Filing Flows › Ibotta (IBTA) › Q1 2025
Ibotta (IBTA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 15, 2025
Ibotta (IBTA) reported revenue of $84.6M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -14% from the quarter before. Operating margin was -3.3%, net earnings $555K (0.7% of revenue).
Ibotta, Q1 2025: revenue $84.6M (+3% year over year), operating margin -3.3%, net earnings $555K, operating cash flow $19.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $84.6M | -14% | +3% |
| Operating profit | −$2.8M | — | — |
| Net earnings | $555K | — | — |
| Operating cash flow | $19.9M | -10% | +3% |
| Free cash flow | $14.9M | — | -12% |
What changed
Revenue was $84.6M in Q1 2025, up 3% year over year and down 14% from the previous quarter. Redemption revenue was the largest line at 87% of revenue. Redemption revenue added $5.4M year over year (up 8%), 241% of the total change. Ad & other revenue declined 22%.
Gross margin was 79.8%, down 7.4 points from a year earlier. Operating costs exceeded revenue by $2.8M, an operating margin of -3.3%. Operating expenses grew 26% against revenue growth of 3%. The fastest-growing cost line was General & admin (+63%). Net earnings were $555K, down 94% year over year. The effective tax rate was -14.9%. Non-operating items added $3.3M, 680% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $19.9M (up 3% year over year), 3578% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $11.6M of share-based compensation. Working capital and other items added $5.5M. After itions to capitalized software development costs ($3.1M) and itions to property and equipment ($1.9M), free cash flow as the company reports it was $14.9M.
Questions
What was Ibotta's revenue in the first quarter 2025?
Ibotta (IBTA) reported revenue of $84.6M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -14% from the quarter before.
Was Ibotta profitable in the first quarter 2025?
Operating loss was $2.8M (-3.3% of revenue) and net earnings $555K.
Source: Ibotta 10-Q on SEC EDGAR.