November 12, 2025 — Leads & Copy — Ibotta, Inc. (NYSE: IBTA) has announced its financial results for the third quarter of 2025, which ended on September 30, 2025.
Bryan Leach, Ibotta’s CEO and founder, stated that the company has significantly strengthened its performance marketing platform. A strategic partnership with Circana has been established to provide third-party sales lift measurement for digital promotions. Additionally, Ibotta has launched LiveLift™ for CPG brands, which improves a brand’s ability to measure and optimize live campaigns, enhancing the previous approach to measuring sales lift during a campaign. Several clients are currently piloting LiveLift.
Key financial highlights from the third quarter of 2025 include:
- Total revenue was reported at $83.3 million, a 16% year-over-year decrease.
- Total redemption revenue amounted to $72.1 million, reflecting a 15% decrease compared to the previous year.
- The Ibotta Performance Network (IPN) saw 18.2 million redeemers during the quarter, a 19% increase from 15.3 million in the third quarter of 2024. This growth was primarily driven by the launch of Instacart in the fourth quarter of 2024 and the launch of offers to a majority of DoorDash customers in the second quarter of 2025.
- Third-party publisher redemptions totaled 62.1 million, a 6% decrease from 65.8 million in the third quarter of 2024.
- Net income was $1.5 million, or 2% of revenue, while adjusted net income reached $16.3 million, representing 20% of revenue.
- Adjusted EBITDA was $16.6 million, with a margin of 20%.
- Cash from operating activities was $21.8 million, and free cash flow was $10.6 million.
- The company repurchased 1.4 million shares for $38.7 million, at an average price of $26.73 per share, excluding broker commissions and excise tax.
Business highlights for the third quarter of 2025 also include a 19% year-over-year increase in quarterly redeemers on the Ibotta Performance Network and the appointment of Matt Puckett as CFO. Ibotta also reorganized its Sales team, migrating from a territory-based model to an industry-based model, promoting three sales leaders to vertical sales leads, and hiring two external sales leaders with backgrounds in performance media.
The partnership with Circana will bring third-party sales lift measurement to digital promotions, with Circana lift studies for Ibotta campaigns expected to roll out in late 2025 and be available to all brands in 2026. Ibotta also launched LiveLift, an enhanced solution that helps CPG brands measure and optimize their campaigns while live.
For the fourth quarter of 2025, Ibotta anticipates:
- Revenue of $80 – $85 million, a year-over-year decrease of 16% at the midpoint.
- Adjusted EBITDA of $9 – $12 million, representing a margin of 13% at the midpoint.
About Ibotta
Ibotta (NYSE: IBTA) is a provider of digital promotions, connecting CPG brands with over 200 million consumers via the Ibotta Performance Network (IPN). Since 2012, American shoppers have earned over $2.6 billion through the IPN. Ibotta is headquartered in Denver and has been recognized as a top place to work.
Ibotta uses non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income as a percent of revenue, adjusted diluted net income per share and free cash flow, to evaluate the company’s operational trends, financial performance, and cash-generating capacity.
Matt Puckett, CFO
ir.ibotta.com
Source: Ibotta, Inc.
