Despite operational headwinds, the company deployed $44.8 million toward share repurchases in 2026Q1, even as capital expenditures rose to 8.6% of revenue.
| Cash from Operations | 105.79M | 95.27M | 115.92M | 22.72M | -56.5M |
| Operating CF Margin % | - | 27.83% | 31.56% | 7.1% | -26.81% |
| Operating CF Growth % | 17.59% | -17.81% | 410.29% | 140.21% | - |
| Net Income | -7.3M | 3.58M | 68.74M | 38.12M | -54.86M |
| Depreciation & Amortization | 9.03M | 8.32M | 8.08M | 6.66M | 6.32M |
| Stock-Based Compensation | 34.71M | 44.14M | 46.92M | 6.99M | 6.5M |
| Deferred Taxes | 3.73M | 3.15M | 0 | 0 | 0 |
| Other Non-Cash Items | 24.19M | 11.42M | 44.94M | 22.55M | 12.32M |
| Working Capital Changes | 41.43M | 24.67M | -52.76M | -51.6M | -26.78M |
| Change in Receivables | 20.79M | 10.24M | 4.4M | -105.71M | -34.51M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.42M | 355K | -911K | 1.82M | -4.53M |
| Cash from Investing | -36.4M | -34.3M | -10.2M | 19.67M | -35.68M |
| Capital Expenditures | -29.4M | -20.29M | -871K | -548K | -8.26M |
| CapEx % of Revenue | 8.64% | 5.93% | 0.24% | 0.17% | 3.92% |
| Acquisitions | 27K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -7.02M | -14.01M | -9.33M | -7.68M | 0 |
| Cash from Financing | -202.33M | -224.05M | 181.38M | 2.38M | 74.05M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 73.33M |
| Equity Issued (Net) | -204.42M | -220.63M | 175.37M | 2.4M | 76.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -208.03M | -232.97M | -31.32M | 0 | 0 |
| Other Financing | 2.09M | -3.42M | 6.01M | -12K | -75.41M |
| Net Change in Cash | -132.94M | -163.08M | 287.1M | 44.77M | -18.13M |
| Free Cash Flow | 80.95M | 74.98M | 105.72M | 14.49M | -64.76M |
| FCF Margin % | 23.79% | 21.9% | 28.79% | 4.53% | -30.74% |
| FCF Growth % | -22.88% | -29.07% | 629.68% | 122.37% | - |
| FCF per Share | 3.35 | 2.49 | 3.94 | 0.48 | -2.14 |
| FCF Conversion (FCF/Net Income) | -11.09x | 26.65x | 1.69x | 0.60x | 1.03x |
| Interest Paid | 75K | 0 | 2.58M | 5.49M | 3.52M |
| Taxes Paid | 0 | 0 | 13.21M | 4.11M | 71K |
Retail partner concentration dependency
As reported in recent financial statements, Ibotta's operating cash flow frequently diverges from net income, with the 2025Q4 OCF/NI ratio reaching an extreme -27.72, suggesting that reported earnings are currently failing to capture the underlying cash-generative capacity of the firm's core performance marketing operations.
The persistent gap between net income and operating cash flow indicates that non-cash items and working capital fluctuations are heavily influencing the bottom line. Investors should monitor whether this volatility reflects genuine operational friction or merely the timing of partner payouts within the Ibotta Performance Network.
Based on quarterly filings, capital expenditures have trended upward from 0.2% of revenue in 2024Q4 to 8.6% in 2026Q1, signaling a shift toward higher infrastructure investment as the company attempts to scale its API-level integrations across a broader network of retail partners.
This rising capital intensity suggests that the platform is becoming more resource-heavy to maintain its competitive moat. Analysts should evaluate whether these investments are yielding commensurate improvements in redemption velocity or if they represent a defensive necessity to prevent further platform decay.
According to historical cash flow data, Ibotta has deployed significant capital toward share repurchases, including $44.8 million in 2026Q1, even as top-line growth has turned negative, raising questions about the strategic prioritization of capital allocation during a period of clear operational headwinds.
The decision to prioritize buybacks over potential R&D or strategic acquisitions during a revenue downturn may indicate management's desire to support equity valuation. However, this strategy warrants further investigation into whether such capital could be better utilized to stabilize the declining legacy user base.
As evidenced by the provided cash flow tables, working capital changes have swung from a $69.2 million outflow in 2024Q4 to a $19.5 million inflow in 2026Q1, highlighting the inherent instability in cash conversion cycles as the business model shifts toward B2B2C network dynamics.
This erratic working capital behavior suggests that the timing of collections from CPG partners and payouts to retail publishers is not yet optimized. Such fluctuations may continue to obscure the true cash-generating potential of the network until the IPN reaches a more mature, predictable state.
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.