Revenue declined 6.8% year-over-year in the TTM, with gross margin compressing 930 basis points from 87.7% to 78.4%, while operating income swung from a positive $20.7M in 2024Q3 to a -$1.9M loss in 2026Q2.
Ibotta, Inc. (IBTA) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 343.17M | 342.39M | 367.25M | 320.04M | 210.7M |
| Revenue Growth % | -6.65% | -6.77% | 14.75% | 51.89% | - |
| Cost of Goods Sold | 76.23M | 74.97M | 50.12M | 47.65M | 49.22M |
| COGS % of Revenue | - | 21.9% | 13.65% | 14.89% | 23.36% |
| Gross Profit | 266.94M | 267.42M | 317.13M | 272.38M | 161.48M |
| Gross Margin % | 77.79% | 78.1% | 86.35% | 85.11% | 76.64% |
| Gross Profit Growth % | - | -15.68% | 16.43% | 68.68% | - |
| Operating Expenses | 278.93M | 265.76M | 289.21M | 216.38M | 201.79M |
| OpEx % of Revenue | - | 77.62% | 78.75% | 67.61% | 95.77% |
| Selling, General & Admin | 217.34M | 207.18M | 221.95M | 166.39M | 159.23M |
| SG&A % of Revenue | - | 60.51% | 60.44% | 51.99% | 75.57% |
| Research & Development | 57.84M | 61.08M | 63.27M | 50M | 42.56M |
| R&D % of Revenue | - | 17.84% | 17.23% | 15.62% | 20.2% |
| Other Operating Expenses | 2M | -2.5M | 3.98M | 0 | 0 |
| Operating Income | -11.98M | 1.66M | 27.93M | 56M | -40.31M |
| Operating Margin % | -3.49% | 0.48% | 7.6% | 17.5% | -19.13% |
| Operating Income Growth % | - | -94.07% | -50.13% | 238.91% | - |
| EBITDA | -2.03M | 9.97M | 36.01M | 62.66M | -33.99M |
| EBITDA Margin % | -0.59% | 2.91% | 9.8% | 19.58% | -16.13% |
| EBITDA Growth % | -105.15% | -72.3% | -42.54% | 284.34% | - |
| D&A (Non-Cash Add-back) | 9.96M | 8.32M | 8.08M | 6.66M | 6.32M |
| EBIT | -4.39M | 9.85M | 24.5M | 50.94M | -49.29M |
| Net Interest Income | 11.14M | 10.78M | 9.41M | -6.88M | -5.31M |
| Interest Income | 11.14M | 10.78M | 9.41M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 6.88M | 5.31M |
| Other Income/Expense | 7.6M | 8.19M | -3.43M | -11.95M | -14.29M |
| Pretax Income | -4.39M | 9.85M | 24.5M | 44.05M | -54.6M |
| Pretax Margin % | -1.28% | 2.88% | 6.67% | 13.76% | -25.91% |
| Income Tax | 6.63M | 6.27M | -44.25M | 5.93M | 262K |
| Effective Tax Rate % | -151.11% | 63.69% | -180.63% | 13.47% | -0.48% |
| Net Income | -11.02M | 3.58M | 68.74M | 38.12M | -54.86M |
| Net Margin % | -3.21% | 1.04% | 18.72% | 11.91% | -26.04% |
| Net Income Growth % | -111.43% | -94.8% | 80.34% | 169.48% | - |
| Net Income (Continuing) | -11.02M | 3.58M | 68.74M | 38.12M | -54.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.47 | 0.12 | 2.56 | 1.26 | -1.81 |
| EPS Growth % | -116.27% | -95.31% | 103.17% | 169.61% | - |
| EPS (Basic) | - | 0.13 | 2.85 | 1.26 | -1.81 |
| Diluted Shares Outstanding | 23.28M | 30.1M | 26.86M | 30.24M | 30.24M |
| Basic Shares Outstanding | 23.28M | 28.37M | 24.12M | 30.24M | 30.24M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying IBTA stock.
For fiscal year 2025, Ibotta, Inc. (IBTA) reported total revenue of $342.4M. This represents a 62.5% increase compared to $210.7M in 2022.
Ibotta, Inc. (IBTA) is profitable, generating $3.6M in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
Ibotta, Inc. (IBTA) reported an operating income of $1.7M, resulting in an operating profit margin of 0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ibotta, Inc. (IBTA) generated $267.4M in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Walmart concentration and EPS miss
Metrics are mathematically derived from official filings.
Top-Line Contraction Persists
Revenue declined 6.8% year-over-year in the TTM snapshot, with quarterly growth ranging from -15.6% to +3.3%, indicating a decelerating trajectory despite a recent sequential uptick.
The reported figures show a clear deceleration from the 2024 quarters, where revenue hovered around $98M, to the 2025-2026 period where it fell to the $82-89M range. The most recent quarter (2026Q2) posted a 3.3% year-over-year growth, but this is a modest rebound from the -15.6% decline in 2025Q3. This suggests that the IPN expansion may be offsetting legacy app attrition, but the overall trend remains negative, and the maintained guidance of $86-90M implies management expects continued softness.
Gross Margin Erosion Signals Mix Shift
Gross margin fell from 87.7% in 2024Q3 to 78.4% in 2026Q2, a 930 basis point decline, suggesting a shift toward lower-margin IPN revenue or increased publisher payouts.
The gross margin compression is significant and appears structural, not seasonal. The 2024 quarters consistently showed margins above 84%, while 2025 and 2026 quarters have hovered around 74-79%. This likely reflects a higher proportion of revenue from the IPN, which may carry different cost-sharing arrangements compared to the legacy DTC app. Investors should monitor whether this is a permanent shift or if the company can restore margins through automation and scale.
Operating Leverage Inverted
Operating income swung from a positive $20.7M in 2024Q3 to a loss of $1.9M in 2026Q2, as SG&A and R&D costs remained elevated despite lower revenue, indicating negative operating leverage.
The data shows that while revenue declined, SG&A expenses have not contracted proportionally. For example, in 2026Q2, SG&A was $54.7M on $88.9M revenue, compared to $48.4M on $98.6M revenue in 2024Q3. This suggests that the company's cost base is relatively fixed, and any revenue decline directly pressures operating margins. The recent EPS miss of -$0.05 versus $0.38 estimate underscores this profitability strain, and the path to operating leverage appears dependent on revenue growth recovering to cover the fixed cost structure.
Earnings Distorted by One-Time Items
Net income in 2024Q4 was $76.2M, a 77.4% net margin, likely due to a one-time tax benefit or other non-operating gains, while other quarters show losses or minimal profits.
The 2024Q4 net income of $76.2M on $98.4M revenue is an outlier, as the surrounding quarters show net income ranging from -$34M to $17.2M. This suggests a non-recurring item, possibly a tax valuation allowance release or a one-time gain. Excluding that quarter, the company's underlying profitability is thin or negative, with 2026Q2 showing a net loss of $1.2M. Stock-based compensation is also significant, averaging around $12-14M per quarter, which, when added back, would improve operating cash flow but not GAAP profitability.
SG&A Overhead Weighs on Results
SG&A expenses have remained above $49M in every quarter since 2025Q3, consuming over 60% of revenue, while R&D has been relatively stable, indicating a cost structure that is not scaling down with revenue.
The primary cost driver is SG&A, which includes sales, marketing, and general administrative costs. In 2026Q2, SG&A was $54.7M, representing 61.5% of revenue, up from 49.1% in 2024Q3. This increase in SG&A intensity suggests that the company is investing heavily in sales and marketing to support the IPN, but these investments are not yet generating proportional revenue growth. R&D has been relatively flat at $14-18M per quarter, indicating a stable investment in technology. The lack of expense discipline in SG&A is a key concern for margin recovery.
Walmart Dependency and Margin Risk
The heavy reliance on Walmart for IPN volume and the recent gross margin compression could undermine the bull case, as any renegotiation or shift in retailer strategy may further pressure revenue and profitability.
The company's growth narrative hinges on the IPN, but the reported data shows that revenue is still declining, and gross margins are falling. If Walmart were to demand lower fees or build a competing solution, the impact could be severe, given the concentration risk. Additionally, the EPS miss and maintained guidance suggest that management is not confident in a rapid recovery. Short-sellers might argue that the company is a legacy coupon business with a structurally declining DTC segment, and the IPN is not growing fast enough to offset it, leading to continued losses and a potential need for additional capital.