Ibotta IncIbotta Inc
Ibotta Inc

Ibotta Inc

IBTA
Information Technology·Software

Ibotta, Inc. is a performance marketing platform allowing brands to deliver digital promotions to hundreds of millions of consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop - all while paying only when their campaigns directly result in a sale. The company was founded by Bryan W. Leach on October 31, 2011 and is headquartered in Denver, CO.

Colorado; U.S.A
Market cap
No dataNo data
Revenue
$342.4M−6.8% YoY
Net income
$3.6M−94.8% YoY
Free cash flow
$75M−34.8% YoY

Market

Listed stock
IBTAPriceNYSE
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Financial performance

Revenue
$342.4M−6.8% YoY
Operating income
$-841K−103.0% YoY
Net income
$3.6M−94.8% YoY
Free cash flow
$75M−34.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $210.7M, 2023 $320M, 2024 $367.3M, 2025 $342.4M. Operating income: 2022 $-40.3M, 2023 $56M, 2024 $27.9M, 2025 $-841K. Net income: 2022 $-54.9M, 2023 $38.1M, 2024 $68.7M, 2025 $3.6M. Free cash flow: 2022 $-64.8M, 2023 $14.5M, 2024 $115M, 2025 $75M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-6.8%−2152 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-12-31 $-40.3M, 2023-12-31 $56M, 2024-12-31 $27.9M, 2025-12-31 $-841K. Net income: 2022-12-31 $-54.9M, 2023-12-31 $38.1M, 2024-12-31 $68.7M, 2025-12-31 $3.6M. Free cash flow: 2022-12-31 $-64.8M, 2023-12-31 $14.5M, 2024-12-31 $115M, 2025-12-31 $75M

Growth heatmap

202320242025CAGR
Revenue
+51.9%
+14.8%
-6.8%
No data
Gross profit
+67.8%
+14.9%
-14.4%
No data
Operating income
+238.9%
-50.1%
-103.0%
No data
Free cash flow
+122.4%
+694.1%
-34.8%
No data

Earnings quality

Operating cash flow
$95.3M−17.8% YoY
Net income
$3.6M−94.8% YoY
Free cash flow
$75M−34.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 2665%, 2024-12-31 169%, 2023-12-31 60%, 2022-12-31 103%. Free cash flow: 2025-12-31 2097%, 2024-12-31 167%, 2023-12-31 38%, 2022-12-31 118%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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