Ibotta reported a challenging fourth quarter and full year 2025, with revenue and profitability declining year-over-year. Despite these top-line pressures, the company saw significant growth in redeemers and publisher redemptions, driven by strategic partnerships and new platform integrations. Management highlighted investments in product development and executive team enhancements as foundational for future growth.
Total redeemers increased by 19% year-over-year in Q4 2025 and 24% for the full year 2025, driven by new partnerships like DoorDash and Instacart.
positiveThird-party publisher redemptions increased by 12% year-over-year in both Q4 2025 and full year 2025.
positiveGenerated $95.3 million in cash from operating activities and $61.0 million in free cash flow for the full year 2025.
positiveAnnounced strategic partnerships with Circana and ABCS Insights for third-party sales lift measurement.
neutralTotal revenue declined 10% year-over-year in Q4 2025 to $88.5 million and 7% for the full year 2025 to $342.4 million.
negativeNet loss of $1.0 million in Q4 2025, a significant decrease from net income of $76.2 million in Q4 2024. Full year net income decreased 95% to $3.6 million.
negativeAdjusted EBITDA decreased 51% year-over-year in Q4 2025 to $13.7 million and 44% for the full year 2025 to $62.9 million.
negativeAdjusted EBITDA margin compressed significantly from 28% in Q4 2024 to 15% in Q4 2025, and from 31% to 18% for the full year.
attentionDirect-to-consumer revenue declined 26% year-over-year for both Q4 and full year 2025.
negativeTotal redemptions per redeemer decreased 16% in Q4 2025 and 20% for the full year 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Direct-to-consumer | N/A | — | — | — |
Third-party publishers | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a year of significant investment and transformation for Ibotta.
Meaningful improvements to our core product and launched LiveLift™, an enhanced set of capabilities.
Announced strategic partnerships with Circana and ABCS Insights to provide third-party sales lift measurement.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.