Ibotta, Inc.

We use the following key performance metrics and non-GAAP measures to help us evaluate our business, identify trends affecting our performance, and make strategic decisions. For more information regarding how we use non-GAAP measures in our business, the limitations of these measures, and a reconciliation of these measures to the most directly comparable GAAP financial measures, refer to the section titled Non-GAAP Measures.

Note that certain figures shown within this section may not recalculate due to rounding.

Performance Metrics

The performance metrics below are presented in two categories: third-party publishers and direct-to-consumer (D2C), which sum to the total metric. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. The underlying trends and drivers of our D2C business often vary from those of our third-party publisher business. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. The explanation of the changes in the total metric can be found in the third-party publisher and D2C sections.

Redemptions

A redemption is a verified purchase of an item qualifying for an offer by a client on the IPN. The number of redemptions is an indicator of the scale and consumer engagement of our business, as well as the value we bring to our clients and publishers. Generally, redemptions change as budgets increase or decrease with existing clients and/or as we add or lose CPG brands as clients. In addition, redemptions grow from adding publishers and redeemers, and/or increasing engagement from existing redeemers.

Third-party publisher redemptions are redemptions on all publishers excluding the D2C properties, namely our retailer publishers. D2C redemptions are redemptions on any D2C property.

Third-party publisher redemptions

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.

D2C redemptions

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.

Total redemptions

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.

Redeemers

Redeemers are defined as consumers who have redeemed at least one digital offer within the quarter. If one consumer were to redeem on more than one publisher, they would be counted as a redeemer on each publisher. Year-to-date redeemers are calculated as the average of current year quarter-to-date redeemers. Redeemers are an indicator of the scale and growth of our business, as the number of redeemers typically drives our revenue and is an indication of our ability to grow redemptions.

Third-party publisher redeemers are consumers who have redeemed at least one digital offer on any publisher property that is not an Ibotta property, namely our retailer publishers. D2C redeemers are consumers who have redeemed at least one digital offer on any Ibotta property within the quarter.

Third-party publisher redeemers

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.

D2C redeemers

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.

Total redeemers

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.

Redemptions per redeemer

Redemptions per redeemer are the redemptions divided by the redeemers in that period. This metric is useful as redemptions per redeemer is an indication of our redeemers’ level of engagement with our platform and network. We aim to grow redemptions from our redeemers by expanding the quantity and quality of offers available and increasing engagement by continuing to improve the consumer experience. In general, redemptions per redeemer are driven by the quantity and quality of offer supply and the growth in offer supply relative to the growth in redeemers. For new redeemers, redemption frequency initially increases before stabilizing. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. Third-party publisher redeemers tend to have a lower redemption frequency as compared to D2C redeemers. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer.

Third-party publisher redemptions per redeemer

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.

D2C redemptions per redeemer

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.

Total redemptions per redeemer

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.

Redemption revenue per redemption

Redemption revenue per redemption is the redemption revenue divided by the number of redemptions in that period. Redemption revenue per redemption is an indication of our fee, which is generally charged as a fixed dollar amount per redemption based on the retail price of the specific item being promoted. In any period, our redemption revenue per redemption can fluctuate based on the product category mix of offers being redeemed and the impact of inflation on a product’s manufacturer’s suggested retail price (MSRP). Product category mix can be impacted by factors such as seasonal promotions, including back-to-school items in the third quarter or holiday promotions on grocery and food items in the fourth quarter of each year.

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.

Third-party publisher redemption revenue per redemption

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.

D2C redemption revenue per redemption

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.

Total redemption revenue per redemption

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.