Total assets contracted 28% from $678.4M to $485.4M, with cash dropping from $349.3M to $148.2M, while debt-to-equity remains low at 0.10 but total debt of $25.1M is a new obligation.
Ibotta, Inc. (IBTA) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 365.63M | 407.93M | 581.74M | 298.34M | 174.46M |
| Cash & Short-Term Investments | 148.17M | 186.61M | 349.28M | 62.59M | 45.5M |
| Cash Only | 148.17M | 186.61M | 349.28M | 62.59M | 17.82M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 27.68M |
| Accounts Receivable | 203.39M | 208.71M | 220.88M | 226.44M | 121.56M |
| Days Sales Outstanding | 214.84 | 222.49 | 219.53 | 258.25 | 210.58 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 14.07M | 12.6M | 1.24M | 922K | 7.4M |
| Total Non-Current Assets | 119.76M | 117.99M | 96.69M | 21.45M | 20.62M |
| Property, Plant & Equipment | 32.97M | 33.34M | 1.95M | 3.37M | 5.56M |
| Fixed Asset Turnover | 10.64x | 10.27x | 188.24x | 94.91x | 37.91x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 27.96M | 24.19M | 16.2M | 12.84M | 8.75M |
| Long-Term Investments | 18.12M | 4.53M | 4.53M | 4.53M | 4.53M |
| Other Non-Current Assets | 810K | 1.08M | 74M | 699K | 263K |
| Total Assets | 485.4M | 525.91M | 678.43M | 319.79M | 195.08M |
| Asset Turnover | 0.67x | 0.65x | 0.54x | 1.00x | 1.08x |
| Asset Growth % | -71.43% | -22.48% | 112.15% | 63.93% | - |
| Total Current Liabilities | 213.47M | 207.76M | 204.16M | 198.15M | 143.9M |
| Accounts Payable | 7.31M | 10.84M | 7.16M | 8.94M | 5.86M |
| Days Payables Outstanding | 48.71 | 52.78 | 52.14 | 68.45 | 43.45 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 12.93M | 2.94M | 4.96M | 2.63M | 3.05M |
| Other Current Liabilities | 78.15M | 78.58M | 94.46M | 107M | 117.63M |
| Current Ratio | 1.71x | 1.96x | 2.85x | 1.51x | 1.21x |
| Quick Ratio | 1.71x | 1.96x | 2.85x | 1.51x | 1.21x |
| Cash Conversion Cycle | 166.13 | - | - | - | - |
| Total Non-Current Liabilities | 30.36M | 30.5M | 16.98M | 93.71M | 85.98M |
| Long-Term Debt | 0 | 0 | 0 | 64.45M | 61.05M |
| Capital Lease Obligations | 101.3M | 25.5M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.22M | 5M | 16.98M | 29.26M | 24.93M |
| Total Liabilities | 243.83M | 238.26M | 221.15M | 291.86M | 229.87M |
| Total Debt | 25.13M | 25.5M | 0 | 64.45M | 61.05M |
| Net Debt | -123.04M | -161.11M | -349.28M | 1.86M | 43.23M |
| Debt / Equity | 0.10x | 0.09x | - | 2.31x | - |
| Debt / EBITDA | -12.38x | 2.56x | - | 1.03x | - |
| Net Debt / EBITDA | 60.61x | -16.15x | -9.70x | 0.03x | - |
| Interest Coverage | - | - | - | 7.40x | -9.28x |
| Total Equity | 241.57M | 287.65M | 457.28M | 27.93M | -34.79M |
| Equity Growth % | -119.62% | -37.1% | 1537.36% | 180.27% | - |
| Book Value per Share | 10.38 | 9.56 | 17.02 | 0.92 | -1.15 |
| Total Shareholders' Equity | 241.57M | 287.65M | 457.28M | 27.93M | -34.79M |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -148.42M | -136.87M | -140.45M | -209.19M | -247.31M |
| Treasury Stock | -335.95M | -267.57M | -31.32M | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -126K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying IBTA stock.
As of 2025, Ibotta, Inc. (IBTA) had total assets of $525.9M including $407.9M in current assets.
Ibotta, Inc. (IBTA) carries total debt of $25.5M, offset by $186.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ibotta, Inc. (IBTA) has total shareholders' equity (book value) of $287.7M ($9.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ibotta, Inc. (IBTA) reported a current ratio of 1.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Walmart concentration and EPS miss
Metrics are mathematically derived from official filings.
Balance Sheet Shrinking Amid Revenue Decline
Total assets fell from $678.4M in 2024Q4 to $485.4M in 2026Q2, a 28% contraction, driven by cash depletion and buybacks, per balance sheet data.
The balance sheet is contracting as cash reserves dropped from $349.3M to $148.2M over the same period, while total liabilities rose modestly. This suggests the company is funding operations and buybacks from cash rather than generating sufficient retained earnings, which may indicate a weakening financial buffer if revenue does not recover.
Minimal Debt Masks Refinancing Risk
Debt-to-equity remains low at 0.10 as of 2026Q2, but total debt of $25.1M is a new obligation, up from zero in 2024Q4, per balance sheet data.
The company took on debt for the first time in 2025Q1, likely to support buybacks or working capital, but the absolute level is modest. Given the negative retained earnings and strained profitability, the debt appears strategic rather than necessity-driven, but investors should monitor whether this marks the start of a leverage trend.
Asset Mix Shifts Toward Intangibles
Goodwill rose from $13.9M in 2024Q1 to $28.0M in 2026Q2, while PPE grew from $2.4M to $33.0M, per balance sheet data, indicating acquisition and infrastructure investment.
The increase in goodwill suggests acquisitions, which may carry impairment risk if growth does not materialize. The rise in PPE is unusual for a software company and may reflect investments in data centers or office space, but the asset base remains light, consistent with an asset-light model.
Equity Eroded by Buybacks and Losses
Shareholders' equity dropped from $457.3M in 2024Q4 to $241.6M in 2026Q2, a 47% decline, as retained earnings stayed negative and buybacks consumed cash, per balance sheet data.
The equity decline is driven by aggressive share repurchases totaling $334.9M over ten quarters, per cash flow data, which exceeded free cash flow. This has reduced the equity base, but the low debt levels keep the balance sheet healthy. However, the negative retained earnings indicate cumulative losses, and the buybacks may be masking underlying value destruction.
Liquidity Buffer Shrinking Rapidly
Current ratio fell from 2.85 in 2024Q4 to 1.71 in 2026Q2, while cash dropped from $349.3M to $148.2M, per balance sheet data, signaling a thinner cushion.
The liquidity position is deteriorating as cash is spent on buybacks and operations, and the current ratio is approaching the 1.5-2.0 range typical of a mature company. With revenue declining and operating losses, the cash runway may be limited unless profitability improves or the company curtails buybacks.
Buybacks Masking Economic Losses
Despite cumulative net losses of $60.7M, the company repurchased $334.9M of stock, per cash flow data, which may overstate shareholder returns and understate cash burn.
The aggressive buyback program, funded by cash reserves and new debt, suggests management is prioritizing returning capital over preserving liquidity. This could be a red flag if the revenue decline persists, as the company may be forced to cut buybacks or take on more debt. Investors should monitor whether the buybacks are creating value or merely supporting the stock price.