Filing Flows › Ibotta (IBTA) › Q3 2025
Ibotta (IBTA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Ibotta (IBTA) reported revenue of $83.3M for the third quarter 2025 (Q3 2025), -16% from a year earlier and -3% from the quarter before. Operating margin was 2.8%, net earnings $1.5M (1.8% of revenue).
Ibotta, Q3 2025: revenue $83.3M (-16% year over year), operating margin 2.8%, net earnings $1.5M, operating cash flow $21.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.3M | -3% | -16% |
| Gross profit | $66.1M | -3% | -24% |
| Operating profit | $2.4M | +91% | -89% |
| Net earnings | $1.5M | -38% | -91% |
| Operating cash flow | $21.8M | -16% | -45% |
| Free cash flow | $10.6M | — | — |
What changed
Revenue was $83.3M in Q3 2025, down 16% year over year and down 3% from the previous quarter. Redemption revenue was the largest line at 87% of revenue. Redemption revenue lost $12.4M year over year (down 15%), 81% of the total change.
Gross margin was 79.4%, down 8.2 points from a year earlier. Operating profit was $2.4M, a 2.8% margin (down 18.2 points year over year). Operating expenses fell 3% while revenue fell 16%. Net earnings were $1.5M, down 91% year over year. The effective tax rate was 70.8%. Non-operating items added $2.9M, 55% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $21.8M (down 45% year over year), 1419% of net earnings. Non-cash charges added back $1.2M of depreciation and amortization and $10.4M of share-based compensation. Working capital and other items added $8.6M. After itions to property and equipment ($7.2M) and itions to capitalized software development costs ($3.9M), free cash flow as the company reports it was $10.6M.
Questions
What was Ibotta's revenue in the third quarter 2025?
Ibotta (IBTA) reported revenue of $83.3M for the third quarter 2025 (Q3 2025), -16% from a year earlier and -3% from the quarter before.
Was Ibotta profitable in the third quarter 2025?
Operating profit was $2.4M (2.8% of revenue) and net earnings $1.5M.
Source: Ibotta 10-Q on SEC EDGAR.