Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • IBTA's Q2 2025 total revenue was USD 86.0 million, down 2% year-on-year, with redemption revenue of USD 73.2 million, down 1%.

  • Quarterly redeemers on the Ibotta Performance Network increased 27% year-on-year to 17.3 million, supported by new and expanded partnerships.

  • Net income for Q2 2025 was USD 2.5 million, with adjusted EBITDA of USD 17.9 million representing a 21% margin.

Ibotta, Inc. (NYSE:IBTA), operator of the largest item-level digital promotions network in North America, has released its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial Performance
Total revenue for Q2 2025 was USD 86.0 million, representing a 2% decrease from the same quarter in 2024. Redemption revenue was USD 73.2 million, down 1% year-on-year. The company reported 17.3 million redeemers on the Ibotta Performance Network (IPN), up 27% compared with 13.7 million in the prior-year quarter. Growth in redeemers was driven primarily by the launch of Instacart in Q4 2024, like-for-like increases with existing publishers, and the partial launch of DoorDash.

Third-party publisher redemptions totaled 58.6 million in Q2 2025, an increase of 12% from 52.1 million in Q2 2024.

Net income for the quarter was USD 2.5 million, representing 3% of total revenue. Adjusted net income was USD 14.9 million, or 17% of revenue. Adjusted EBITDA reached USD 17.9 million, equating to a 21% margin. Cash from operating activities totaled USD 25.9 million, with free cash flow of USD 18.9 million.

The company repurchased 1.4 million shares during the quarter for a total of USD 67.5 million at an average price of USD 46.59 per share, excluding broker commissions and excise tax.

Operational Update

Ibotta reported 27% year-on-year growth in quarterly redeemers on the IPN. Digital offers were made available to the majority of DoorDash customers during the quarter.

Additions to the Revenue leadership team included new Senior Vice Presidents for Enterprise Sales and Business Marketing. After the quarter ended, Ibotta appointed a new Senior Vice President of Revenue Operations and announced the hiring of Matt Puckett as Chief Financial Officer. The company also reorganized its sales structure and hosted its Summer Sales Kick Off, introducing a simplified sales process in preparation for its transition to performance marketing.

Third Quarter 2025 Outlook

For Q3 2025, Ibotta expects revenue between USD 79.0 million and USD 85.0 million, representing a year-on-year decrease of 17% at the midpoint. Adjusted EBITDA is projected between USD 9.5 million and USD 13.5 million, equating to a margin of 14% at the midpoint.

The company noted that its Adjusted EBITDA guidance excludes certain items such as stock-based compensation, restructuring charges, and other expense, net. A reconciliation to GAAP net income was not provided due to the difficulty of predicting these items.