Revenue growth has turned negative with a 2.5% year-over-year decline in 2026Q1, while gross margins have compressed significantly from the 87.7% peak observed in 2024Q3.
| Sales/Revenue | 340.3M | 342.39M | 367.25M | 320.04M | 210.7M |
| Revenue Growth % | -7.9% | -6.77% | 14.75% | 51.89% | - |
| Cost of Goods Sold | 73.41M | 74.97M | 50.12M | 47.65M | 49.22M |
| COGS % of Revenue | - | 21.9% | 13.65% | 14.89% | 23.36% |
| Gross Profit | 266.88M | 267.42M | 317.13M | 272.38M | 161.48M |
| Gross Margin % | 78.43% | 78.1% | 86.35% | 85.11% | 76.64% |
| Gross Profit Growth % | - | -15.68% | 16.43% | 68.68% | - |
| Operating Expenses | 274.2M | 265.76M | 289.21M | 216.38M | 201.79M |
| OpEx % of Revenue | - | 77.62% | 78.75% | 67.61% | 95.77% |
| Selling, General & Admin | 213.74M | 207.18M | 221.95M | 166.39M | 159.23M |
| SG&A % of Revenue | - | 60.51% | 60.44% | 51.99% | 75.57% |
| Research & Development | 57.52M | 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 | -8.87M | 1.66M | 27.93M | 56M | -40.31M |
| Operating Margin % | -2.61% | 0.48% | 7.6% | 17.5% | -19.13% |
| Operating Income Growth % | - | -94.07% | -50.13% | 238.91% | - |
| EBITDA | -2.56M | 9.97M | 36.01M | 62.66M | -33.99M |
| EBITDA Margin % | -0.75% | 2.91% | 9.8% | 19.58% | -16.13% |
| EBITDA Growth % | -114.57% | -72.3% | -42.54% | 284.34% | - |
| D&A (Non-Cash Add-back) | 6.31M | 8.32M | 8.08M | 6.66M | 6.32M |
| EBIT | 9.36M | 1.66M | 24.5M | 56M | -40.31M |
| Net Interest Income | 10.91M | 10.78M | 9.41M | -6.88M | -5.31M |
| Interest Income | 10.91M | 10.78M | 9.41M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 6.88M | 5.31M |
| Other Income/Expense | 8.88M | 8.19M | -3.43M | -11.95M | -14.29M |
| Pretax Income | 11K | 9.85M | 24.5M | 44.05M | -54.6M |
| Pretax Margin % | 0% | 2.88% | 6.67% | 13.76% | -25.91% |
| Income Tax | 5.38M | 6.27M | -44.25M | 5.93M | 262K |
| Effective Tax Rate % | 48863.64% | 63.69% | -180.63% | 13.47% | -0.48% |
| Net Income | -7.3M | 3.58M | 68.74M | 38.12M | -54.86M |
| Net Margin % | -2.15% | 1.04% | 18.72% | 11.91% | -26.04% |
| Net Income Growth % | -112.17% | -94.8% | 80.34% | 169.48% | - |
| Net Income (Continuing) | -7.3M | 3.58M | 68.74M | 38.12M | -54.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | 0.12 | 2.56 | 1.26 | -1.81 |
| EPS Growth % | -122.78% | -95.31% | 103.17% | 169.61% | - |
| EPS (Basic) | - | 0.13 | 2.85 | 1.26 | -1.81 |
| Diluted Shares Outstanding | 24.15M | 30.1M | 26.86M | 30.24M | 30.24M |
| Basic Shares Outstanding | 24.15M | 28.37M | 24.12M | 30.24M | 30.24M |
| Dividend Payout Ratio | - | - | - | - | - |
Retail partner concentration dependency
As reported in recent financial filings, Ibotta's revenue growth has turned negative, with a 2.5% year-over-year decline in 2026Q1, signaling that the transition to the Ibotta Performance Network is currently failing to offset the attrition of the legacy direct-to-consumer application user base.
The persistent negative revenue growth suggests that the company is struggling to maintain its competitive position in a tightening CPG marketing environment. Investors should monitor whether this contraction is a temporary digestion period of the network rollout or a structural loss of relevance for the core rewards platform.
Based on the latest income statement data, gross margins have compressed from a peak of 87.7% in 2024Q3 to 76.4% in 2026Q1, indicating that the shift toward the Ibotta Performance Network may be introducing higher variable costs or less favorable revenue-sharing terms with retail partners.
This downward trend in gross profitability warrants investigation into whether the company is sacrificing pricing power to maintain network volume. The erosion of these margins suggests that the platform's intermediary role is becoming increasingly commoditized as retail media networks compete for the same promotional budgets.
According to quarterly performance metrics, operating income has swung from a positive $26.3 million in 2023Q4 to a loss of $10.8 million in 2026Q1, demonstrating that the company's fixed cost structure is currently failing to scale efficiently alongside its declining top-line revenue performance.
The inability to maintain positive operating margins as revenue fluctuates suggests that SG&A expenses remain stubbornly high relative to the current transaction volume. This lack of operating leverage implies that management may need to aggressively rationalize overhead to prevent further deterioration of the bottom line.
As evidenced by recent financial statements, Ibotta has utilized significant stock-based compensation, reaching $12.8 million in 2025Q4, which serves to preserve cash but potentially obscures the true economic cost of maintaining the current engineering and sales headcount during periods of negative revenue growth.
The reliance on equity-based incentives suggests that the company is prioritizing talent retention over immediate GAAP profitability. Analysts should scrutinize the impact of these non-cash charges on long-term shareholder dilution, especially given the current lack of consistent net income generation.
Based on an analysis of the company's reliance on the Walmart partnership, there is a significant risk that the rise of proprietary retail media networks will cannibalize Ibotta's promotional spend, potentially rendering the current business model unsustainable if retail partners choose to internalize their digital advertising ecosystems.
The market may be overestimating the durability of Ibotta's API-level integrations if retailers decide to prioritize their own first-party data monetization strategies. This structural risk suggests that the company's moat is thinner than the current valuation might imply, particularly if volume concentration remains heavily skewed toward a single partner.
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.