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Ibotta (IBTA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Ibotta (IBTA) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $97.8M · 4¢ of every $1 of revenue lost · operating margin 4.8%
Ibotta made $97.8M in Q3 2026 (+18% Y/Y): Redemption revenue $88.5M, Ad & other revenue $9.3M. Operating margin 4.8%, net loss $3.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $97.8M in Q3 2026, up 17% year over year and up 10% from the previous quarter. Redemption revenue was the largest line at 91% of revenue. Redemption revenue added $16.5M year over year (up 23%), 113% of the total change. Ad & other revenue declined 17%.
Gross margin was 79.9%, up 0.4 points from Q3 2025. Operating profit was $4.7M, a 4.8% margin (up 2.0 points year over year). Of the extra revenue versus Q3 2025, 16% reached operating profit, above the 3% margin then. Operating expenses grew 15% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+229%). The quarter ended with a net loss of $3.5M, wider than the previous quarter's $1.2M loss. Non-operating items added $1.4M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $22.0M (up 1% year over year). Non-cash charges added back $3.7M of depreciation and amortization and $13.1M of share-based compensation. Working capital and other items added $8.6M. After itions to capitalized software development costs ($4.7M) and itions to property and equipment ($442K), free cash flow as the company reports it was $16.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $97.8M | +18% | 4.8% | −$3.5M | $22.0M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $88.9M | +3% | -2.1% | −$1.2M | $13.3M |
| Q1 2026 | 10-Q | May 6, 2026 | $82.5M | -2% | -13.1% | −$10.3M | $30.4M |
| Q4 2025 | 10-K | Feb 26, 2026 | $88.5M | -10% | -1.9% | −$1.0M | $27.8M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $83.3M | -16% | 2.8% | $1.5M | $21.8M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $86.0M | -2% | 1.4% | $2.5M | $25.9M |
| Q1 2025 | 10-Q | May 15, 2025 | $84.6M | +3% | -3.3% | $555K | $19.9M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Ibotta
Ibotta’s mission is to Make Every Purchase Rewarding. We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN). We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform. We have strategic relationships with Walmart Inc. (Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc. (Family Dollar), Maplebear, Inc. (Instacart), and DoorDash, Inc. (DoorDash), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis.
In its own words, from its 10-K, filed Feb 26, 2026.
Ibotta against its Services-Advertising peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +8%. Operating margin: 4.8% against the peers' median -0.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IBTA Ibotta | Q3 2026 | $97.8M | +18% | 4.8% |
| CCO Clear Channel Outdoor Holdings | Q2 2026 | $438M | +9% | 20.3% |
| ANGI Angi | Q3 2026 | $242M | -9% | 6.4% |
| THRY Thryv Holdings | Q2 2026 | $151M | -28% | -0.8% |
| MNTN Mntn | Q3 2026 | $80.3M | +15% | 10.9% |
| NCMI National CineMedia | Q2 2026 | $58.4M | +13% | -21.9% |
| FLNT Fluent | Q2 2026 | $48.4M | +8% | -10.2% |
| TZOO Travelzoo | Q3 2026 | $22.9M | +3% | -11.2% |
| DRCT Direct Digital Holdings | Q2 2026 | $7.8M | -23% | -37.4% |
Source: Ibotta 10-Q on SEC EDGAR · CIK 1538379 · Services-Advertising
Guidance and outlook
13F: who owns IBTA and who is buying
More on IBTA
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results