Filing Flows › Ibotta (IBTA) › Q4 2025
Ibotta (IBTA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Ibotta (IBTA) reported revenue of $88.5M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and +6% from the quarter before. Operating margin was -1.9%, net loss $1.0M (1.1% of revenue).
Ibotta, Q4 2025: revenue $88.5M (-10% year over year), operating margin -1.9%, net loss $1.0M, operating cash flow $27.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $88.5M | +6% | -10% |
| Operating profit | −$1.6M | -169% | — |
| Net earnings | −$1.0M | -165% | — |
| Operating cash flow | $27.8M | +28% | +26% |
| Free cash flow | $16.6M | — | — |
What changed
Revenue was $88.5M in Q4 2025, down 10% year over year and up 6% from the previous quarter. Redemption revenue was the largest line at 89% of revenue.
Gross margin was 78.7%, down 5.9 points from a year earlier. Operating costs exceeded revenue by $1.6M, an operating margin of -1.9%. Operating expenses grew 1% against a revenue fall of 10%. The fastest-growing cost line was Other operating costs (+42%). The quarter ended with a net loss of $1.0M, after a profit of $1.5M the previous quarter. Non-operating items added $1.9M, 773% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $27.8M (up 26% year over year). Non-cash charges added back $2.5M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items added $15.7M. After itions to property and equipment ($7.5M) and itions to capitalized software development costs ($3.6M), free cash flow as the company reports it was $16.6M.
Questions
What was Ibotta's revenue in the fourth quarter 2025?
Ibotta (IBTA) reported revenue of $88.5M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and +6% from the quarter before.
Was Ibotta profitable in the fourth quarter 2025?
Operating loss was $1.6M (-1.9% of revenue) and net loss $1.0M.
Source: Ibotta 10-K on SEC EDGAR.