Filing Flows › Ibotta (IBTA) › Q2 2025
Ibotta (IBTA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Ibotta (IBTA) reported revenue of $86.0M for the second quarter 2025 (Q2 2025), -2% from a year earlier and +2% from the quarter before. Operating margin was 1.4%, net earnings $2.5M (2.9% of revenue).
Ibotta, Q2 2025: revenue $86.0M (-2% year over year), operating margin 1.4%, net earnings $2.5M, operating cash flow $25.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $86.0M | +2% | -2% |
| Gross profit | $68.1M | +0.9% | -10% |
| Operating profit | $1.2M | — | — |
| Net earnings | $2.5M | +349% | — |
| Operating cash flow | $25.9M | +30% | -26% |
| Free cash flow | $18.9M | — | — |
What changed
Revenue was $86.0M in Q2 2025, down 2% year over year and up 2% from the previous quarter. Redemption revenue was the largest line at 85% of revenue. Ad & other revenue lost $1.2M year over year (down 8%), 61% of the total change.
Gross margin was 79.2%, down 6.9 points from a year earlier. Operating profit was $1.2M, a 1.4% margin (up 26.1 points year over year). Operating expenses fell 31% while revenue fell 2%. Net earnings were $2.5M. The effective tax rate was 35.6%. Non-operating items added $2.6M, 68% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.9M (down 26% year over year), 1038% of net earnings. Non-cash charges added back $2.4M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items added $9.5M. After itions to property and equipment ($3.6M) and itions to capitalized software development costs ($3.4M), free cash flow as the company reports it was $18.9M.
Questions
What was Ibotta's revenue in the second quarter 2025?
Ibotta (IBTA) reported revenue of $86.0M for the second quarter 2025 (Q2 2025), -2% from a year earlier and +2% from the quarter before.
Was Ibotta profitable in the second quarter 2025?
Operating profit was $1.2M (1.4% of revenue) and net earnings $2.5M.
Source: Ibotta 10-Q on SEC EDGAR.