Ibotta’s Redemption Revenue Jumps 23% to $88.5 Million in Third Quarter

Key Facts

Ibotta reported on November 2 results for the third quarter ended September 30, 2026, saying revenue and Adjusted EBITDA exceeded the high end of its previous guidance range. Redemption revenue reached $88.5 million, up 23% year over year, while the number of redeemers across the Ibotta Performance Network reached 23.6 million. The results highlight growth in the network’s activity and adjusted operating profitability, alongside a decline in adjusted net income and a shift to a GAAP loss. Management said an increase in available offers drove redemption revenue growth. It attributed the increase in redeemers mainly to expanded activity among existing publishers.

The number of redeemers rose from 18.2 million in the third quarter of 2025 to 23.6 million in the corresponding period of 2026, a 30% year-over-year increase. The company said growth came mainly from publishers already in the network, pointing to broader use across its existing channels. Revenue growth was linked to an increase in the offers available to consumers, the company said. Redemption revenue reached $88.5 million, up 23% from a year earlier. Second-quarter 2026 revenue was $88.9 million, according to an Investing.com report, putting the new quarterly figure close to the prior quarter’s level. Before the announcement, Wall Street analysts estimated revenue at $88.60 million, according to TipRanks.

Adjusted EBITDA was about $23.8 million, up 43% year over year, and its margin rose to 24.3% of revenue from 20.0% a year earlier. The metric was $16.611 million in the third quarter of 2025. But non-GAAP net income was $16.007 million, down 2% from $16.345 million in the comparable period. Meanwhile, adjusted diluted earnings per share rose to $0.62 from $0.56, an increase of 11%. The company’s figures thus show two different paths for profitability: improvement in adjusted EBITDA and adjusted earnings per share, alongside a decline in total adjusted net income.

The company posted a GAAP loss per diluted share, in contrast with adjusted net income per share. It also reported generating $22.0 million in cash from operating activities and $16.8 million in free cash flow during the quarter. It repurchased 0.4 million shares for $14.4 million, at an average price of $36.39 per share, according to its statement. IBTA shares closed at $50.07 on November 2, according to EL7 data. The buyback and cash flows provide additional indicators of the company’s use of cash during the period, alongside its operating results.

Expanding its network of offers, Ibotta launched company-funded digital offers in Giant Eagle stores and on its digital platforms, and took over management of the chain’s shopper programs. In July, the company announced its partnership with 7-Eleven to make performance-based offers available across the retailer’s digital sales channels. After the quarter ended, Ibotta-funded offers became available through the 7-Eleven and Speedway apps, as well as in Festival Foods stores. The company said the 7NOW app is expected to join later, and redemption activity will increase gradually over the coming quarters. The expansion puts the impact of new partnerships on network activity among the issues markets will monitor in coming periods.

For the fourth quarter of 2026, Ibotta forecast revenue of between $94 million and $98 million, representing 8% year-over-year growth at the midpoint of the range. It also forecast Adjusted EBITDA of between $15 million and $17 million, with a margin of 16.7% at the midpoint. The guidance follows the company’s report that third-quarter revenue and Adjusted EBITDA exceeded the high end of its previous range. The contribution of offers launched after the quarter ended is expected to become clearer as redemption activity builds over the coming quarters, the company said. The next financial test centers on achieving the revenue and operating profitability range it set for the period.