Despite cumulative net losses of $60.7M, operating cash flow totaled $251.1M, and free cash flow remained positive in every quarter (averaging $20.7M), but buybacks of $334.9M exceeded cumulative FCF of $207.1M, depleting cash reserves.
Ibotta, Inc. (IBTA) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | 93.19M | 95.27M | 115.92M | 22.72M | -56.5M |
| Operating CF Margin % | - | 27.83% | 31.56% | 7.1% | -26.81% |
| Operating CF Growth % | -14.31% | -17.81% | 410.29% | 140.21% | - |
| Net Income | -11.02M | 3.58M | 68.74M | 38.12M | -54.86M |
| Depreciation & Amortization | 9.96M | 8.32M | 8.08M | 6.66M | 6.32M |
| Stock-Based Compensation | 50.64M | 44.14M | 46.92M | 6.99M | 6.5M |
| Deferred Taxes | 4.57M | 3.15M | 0 | 0 | 0 |
| Other Non-Cash Items | 9.71M | 11.42M | 44.94M | 22.55M | 12.32M |
| Working Capital Changes | 29.34M | 24.67M | -52.76M | -51.6M | -26.78M |
| Change in Receivables | 3.95M | 10.24M | 4.4M | -105.71M | -34.51M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.5M | 355K | -911K | 1.82M | -4.53M |
| Cash from Investing | -34.6M | -34.3M | -10.2M | 19.67M | -35.68M |
| Capital Expenditures | -22.75M | -20.29M | -871K | -548K | -785K |
| CapEx % of Revenue | 6.63% | 5.93% | 0.24% | 0.17% | 0.37% |
| Acquisitions | 27K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -11.88M | -14.01M | -9.33M | -7.68M | -7.48M |
| Cash from Financing | -161.03M | -224.05M | 181.38M | 2.38M | 74.05M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 73.33M |
| Equity Issued (Net) | -156.55M | -220.63M | 175.37M | 2.4M | 76.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -163.58M | -232.97M | -31.32M | 0 | 0 |
| Other Financing | -4.47M | -3.42M | 6.01M | -12K | -75.41M |
| Net Change in Cash | -102.43M | -163.08M | 287.1M | 44.77M | -18.13M |
| Free Cash Flow | 66.23M | 74.98M | 105.72M | 14.49M | -64.76M |
| FCF Margin % | 19.3% | 21.9% | 28.79% | 4.53% | -30.74% |
| FCF Growth % | -28.73% | -29.07% | 629.68% | 122.37% | - |
| FCF per Share | 2.85 | 2.49 | 3.94 | 0.48 | -2.14 |
| FCF Conversion (FCF/Net Income) | -6.01x | 26.65x | 1.69x | 0.60x | 1.03x |
| Interest Paid | 0 | 0 | 2.58M | 5.49M | 3.52M |
| Taxes Paid | 0 | 0 | 13.21M | 4.11M | 71K |
Quick answers to the most common questions about buying IBTA stock.
Ibotta, Inc. (IBTA) generated $95.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ibotta, Inc. (IBTA) generated $75.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ibotta, Inc. (IBTA) spent $20.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ibotta, Inc. (IBTA) spent $233.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Walmart concentration and EPS miss
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from Losses
Despite cumulative net losses of $60.7M over ten quarters, operating cash flow totaled $251.1M, per reported financials, indicating substantial non-cash charges and working capital tailwinds masking underlying profitability.
The persistent gap between net income and operating cash flow, with OCF/NI ratios swinging from -10.79 to 35.78, suggests that stock-based compensation and depreciation are significant add-backs, but the negative quarters imply that cash generation is not yet translating into GAAP profitability. Investors should monitor whether this divergence narrows as SBC normalizes and working capital swings stabilize.
FCF Stability Amid Revenue Decline
Free cash flow remained positive in every quarter, averaging $20.7M, with FCF margins ranging from 9.1% to 37.2%, according to cash flow statements, despite a 6.8% revenue contraction, suggesting disciplined capital spending.
The consistency of FCF generation, even as revenue declined, indicates that the business model can convert gross profit into cash without heavy reinvestment, but the recent dip to 9.1% FCF margin in 2026Q2 warrants attention. If revenue continues to fall, fixed costs may erode FCF margins further, making the current stability potentially temporary.
Minimal CapEx Signals Asset-Light Model
Capital expenditures averaged just 3.6% of revenue over the last ten quarters, per cash flow data, with a peak of 8.7% in 2025Q3, indicating a software-driven model with low capital intensity.
The low and variable CapEx, ranging from 0.2% to 8.6% of revenue, suggests that Ibotta's growth does not require significant fixed asset investment, which is typical for a platform business. However, the spike in 2025Q3 and 2026Q1 may reflect investments in infrastructure or office space, but the overall trend remains asset-light, supporting FCF generation.
Working Capital Swings Drive Cash Flow
Working capital changes contributed positively in eight of ten quarters, with a notable $19.5M inflow in 2026Q1, based on reported cash flow statements, but a $69.2M outflow in 2024Q4 highlights volatility.
The large working capital swings, particularly the $69.2M outflow in 2024Q4, appear to be driven by timing of payables and receivables, possibly related to the IPN's revenue recognition. The positive contributions in recent quarters may indicate improved collection or delayed payments to publishers, but investors should watch for reversals that could pressure future cash flow.
Aggressive Buybacks Outpace Cash Generation
Share repurchases totaled $334.9M over the last ten quarters, exceeding cumulative free cash flow of $207.1M, as per cash flow statements, indicating a reliance on cash reserves or debt to fund buybacks.
The company has been aggressively repurchasing shares, with buybacks ramping from zero in early 2024 to $70.4M in 2025Q2, despite negative net income in several quarters. This suggests management is confident in the long-term value, but the buybacks are consuming cash that could be used for growth or cushioning against revenue declines. Given the minimal debt, the balance sheet remains healthy, but the sustainability of this pace is questionable if FCF deteriorates.
Cumulative Earnings vs Cash Reality
Over the ten quarters, cumulative net income was -$60.7M while operating cash flow was +$251.1M, per financial statements, a $311.8M divergence that underscores the gap between accounting losses and cash generation.
The massive divergence is primarily due to non-cash charges like SBC and D&A, but also reflects working capital management. This suggests that the company is generating real cash despite reporting losses, which could be a positive signal for investors, but it also raises questions about the sustainability of these cash flows if working capital tailwinds reverse. The divergence may narrow as SBC becomes a smaller percentage of revenue.
What Could Invalidate the Base Case
The cash flow statement obscures the true cost of stock-based compensation, which totaled $99.9M over ten quarters, per reported data, potentially overstating operating cash flow relative to economic reality.
While SBC is a non-cash expense, it dilutes shareholders and represents a real cost to existing investors. The aggressive buybacks may be offsetting this dilution, but the net effect on shareholder value is unclear. Additionally, the reliance on working capital inflows to boost OCF may not be sustainable, and any reversal could expose the underlying cash generation weakness. Investors should adjust for SBC and normalize working capital to assess the true cash-generating ability of the business.