Ibotta, Inc. (IBTA)

Price$38.22Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Valuation balances renewed growth against weak GAAP profitabilityAt $41.58, Ibotta's equity value is roughly $964 million using 23.17 million shares outstanding at July 31, with an approximate cash-adjusted enterprise value of $815 million.

Trailing revenue is approximately $343 million, implying about 2.4x enterprise value to revenue. Trailing adjusted EBITDA is approximately $55.6 million, implying about 14.7x EV/adjusted EBITDA, while trailing GAAP earnings remain negative. The valuation is supported by a net-cash balance sheet, improving redemption growth and expanding publisher reach, but it is not obviously cheap given uneven margins and dependence on promotional spending, supporting a Fair-priced assessment.

Third-party publisher growth is offsetting D2C contractionThe Ibotta Performance Network distributes performance-based CPG promotions through major publisher partners while charging advertisers primarily when qualifying purchases occur.

Q2 2026 revenue rose 3% to $88.9 million and redemption revenue rose 10% to $80.2 million. Third-party publisher redemption revenue increased 27% to $61.5 million as third-party redemptions climbed 27% to 74.4 million. Total redeemers increased 21% to 20.9 million. In contrast, D2C revenue fell 27% to $27.4 million and D2C redemptions declined 22%, showing that current growth is increasingly dependent on white-label publisher distribution and sufficient advertiser offer supply.

Walmart remains strategically important and creates concentration and dilution rIbotta remains Walmart U.S.'s exclusive provider of digital item-level rebate offer content under a multi-year agreement, making the relationship a major competitive asset and material dependency.

The Walmart agreement automatically renews in successive 24-month periods unless notice requirements are met, while Walmart can terminate with at least 270 days' notice under specified terms. Ibotta explicitly warns that loss or non-renewal could materially affect the business. Walmart also holds rights to purchase up to 4.121 million Class A shares at $70.12, versus approximately 23.17 million current basic shares, creating meaningful potential dilution if the stock rises above the exercise price. Diversification through Instacart, DoorDash, Uber, Giant Eagle and 7-Eleven reduces but does not eliminate publisher concentration risk.

Cash generation and buybacks provide flexibility despite margin volatilityIbotta has substantial liquidity and no June-end revolver borrowings, while continuing to return capital through share repurchases.

FY2025 generated $95.3 million of operating cash flow and $61.0 million of free cash flow despite revenue declining to $342.4 million and net income falling to $3.6 million. Cash was $186.6 million at year-end versus $25.8 million of supplied total debt. At June 30, cash was $148.2 million, the revolver was undrawn with $99.0 million available, and first-half operating cash flow was $43.6 million. Ibotta repurchased 2.66 million shares for $68.4 million in the first half and retained $67.3 million of authorization, although stock-based compensation and outstanding equity awards partially offset buyback benefits.

AI: News

Q2 returned Ibotta to revenue growth ahead of scheduleSecond-quarter results exceeded the upper end of Ibotta's guidance ranges and produced the fastest redemption-revenue growth since Q3 2024.

Revenue increased 3% to $88.9 million, redemption revenue increased 10%, and adjusted EBITDA was $16.5 million for an 18.6% margin. Operating cash flow was $13.3 million and free cash flow was $8.1 million. Management guided Q3 revenue to $86-$90 million, approximately 6% year-over-year growth at the midpoint, with adjusted EBITDA of $12-$14 million. The most recent company announcement on August 26 scheduled September investor-conference appearances but did not provide a newer operating update.

7-Eleven expands publisher diversification beyond WalmartIbotta became 7-Eleven's exclusive third-party provider of CPG digital promotions for its major U.S. consumer apps, adding another large distribution channel to the IPN.

The partnership covers 7-Eleven, 7NOW and Speedway apps, excluding age-restricted products, and is intended to reach shoppers across more than 11,500 U.S. locations. It follows 2026 expansion with Uber and Giant Eagle and supports Ibotta's strategy of diversifying white-label distribution while advertiser offer supply improves. Recent SEC activity through September 14 has primarily consisted of Forms 4 and 144 for insider transactions; the latest substantive operating filing remains the August 4 Q2 Form 10-Q.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$342.4M	$367.3M	$320.0M	$210.7M
Gross profit	$271.3M	$317.1M	$276.0M	$164.5M
Gross margin	79.25%	86.35%	86.25%	78.08%
Research & development	$61.1M	$63.3M	$50.0M	$42.6M
Operating expenses	$272.2M	$289.2M	$220.0M	$204.8M
Operating income	−$841,000	$27.9M	$56.0M	−$40.3M
Operating margin	−0.25%	7.60%	17.50%	−19.13%
EBITDA	$7.5M	$36.0M	$62.7M	−$34.0M
EBITDA margin	2.18%	9.80%	19.58%	−16.13%
Net income	$3.6M	$68.7M	$38.1M	−$54.9M
Net profit margin	1.04%	18.72%	11.91%	−26.04%
Basic EPSper basic share	$0.13	$2.85	$4.26	-$6.33
Diluted EPSper diluted share	$0.12	$2.56	$1.42	-$6.33

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

21.70%of listed shares

Koch, Inc.4.39M shares · Jun 30, 2026

View holders

Top 20 reported holders of IBTA
Holder	% owned
Koch, Inc.	21.70%4.39M shares
CLARK JAMES H / Clark Jermoluk Founders Fund I LLC	≈19.04%3.85M shares
D. E. Shaw & Co., Inc.	8.36%1.69M shares
Swanson Luke Roy	≈5.07%1.03M shares
HSBC HOLDINGS PLC	5.02%1.02M shares
BlackRock, Inc.	4.63%937.17K shares
CITIGROUP INC	3.19%644.97K shares
PATEL SUNIT S	≈2.74%555.28K shares
VANGUARD CAPITAL MANAGEMENT LLC	2.61%528.84K shares
Riedy Christopher J	≈1.86%376.38K shares
Puckett Matthew H	≈1.66%336.83K shares
NOTABLE CAPITAL MANAGEMENT, L.L.C.	1.66%336.04K shares
BNP PARIBAS FINANCIAL MARKETS	1.65%333.11K shares
GEODE CAPITAL MANAGEMENT, LLC	1.37%277.66K shares
STATE STREET CORP	1.35%272.49K shares
Shapiro David T	≈1.13%228.43K shares
RENAISSANCE TECHNOLOGIES LLC	1.10%223.08K shares
El Tabib Amir	≈1.01%204.21K shares
BANK OF AMERICA CORP /DE/	0.99%201.09K shares
Donahue Richard I.	≈0.99%199.97K shares

Percentages use 20.23M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys77$4.90M disclosed value

Sells (SEC code S)157$130.25M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 23, 2026Form 4 · 10b5-1	Leach BryanCEO AND PRESIDENT	SellClass A Common Stock	4.0K	$30.31	$119.9K	866.5K
Jun 22, 2026Form 4 · 10b5-1	Leach BryanCEO AND PRESIDENT	SellClass A Common Stock	11.2K	$30.56	$341.9K	866.5K
Jun 9, 2026Form 4 · 10b5-1	Leach BryanCEO AND PRESIDENT	SellClass A Common Stock	4.7K	$31.96	$151.7K	916.5K
Jun 8, 2026Form 4 · 10b5-1	Leach BryanCEO AND PRESIDENT	SellClass A Common Stock	55	$32.82	$1.8K	916.5K
Jun 8, 2026Form 4 · 10b5-1	Leach BryanCEO AND PRESIDENT	SellClass A Common Stock	10.4K	$32.12	$332.5K	916.5K

Review ownership filings at SEC.gov ↗

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Ibotta, Inc. (IBTA)

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