. Costs incurred during the post-implementation stage are recorded in research and development or cost of revenue, depending on the nature of the project. In addition, impairment of in-progress software projects for which completion is subsequently determined not to be probable is recorded in research and development expenses.
Previous wording
We expect research and development expenses to remain relatively stable as we anticipate increased capitalization related to software development projects. However, these expenses may fluctuate as a percentage of total revenue from period to period.
Current wording
We expect research and development expenses to modestly increase as we continue to invest in the personnel and technologies necessary to support the growth of our business. However, these expenses may fluctuate as a percentage of total revenue from period to period.
Previous wording
General and administrative expenses consist primarily of personnel-related costs for our administrative departments, software licensing costs, professional fees for external legal, accounting, and other consulting services, facilities costs, corporate insurance, credit loss expense, company events, and taxes, licenses, and other fees. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, recruiting fees, and, in the prior year, restructuring charges.
Current wording
General and administrative expenses consist primarily of personnel-related costs for our administrative departments, software licensing costs, professional fees for external legal, accounting, and other consulting services, facilities costs, corporate insurance, company events, credit loss expense, and taxes, licenses, and other fees. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, recruiting fees, and, in the prior year, restructuring charges.
Previous wording
Depreciation and amortization consists of depreciation of property and equipment and amortization of infrastructure-related software development costs.
Current wording
Depreciation and amortization consists of depreciation of property and equipment, including leasehold improvements for our corporate headquarters, and amortization of infrastructure-related software development costs.
Previous wording
Other expense, net consists of penalties and gains and losses on the disposal of assets.
Current wording
Other income (expense), net, consists of penalties and gains and losses on the disposal of assets.