Ibotta
Runs a cash-back promotions network linking CPG brands to shoppers via app and retail partners.
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Profile
Operates a fee-per-redemption promotions network that pays consumers cash back on specific purchases, distributing offers through its own app and through retail and delivery partners including Walmart and Instacart. Founded in 2011 in Denver and listed in 2024, the business depends heavily on its Walmart relationship and operates only in the United States.
Runs a fee-per-redemption promotions network that connects consumer packaged-goods brands to shoppers, crediting cash back when a promoted product is purchased. Offers reach consumers through the company's own app, website, and browser extension, and through third-party retail and delivery partners such as Walmart, Dollar General, and Instacart.
Founded in 2011 in Denver, the business started as a standalone rewards app before rebuilding around a licensable network model that lets other retailers plug promotions directly into their own platforms. All operations are concentrated in the United States.
Walmart is the largest distribution partner and also holds an equity stake, concentrating a meaningful share of consumer reach in one relationship. A dual-class share structure leaves the founder with majority voting control, and growth in third-party distribution has come alongside a shrinking direct-to-consumer app business.
Company facts
Categories
Key statistics
Year to date +61.8% · Average volume (30d) 276.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 5, 2026 | UBS | Reiterate | Neutral | $65 | $38 |
| Aug 4, 2026 | Evercore ISI | Target | $40 | $42 | |
| Aug 4, 2026 | Goldman Sachs | Reiterate | Sell | $28 | $32 |
| Jul 8, 2026 | Goldman Sachs | Reiterate | Sell | $26 | $28 |
| May 7, 2026 | Needham | Target | $80 | $45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$0.21 | −$0.05 | +76.2% | $85.0M | $88.9M | +4.6% | +51.91% |
| May 6, 2026Q1 FY26 | −$0.21 | −$0.43 | −104.8% | $80.7M | $82.5M | +2.2% | −0.59% |
| Feb 25, 2026Q4 FY25 | −$0.01 | −$0.04 | −300.0% | $83.2M | $88.5M | +6.4% | +28.54% |
| Nov 12, 2025Q3 FY25 | $0.35 | $0.05 | −85.8% | $83.2M | $83.3M | 0.0% | −23.68% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $84.6M | $86.0M | $83.3M | $88.5M | $82.5M | $88.9M | |
| Gross profit | $67.5M | $68.1M | $65.5M | $70.3M | $61.5M | $69.7M | |
| Operating income | −$2.8M | $1.2M | $2.4M | −$1.6M | −$10.8M | −$1.9M | |
| Net income | $555.0K | $2.5M | $1.5M | −$1.0M | −$10.3M | −$1.2M | |
| Diluted EPS | $0.02 | $0.08 | $0.05 | −$0.04 | −$0.43 | −$0.05 | |
| Gross margin | 79.8% | 79.2% | 78.6% | 79.4% | 74.5% | 78.4% | |
| Operating margin | -3.3% | 1.4% | 2.8% | -1.9% | -13.1% | -2.1% |
Fiscal years (4-quarter sums)FY22 $210.7M · FY23 $320.0M · FY24 $367.3M · FY25 $342.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $148.2M · Total debt $25.1M · Total assets $485.4M · Shareholders' equity $241.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 25.41M · Float 8.67M · 34.1% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Koch, Inc. | 4.39M | 17.27% | 13F | Aug 13, 2026 |
| KDT Ibotta Holdings, LLC | 4.39M | 20.70% | 13D | Apr 2, 2026 |
| Clark Jermoluk Founders Fund I LLC · 10 percent owner | 3.84M | 15.12% | Form 4 | Jul 8, 2026 |
| Walmart Inc. | 3.50M | 11.30% | 13G | Oct 16, 2024 |
| Bryan Leach · director, 10 percent owner, officer: CEO AND PRESIDENT | 3.18M | 12.50% | Form 4 | Aug 19, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Bryan Leach | director, 10 percent owner, officer: CEO AND PRESIDENT | −34,739 | $35.92 |
| Aug 18, 2026 | Bryan Leach | director, 10 percent owner, officer: CEO AND PRESIDENT | −877 | $36.60 |
| Aug 13, 2026 | Thomas D. Lehrman | director | −30,273 | $37.33 |
| Aug 12, 2026 | Thomas D. Lehrman | director | −12,846 | $36.12 |
| Aug 11, 2026 | Thomas D. Lehrman | director | −29,561 | $36.06 |
Peers
- Criteo
Broadest listed commerce-media rival for CPG ad and promotion budgets.
- Kroger
Retail-media arm rivals IPN for grocery-CPG ad and promotion dollars.
- Walmart
Walmart Connect competes for CPG media dollars even while Walmart hosts and invests in IPN.
- Instacart
Instacart Ads competes for CPG grocery-delivery ad dollars while also hosting IPN offers.
