olivLaw · US equity research
Ibotta, Inc. IBTA
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
Ibotta, Inc. runs the Ibotta Performance Network, a platform that distributes digital promotions from CPG brands to consumers through its own app and third-party publishers such as Walmart, Instacart and DoorDash, paid on a success basis. Its relevance now comes from recent revenue growth in redemptions, while the company still reports net losses and adjusted margins below earlier levels. Revenue for fiscal 2025 was 342.4 mn USD, and revenue in the second quarter of 2026 was 88.9 mn USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Ibotta, Inc. (IBTA) stock was 50.07 USD (+2.98% on the day), with market capitalisation 0 USD, beta 1.14, 52-week range 19.25–50.07 USD. Latest reported quarter (Q2 2026): revenue of 88.9 m USD (+3.3% YoY), net income of -1.2 m USD (−149.4% YoY), diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 40.75 – 52.46
- in the upper half of the band · %B 0.80 · band width 25.1%
- SMA 50 / 200
- 42.48 / 32.94
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.22 / 2.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.3% | −2.3% | +22.7 pp | — |
| 3 months | +103.7% | −0.8% | +104.5 pp | — |
| 6 months | +40.3% | +4.7% | +35.6 pp | — |
| Year to date | +120.3% | +10.2% | +110.1 pp | — |
| 1 year | +55.2% | +10.3% | +45.0 pp | −56.3% |
| 3 years | unavailable | +73.0% | unavailable | −74.3% |
| 5 years | unavailable | +61.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98.6 m | 98.4 m | 84.6 m | 86.0 m | 83.3 m | 88.5 m | 82.5 m | 88.9 m |
| Cost of revenue | 12.2 m | 15.2 m | 17.1 m | 17.9 m | 17.1 m | 18.9 m | 19.5 m | 19.2 m |
| Gross profit | 86.4 m | 83.2 m | 67.5 m | 68.1 m | 66.1 m | 69.6 m | 63.0 m | 69.7 m |
| Research & development | 16.3 m | 15.8 m | 18.1 m | 14.7 m | 14.0 m | 14.2 m | 14.5 m | 15.1 m |
| Operating income | 20.7 m | 13.0 m | -2.8 m | 1.2 m | 2.4 m | -1.6 m | -10.8 m | -1.9 m |
| Depreciation & amortisation | 2.1 m ≈ | 1.9 m | 2.2 m | 2.4 m ≈ | 1.2 m ≈ | 2.5 m | 2.9 m | 3.4 m ≈ |
| Interest expense | 39.0 k | 0 | — | — | — | — | — | — |
| Pre-tax income | 25.1 m | 17.0 m | 483.0 k | 3.9 m | 5.3 m | 244.0 k | -9.4 m | -532.0 k |
| Income tax | 7.9 m | -59.2 m | -72.0 k | 1.4 m | 3.7 m | 1.2 m | 969.0 k | 697.0 k |
| Net income | 17.2 m | 76.2 m | 555.0 k | 2.5 m | 1.5 m | -1.0 m | -10.3 m | -1.2 m |
| Diluted EPS | 0.51 | 1.83 ≈ | 0.02 | 0.08 | 0.05 | -0.04 ≈ | -0.43 | -0.05 |
| Operating cash flow | 39.5 m ≈ | 22.0 m | 19.9 m | 25.9 m ≈ | 21.8 m ≈ | 27.8 m | 30.4 m | 13.3 m ≈ |
| Capex | 302.0 k ≈ | 216.0 k | 1.9 m | 3.6 m ≈ | 7.2 m ≈ | 7.5 m | 3.1 m | 890.0 k ≈ |
| Share repurchases | 15.6 m ≈ | 15.7 m | 69.8 m | 70.4 m ≈ | 38.0 m ≈ | 54.8 m | 44.8 m | 26.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 210.7 m | 320.0 m | 367.3 m | 342.4 m |
| Revenue YoY | unavailable | +51.9% | +14.8% | −6.8% |
| Net income | -54.9 m | 38.1 m | 68.7 m | 3.6 m |
| Net income YoY | unavailable | unavailable | +80.3% | −94.8% |
| Diluted EPS | -6.33 | 1.42 | 2.56 | 0.12 |
| Diluted EPS YoY | unavailable | unavailable | +80.3% | −95.3% |
| net % | -26.0% | 11.9% | 18.7% | 1.0% |
| Free cash flow | -57.3 m | 22.2 m | 115.0 m | 75.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 186.6 m USD
- Financial debt
- 0 USD
- Net debt
- -186.6 m USD
- Equity
- 287.7 m USD
- Total assets
- 525.9 m USD
- Debt / equity
- 0.00x
- Current ratio
- 1.96x
- ROE
- 1.0%
- ROA
- 0.6%
- FCF margin
- 21.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 210.7 m | 320.0 m | 367.3 m | 342.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 46.2 m | 44.0 m | 50.1 m | 71.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 164.5 m | 276.0 m | 317.1 m | 271.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 42.6 m | 50.0 m | 63.3 m | 61.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -40.3 m | 56.0 m | 27.9 m | -841.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 6.3 m | 6.7 m | 8.1 m | 8.3 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -34.0 m ≈ | 62.7 m ≈ | 36.0 m ≈ | 7.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 6.2 m | 8.8 m | 3.6 m | 500.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -54.6 m | 44.1 m | 24.5 m | 9.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 262.0 k | 5.9 m | -44.2 m | 6.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -54.9 m | 38.1 m | 68.7 m | 3.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -6.33 | 1.42 | 2.56 | 0.12 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 8.7 m | 26.9 m | 26.9 m | 30.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 17.8 m | 62.6 m | 349.3 m | 186.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | 226.4 m | 220.9 m | 208.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | — | 298.3 m | 581.7 m | 407.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 2.5 m | 2.0 m | 23.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | — | 319.8 m | 678.4 m | 525.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | — | 8.9 m | 7.2 m | 10.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | 64.4 m | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | — | 198.2 m | 204.2 m | 207.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | — | 291.9 m | 221.1 m | 238.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -34.8 m † | 27.9 m † | 457.3 m † | 287.7 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -56.5 m | 22.7 m | 115.9 m | 95.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 785.0 k | 548.0 k | 871.0 k | 20.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -57.3 m ≈ | 22.2 m ≈ | 115.0 m ≈ | 75.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -35.7 m | 19.7 m | -10.2 m | -34.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 74.0 m | 2.4 m | 181.4 m | -224.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 25.0 k | 0 | 31.3 m | 233.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.2% | 69 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.6% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -24.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.7x | 76 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial69/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IBOTTA, INC. (IBTA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 342.4 m USD in 2025; YoY growth -6.8%; net margin -3.2%; ROE -3.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.6%
- Current ratio: 1.7x
What contradicts it
- Interest coverage: -24.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| EDHLEverbright Digital Holding Ltd. | 155.7 m | — | -70.8% | -120.6% | −32.6% | −57% / unavailable |
| MNTNMNTN, Inc. | 154.7 m | 12.6 | 19.7% | 18.0% | +28.6% | −31% / unavailable |
| NCMINational Cinemedia, Inc. | 151.5 m | — | -2.2% | -3.1% | unavailable | −63% / −60% |
| FLNTFluent, Inc. | 109.0 m | — | -170.5% | -11.5% | −18.0% | +94% / +11% |
| THRYThryv Holdings, Inc. | 55.1 m | — | -7.6% | -2.3% | −4.7% | −78% / −93% |
| TZOOTravelzoo | 53.1 m | 186.4 | — | 0.5% | +9.3% | −27% / −49% |
| IZEAIZEA Worldwide, Inc. | 39.4 m | — | -5.1% | -9.4% | −12.9% | −55% / −6% |
| TNMGTNL Mediagene | 10.6 m | — | -155.9% | -175.3% | +35.3% | −92% / −100% |
| PSQHPSQ Holdings, Inc. | 9.8 m | — | -269.3% | -132.7% | +81.1% | −85% / −97% |
| INUVInuvo, Inc. | 7.0 m | — | -43.9% | -8.6% | +2.9% | −85% / −86% |
| STFSStar Fashion Culture Holdings Limited | 5.9 m | — | -39.9% | -13.7% | +83.7% | −15% / unavailable |
| IBTAIbotta, Inc. | 0 | — | -3.7% | -3.2% | −6.8% | +55% / unavailable |
| ANGIAngi Inc. | — | — | -26.3% | -22.3% | −13.0% | −49% / −74% |
1- and 3-year price returns: for IBTA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
Ibotta, Inc. runs the Ibotta Performance Network, a platform that distributes digital promotions from CPG brands to consumers through its own app and third-party publishers such as Walmart, Instacart and DoorDash, paid on a success basis. Its relevance now comes from recent revenue growth in redemptions, while the company still reports net losses and adjusted margins below earlier levels. Revenue for fiscal 2025 was 342.4 mn USD 1, and revenue in the second quarter of 2026 was 88.9 mn USD 3.
SWOT
Strengths
- The IPN reaches a large number of consumers through major publishers and a mobile app with a broad base of registered users 1.
- Success-based pricing and item-level transaction data give clients a clear measure of campaign impact 1.
- Network effects in the business model could attract new publishers and clients as offer supply grows 1.
Weaknesses
- The company has reported net losses in several periods and cannot guarantee future profitability 13.
- Redemptions in the direct channel have fallen significantly, and the company acknowledged that offer supply for consumers was insufficient 12.
- The dual-class structure with concentrated voting control limits shareholders' influence over company decisions 1.
Opportunities
- New partnerships with delivery platforms and fuel-retail networks could expand the audience and redemption volume 3.
- Growth of LiveLift and AI tools could increase client budgets through more precise campaign optimisation 1.
- Large US CPG marketing budgets leave room to attract spending moved from other promotional channels 1.
Risks
- Net losses and uncertain profitabilityhigh
The company has reported losses in some periods and expects rising expenses, which could prevent it from reaching consistent profitability 13.
- Dependence on client offer supplyhigh
If brands cut budgets or offer supply on the network falls, redemptions and revenue could be significantly affected 12.
- Dependence on third-party publishersmedium
Revenue depends on partners that integrate and promote offers, and the failure of a major partner could reduce campaign volume 1.
- Data and pricing regulationmedium
Privacy, consumer data and algorithmic pricing laws could limit how the company uses transaction data 1.
- Concentrated control through share classlow
The structure with differentiated voting rights limits shareholders' ability to influence important decisions, including any change in strategy 1.
Investment thesis
What would need to be true (bull case)
- If new publishers such as Uber and 7-Eleven generate redemptions at scale, revenue could return to sustained growth, after the company already reported growth in the second quarter of 2026 3.
- Third-quarter 2026 guidance points to revenue of 86 - 90 mn USD and an adjusted margin near 15%, which could show operating profitability stabilising 3.
- Measurement and AI tools could make campaigns more effective for clients, which could raise repeat budgets and offer expansion 12.
What would break the thesis
- If the decline in direct-channel redemptions continues, the company could lose higher-margin revenue and growth would depend more on third-party partners 12.
- The net loss in the second quarter of 2026 and the lower adjusted margin could signal continued pressure on profitability, especially if investment rises 3.
- If CPG budgets shrink in an economic slowdown, offer volume could fall quickly and the company could struggle to sustain growth 12.
What to watch
- Evolution of redemptions at third-party publishers after the Uber launch and the 7-Eleven programQ3 2026
- Delivery against third-quarter revenue and adjusted EBITDA guidanceQ3 2026
- Trend in direct-channel redemptions and redeemers2027
- Effect of LiveLift and AI tools on client budgets and marginnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
Ibotta's mission is to make every purchase rewarding, and the company delivers digital promotions to consumers through the Ibotta Performance Network (IPN) 1. Offers come from clients, mainly consumer packaged goods (CPG) brands, and as of 31 Dec 2025 the company worked with over 900 clients representing over 3,100 CPG brands 1. The revenue model is a fee per redemption, charged only when a verified purchase occurs 3.
The IPN combines direct-to-consumer properties, such as the Ibotta mobile app and browser extension, with a network of third-party publishers that use Ibotta technology on a white-label basis 1. The platform handles offer sourcing, purchase verification, settlement and payments, and item-level transaction data supports campaigns and measurement tools, including LiveLift introduced in 2025 1. In the second quarter of 2026 the company announced that 7-Eleven became an exclusive third-party provider of CPG digital promotions in its apps 3.
The capital structure includes Class A stock with concentrated voting control held by the founder and chief executive, which limits shareholders' influence over matters put to a vote 1. The company has a share repurchase program of up to 300 mn USD 1 and repurchased shares for 23.0 mn USD in the second quarter of 2026 3.
Segments
Third-party publishers
This segment includes retailers and delivery platforms with white-label partnerships, such as Walmart, Dollar General, Family Dollar, Instacart, DoorDash and, from 2026, Uber 12. In the second quarter of 2026, redemptions at these publishers grew 27% 3, and redemption revenue from third-party publishers grew 27% to 61.5 mn USD 3.
Direct-to-consumer
The D2C segment covers the Ibotta mobile app, website and browser extension, where consumers earn cash back 1. In the second quarter of 2026 D2C redemptions fell 22% year-over-year and D2C redeemers fell 12% 3, which the company links to the quantity and quality of offers available 2.
CPG clients and sales
Clients are mainly CPG brands buying success-based campaigns, and the company organises its sales team into three verticals: enterprise, emerging and alternative revenue (affiliate, data and gift cards) 1. In 2025 the company did not secure enough offer supply from clients relative to redeemer growth, which lowered redemptions per redeemer 1.
Market context
US consumers have historically spent over 1 trillion USD a year in the grocery sector 1, and CPG brands spend a combined 200 bn USD a year on marketing and trade promotions in the US 1. Ibotta competes for part of these budgets with a pitch built on measurement and payment only for results.
Client budgets are sensitive to macroeconomic conditions and supply chains, and a slowdown in spending could reduce offer volume and redemptions across the network 12. Seasonality, with a strong focus on the fourth quarter, was less pronounced in 2025 than in earlier years 1.
Trends
- Growth from third-party publisherstailwind
The launch of partnerships with Instacart, DoorDash and Uber expanded the IPN audience, and redeemers at third-party publishers rose 24% in the second quarter of 2026 32. If these partnerships mature, they could support continued growth in redemption revenue 3.
- Decline in the direct channelheadwind
D2C redemptions fell in 2025 and in the first six months of 2026, and the company ties the decline to fewer and weaker offers per redeemer 12. If the decline continues, it could weigh on revenue and margin, although the channel has a higher revenue per redemption 2.
Competitive position
Ibotta says it operates in a highly competitive and evolving environment, both for clients and for publishers and consumers 1. Competitors include digital promotion platforms and retailers' own loyalty networks, and consumers may also use other platforms 1.
The company argues its advantage comes from network effects: more offers attract more audience and more new publishers 1. If publishers integrate their own loyalty programs, direct competition could increase 1.
- CPG digital promotion platforms
Other digital offer providers competing for CPG brands' marketing budgets, referenced generically in the sources.
- Retailer loyalty networks
Retailers' own programs that can be built in-house and compete with the IPN white-label offer.
- Proprietary publisher platforms
Retailer or delivery apps that integrate rewards directly without an intermediary.
- Measurement and data providers
Incremental sales measurement firms that can offer services similar to Ibotta's validation tools.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report24 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 May 2026Departure or appointment of officers · Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Current report12 Mar 2026Other events · Financial statements and exhibits
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ibotta, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ibotta, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ibotta, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.